GRAND PRAIRIE, TEXAS — Cabot Properties, a private equity real estate investment firm located in Boston, and Stream Realty Partners, a national real estate services, development and investment firm, have begun construction on Trinity Crossing, a 322,853-square-foot industrial development in Grand Prairie. The two-building, master-planned development is located at the intersection of Roy Orr and Trinity boulevards on an 18.4-acre site. A 144,187-square-foot rear-load building and a 178,655-square-foot front-load building will accommodate tenants from 35,000 to 175,000 square feet. Cannon Green of Stream’s Dallas industrial team will oversee the development of the project. Green will team with Luke Davis, also of Stream, to market and lease the project. Steve Riordan of Stream’s construction division will manage the project through completion. The project is expected to deliver in the second quarter of 2016.
FORNEY, TEXAS — NAI Partners represented Forney Innkeepers in the disposition of three acres for a hotel site located in Forney, 21 miles east of Dallas. Forney is a secondary market and transportation corridor to downtown Dallas. The buyer is approved for a 72-room Holiday Inn Express development for the site. Lisa Hankamer of NAI Partners in Houston represented the seller in negotiating the sale to Bhavi Hospitality.
ARLINGTON, TEXAS — CBRE has arranged the headquarters relocation of CareReview from Arlington Downs Tower, located at 2225 E. Randol Mill Road, to Brookhollow Two at 2221 E. Lamar Blvd. in Arlington. The third-party insurance review company’s new headquarters spans 10,695 square feet and will more than double its current space. Richmond Collinsworth of Bradford Cos. represented the tenant, and Bryan Graham of CBRE represented the landlord, Brookhollow II Holdings.
NEW YORK CITY — On behalf of a New York City-based sponsor, David Hayum of Meridian Capital Group has negotiated $130 million in permanent financing to refinance two office properties located in Midtown Manhattan. A regional balance sheet lender provided the $130 million, seven-year financing package, which features an interest rate of 3.88 percent. The properties are located at 15 West 47th Street and 22 West 48th Street, just south of Rockefeller Center in Midtown Manhattan, and are encumbered by a $75 million mortgage and a $55 million mortgage, respectively. 15 West 47th Street is a premier diamond exchange building, and both properties have a concentration of diamond and jewelry manufacturers, wholesalers and retailers.
YONKERS, N.Y. — Holliday Fenoglio Fowler LP (HFF) has brokered the sale of Hudson Park, a multifamily community situated along the Hudson River in downtown Yonkers. Strategic Capital purchased the property, which consists of three components: Hudson Park South, Hudson Park North and the to-be-built Hudson Park River Club. Completed in spring 2003, Hudson Park South has 266 one- and two-bedroom units and approximately 15,500 square feet of office and retail space. Hudson Park North was completed in spring 2008 and has 294 one- and two-bedroom apartments, as well as a free-standing parking garage. The property also includes a nearly quarter-acre land site with approvals for a 23-story, 213-unit apartment building that will include an 8,200-square-foot amenity space on the ground floor. The groundbreaking for this development occurred in mid-September with an expected completion date of mid-2017. The completed residential component of Hudson Park is 98 percent leased. HFF marketed the property on behalf of the seller, a joint venture partnership between Collins Enterprises LLC and Berkshire Group. The HFF investment sales team representing the seller was led by Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Steve Simonelli and Michael Oliver. Shearman & Sterling LLP provided legal counsel to Strategic Capital …
CARLSTADT AND ELIZABETH, N.J. — Private equity firm Sitex Group recently closed on a 30,000-square-foot warehouse facility located at 620 Gotham Parkway in Carlstadt. The building has an above-standard parking ratio and is 100 percent air-conditioned. Sitex plans to make several upgrades to the property, including updating the façade, office space, lighting and sprinkler systems. The seller was a private investor. JLL’s David Knee and Gary Politi brokered the sale. JLL will stay on to oversee leasing. The sales price was not disclosed. Sitex has also purchased a 43,000-square-foot, multi-tenant warehouse located at 429-449 Schiller St. in Elizabeth. The property, which is 90 percent leased, comprises small units (ranging from 3,000 to 8,500 square feet) with a large trailer parking area. It is located near the Port of Newark/ Elizabeth and Newark’s Liberty International Airport. Sitex plans to improve the property by updating the building’s exterior and truck parking/loading areas. Bussel Realty’s Jordan Metz brokered the sale and has been retained by Sitex to oversee leasing. The sales price was not disclosed.
CLARK, N.J. — Cushman & Wakefield has raised an $18.5 million senior mortgage loan and served as advisor to a joint venture between Denholtz Associates and MB1 Capital Partners for the acquisition of a mixed-use portfolio located in Clark. The portfolio is situated on 21-acres of infill retail and industrial improvements located just off exit 135 of the Garden State Parkway. The portfolio is currently 96.5 percent leased with L’Oreal serving as the anchor tenant. Washington Trust Co. provided the five-year financing. A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, John Spreitzer and Andre Hass served as exclusive advisors on this transaction.
PALO ALTO, CALIF. — Shopping mall developer Simon Property Group is set to complete its redevelopment of Stanford Shopping Center, a mall located in Palo Alto, and add 14 new tenants to open in spring 2016. The Plaza, Simon’s reimagined public space, includes gardens, lawn space, a water feature with infinity edges and a new outdoor venue for special events. The reimagined public space, nearing completion in November, will also include suspended wooden trellis with decorative lighting and an open-air, granite-clad fireplace. New retailers set to open at the center will include Anthropologie, Allen-Edmonds Shoe, LUSH Fresh Handmade Cosmetics, Luisa Spagnoli, AllSaints, lululemon, Everything But Water, The North Face, Uno de 50, Vineyard Vines, Pink Posy, True Food Kitchen, Tender Greens, and Minamoto Kitchoan. Stanford Shopping Center expects a total of 25 new stores to open during late spring 2016.
The total retail inventory in the Rochester market amounts to 62.5 million square feet. Over the past year, the market has seen an overall decrease in the vacancy rate. The vacancy rate went from 8.0 percent in first quarter 2015 to 7.9 percent in the current quarter. Overall net absorption was positive 182,160 square feet. The general retail sector of the market, which includes all freestanding retail buildings except those contained within a center, reported a vacancy of 4.3 percent at the end of the second quarter 2015. The general retail space in Rochester is 34.3 million square feet. Average rental rates are currently at $12.26 per square foot. The shopping center sector — which consists of 19 million square feet and comprises community centers, neighborhood centers and strip centers — posted 10.9 percent total vacancy and average asking rates of $10.28 in second quarter 2015. Power center space is currently reported to be nearly 4 million square feet with a vacancy rate of 7.5 percent, and a slight decrease in rental rates to $13.46 per square foot. Malls in the Rochester market consist of lifestyle centers, regional malls and super-regional malls. The vacancy rate was 21.2 percent at the …
DENVER — Rob McAdams has joined Lancaster Pollard and will open a new office for the firm in Denver. McAdams will serve the lender’s clients in Colorado, Wyoming, Montana and Idaho and will oversee the structuring and funding of healthcare project financings for hospitals and senior living providers in those states. McAdams has been involved in investment sales and debt and equity structuring for the hotel and hospitality industry since 2005 and most recently served as a partner at U.S. Hotel Advisors in Denver. In that role, he oversaw all areas of hotel debt and equity financing transactions, including new business generation, negotiation of financing terms, selection of capital providers and orchestration of closing processes. He earned master’s degrees in finance, as well as real estate and construction management, from the University of Denver, Daniels College of Business. He received a bachelor’s degree in communications from the University of Colorado.