BRISTOL, PA. — New York-based Angelic Real Estate has arranged a $9.6 million loan for the acquisition of Island View Crossing, an office building in Bristol. Located along the Delaware River northeast of downtown Philadelphia, the 180,000-square-foot property is currently leased to Lenox and Strategic Distribution, among others. The property was converted from a soap factory into an office building. Gabriel Silverstein and Louis D’Lando of Angelic led the financing team, which secured the loan. The undisclosed borrower plans to upgrade the building’s common areas and amenities.
Property Type
UNION CITY, N.J. — Moonachie, N.J.-based Weiss Realty Co. has brokered the sale of a Walgreens property in Union City. Located at 3333 Park Ave., the 11,000-square-foot property sold for $5.25 million. Jaime Weiss and Arnold Litt of Weiss Realty represented both the seller and the 1031 buyer in the transaction.
NEW YORK CITY — Marx Development plans to develop an AC Hotel by Marriott at 112-24 Astoria Blvd. near LaGuardia Airport in New York. Construction for the 126-room hotel is expected to break ground in October. Designed by DSM Design Group and Andres Escobar, the six-story, 99,000-square-foot hotel will feature approximately 3,800 square feet of meeting space, fitness and business centers, a breakfast area, bar and lounge, and 72 parking spaces. Eastern Union Funding arranged a $3.75 million loan to purchase a 16,141-square-foot lot, which will be the future site of the hotel. Shaya Ackerman of Eastern Union Funding brokered an 18-month bridge loan provided by Maxim Capital Group for the development.
MIDDLETOWN, N.Y. — Colliers International has brokered the sale of The Plaza at Crystal Run at 400 North Galleria Dr. in Middletown. NorthEnd Equities purchased the 95,000-square-foot shopping center for $3.95 million. Built in 1994, the property comprises a two-story, 86,000-square-foot building tenanted by Petco and Off Track Betting; a 9,000-square-foot, free-standing building occupied by Pier 1 Imports; and a shadow-anchor Olive Garden. Jacklene Chesler of Colliers International’s Parsippany, N.J., office represented the undisclosed seller in the transaction.
IRVING, TEXAS — Full-service brokerage firm ARA has brokered the sale of Lincoln Las Colinas, a 784-unit multifamily property in Irving. Constructed in two phases in 2010 and 2013, the community includes one- to three-bedroom apartments averaging 922 square feet, as well as a swimming pool, dog park, coffee bar, fitness center and clubhouse. The complex was 96.3 percent occupied at the time of the sale, which was the largest multifamily transaction in Texas history, according to ARA. Brian O’Boyle Sr., Brian Murphy and Brian O’Boyle Jr. marketed the property on behalf of the sellers, Lincoln Property Co. and Sarofim Realty Advisors. The asset was acquired by institutional investors advised by J.P. Morgan Asset Management.
LEWISVILLE, TEXAS — Cencor Realty Services will break ground later this week on the first phase of a 350,000-square-foot Kroger-anchored shopping center in the Dallas/Fort Worth suburb of Lewisville. The first phase will include space for the 123,000-square-foot grocery anchor, as well as 40,000 square feet of in-line retail space and several pad sites for restaurants. The Weitzman Group is leasing the property. Kroger is slated to open in the first quarter of 2015. Located on the southwest corner of SH-121 and Josey Lane, the center will serve the Castle Hills master-planned community and surrounding areas.
HOUSTON — OliverMcMillan has leased space within its 15-acre River Oaks District mixed-use development to luxury retailers Cartier, Dior, Hermès and Tom Ford. Jeweler and watchmaker Cartier will operate a 6,040-square-foot store, while apparel, accessory and footwear retailer Dior will operate a two-story, 9,056-square-foot store. Clothing and accessory retailer Hermès will operate a two-story, 10,117-square-foot flagship location, and accessory retailer Tom Ford will operate a 4,906-square-foot store. OliverMcMillan broke ground on River Oaks District’s 252,000 square feet of retail and restaurant space in July 2013 and expects the development to open in spring 2015. River Oaks will also include 92,000 square feet of office space and 279 residential units.
HOUSTON — NAI Houston has arranged an 18,850-square-foot industrial lease in Houston for Binswanger Glass Co., a manufacturer and installer of glass for residential, commercial and automobile uses. The tenant will occupy space at 3133 McKinney St. in the East Industrial submarket. John Ferruzzo and Michael Keegan of NAI Houston represented the landlord, St. James Equity Partners LP, in the negotiations. Carlton Anderson of CBRE represented Binswanger Glass.
HAYWARD, CALIF. — Corsair Components has leased 63,512 square feet of space at Winton Industrial Center in Hayward. The center is located at 2660 West Winton Ave. The high-performance PC gaming company will expand its operations from its Fremont headquarters and Hayward satellite facility. Corsair Components is doing business as Corsair Memory. The landlord, Winton Industrial Center LLC, was represented by Greig Lagomarsino, Rick Keely and Nick Ousman of Colliers International’s Oakland office.
SAN DIEGO — Western States has acquired a 36,936-square-foot office building in the San Diego submarket of Sorrento Mesa for $6.3 million. The corporate headquarters building is located at 10540 Heater Court. It is fully leased to Cobham Defence Electronics. Bryce Aberg, Brant Aberg and Brian Driscoll of Cassidy Turley Commercial Real Estate Services in San Diego represented both Western States and the unnamed seller in this transaction.