MAGNOLIA, TEXAS — Marcus & Millichap has arranged the sale of a five-acre development site at FM 1488 and Carriage Hills located in Magnolia. Derek Hargrove of Marcus & Millichap’s Houston office handled the acquisition on behalf of the buyer, The Marcel Group. The buyer will begin construction of a new mixed-use development during the second quarter. Based in The Woodlands, The Marcel Group has developed and sold over 1 million square feet of retail and office projects.
MINEOLA, N.Y. — Mill Creek Residential has completed vertical construction for Modera Mineola, a 275-unit apartment community located two blocks from the Mineola Long Island Rail Road transit center in Mineola. The property will feature a mix of studio, one- and two-bedroom units with wood plank-style flooring, wall-to-wall carpeting in the bedrooms, spa-like bathrooms with quartz countertops and under-mounted sinks, gourmet kitchens, stainless steel appliances, walk-in closets and full-size washers and dryers. Community amenities will include a clubroom, 24-hour fitness center, yoga room, business center, swimming pool with sundeck, outdoor kitchens with grills, a bocce court, and an outdoor fireplace. Online leasing for the property has started and move-in is expected for August.
LIVINGSTON, N.J. — BNE Real Estate Group has opened The Hillside Club, a luxury apartment community located in Livingston. Located at 1000 Murray Court, The Hillside Club features one- and two-bedroom layouts, with limited den and loft options, starting at $2,195 per month. The apartment, ranging in size from 791 to 1,831 square feet, feature hardwood floors in the living areas, carpeted bedrooms, nine-foot ceilings, oversized windows, in-unit washer/dryers and chef-inspired kitchens. Community amenities include a clubhouse, fitness studio, heated outdoor pool, complimentary WiFi and a residents’ lounge with billiards, fireplace, kitchenette and lounge seating. The property is managed by BNE Management Group.
CHERRY HILL, N.J. — NAI Mertz has brokered three transactions in Cherry Hill. In the first transaction, Byrn Mawr Investments purchased a 28,000-square-foot office building, located at 706 Haddonfield Road, from Multiple Sclerosis Association of America for an undisclosed price. The buyer plans to redevelop the property into retail use by demolishing a portion of the building and converting it into parking spaces. Jeff Sloan of NAI Mertz negotiated the transaction. Sloan also represented Multiple Sclerosis Association of America in the acquisition of a 14,400-square-foot office building located at 375 N. Kings Highway. The seller was 375 NKH LLC. In the third deal, SportsArena Employees 137 Welfare Fund sold a two-story 11,683-square-foot office building, located at 1012 Haddonfield Road, to Several Properties and First American Exchange. Marc Cutler and John Brown of NAI Mertz were the sole brokers in the transaction. The prices for the transactions were not released.
WALLINGTON, N.J. — Inserra Supermarkets is opening ShopRite of Wallington within Wallington Plaza Shopping Center in Wallington. Located at 375 Paterson Ave., the 60,000-square-foot supermarket will feature ShopRite from Home (online ordering with home delivery), free nutrition and wellness programming, full-service catering, a pharmacy and a liquor store. The store is slated to open in May.
ATLANTA — Walker & Dunlop Inc. has structured a $43.6 million acquisition loan for Solace of Peachtree, an apartment community located in Midtown Atlanta. Built in 1952 and renovated in 2009, the property includes a fitness center, underground parking garage, meeting rooms, business center, laundry facility and 34,628 square feet of retail space and vacant office space. The property’s retail tenant roster includes Baraonda Restaurant, Quizno’s and Scandinavian House Grocery Store. The borrower, Atlanta-based Cocke Finkelstein Inc. (CFI), and its affiliated management company CFLane plan to occupy the vacant office space. Will Baker led Walker & Dunlop’s team to structure the 10-year, fixed-rate acquisition loan through Freddie Mac on behalf of CFI. The loan features five years of interest-only payments and 80 percent loan-to-value. Walker & Dunlop teamed up with Michael Ryan and Jeff Walker of Cushman & Wakefield to structure the loan.
TAMPA AND FORT MYERS, FLA. — Devonshire REIT Inc. has purchased two shopping centers in Tampa and Fort Myers for a combined $39.5 million. The privately held REIT purchased The Cypress Shopping Center in Tampa for $24.6 million and The Shoppes at Plantation in Fort Myers for $14.9 million. Built in 2009, the 111,228-square-foot Cypress Shopping Center was 97.5 percent leased to tenants such as Winn-Dixie, LA Fitness, Five Guys Burgers and Fries, Scottrade, Nutrishop, Pita’s Republic and Eye Doctors Optical Outlet at the time of sale. The 71,429-square-foot Shoppes at Plantation was 96 percent leased to tenants such as Winn-Dixie, Great Clips, Jersey Mikes, Suncoast Federal Credit Union and China Dragon at the time of sale. With the two transactions, the REIT has surpassed $500 million in total assets under management.
BOCA RATON, FLA. — CBRE has brokered the $23.8 million sale of Glades Twin Plaza, a 98,312-square-foot boutique office building located at 2300 Glades Road in Boca Raton. Built in 1982 and renovated in 2010, the office property was 77 percent leased at the time of sale. Christian Lee, Jose Lobon, Charles Foschini, Chris Apone and Michael Erickson of CBRE represented the seller, a fund managed by BlackRock, in the transaction. The buyer was Dallas-based L&B Realty Advisors.
MIAMI GARDENS, FLA. — Marcus & Millichap has brokered the $9.7 million sale of Shoppes of Ives Dairy, a 24,597-square-foot shopping center located at 19801 N.W. 2nd Ave. in Miami Gardens. Constructed in 2006, the center’s tenant roster includes Chili’s Restaurant & Bar, Bank of America, Starbuck’s Coffee, Wells Fargo Bank, Amscot Financial and Foot Locker. Kirk Olson and Drew Kristol of Marcus & Millichap’s Miami office represented the seller, a Miami-based limited liability company, and the buyer, an investment group based in New York.
CHARLOTTE, N.C. — Co-owners Grubb Properties and New York Life Real Estate Investors have signed Frontier Capital, a growth equity firm based in North Carolina, to a long-term lease for the top floor of 525 North Tryon Street, a 19-story office building in Uptown Charlotte. Frontier will use the 12,600-square-foot space as its new headquarters beginning in September. Andy Horsey of Cresa Charlotte represented Frontier Capital in the lease transaction. Jonathan Nance of Grubb Properties, along with Meredith Ball and Mark Holoman of Cushman & Wakefield | Thalhimer, represented the ownership group.
