Property Type

New Tenants Sign on at Mixed-Use Development in Dallas

by Haisten Willis November 11, 2014

DALLAS — New restaurant and retail leases have been signed in Phase I of Preston Hollow Village, a 42-acre mixed-use development in Dallas. The property is located at the northwest corner of Walnut Hill and Central Expressway. Phase I of the project is slated to open in early 2015, with Phase II groundbreaking scheduled for about the same time. A 14,000-square-foot Trader Joe’s and 75,000 square feet of retail and restaurant space will anchor Phase I. Dentist, doctors and other professional service firms will move into a 60,000-square-foot office building, which is on target to be completed in early 2015.

November 11, 2014

HFF Arranges Sale of Retail Center in Metro Houston

by Haisten Willis November 11, 2014

KATY, TEXAS — HFF has arranged the sale of Mason Village Shopping Center, a 97,405-square-foot retail center in the Houston suburb of Katy. HFF marketed the property on behalf of a private Houston owner. DNA Partners purchased the asset free and clear of existing debt. The property sits on 9.5 acres at 21945 Katy Freeway near the intersection of Mason Road and I-10. The 99 Cents Only Store anchors the shopping center, which is 94 percent leased to 17 tenants including Harbor Freight Tools, Jason’s Deli, Freebirds World Burrito, Huntington Learning Center, Just for Feet and Jiffy Lube. Ryan West led the HFF investment sales team representing the undisclosed seller.

November 11, 2014

Loans Midwest Multifamily Ohio

Pillar Originates $11.7M Fannie Mae Loan for Multifamily Property in Columbus

by Danielle Everson November 11, 2014

COLUMBUS, OHIO — Pillar has originated an $11.7 million Fannie Mae DUS loan for the acquisition of Citation Club Apartments, a 240-unit multifamily property located at 600 Trinity March in Columbus. The property features two- and three-story garden-style buildings built in 2004. The 15-year, fixed-rate loan includes a 30-year amortization schedule. Adam Klingher, managing director, and Brooke Jackson, associate, of Pillar’s Chicago origination team arranged the loan. Citation Club Apartments is part of a portfolio of three multifamily properties located in Columbus. The property is the only one in the portfolio that required new financing. The sponsor is Brookview Realty Group, an owner/operator of multifamily properties across the country. The key principals at Brookview responsible for the Citation Club Apartments transaction are Barry Pessin and David Ostreicher. Brookview and its affiliates currently own and manage more than 1,300 rental units across the country.

November 11, 2014

Midwest Ohio Retail

Goodman Real Estate Services Group Brokers $10.5M Sale of Shoppes at Chapel Hill

by Danielle Everson November 11, 2014

CUYAHOGA FALLS, OHIO — Goodman Real Estate Services Group LLC has brokered the $10.5 million sale of the Shoppes at Chapel Hill, an 84,758-square-foot shopping center in Cuyahoga Falls. The property, built in 1992, is 98.5 percent leased to tenants such as Michaels, Staples, Panera Bread, Jimmy John’s, Aaron’s and Brick House Tavern + Tap. Target shadow-anchors the shopping center. Kyle Hartung of Goodman represented the undisclosed seller of the property and also procured the buyer, a Florida-based real estate investment and development company.

November 11, 2014

Iowa Loans Midwest Retail

Cronheim Mortgage Secures $9.7M Bridge Loan for Retail Center Acquisition

by Danielle Everson November 11, 2014

DAVENPORT, IOWA — Cronheim Mortgage has secured a $9.7 million bridge loan to fund the acquisition, renovation and lease-up of a 235,000-square-foot retail center in Davenport. JoAnn Fabric and Crafts Stores, Planet Fitness and Iowa Workforce Development anchor the center, which is 70 percent occupied. The property is located across the street from NorthPark Mall. The five-year bridge financing was structured to 80 percent of the project’s hard costs. David Turley and Janet Proscia of Cronheim Mortgage arranged the non-recourse loan. Cronheim’s private equity affiliate, Channel Funds, acquired the property in partnership with Madison, N.J.-based Capstone Group.

