DALLAS — UCR Investment Sales has announced the sale of three properties totalling 178,407 square feet with a combined value of $36,625,500. Cross Pointe Center is a 45,465-square-foot retail center located at 1441 North Saginaw Boulevard in Saginaw, Texas. Shops at Abilene is a 62,511-square-foot shopping center at the southeast corner of Southwest Drive and Catclaw Drive in Abilene, Texas. The third transaction is listed as confidential and is located in Fort Worth. Adam Howells, Jace Hinderland and Jessica Donnelli marketed the properties for separate ownerships.
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RICHARDSON, TEXAS — KDC, a commercial real estate development and investment firm, broke ground on a 489,000-square-foot office complex July 21. The complex is part of a 186-acre mixed-use development in Richardson, Texas located at 1717 East CityLine Drive. The facility will have three campus-style buildings at the southwest corner of President George Bush Turnpike and Wyndham Lane. When finished, CityLine will have six million square feet of office space, two hotels, 3,925 multifamily residential units, 300,000 square feet of grocery, restaurant, entertainment and retail space along with three parks.
BIRMINGHAM, ALA. — Regions Bank, the primary banking subsidiary of Birmingham-based Regional Financial Corp. (NYSE: RF), has been approved as a Fannie Mae Delegated Underwriting and Servicing (DUS) lender. Regions Bank has also acquired a DUS servicing portfolio totaling approximately $1 billion from an undisclosed lender(s). The DUS designation allows the bank to provide long-term financing solutions for its multifamily housing clients. Beekman Advisors assisted Regions and advised on the transaction. “Regions Bank is pleased to now be one of the 24 Fannie Mae designated DUS lenders in the U.S.,” says John Turner, head of Regions’ Corporate Bank. “This capability is a significant addition to the bank’s existing suite of debt capital products to meet the needs of real estate banking clients.”
FORT LAUDERDALE, FLA. — CBRE has arranged the sale of the 346-room W Fort Lauderdale Hotel and the remaining 147 residences in the 171-unit Residences at W Fort Lauderdale. The twin 23-story towers are located at 401 N. Fort Lauderdale Beach Blvd. (W Hotel) and 3101 N. Bayshore Drive (Residences). An affiliate of Related Fund Management acquired the two properties for an undisclosed price. Robert Given, Zachary Sackley, Neal Victor and Robert Taylor of CBRE represented the seller, along with Robert Kaplan, Mark Rutherford and Chris Lentz of The Ackman-Ziff Real Estate Group.
PALM BEACH GARDENS, FLA. — Cassidy Turley has arranged a $28 million loan for Golden Bear Plaza, a three-building, Class A office park spanning 243,000 square feet in Palm Beach Gardens. The asset is located at 11760, 11770, 11780 and 11790 Highway 1. The park features private terraces, floor-to-ceiling windows, a fitness center, on-site property management and views of the Atlantic Ocean. Philip Mudd and Bradley Geiger of Cassidy Turley arranged the loan through Guggenheim on behalf of the borrower, Equus Capital Partners Ltd.
MORRISVILLE, N.C. — Time Warner Cable has renewed its lease of 97,500 square feet of industrial space at Woodlake Center III at 101 Innovation Ave. in Morrisville, about 14 miles west of Raleigh. Woodlake Center is an industrial park spanning 812,000 square feet and offers access to Raleigh-Durham International Airport, I-40 and I-540. Hooker Manning of Duke Realty, along with Jackson Rives of Cushman & Wakefield | Thalhimer, represented the owner, Duke Realty, in the lease transaction.
CONCORD, MASS. — Paradigm Capital Advisors, in partnership with Alcion Ventures, has acquired a Concord Farms, a suburban office park in Concord. Situated on 31 acres, the 293,789-square-foot office complex consists of five two- and three-story buildings. The buyers plan to reposition the existing buildings into modern office space and re-introduce the park to the suburban market.
WATERBURY, CONN., AND PITTSFIELD, MASS. — Cronheim Mortgage has secured $16 million in financing for two retail properties owned by affiliates of Phoenix Realty Management. Cronheim arranged $8 million for Phoenix Waterbury LLC to secure Waterbury Crossing, a 69,400-square-foot retail center in Waterbury. The property is 100 percent occupied by Sports Authority and PetSmart. Additionally, Cronheim arranged $8 million on behalf of Phoenix Merrill Road LLC for a two-building retail center in Pittsfield. Eight tenants, including TJ Maxx, Petco, Home Goods, Sally Beauty Supply and Planet Fitness occupy the 126,800-square-foot property. Dev Morris, Allison Moravec and Andrew Stewart of Cronheim Mortgage arranged the financings, which were both structured on a 10/30 basis.
NEW YORK CITY — Itzhaki Acquisitions has completed the ground-up development of a 14,000-square-foot retail building at 117-02 – 117-10 Guy Brewer Blvd. in Queens. Additionally, the company has fully leased the single-story building to two tenants: Family Dollar and Afro-American Parents Education Center. Family Dollar signed a 10-year lease for 9,000 square feet and Afro-American Parents Education Center leased 5,000 square feet for five years. David Feit, Esq., represented the ownership in the lease transactions. Itzhaki Acquisitions purchased the property in 2012 and demolished the existing buildings to construct the retail property.
PARAMUS, N.J. — United Water Management & Services Inc. has signed a 20-year lease for 116,360 square feet of space at Mack-Cali Centre VI in Paramus. Located at 461 From Road, the five-story, 253,554-square-foot office building is currently 86.5 percent leased. The property features an on-site cafeteria and roving security. The building is part of Mack-Cali Realty Corp.’s 279-property portfolio.