TOMS RIVER, N.J. — HFF has arranged a $20 million loan for the refinancing of Tri-City Plaza, a 108,109-square-foot retail center in Toms River. Situated on 15.97 acres at 2360 Lakewood Road, the property is fully occupied by 17 tenants, including Super Stop & Shop, Dollar Tree, Starbucks Coffee, GN and The UPS Store. HFF secured the fixed-rate loan through a life company for the borrower, Paramount Realty Services. Jon Mikula, Jim Cadranell and Samuel Seiden of HFF negotiated the refinancing, which will replace existing debt on the property.
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BETHEL TOWNSHIP, PA. — Dermody Properties and Granite Real Estate Investment Trust have broken ground for the construction of a new industrial facility within Berks Park 78 in Bethel Township. Located at 41 Martha Dr., the property will feature 750,000 square feet of state-of-the-art industrial warehouse and distribution space, including 36-foot clear heights, 316-car parking lot and 322 trailer parking spaces. Dermody Properties is serving as the developer and operating partner, while Granite is the majority equity partner on the project.
LINCOLN PARK, N.J. — Housing & Healthcare Finance (HHC Finance) has closed a $19.4 million 232/233(f) HUD loan for a skilled nursing facility in Lincoln Park. Flushing, N.Y.-based Center Management Group purchased the two-building, 189-bed property in 2012. The 35-year HUD loan refinanced the property’s high-rate, short-term conventional acquisition debt, as well as capital expenditures.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a Dollar Tree (dba Deal$) location at 78-02 Metropolitan Ave. in the Middle Village neighborhood of Queens. The 10,240-square-foot, net-leased retail property sold for $4.6 million. Scott Plasky of Marcus & Millichap represented the seller, a New York-based retail developer, in the transaction.
NEW YORK CITY — TerraCRG has brokered the sale of a development site at 96-98 Degraw St. in Brooklyn’s Columbia Waterfront District. Located between Van Brunt and Columbia streets, the two-lot property sold for $2.1 million or $326 per buildable square foot. The property, which offers views of the Statue of Liberty and lower Manhattan, was delivered with BSA approval for 6,438 square feet of residential townhouse development. Ofer Cohen, Melissa DiBella, Dan Marks, Peter Matheos, Michael Hernandez and Joseph Terzi of TerraCRG arranged the transaction.
FORT WORTH — Marcus & Millichap has arranged the sale of Sun Ridge Apartments, a 99-unit apartment complex in Forth Worth. John Barker, vice president of investments, and Alexander Skotarek, an associate in Marcus & Millichap’s Forth Worth office, marketed the property on behalf of the seller, a private investor. The buyer, a limited liability company, was also secured by Barker and Skotarek. Sun Ridge Apartments is located at 6608 South Freeway in Forth Worth. The complex has 99,345 square feet of total rentable space with an average unit size of 1,003 square feet. It was built in 1967 and has 34 one-bedroom, 55 two-bedroom and 10 three-bedroom units. On-site amenities include a swimming pool, laundry facilities and grade-level parking.
STEPHENVILLE, TEXAS — Construction is scheduled to start this month on the second phase of a new development at Tarleton State University, a unit of the Texas A&M University System. Balfour Beatty Construction will build a new, 502-bed student housing complex and renovate an existing 80-bed facility for the school’s Stephenville campus. The company also helped the university buy two pieces of land next to the campus. The new facility will consist of a single four-story building with two- and four-bedroom units. The project will be owned by an affiliate of Collegiate Housing Foundation, a national 501(c)(3) non-profit organization.
DALLAS — Sidley Austin LLP has preleased 75,000 square feet at the new McKinney & Olive office building in uptown Dallas. Crescent Real Estate Holdings LLC broke ground June 19 and construction is underway at the development located at 2021 McKinney Avenue. The office space will include 480,000 square feet, with Sidley Austin occupying the top 2.5 floors. Cassidy Turley executive managing director Craig Wilson and vice chairman Randy Cooper represented Sidley Austin in the transaction. Developer Crescent Real Estate Holdings was represented in-house by John Zogg. McKinney & Olive will be adjacent to the Ritz-Carlton and a few blocks from The Crescent. The McKinney Trolley service will provide access to Klyde Warren Park, the Dallas Arts District and other nearby attractions.
STAFFORD, TEXAS — HFF has secured refinancing for Shadowbrooke and Silverbrooke, two apartment complexes totaling 552 units in Stafford. HFF worked on behalf of the borrower, Venterra Realty, to arrange the refinancing in two separate transactions. The company negotiated five-year, fixed-rate loans at 3.1 percent with two years of interest-only payments through Freddie Mac’s CME program. HFF brokered the sale of the properties and arranged acquisition financing for Venterra when the company first bought the assets in 2011. Shadowbrooke and Silverbrooke are located at 1025 Dulles Avenue and 1020 Brand Lane in Stafford, about 18 miles southwest of downtown Houston. Shadowbrooke has 240 units and is 95.8 percent leased. Silverbrooke has 312 units and is 96.2 percent leased.
SAN DIEGO – A 115,290-square-foot industrial building in the San Diego submarket of Otay Mesa has sold to Niceride 1 LLC for $8.1 million. The building is located at 8851-8877 Kerns Street within the master-planned Siempre Viva Business Park. Otay Mesa Leasing recently signed a new 10-year lease at the park. The building will serve as the firm’s corporate headquarters. Regan Tully of Cassidy Turley’s Otay Mesa office represented both Niceride and the sellers, JJB Silverhawk, LP and VCH No. 1 LP, in this transaction.