NEW YORK CITY — Meridian Capital Group has arranged $22.7 million in permanent financing for a multifamily property in New York City. The five-year loan, provided by a regional balance sheet lender, features a fixed rate of 3 percent and three years of interest-only payments. Located at 555 Edgecombe Ave., the 14-story property, known as the Paul Robeson Residence, contains 128 units. Judah Hammer and Daniel Neiss of Meridian Capital negotiated the financing for the undisclosed borrower.
SMITHTOWN, N.Y. — Whitetop Mountain Professional Properties and Stalco Construction, serving as general contractor, have broken ground on a medical and research building located in the Village of The Branch, a part of Smithtown. Located at 226 Middle Country Road, the 15,100-square-foot building will be occupied by North Shore-LIJ Health System diagnostic imaging center and the headquarters and product research and development facilities of MIDI, a consulting firm that focuses on medical, life sciences and home healthcare product development. The property will house state-of-the-art medical services and research & development facilities. The project team includes nf architectural designs, Design Bureau of Leonid Krupnik, RMS Engineering and Mottola Rini Engineers.
PARAMUS, N.J. — NAI James E. Hanson has arranged the sale of two retail buildings, totaling 7,700 square feet, located in Paramus. Situated on a 34,023-square-foot lot at 144 and 148 Route 4 East, the properties are fully leased to Cleopatra Tile & Bath and Paramus Furniture and Dinettes. Dominic Fittizzi of NAI Hanson represented the seller, Meyn Trust, and the buyer, Urban Edge Properties, in the transaction. The buyer plans to use the buildings as a short-term investment. The acquisition price was not disclosed.
DALLAS — Champion Partners has rebranded 3500 Maple, an 18-story office building in Dallas, as Parkside Tower at 3500 Maple. Along with the name change, the tower has undergone a renovation focused on health, wellness and convenience to better accommodate the professional class in the Uptown market. Champion, a Dallas-based commercial real estate investment and development firm, will work with Gensler and Building & Land Technology on the renovation. The redevelopment of the 376,000-square-foot building will include transformed entry elements and a new lobby, a new outdoor plaza and courtyard area, new common lounge and seating areas off the building lobby with WiFi connectivity, a fitness center, café and new front door drop-off area along Maple Avenue. Other amenities will include wood furnishings and green technology. Located in Uptown, the building will offer a full-service experience on health, wellness and convenience with easy access to the Katy Trail.
CARROLLTON, TEXAS — Marcus & Millichap has arranged the sale of Frankford Point Plaza, a 31,686-square-foot retail property located in Carrollton. Philip Levy of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a developer. Chad Knibbe of the firm’s San Antonio office secured the buyer, a private investor. Frankford Point Plaza is located at 1837 W. Frankford Road. The center is 94 percent occupied, and all leases are triple-net. Tenants include Villa Mediterranean Grill, Carrollton PMT Center, Corporate Caterers, Allstate Insurance, Two Men Music, US Healthworks, The Daiquiri Shoppe, Big Slick Poker Academy and Renegade Classics DFW. The building was constructed in 2002 and sits on 4.3 acres.
DALLAS — Gaedeke Group LLC has begun construction on the 327,856-square-foot One Legacy West, a speculative five-star office building beside the future headquarters campuses of Toyota Motor North American and FedEx Office & Print Services Inc. The 11-acre development site is located at the southeast corner of Sam Rayburn Tollway and Legacy Drive. The office building will be part of the $2 billion Legacy West, a 240-acre urban mixed-use development that is spearheaded by Karahan Cos., KDC and Columbus Realty Partners. One Legacy West and its attached six-level parking structure will be completed in the fourth quarter of 2016. Designed for LEED Gold certification, the project will be the first multi-tenant office space to deliver in Legacy West. Mark Dilworth, principal of Dallas-based Morrison Dilworth + Walls, designed One Legacy West. Austin Commercial is the general contractor and Andres Construction is the construction manager.
HOUSTON — Houston-based MetroNational plans to begin developing a 240,000-square-foot office building located in Houston’s Memorial City district. The development will be situated on MetroNational’s 18-acre tract located at the northwest corner of Gessner Road and the Katy Freeway, directly across from the Memorial Hermann Tower. CEMEX’s U.S. headquarters will anchor the six-floor, LEED-certified building at 10100 Katy Freeway. MetroNational, a privately held real estate investment, development and management company, began assembling the tract in 1961. CEMEX has had offices in Memorial City since 2005 and will now occupy approximately 80,000 square feet on the new building’s second and third levels. Each level features 40,000-square-foot floor plates. The building’s first floor will include approximately 15,000 square feet dedicated to retail, and the top three floors are available for pre-leasing. Building amenities will include 24-hour security, card key access and connectivity to Memorial City conveniences via a shuttle service. Powers Brown Architecture is the architect of record, and Anslow Bryant Construction is the general contractor for the project. Sue Rogers and Steven Heal of Cresa represented CEMEX, and MetroNational represented itself in the transaction. The project is due to break ground this fall, and completion is projected for fall 2016.
EL PASO, TEXAS — Guy Arnold has been named president of Hunt Real Estate. In this role, Arnold will be responsible for managing all aspects of Hunt’s real estate equity investment portfolio, including acquisitions and dispositions of real assets. Arnold has more than 25 years of real estate experience. In 2013, he founded GMA Holdings, a commercial real estate investment firm in Denver. Prior to that, Arnold served as president of Denver-based Dividend Capital Diversified Property Fund, where he led all functions of the $2.9 billion REIT, including property acquisitions, dispositions, asset management, finance, reporting, human resources and investor relations. Arnold also held the position of managing director at Cherokee Investment Partners and vice president at Colorado & Santa Fe Land Co. Arnold is a member of the Board of Directors of the Meridian Fund Inc., a family of mutual funds; a member of the Board of Directors for The Children’s Hospital of Colorado Finance Committee; chairman of the Trusts and Endowments Committee for the Episcopal Diocese of Colorado; and a former member of the Board of Directors of Steele Street Bank & Trust, a $550 million Denver community bank that recently sold to MidFirst Bank. Arnold earned a Bachelor …
SAN DIEGO — A joint venture between AGC SD Retail Holdings and Citivest Commercial Investments has purchased a nine-property retail portfolio in San Diego for $183.2 million. The portfolio contains a total of more than 520,000 square feet. The properties include retail space within Pacific Coast Plaza and Town Center North in Oceanside; Palm Promenade and Stonecrest Plaza in San Diego; East County Square and East County Village in El Cajon; and EastLake Terraces, Eastlake Village Center East and Southbay Marketplace in Chula Vista. The portfolio’s average occupancy rate was more than 92 percent at the time of sale, with 78 percent of that being credit, national or regional tenants. Notable tenants throughout the portfolio include Best Buy, Stater Brothers, Bed Bath & Beyond, GNC, Supercuts, Payless Shoes, Starbucks, Wells Fargo, Subway, USPS and Massage Envy. The portfolio will be managed by Voit Real Estate Services. Brokerage was handled by Flocke & Avoyer.
SALT LAKE CITY — Gelt has purchased the 294-unit Miller Estates in Salt Lake City. Miller Estates is located at 4929 S. Lake Pines Drive in the Murray submarket, which is 10 miles south of Downtown Salt Lake City. It is currently 97 percent occupied. The community features a man-made lake and a historic house that serves as the leasing office. Although the previous ownership invested about $4 million in upgrades to the asset, Gelt is planning to further add value via significant capital improvements, which will include the addition of a dog park, children’s play area and bike room.
