NEW YORK CITY — Meridian Capital Group has arranged a $13 million mortgage for the acquisition of a townhome located on East 72nd Street in New York. The borrower, Mink Development, plans to convert the six-story, 13,300-square-foot property at 39 East 72nd St. into a luxury residential building. Madison Realty Capital provided the two-year loan features a fixed-rate. Aggelos Sklavenitis of Meridian Capital Group arranged the financing.
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NEWARK, N.J. — Jasper Venture Group is building a strip mall in Newark. Located near the New Jersey Turnpike, the completed shopping center will offer 25,000 square feet of combined retail and parking space. Jasper originally purchased the site in 2012 and plans to demolish the existing six-story building to construct the new shopping center.
NEW YORK CITY — Marcus & Millichap has brokered the sale of 243 Senator Street, a multifamily property located in Brooklyn. A developer purchased the six-unit property for $1.1 million or approximately $244 per square foot. John Brennan and Mark Zarrella of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.
FRISCO, TEXAS — Disney Investment Group (DIG) has brokered the sale of Westside Market, a 93,562-square-foot grocery-anchored shopping center in Frisco. Tom Thumb occupies 70,000 square feet within the property, which also features a Tom Thumb fuel center. Located on the corner of FM 423 and Lebanon Road, the asset was 98 percent leased at the time of the sale. David Disney of DIG represented the unnamed seller in the acquisition and also procured the buyer, Inland Real Estate Acquisitions Inc. Matthew Tice of Inland facilitated the purchase on behalf of the buyer.
ARLINGTON, TEXAS — Lee & Associates gas brokered the sale of a 60,546-square-foot industrial property in Arlington. The building, located on 2.5 acres at 1101 Avenue G, features clear heights of 18 feet, three dock-high doors and two grade-level doors. Mark Graybill, Tom Walrich and Reed Parker of Lee & Associates represented the seller, W.W. Henry Co. LP, in the transaction. Nathan Lawrence of CBRE represented the buyer, Capital Partners LLC.
HOUSTON — United Equities Inc. has arranged a 15,680-square-foot industrial lease in Houston for Flow Solutions Holdings Inc., a valve solutions provider refining, petrochemical and energy industries. The tenant will occupy the warehouse located at 14710 Vickery Drive, which is located in proximity to Beltway 8, Houston’s outer loop. The facility features 1,800 square feet of office space and 28-foot eave heights. Doug Freedman of United Equities represented the landlord, Vickery-Aldine Bender LLC. Billy Gold of CBRE represented Flow Solutions.
HOUSTON — Moody Rambin has arranged a lease renewal and expansion totaling 14,536 square feet of office space in Houston for Flexpipe, a division of ShawCor Ltd. that specializes in the production of flexible composite piping. The growing tenant occupies space at the Ashford 6 building, located at 1155 Dairy Ashford Road within the Ashford Place Office Park. Bob Cromwell and Kevin Nolan of Moody Rambin represented the landlord and property owner, Delaware-based BRI 1851 ASHFORD LLC, in the negotiations.
SAN DIEGO — Lowe Enterprises, AECOM Capital and current property owner Atlas Hotels Inc. have formed a joint venture to own, operate and reposition the 954-room Town and Country Resort & Convention Center in the Mission Valley area of San Diego. Built in 1953, the two-building property is located at 500 Hotel Circle N., adjacent to the 27-hole Riverwalk Golf Club, as well as the Fashion Valley shopping center. The convention facilities include more than 200,000 square feet of flexible meeting space and more than 50,000 square feet of outdoor event space. The resort features the 14,000-square-foot Bella Tosca Day Spa, a fitness center, three restaurants and three swimming pools. Destination Hotels & Resorts, Lowe’s hospitality management subsidiary, has assumed management of the property. The new ownership group will immediately begin its property-wide upgrade program.
SAN DIEGO — Colliers International has brokered the sale of the Torbati Building, a 223,000-square-foot office tower in downtown San Diego. Constructed in 1925, the 14-story building is located at 625 Broadway. Tim Cowden of Colliers represented the buyer, 625BWSD9 Owner LLC, which is a partnership formed by Hammer Ventures, a locally based real estate development company. The seller, 625 Broadway Holdings LLC, had no representation in the transaction.
MESA, ARIZ. — Hendricks-Berkadia has brokered the sale of Sendero Ridge, a 288-unit multifamily property in the Phoenix suburb of Mesa, for $15 million. Constructed in 1986, the complex includes one- and two-bedroom apartments, plus amenities such as a swimming pool, volleyball court, laundry facility and barbecue area. Situated on 12 acres at 945 W. Broadway Road, the community is in proximity to State Route 87, State Route 60 and Loop 101, as well as the Mesa Arts Center and the spring training facility of the Chicago Cubs. Mark Forrester and Ric Holway of Hendricks-Berkadia negotiated the transaction between the seller, New York-based Pimal Property Inc., and the buyer, Toronto-based 945 W. Broadway Rd. LP.