HOPKINS, MINN. — Grandbridge Real Estate Capital has arranged a $5.7 million first mortgage loan to refinance an 83-unit apartment complex in Hopkins. The fully occupied property features remodeled unit interiors. Tony Carlson of Grandbridge originated the fixed-rate, 15-year loan, through a life insurance company for the undisclosed borrower. The loan required no personal guaranty and closed with an interest rate in the low 4 percent range.
AUSTIN — True Food Kitchen restaurant has signed a 7,000-square-foot lease on the ground floor of the Seaholm Residences, a 30-story condo residential tower under construction as part of the Seaholm Power Plant development in Austin. The project developers include CIM Group and Seaholm Power LLC. True Food Kitchen is a restaurant developed through a partnership between Fox Restaurant Concepts and Dr. Andrew Weil, an author on holistic health. Its lead chef is Arik Markus and the restaurant is expected to open in 2015. The Seaholm Power Plant project is the redevelopment of a 1950s power plant. When finished, the project will include 11,000 square feet of restaurant space and 3,500 square feet of public space. Construction began in April 2013 and is expected to be complete in the second quarter of 2015. The project is located on the southwestern edge of downtown Austin, bounded by Cesar Chavez Street, West Avenue, 3rd Street, Seaholm Drive and the A&NW rail line.
FARMINGTON HILLS, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 17,873-square-foot retail strip center in Farmington Hills. Courtyard Shopping Center is located at 32500 – 32522 Northwestern Highway. The property was built in 1989 on nearly two acres. Courtyard Shopping Center was 92 percent occupied at the time of sale. Barry Swatsenbarg and Rich Deptula of Friedman represented both the undisclosed buyer and seller in the transaction.
HOUSTON — The Coats Rose law firm’s Houston office has moved to 9 Greenway Plaza from 3 Greenway Plaza and will occupy 48,000 total rentable square feet on the building’s 10th and 11th floors. The firm’s Clear Lake area office joined the new, expanded location. Ron McWherter and Paul Penland with CBRE’s Houston office represented Coats Rose, a firm with more than 90 attorneys across the states of Texas and Louisiana, in lease negotiations. April Miller of CBRE’s project management team also worked on the transaction.
HOUSTON — Marcus & Millichap has arranged the sale of Village Real shopping center, a 94,259-square-foot retail center in Houston. Jerry Goldstein of Marcus & Millichap’s Houston office arranged the sale on behalf of the seller, a local partnership. Goldstein also sourced the buyer, Dallas-based Dunhill Partners. The property is located at the intersection of Nasa Parkway and El Camino Real at 961 Nasa Parkway. It was built in 1976 on 4.4 acres and was renovated in 2008. Tenants include Office Depot, Half Price Books, Eduardo’s Mexican Restaurant, Subway, Nasa Liquor, Value Furniture, Masa Sushi, J.C. Jewelers and Hollywood Hair.
HOUSTON — Coldwell Banker Commercial United Realtors has arranged the sale of two retail centers in Houston in separate transactions. The first is a 4,800-square-foot building located at 3014 Scott Street near the University of Houston. Daniel Bekele of Coldwell Banker represented the seller, a law firm. Oscar Hoang of Annam Realty represented the buyer, an investor. The second is a 16,450-square-foot strip center located at 3922 Old Spanish Trail. Mark McGinley of Coldwell Banker represented the seller. Van Pham of Champions Real Estate Group represented the buyer, an investor.
BOSTON — New Boston Fund Inc., Asian Community Development Corp. (ACDC), New Boston’s Urban Strategy America Fund and Suffolk Construction have topped off the North Building of One Greenway, a mixed-income residential development located in Boston’s Chinatown neighborhood. The property, which is revitalizing an entire city block on Hudson Street, consists of two buildings bookended by an open space and new pedestrian connection between Hudson and Albany streets. Upon completion in summer 2015, the 312-unit North Building will offer 217 market-rate rentals and 95 affordable rental units. The second building, South Building, will offer 51 middle-income home ownership opportunities within a transit-oriented location. One Greenway received significant public support for its 146 affordable units from the Massachusetts Department of Transportation, the Department of Housing and Community Development, Department of Neighborhood Development and various other city and state agencies. Private investors and lenders include National Real Estate Advisors, PNC Bank, People’s United Bank, Property and Casualty Initiative, Boston Private Bank and RBC Capital Markets. Suffolk Construction is serving as general contractor for the project.
HUMMELSTOWN, PA. — A joint venture partnership between Heidenberg Properties Group, Norse Realty and Strategic Real Estate Partners has acquired Hershey Square Shopping Center in Hummelstown. Hershey Trust Company sold the property for $28.5 million. Developed in 1994, the 218,290-square-foot, supermarket-anchored center includes 30,600 square feet of in-line retail space and six outlots, including Applebee’s, Panera Bread and Verizon. Heidenberg Properties and its partners own and manage approximately 3.5 million square feet of retail, including several locations throughout Pennsylvania.
BOSTON — CBRE/New England’s Debt & Structured Finance group has secured acquisition financing for 100 High Street, a 28-story office building located in Boston’s Financial District. The 546,336-square-foot property is currently 64 percent leased to a variety of tenants, including technology companies, law firms and insurance companies. The borrower, CBRE Global Investors, plans to upgrade the property’s building systems and add its signature service and amenity program, including conference facilities and outdoor meeting areas. Carlos Febres-Mazzei, Kyle Juszczyszyn, Alex Bradley and Taylor Shepard of CBRE/NE secured the financing through GE Capital Real Estate.
CORTLAND, N.Y. — Binswanger has arranged the sale of a single-story industrial facility located at 3690 Luker Road in Cortland. Situated on approximately 24 acres, the 131,580-square-foot facility features an open floorplan, clear ceiling heights to more than 21 feet, wide-column spacing and heavy infrastructure loading, including 12,500-amp electrical service. Forkey Construction and Fabricating Inc. purchased the property, which was constructed in 1989, from BorgWarner Inc. for an undisclosed price. Jim Panczykowski of Binswanger’s New Haven, Conn., office brokered the transaction.
