NEW YORK CITY — HAP Investments has broken ground for the construction of a residential property in Washington Heights. Located at 655-667 West 187th St., the multi-story building will feature 47 apartment units. The property was designed by Karim Rashid and Karl Fischer will serve as the architect of record. The construction team will employ a modular building system developed by Deluxe Building Systems, which will result in 40 percent faster construction and reduced material waste.
TEXARKANA, TEXAS — Marcus & Millichap has arranged sale of a Save-A-Lot grocery retail center, a 37,909-square-foot property in Texarkana. Jason Vitorino and Michael Austry of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a partnership. The shopping center is located at 2808 New Boston Road, less than two miles from I-369. Built in 2005, the asset is situated on approximately four acres in Bowie County. The shopping center was 70 percent occupied at the time of sale.
CHICAGO — Construction has begun on the $75 million Vue53, a mixed-use project that will serve the Hyde Park and Kenwood neighborhoods in Chicago. The development team, which includes Avison Young, Peak Campus Development and financial partner Blue Vista Capital Management, was awarded the assignment by the University of Chicago to develop, finance and manage the project. Vue53 is located near the intersection of 53rd Street and Kenwood Avenue, directly north of Nichols Park, and will include 28,000 square feet of ground-level retail, 267 apartment units and 225 parking spaces. The project is a collaborative effort by the University of Chicago, the City of Chicago and the Hyde Park community to create a mixed-use district and to broaden the scope of products and services available to the Hyde Park and Kenwood communities. The project will offer affordable housing units and is being developed without tax increment financing or other public subsidies. The residential component will include studio, one- and two-bedroom apartments. Vue53 is slated for completion in September 2016.
LISLE, ILL. — NAI Hiffman has represented Metrasens in its office expansion with Pritchett Realty Corp. at 2150 Western Court in Lisle. Metrasens, a technology business that specializes in metal detection products for the healthcare and security markets, expanded its lease by 3,249 square feet and now occupies a total of 6,850 square feet in the 51,244-square-foot office building. The expansion will accommodate its need for additional administrative offices, service and testing lab space. Matt Novak of NAI represented Metrasens in the transaction. Jeff Mann of CBRE represented Pritchett Realty Corp.
CENTERVILLE, IOWA — The Boulder Group has brokered the $2 million sale of a single-tenant Orscheln Farm & Home property in Centerville. The 26,710-square-foot property is located at 23680 Highway 5 Orscheln. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private real estate company,. The buyer was a Midwest-based private investor that purchased the property in a 1031 exchange. Orscheln Farm & Home has approximately 18 years remaining on its lease that features 9.5 percent rental escalations every five years. This recently constructed property is a relocation of a previous Orscheln store. Orscheln Farm & Home has 172 locations across the United States and supplies agricultural goods for farm, home, ranch and suburban customers.
DULUTH, GA. — Atlanta-based Fuqua Development and The Worthing Cos. have begun construction on Sugarloaf Market, a 31-acre mixed-use development located at the intersection of Sugarloaf Parkway and Peachtree Industrial Boulevard in Duluth, an eastern suburb of Atlanta in Gwinnett County. Upon completion, Sugarloaf Market will feature 75,000 square feet of retail space and 330 upscale apartment residences. Fuqua Development is the master developer of the project and is developing the retail portion, and The Worthing Cos. is developing the residential component, named The Heights at Sugarloaf. Anchored by Sprouts Farmers Market, the retail portion of the development will be leased to Chipotle Mexican Grill, Freddy’s Frozen Custard & Steakburgers, Orangetheory Fitness, Menchie’s Frozen Yogurt, Zoe’s Kitchen, RaceTrac, Waffle House, Panda Express, Banfield Pet Hospital, Supercuts, Luxury Nail, Pie Five Pizza and AT&T. The retailers are expected to open for business in spring 2016. The Heights at Sugarloaf will offer apartment homes featuring high-end finishes, designer-inspired appointments and appliances, along with onsite amenities such as a resort-style swimming pool and deck with Wi-Fi, grilling areas, a fitness club and other lifestyle services. Preliminary site work is currently underway with vertical construction set to commence by July. Pieper O’Brien Herr Architects …
FAYETTEVILLE, N.C. — GBT Realty Corp. has acquired a 15-acre site on US Highway 401/Skibo Road and Richwood Court in Fayetteville that will house The Shoppes of Fayetteville. The $25 million, 126,500-square-foot center will be anchored by Fayetteville’s first Burlington Coat Factory and an unnamed sporting goods retailer. The shopping center will be located adjacent to The Home Depot and Target. The Brentwood, Tenn.-based developer plans to deliver the shopping center in summer 2016, with the 50,000-square-foot Burlington opening in spring 2016.
HUNTSVILLE, ALA. — Marcus & Millichap has brokered the $16 million sale of University Place, a 168,212-square-foot shopping center located at 6125 University Drive in Huntsville. The center was 37 percent leased at the time of sale to tenants such as 88 Kitchen, United States Armed Forces, Cheddar’s Casual Café, Panda Express, Phil’s Restaurant and Zaxby’s. The anchor tenant, Burlington Coat Factory, was not part of the sale. Joseph French Jr., Schuyler Boylan and Eddie Greenhalgh of Marcus & Millichap represented the seller, a private firm based in New York. The buyer is a private investment firm based in Canada.
EASLEY, S.C. AND LITTLE ROCK, ARK. — The Shopping Center Group has finalized the sales of The Shops at Easley Town Center in the Greenville submarket of Easley and Westgate Shopping Center in northwest Little Rock. A private investor based in California purchased the 21,300-square-foot Shops at Easley Town Center from Akron, Ohio-based Cedarwood Development for an undisclosed price. Built in 2012, the unanchored shopping center was 92 percent leased at the time of sale to tenants such as Five Guys Burgers and Fries, GameStop, AT&T Mobility, Aspen Dental, Jersey Mike’s, Sprint and GNC. An affiliate of Denver-based Baceline Investments purchased Westgate Shopping Center from Weingarten Realty for $6.7 million. Built in 1965, the center was 96 percent leased at the time of sale to tenants such as Stein Mart, Dunkin’ Donuts, Top Nails, Tanglewood Drug Store, All Aboard, Subway and Jackson Hewitt Tax Service. Anthony Blanco, Lenard Williams and Mallory Ham of The Shopping Center Group represented the sellers in both transactions. The team partnered with Flake & Kelley Commercial in the Westgate sale.
FREDERICK, MD. — NorthMarq Capital has arranged the $5.3 million refinance of Festival at Frederick, a 90,359-square-foot shopping center located at 430-490 Prospect Blvd. in Frederick. Todd Crouse of NorthMarq Capital’s Raleigh office arranged the 10-year loan with a 15-year amortization schedule through an unnamed life insurance company.
