LINCOLN, NEB. — Investors Realty Inc. has brokered the $16.8 million sale of Centro Plaza shopping center, a 115,495-square-foot retail property in Lincoln. The property is located at the intersection of 48th and Vine streets. The shopping center is currently occupied by TJ Maxx. Michaels, Designer Shoe Warehouse and Beauty Brands have executed leases and plan to occupy the space at the property. The buyer plans an extensive renovation of the property. Ember Grummons of Investors Realty represented the buyer, an affiliate of St. Louis-based Integris Ventures.
MCKINNEY, TEXAS — CBRE Capital Markets’ investment properties team has arranged the sale of Shops at Eagle Point in McKinney. An out-of-state investor purchased the 14-acre site, which consists of two retail centers and four pad sites. Dallas-based developer Uptown Custer Partners LP was the seller. Shops at Eagle Point is shadow-anchored by Walmart at the southwest corner of North Custer Road and Highway 380. The property is 81.8 percent occupied by Subway, Leslie’s Pool Supplies, Mooyah Burgers – Fries – Shakes, Great Clips and Eagle Point Dental Care. Jennifer Pierson, Cameron Deptula and Beth Pierson of CBRE’s Dallas office represented the seller. Gary Tobias of Quine & Associates represented the buyer.
CENTREVILLE, ILL. — Construction-management firm IMPACT Strategies has begun construction on a $2.4 million expansion and renovation project at the Southern Illinois Healthcare Foundation (SIHF) Mother and Child Center in Centreville. The multi-phased project is set for completion in October. IMPACT Strategies will renovate approximately 24,000 square feet of SIHF’s current facility at 6000 Bond Ave. The renovation will include five departments. Those include pediatrics, pediatric behavioral health, adult medicine, obstetrics and dental, and the addition of an outpatient pharmacy. The project will involve five to six phases of construction to accommodate the facility’s plans to remain operational while the project is ongoing. The design-build team includes project manager Will Stadjuhar, project assistant Kari Stevens and project superintendent Larry Howard. IMPACT Strategies is collaborating with architectural design firm Bates & Associates of Clayton, Mo.
LISBON, WIS. — The Dickman Co./CORFAC International has brokered the sale of a 2,000-square-foot industrial building in Lisbon, approximately 25 miles west of Milwaukee. The property, situated on six acres of land, is located at W230 N9515 Colgate Road. Space4U LLC purchased the building and land from GRR8 Development LLC. Nick Keys and Zach Noble of The Dickman Co. were the brokers involved in the transaction representing the buyer and the seller.
MOUNT PLEASANT, TEXAS — Marcus & Millichap has arranged the sale of La Quinta Inn & Suites, an 89-room hotel located in Mount Pleasant. Chris Gomes and Skyler Cooper of Marcus & Millichap’s Dallas office, along with Allan Miller of the firm’s San Antonio office, marketed the property on behalf of the seller, a Dallas-based company. Gomes and Cooper also procured the buyer, a private investor. La Quinta Inn & Suites is located at 1620 Rotan Road, near the intersection of West Ferguson Road and I-30. Built in 2008, the interior corridor, limited service hotel is less than six miles from the Mount Pleasant Municipal Airport. Recreational amenities at the hotel include an indoor swimming pool and spa, fitness facility and vending area. The hotel offers a fully equipped business center, meeting facilities and free wireless Internet access in all rooms.
EWING, N.J. — PRC Campus Centers LLC, a member of the PRC Group, is planning to expand its Campus Town at The College of New Jersey in Ewing by adding two residential buildings, which will accommodate 166 additional students. The second phase, which is scheduled to open in fall 2016, will bring an additional 74,000 square feet of one-, two-, and four-bedroom apartments to the existing 278,000-square-foot mixed-use property. The fully furnished apartments offer each student a private bedroom, a private or semi-private bathroom, full kitchen, living room, laundry room and secure access. The mixed-use complex features an 11,400-square-foot student fitness center and a variety of retail tenants, including Panera Bread, Barnes & Noble Bookstore, Piccolo Trattoria, Yummy Sushi, El Mexican Mariachi, Redberry Yogurt and Spencer Savings Bank. Additionally, the expansion will bring PRCs privately funded total investment to approximately $120 million. Campus Town is a public-private partnership between PRC and The College of New Jersey approved under the NJ 2009 Economic Stimulus Act.
MONTCLAIR, N.J. — The Pinnacle Companies has formed a joint venture with The Hampshire Companies to develop The MC Hotel in Montclair. Part of Marriott’s Autograph Collection, the 148-room boutique hotel will feature a rooftop bar, farm-to-table restaurant, conference center and a public art atrium. The joint venture will submit final construction plans in March, and, pending approval, will break ground in the spring. Construction financing will be provided by US Bank. Chicago-based Aparium Hotel Group will manage the property.
NEW CASTLE COUNTY, DEL. — KeyBank Real Estate Capital has secured $24.8 million in Fannie Mae early-rate lock loans for two apartment complexes located in subdivisions of New Castle County. A $20.8 million loan was secured for Hampton Walk, a 366-unit apartment complex located in New Castle Hundred. The property was built in 1952 and renovated in 2008. The financing was used to pay off an existing Fannie Mae loan, which was scheduled to mature in 2018. KeyBank also secured a $4 million loan for Driftwood Club Apartments, a 60-unit apartment complex located in Christiana Hundred. Built in 1966, the property was most recently renovated in 2013. The undisclosed sponsor plans to use the financing for future investment opportunities. Jeannie Johnson of KeyBank’s multifamily team arranged the financing for both properties.
ROCKAWAY, N.J. — HFF has arranged a $10.5 million loan for the sale/leaseback of an industrial printing and production facility located at 100 Commons Way in Rockaway. The borrower, The Hampshire Companies, received a seven-year, fixed-rate loan through Ocean First Bank for the acquisition of the property. The 352,461-square-foot facility is fully leased by North Jersey Media Group. The three-story property features 150,756 square feet of production and printing space, 57,116 square feet of industrial warehouse and distribution space, 20,765 square feet of office space, a data center, a cafeteria, a parking garage and an on-site post office. Michael Klein, Jon Mikula and Michael Cerulo of HFF negotiated the financing and represented the borrower.
SEWELL, N.J. — Marcus & Millichap has brokered the sale of Cherry Tree Crossing, a retail property in Sewell. A private investor sold the 36,560-square-foot property to an undisclosed buyer for $2.8 million. Michael Lombardi and Robert Angus of Marcus & Millichap’s New Jersey office represented the seller and buyer in the deal.