November 11, 2014

Healthcare Indiana Midwest Office

Millennium Properties Brokers $4.4M Sale of 30,000 SF Medical Office Complex

by Danielle Everson November 11, 2014

VALPARAISO, IND. — Millennium Properties R/E has brokered the $4.4 million sale of a 30,000-square-foot medical center in Valparaiso. The Glendale Medical Center is located between Valparaiso University and the Porter Regional Hospital, which was built in 2012. The medical center consists of two separate buildings: a 21,443-square-foot office, that was built in 1985 and an 8,630-square-foot expansion that was completed in 2007. Much of the original building has been updated and the property was 85 percent occupied at the time of sale. Millennium Properties represented the seller, a Chicago-based investor group. Strawberry Fields, a national healthcare REIT with assets located throughout the Midwest, purchased the property.

November 11, 2014

Multifamily New York Northeast

Time Equities, Hamlin Ventures Acquire 34 Prince Street in Manhattan

by Amy Works November 11, 2014

NEW YORK CITY — Co-developers Time Equities and Hamlin Ventures have acquired 34 Prince Street, the former convent and school of St. Patrick’s Old Cathedral complex in Manhattan’s Northern Little Italy neighborhood, for $30.7 million. The joint venture plans to transform the property, which was built in 1825, into a seven luxury condominium residences and two townhomes. Designed by Marvel Architects, the renovated property will feature two townhomes ranging in size from 9,000 to more than 10,000 square feet, and loft residences ranging in size from 2,600 to nearly 5,000 square feet, with many featuring private outdoor space. CORE will handle the sales for the townhomes, which offer home customization options. This acquisition is the second development venture for the team. Its first project, 14 Townhouses, was completed in spring 2014.

November 11, 2014

New Hampshire Northeast Retail

Unison Realty Partners Takes 149,680 SF Retail Center for $13.4M in New Hampshire

by Amy Works November 11, 2014

KEENE, N.H. — Unison Realty Partners has acquired Fairbanks Plaza, located at 420-480 West St. in Keene, for $13.4 million. Situated on 14.98 acres, the 149,680-square-foot retail center is occupied by Kohl’s, Aldi Supermarket and Sears, among others. James Koury, Ben Sayles and Brett Paulsrud of HFF represented the seller, H.J. Heyman and Sons LLC, in the transaction.

November 11, 2014

New Jersey Northeast Office

Cushman & Wakefield Brokers Trade of 99 Wood Avenue South in New Jersey

by Amy Works November 11, 2014

ISELIN, N.J. — Cushman & Wakefield’s Metropolitan Area Capital Markets Group has arranged the sale of 99 Wood Avenue South in Iselin. TA Associates Realty purchased the 10-story, 272,000-square-foot office building for an undisclosed price. The building recently underwent $3 million in building renovations and system upgrades. At the time of sale, the property was 91 percent leased to a variety of tenants, including Ernst & Young, Citibank, M&T Bank, and Greenbaum, Rowe, Smith & Davis. Gary Gabriel, Andrew Merin, David Bernhaut, Kyle Schmidt, Brian Whitmer and Ed Duenas of Cushman & Wakefield brokered the transaction.

November 11, 2014

Loans Multifamily New Jersey Northeast Seniors Housing

Oak Grove Capital Arranges $8.2M FHA Financing for Senior Apartment Community

by Amy Works November 11, 2014

TOMS RIVER, N.J. — Oak Grove Capital has originated an $8.2 million FHA loan to refinance Highland Plaza, an affordable seniors housing community in Toms River. Located a few miles from the Jersey Shore, the community offers 111 apartment units. Oak Grove Capital worked with the New York and New Jersey HUD offices to secure the fixed-rate loan, which features a 30-year amortization schedule and prepayment flexibility.

November 11, 2014

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