TOMBALL, TEXAS — Houston-based Baker Katz has begun construction on the company’s retail center in Tomball, approximately 33 miles northwest of Houston. The property, which was purchased by Baker Katz earlier this year, was formerly a gas station. The site is located at FM 2920 and Highway 249, adjacent to another Baker Katz-owned shopping center. The building will be occupied by a 3,400-square-foot Pacific Dental Services office and a 4,200-square-foot Mattress Firm store. In total, the building will span 7,600 square feet. The two tenants are slated to open late this year.
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CLEBURNE, TEXAS — Dougherty Mortgage LLC has arranged a $2.4 million Fannie Mae loan for the acquisition of Northridge Court Apartments, an 86-unit apartment complex in Cleburne. Dougherty’s Dallas office arranged the 10-year loan for DCP Skyline II LLC. The loan carries a 30-year amortization schedule. Dougherty Mortgage is based in Minneapolis with regional offices in California, Colorado, Maryland and Texas.
HOUSTON — Marcus & Millichap has arranged the sale of Ella Plaza, a 34,695-square-foot retail property in Houston. The asset had a list price of $3.75 million. Gus Lagos and Alex Bouchard with Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. Lagos and Bouchard also secured the buyer, a partnership. Ella Plaza is located at 3414-3496 Ella Boulevard in Houston.
RICHARDSON, TEXAS — Regency Centers will build a 40,000-square-foot Whole Foods Market at KDC’s 186-acre CityLine project in Richardson. Whole Foods will anchor the initial 81,000-square-foot phase of Regency Centers’ CityLine Market, a retail center on 11.3 acres at the intersection of Renner Road and Plano Road. The store is slated to open in spring 2016.
SWEETWATER, FLA. — IKEA will open a new 416,000-square-foot store on Wednesday, Aug. 27 in Sweetwater, approximately 14 miles west of Miami. The store, dubbed IKEA Miami, will be the Swedish company’s second store in South Florida, fourth in the state and 39th in the United States. According to Selwyn Crittendon, IKEA Miami’s store manager, the new store will employ roughly 350 individuals. The property will feature 1,500 parking spaces and South Florida’s largest rooftop solar array. The store will offer 10,000 designed items, 44 room settings, three model home interiors, a children’s play area, 600-seat restaurant and baby care rooms.
CHARLOTTE, N.C. — Adler Kawa Real Estate Advisors has purchased four office buildings totaling 249,000 square feet in Charlotte. The properties are located at Oak Hill Business Park within Charlotte’s I-77 Corridor. The office properties were 68 percent leased at the time of the sale to tenants such as Wal-Mart Stores Inc., Paychex and Canon. Adler Kawa purchased the properties through the Adler Kawa Real Estate Fund II from a private equity firm. Patrick Gildea and Ralph Oldham of CBRE represented the seller in the transaction, and Charles Foschini and Christopher Apone of CBRE’s Miami office secured acquisition financing on behalf of Adler Kawa. Adler Kawa has selected Trinity Partners to lease the properties and affiliate Adler Realty Services to manage the assets on-site.
ORLANDO, FLA. — Berkadia Real Estate Advisors has arranged the $21.3 million sale of Arbour Apartments, a 292,000-square-foot multifamily community in Orlando. The property is located at 11000-11600 MacKay Blvd., which is within walking distance of the University of Central Florida. The apartment complex has two swimming pools, lighted tennis and basketball courts, a fitness center, billiard room and two 24-hour laundry centers. Cole Whitaker and Hal Warren of Berkadia, along with Robert Hold of Hold-Thyssen Inc., represented the seller, Arbour Apartments LLC, in the transaction. The buyer was New York-based BW Arbour Apartments LLC.
ANDERSON, S.C. — The RADCO Cos. has purchased two apartment communities totaling 316 units in Anderson for $11 million. The properties — the 180-unit Country Club and 136-unit Cobblestone — are RADCO’s first apartment acquisitions in South Carolina. The assets are both located off Clemson Boulevard across from Anderson Mall. RADCO plans to invest approximately $3 million to renovate the assets, as well as rebrand the properties as Ashford Pointe (formerly Country Club) and Ashford Village (formerly Cobblestone). RADCO’s portfolio now spans 6,600 units in six cities in the Southeast and Midwest. RADCO financed the acquisition through bridge debt from BBVA Compass and its own privately funded equity. The Atlanta-based multifamily investor purchased the assets from two unnamed limited liability companies.
NEW YORK CITY — Meridian Capital Group has negotiated $165 million in first mortgage and mezzanine financing for the purchase of 1412 Broadway in New York. Renovated in 2012, the 24-story property offers 378,000 square feet of office space and 22,500 square feet of retail space. Current tenants include Jones New York, Escada, Outerstuff LTD and Provident Bank. David Hayum and Tal Savariego of Meridian Capital Group arranged the five-year balance sheet financing, which features a competitive floating rate.
LAKEWOOD, N.J. — An affiliate of Lakewood-based Paramount Realty Services has received $23.8 million in acquisition financing for a seven-property retail portfolio totaling 99,675 square feet in Maryland, New Jersey and Pennsylvania. HFF arranged the seven-year, fixed-rate loan through Investors Bank. The portfolio includes Bricktown Center in Bricktown, N.J.; Brookhaven Plaza in Brookhaven, Pa.; Howell Plaza in Howell, N.J.; Sea Grit Plaza in Wall, N.J.; Philadelphia Plaza in Philadelphia; Exton Plaza in Exton, Pa.; and Owings Mills Plaza in Owings Mills, Md. At closing, the portfolio was 100 percent occupied by a variety of tenants, including Best Buy, Staples, WaWa, Jos. A. Bank, CVS/pharmacy and Santander Bank. Jon Mikula and Jim Cadranell of HFF represented the buyer in the transaction.