ROMULUS, MICH. — New England Development will develop a 325,000-square-foot outlet center in Romulus, approximately 25 miles southwest of Detroit. Outlets of Michigan will be located near I-94 and the Detroit Metro Airport. The new open-air outlet center, which is scheduled to open in 2016, will feature 75 retailers. New England Development’s portfolio of retail projects now includes a mix of outlet centers in markets nationally. New outlet centers include the recently opened Palm Beach Outlets in West Palm Beach, Fla.; Asheville Outlets in Asheville, N.C.; Outlets at Little Rock in Little Rock, Ark., opening in 2015; and Des Moines Outlets in Altoona, Iowa, opening in 2016.
Property Type
CINCINNATI — NorthMarq Capital has arranged a $14.4 million CMBS loan to refinance Deerfield Apartments and Townhomes in Cincinnati. The property consists of 223 units and is located at 860 Deerfield Blvd. The loan was structured on a 10-year term with a three-year interest-only period and a 30-year amortization schedule. Melissa Marcolini Quinn of NorthMarq Capital’s Orlando office arranged the financing for the undisclosed borrower.
MILWAUKEE —The Dickman Co. Inc./CORFAC International has brokered the sale of a 202,358-square-foot industrial building, located at 2800 W. Custer Ave. in Milwaukee. 2800 Custer LLC purchased the building from RockTenn CP LLC for an undisclosed sales price. Samuel M. Dickman Jr. and Samuel D. Dickman of The Dickman Co. represented the buyer in the transaction. Jim Larkin of Colliers International represented the seller.
SECAUCUS, N.J. — HFF has closed the $29 million sale of the leasehold interest at One Emerson Lane, a 340,000-square-foot light industrial property in Secaucus. Situated on 18.64 acres and constructed in 1978, the vacant property features 35,712 square feet of two-story office space. Michael Nachamkin and Steve Simonelli of HFF represented the seller, Trinity Place Holdings, in the transaction.
NEW YORK CITY — Madison Realty Capital has closed on a $23.5 million first mortgage loan to Heritage Equity Partners for the acquisition of a development site in Brooklyn’s Crown Heights. The borrower plans to redevelop the 31,943-square-foot property at 564 St Johns Place, which is currently operating as a rental parking facility, into an eight-story residential building. When complete, the 172-unit development will offer a mix of 26 studios, 110 one-bedroom, 32 two-bedroom and four three-bedroom units, as well as 86 on-site parking spaces.
NEW YORK CITY — American Realty Capital New York City REIT’s operating partnership has entered into an agreement to acquire a 12,327-square-foot commercial condominium unit at The Hit Factory in Manhattan’s Midtown West neighborhood. Sagamore 54th Avenue St. Investments LLC and Sagamore Arizona LLC are selling the property for $7.3 million, exclusive of closing costs. The property is currently 100 percent leased to Gibson Guitar Corp.
NEW YORK CITY — TerraCRG has brokered the sale of a mixed-use property located at the corner of 61st Street and Fifth Avenue in Brooklyn’s Sunset Park neighborhood. The 9,250-square-foot property features six apartments and two commercial units. The property sold for $2.9 million or $308 per square foot. Adam Hess, Sam Shalumov and Chris Pechlivanides of TerraCRG handled the transaction. The buyer and seller were not disclosed.
DALLAS — JLL has brokered the sale of Crestview Office Tower, a 12-story, 262,962-square-foot office tower in the Las Colinas submarket of Dallas. The property is located near the DFW International Airport and the Las Colinas Urban Center. CapRidge Partners Fund I purchased the asset from Codina Partners for an undisclosed price. Evan Stone, Jack Crews and Lauren Zimmer of JLL represented Codina Partners in the transaction. Additionally, Jason Piering and Adam Mengacci of JLL arranged a bridge loan for the acquisition.
SAN ANTONIO — CBRE has brokered the sale of University Park Tech Center III and IV, two office buildings totaling 165,007 square feet in San Antonio. The properties are located at 5959 Northwest Parkway and 5800 Farinon Drive. CLPF-IPC III-IV LLC purchased the office assets from BP Westchase LLC for an undisclosed price. Todd Mills, Carrie Caesar and Hunter Mills of CBRE represented the seller in the transaction.
COLLEYVILLE, TEXAS — Whole Foods Market will open a new 40,000-square-foot store at the Colleyville Downs Center in Colleyville on Tuesday, July 8. The property is located at 4801 Colleyville Blvd. at the southeast quadrant of Glade Road and Highway 26. “We are so proud to open a store in Colleyville,” says Dennis Berryman, team leader of the new Whole Foods store. “We love being able to partner with neighbors who share our passion for good food and strong community.”