WOODBRIDGE, N.J. — HFF has arranged $27.2 million in construction financing for the development of a build-to-suit industrial property in Woodbridge. Situated on 9.33 acres at 275 Blair Road, the 190,000-square-foot refrigerated warehouse and distribution facility will be fully occupied by Preferred Freezer Services, a freezer warehouse operator. Wells Fargo provided the 24-month loan for the borrower, a joint venture between Advance Realty and F. Greek Development. Jim Cadranell, Jon Mikula and Michael Lachs of HFF secured the construction loan for the borrower.
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SOUTH BRUNSWICK, N.J. — Bussel Realty Corp. (BRC) has brokered the acquisition of 138 Georges Road in South Brunswick. New York City-based Modway East End Imports purchased the 102,108-square-foot industrial facility for an undisclosed price from LIT Industrial LP, a Clarion Partners affiliate. Situated on 19 acres, the warehouse features 25-foot ceilings, 40- by 50-foot column spacing, eight loading docks and one drive-in door, as well as 2,108 square feet of office space. David Posner, Robert Sager and David Blitt of BRC represented the buyer; Nate Demetsky of JLL represented the seller in the transaction.
ROCHELLE PARK, N.J. — Houlihan-Parnes Realtors has arranged a $14 million first mortgage on a five-story office building located at 218 Route 17 North in Rochelle Park. The loan includes a fixed-rate portion and provides a line of credit at a floating rate for build-outs. Located on the southeast corner of Route 17 North and West Passaic Street, the property was acquired by members of Houlihan-Parnes Realtors in 2002. Recently, Bergen County Social Services signed a lease to occupy 55,000 square feet at the 103,605-square-foot office building. Andrew Greenspan, James Houlihan and Meghan McEvoy of Houlihan-Parnes arranged the financing. Elizabeth Smith of Goldberg, Weprin, Finkel, Goldstein LLP represented the borrower, while Raymond Cohen of Chicago Title Insurance provided the title. GHP Office Realty LLC, an affiliate of Houlihan-Parnes Realtors, manages the building.
BOSTON — David Barton Gym has signed a long-term lease for 19,000 square feet of space at Boston Park Plaza Hotel and Towers, which is located at 50 Park Plaza in Boston. The gym will feature a ground-floor entrance and below-grade retail space. This location is the company’s first gym in Massachusetts. Scott Edlitz of Colliers International’s New York office represented David Barton Gym in the transaction.
HOUSTON — HFF has brokered the sale of Oak Park Office Center III, a 151,000-square-foot office building in Houston’s Westchase district. Completed in 2008, the two-story structure is located between Rogerdale Road and Beltway 8, within the 225-acre Oak Park at Westchase business park. Global engineering firm CB&I Inc. holds the lease for the entire property. Robert Williamson and Trent Agnew of HFF marketed the asset on behalf of the seller, Daymark Realty Advisors. 111 Realty OPO LLC, a real estate investment company led by Mallick Group Inc. and Keating Investments, was the buyer. International Bank of Commerce – Houston provided acquisition financing.
McKINNEY, TEXAS — GroundFloor Development and Boston Capital are partnering to build The Millennium, a 164-unit multifamily property in the Dallas/Fort Worth suburb of McKinney. The garden-style complex will include one-, two- and three-bedroom apartments, as well as a fitness center, business center, media room, swimming pool, barbecue area and playground. Thirty-four of the units will be offered at market rents, with the remainder available to families and individuals earning 60 percent or less of the area median income. Dallas-based GroundFloor will develop the project with equity from both Boston Capital and the Low Income Housing Tax Credit (LIHTC) program.
HOUSTON — Lee & Associates has arranged a 16,500-square-foot industrial lease in Houston for Master’s Craft Flooring, a manufacturer and distributor of hardwood flooring products. The tenant will occupy space at 565 Garden Oaks Blvd., in proximity to I-610, Houston’s outer loop. Brett Lewis of Lee & Associates represented Master’s Craft Flooring in the negotiations, while Steven Hazel of InSite Commercial Real Estate represented the landlord, Houston Pine Forest M LLC.
HOUSTON — Finial Group has arranged a 15,000-square-foot industrial lease in Houston for Liquid Metal Coatings, a provider of wear- and corrosion-resistant coatings for the energy, paper and petrochemical industries. The tenant will occupy Building 1 of Louetta Business Park, located on the corner of Louetta Road and Whitewood Drive, in proximity to I-45. The 20-ton crane-ready facility features 24-foot eave heights, grade-level loading doors, a truck court and 1,500 square feet of office space. Keith Bilski, Neil Martin, Mike Sperandio and Jennifer Young of Finial Group handle the leasing of Louetta Business Park.
NEWARK, CALIF. – Amazon has leased the Cherry Logistics Center, a 575,000-square-foot industrial facility in Newark, according to industry reports. The distribution facility is located at 38811 Cherry Street. It is situated on a 29.4-acre infill parcel within the East Bay Area’s industrial submarket. The development is the first sizable speculative industrial facility delivered to the San Francisco Bay Area in the past 15 years, according to Conor Commercial Real Estate and American Realty Advisors. The two companies developed the center through a joint venture. It is also the largest industrial warehouse to be developed and constructed within the submarket. Amazon’s transaction representsthe largest industrial/warehouse lease deal in the East Bay in more than 10 years. It is also the largest lease deal the Bay Area has seen in more than five years. The center’s exterior build-out is now underway. The facility is being built to LEED-Silver specifications. McShane Construction Company and HPA Inc. served as the design-build team for the construction of the speculative industrial property. They will also provide the significant interior tenant improvements currently underway. The Amazon subsidiary was represented byCushman & Wakefield. The JV was represented by Jeff Starkovich, Jay Hagglund, Sam Higgins, Scott Borgia and …
SAN DIEGO – The 356-unit Tierrasanta Ridge Apartments in San Diego has received a $52-million refinance. The community is located at 5410 Repecho Drive, near the Tierra Santa Shopping Center. The loan features a 10-year term and a 30-year amortization schedule. Financing was arranged by Marty Meagher and Gardiner Champlin of NorthMarq Capital’s San Diego office through its AmeriSphere Fannie Mae DUS platform.