NEW YORK CITY — New York-based New Street Realty Advisors has brokered three retail leases in New York City. In the first transaction, Gregorys Coffee has signed a 15-year lease for 1,100 square feet of ground-floor retail space at 350 Hudson Street in New York’s Hudson Square district. Joshua Gettler, Matthew Gorman and Joshua Kaufman of New Street Realty Advisors represented the tenant, while Sinvin Real Estate represented the landlord, Trinity Realty Estate. In the second transaction, Hale and Hearty leased 1,800 square feet of space at 369 Lexington Avenue, a 120,000-square-foot office building in New York, from Atlas Ventures. Gettler and Gorman of New Street Realty Advisors represented the tenants and worked directly with the landlord representatives. Lastly, Bank Street College of Education has leased 3,195 square feet at 2791 Frederick Douglass Blvd. from Ellington 18 LLC. The tenant will take occupancy immediately. Gorman, Kaufman and Gettler represented both parties in the transaction.
Property Type
DENTON, TEXAS — Cadence McShane Construction Co. has completed the renovation and expansion of Golden Triangle Mall in the Dallas/Fort Worth suburb of Denton. The project included upgrades to the 765,000-square-foot property’s flooring, skylights, seating areas, main entryway, parking areas and landscaping, as well as the addition of an outdoor courtyard and 8,009-square-foot food court. Located at the interchange of I-35 and Loop 288, Golden Triangle Mall houses anchors Dillard’s, Macy’s, JC Penney and Sears, as well as more than 70 specialty stores. GTM Development Ltd., a joint venture between Cencor Realty Services and The MGHerring Group, acquired the property in 2011 and hired Cadence McShane for the project. C.M. Architecture P.A. provided architecture services for the renovation, and Brockette/Davis/Drake Inc. served as civil engineer.
RICHARDSON, TEXAS — Wasa Properties has acquired Arapaho Village Shopping Center, a 103,033-square-foot shopping center in the Dallas/Fort Worth suburb of Richardson. Located at 819 W. Arapaho Road, the property is home to anchor Tom Thumb, as well as Tuesday Morning, Hallmark, Papa John’s, The UPS Store, State Farm and H&R Block. CW Capital sold the asset. New York-based Wasa Properties purchased the center through Auction.com.
COLLEGE STATION, TEXAS — Transwestern has brokered the sale of Casa del Sol Apartments, a 116-unit student housing property in College Station. Located adjacent to the Texas A&M University campus, the complex offers one- and two-bedroom residences, as well as a laundry facility and swimming pool. Jeff Rogers and Chris Stutzman of Transwestern represented the seller, Tennessee-based real estate investment company Colorado Holdings & Management, in the transaction. A Dallas-based investment and development firm acquired the property.
HOUSTON — Q10 | Kinghorn, Driver, Hough & Co. has arranged an $8.3 million loan on behalf of an unnamed buyer for the acquisition of a 112,000-square-foot flex property in northwest Houston. Archer Well Co., a service and materials provider in the oil and gas industries, fully occupies the facility. Ray Driver III, Matt Franke and Travis Fite of Q10 | KDH closed the non-recourse loan within 44 days.
PHOENIX – The 236-unit Tuscany Pointe Apartments in Phoenix has sold to The Lodge Complex Tulsa LLC for $10.1 million. The community is located at 14830 North Black Canyon Highway, between the North Interstate 17/Deer Valley employment corridor and the Metrocenter Mall. It was developed by Lincoln Property Co. Cliff David of Marcus & Millichap and Steve Gebing of Institutional Property Advisors represented both the buyer and the seller, Howe Group LLC, in this transaction.
LAGUNA HILLS, CALIF. — Alicia Office Park, an 86,360-square-foot office campus in Laguna Hills, has received a $10-million bridge loan. The park is located at 25201, 25231 and 25241 Paseo de Alicia. The property contains three separately parceled office buildings that were developed in 1979 and renovated in 2008. The loan included an initial $7.5 million, along with an additional $2.4 million structured as a holdback for future tenant improvements, leasing commissions and capital expenditures. The park is currently 61 percent occupied. This rate will decrease to about 35 percent occupancy, however, when a large tenant lease expires this summer. The debt was structured around this decrease in occupancy. The loan was arranged by Steve Tucci and Shaun Moothart of CBRE’s Debt and Structured Finance team through a debt fund.
SPOKANE, WASH. — A 51,758-square-foot retail property in Spokane has sold to AB Management LLC for $7.5 million. The center is located at 7630 N. Division. Notable tenants include Michaels Arts and Crafts and Cash and Carry. John Hillier and Cory Barbieri represented both the buyer and sellers, TCRC Properties One LLC and Triple C Properties Two LLC, in this transaction. The duo will continue to manage the property.
SAN DIEGO – A 15,400-square-foot parcel of land in the San Diego submarket of La Jolla has sold to SARE Investments (c/o Colrich) for $2.9 million. The parcel is located at 5702 La Jolla Blvd., in the Bird Rock neighborhood. The buyer plans to develop a high-end mixed-use project on the site. It will feature ocean-view condominiums, 5,500 square feet of ground-floor retail and a rooftop deck. The property had been fully entitled by the seller, the Krambs Family Trust. The off-market transaction was executed by Victor Krebs of Colliers International.
CORAL GABLES, FLA. — CBRE has secured an $86.8 million bridge loan for the acquisition of Douglas Entrance, a five-building office complex at 800, 804 and 806 S. Douglas Road in Coral Gables. Blackstone of New York originated the three-year, interest-only loan on behalf of the borrower, a partnership between Banyan Street Capital and Oaktree Capital Management LP. The 467,325-square-foot complex is 81 percent leased to a mix of 43 tenants, including Univision, MetLife, MasTec & AECOM, Travelers, Lexmark and Movado. Charles Foschini, Christian Lee and Christopher Apone of CBRE arranged the loan.