Property Type

Cronheim Mortgage Secures $19M Loan for 215,000 SF Shopping Mall

by Amy Works November 30, 2015

TRUMBULL, CONN. — Cronheim Mortgage has secured a $19 million loan for Hawley Lane Mall, a 215,000-square-foot shopping mall in Trumbull. The 15-year loan, which features a 30-year amortization schedule, was funded by the United States Life Insurance Co. and National Union Fire Insurance Co. In 2005, Purchase, N.Y.-based National Realty and Development Corp. redeveloped the property, which was built in 1971, into a two-level community shopping center. The center is anchored by Kohl’s, HomeGoods and Best Buy. Andrew Stewart and Dev Morris of Cronheim Mortgage arranged the financing for the borrower.

November 30, 2015

Civic New York Northeast Office

Ensign Engineering, John Ciardullo Associates Complete $2.6M Library, Learning Center in NYC

by Amy Works November 30, 2015

NEW YORK CITY — Construction manager Ensign Engineering and architect John Ciardullo Associates have completed the Aeronautical and Academic Library and Teaching and Learning Center at Vaughn College of Aeronautics and Technology, located at 86-01 23rd Ave. in Flushing. The $2.6 million library and learning center was the final phase of the $40 million expansion, renovation and sound mitigation construction program at the college’s main campus. The 11,000-square-foot library is designed to hold a collection of 26,300 items and features four enclosed classrooms with 70 computer stations, reading and studying rooms, and a flexible seating area with seven large tables that seat up to 42 patrons. The renovations were financed through grants, totaling $32 million, from the Federal Aviation Administration and The Port Authority of New York and New Jersey. Additionally, Vaughn invested $7 million from its own funds. The design and construction team included Ensign Engineering, John Ciardullo Associates, Library Interiors Inc., Langan Engineering and Environmental Services, DVL Consulting Engineers and Peter George Associates.

November 30, 2015

New Jersey Northeast Retail

Marcus & Millichap Arranges $1.9M Sale of 8,250 SF Retail Property in New Jersey

by Amy Works November 30, 2015

BRANCHBURG, N.J. — Marcus & Millichap has brokered the sale of Branchburg Plaza, a retail property located at 1010 U.S. Route 202 in Branchburg. A 1031 exchange buyer acquired the 8,250-square-foot strip center for $1.9 million. Robert Angus and Michael Lombardi of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction.

November 30, 2015

Connecticut Northeast Retail

Angel Commercial Negotiates $1M Sale of Retail Property in Connecticut

by Amy Works November 30, 2015

MILFORD, CONN. — Angel Commercial LLC has arranged the sale of a retail investment property located at 773 Bridgeport Ave. in Milford. Private investors acquired the 4,800-square-foot building from H&S Olson LLC for $1 million. The current tenant, PPG Paints, will remain in the property. Jon Angel of Angel Commercial represented the seller in the transaction.

November 30, 2015

Multifamily Texas

ARA Newmark Arranges Sale of 112-Unit Apartment Complex in Austin MSA

by Haisten Willis November 30, 2015

ROUND ROCK, TEXAS — ARA Newmark has arranged the sale of Brushy Creek Village, a 112-unit apartment community located in Round Rock, a suburb of Austin. The property was 100 percent occupied at the time of the sale. Andrew Shih and James Young of ARA Newmark represented the seller, Steinmetz Family Trust, in the transaction. NGKF Capital Markets and ARA Newmark’s Patrick Short arranged financing through Freddie Mac on behalf of the buyer, a private investor out of San Diego. Brushy Creek Village is a garden-style community that was constructed in 1984 with brick and wood siding. Community amenities include a pool, laundry facilities, eight-foot ceilings and a washer and dryer connection in select units.

November 30, 2015

Hospitality Texas

M&M Arranges Sale of 146-Room Courtyard By Marriott in Dallas

by Haisten Willis November 30, 2015

DALLAS — Marcus & Millichap has arranged the sale of The Courtyard Dallas-LBJ at Josey, a 146-room hotel with a long-term franchise agreement. Chris Gomes of Marcus & Millichap’s Dallas office, along with Allan Miller of the firm’s San Antonio office, represented the seller and procured the buyer, both Dallas-based private investment groups. The three-story concrete structure was built in 1986 and went through renovations and upgrades in 2014 and 2015, including the addition of modern amenities and finishes throughout. Common areas include an on-site restaurant with bar, sundry shop, fitness center and two event rooms with a total of 1,248 square feet of event space.

November 30, 2015

Industrial Texas

Advanced Flooring & Design Opens Distribution Center in Plano

by Haisten Willis November 30, 2015

PLANO, TEXAS — Advanced Flooring & Design, headquartered in Montgomeryville, Pa., has opened its first distribution center west of the Mississippi River, signing a long-term lease for 20,682 square feet in Plano. Advanced Flooring & Design has set up shop in Jupiter Center Building B, a 72,388-square-foot warehouse located at 2901 Technology Drive. Clint Manning and Brian Pafford of Dallas-based Bradford Commercial Real Estate Services represented the tenant. Advanced Flooring & Design has distribution centers in nine states and design studios in four. Jupiter Center will be used for distribution of floor coverings, countertops, window coverings and sheet vinyl. Paul Tichacek of JSC Realty & Investments represented the landlord, Property Reserve Inc.

November 30, 2015

Industrial Texas

NAI Partners Arranges Sale of 45,000 SF Industrial Building in Houston

by Haisten Willis November 30, 2015

HOUSTON — NAI Partners represented Foxmark Corp. in the acquisition of a 45,000-square-foot industrial building located on 6.5 acres at Mason Creek Business Park in Houston. The building will be used for manufacturing as well as a gallery showroom. Foxmark Corp. manufactures and delivers image and visual solutions. Lane Morgan with NAI Partners represented Foxmark Corp. during the negotiations, while Darryl Noon of Transwestern represented the seller, Transwestern Development.

November 30, 2015

North Carolina Retail Southeast

Yale Realty Services Buys Shopping Center in North Carolina for $14.5M

by John Nelson November 30, 2015

WAYNESVILLE, N.C. — Yale Realty Services Corp. has purchased Waynesville Commons, a 126,901-square-foot shopping center in Waynesville, roughly 30 miles west of Asheville. Yale Realty purchased the center from CBL & Associates Properties Inc. for $14.5 million. Built in 2012, the shopping center’s tenant roster includes Belk, Michaels, PetSmart, Rack Room Shoes, SuperClips and US Cellular. Waynesville Commons is shadow-anchored by a 188,494-square-foot Walmart Supercenter. Alex Quarrier and Marc Ozburn of Berkeley Capital Advisors represented the seller in the transaction.

November 30, 2015

Florida Office Southeast

Marcus & Millichap Brokers $13M Sale of Office Building in Metro Miami

by John Nelson November 30, 2015

DORAL, FLA. — Marcus & Millichap has arranged the $13 million sale of Doral Commons, a four-story, 59,727-square-foot office building located at 8550 N.W. 33rd St. in Doral, a suburb of Miami. Built in 1999, the office building was 98 percent leased at the time of sale. Douglas Mandel and Benjamin Silver of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor from Boston, and the buyer, a limited liability company from Aventura, Fla., in the transaction.

November 30, 2015

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