BELLEVILLE, N.J. – A joint venture between Black Oak Associates and MCB Real Estate has acquired a 54,000-square-foot, grocery-anchored shopping center in Belleville for $10.5 million. The property was purchased from Mount Kellett Capital Management LP, owner of A&P grocery, and was structured as a sale-leaseback transaction. The shopping center is anchored by Pathmark, one of A&P’s grocery store banners, and is located about 10 miles west of New York City.
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NEW YORK CITY – Savanna, a New York-based real estate private equity and asset management firm, has purchased the 20,676-square-foot retail condominium at 10 Madison Square W. in New York City from The Witkoff Group and Morgan Stanley Real Estate Investing. The retail space, part of a 16-story building that The Witkoff Group and Morgan Stanley Real Estate Investing are currently redeveloping into 125 luxury residential condominiums, includes approximately 12,000 square feet of ground-floor space and 4,800 square feet of basement space. Adam Spies and Douglas Harmon of Eastdil Secured represented the seller in the transaction. Laurie Grasso of Hunton & Williams served as Savanna’s counsel in the acquisition. Located on the northwest corner of West 24th Street and Broadway, 10 Madison Square W. overlooks Madison Square Park. Amy Zhen and Jeffrey Roseman of Newmark Grubb Knight Frank will represent Savanna in its leasing effort.
NEW YORK CITY — Gourmet Garage, an upscale market with five Manhattan locations, has signed a lease for approximately 10,000 square feet at Collect Pond House, a co-op building located at 366 Broadway. Gourmet Garage, which was represented by Chase Welles of The Shopping Center Group and Jonathan Clott of Vision Property Group LLC, will occupy approximately 6,435 square feet of ground-floor space, as well as 3,510 square feet in the lower level. An additional 910 square feet in the mezzanine will be used for seating. The storefront is located at the base of the building and features 20-foot ceilings, as well as 180 feet of wraparound corner frontage. Darrell Rubens, executive vice president, and Lee Block, broker at Winick Realty Group, represented the co-op board at Collect Pond House.
WYNOCOTE, PA. — Empire Beauty School has signed a lease for 9,100 square feet at Cedarbrook Plaza in Wyncote, a city located about 13 miles north of Philadelphia. Empire Beauty School will join retailers such as Walmart, Pathmark, Ross Dress for Less, K&G Fashions, Modell’s Sporting Goods and more at the 600,000-square-foot shopping center. Brian Wherty and Rob Samtmann, agents at Equity Retail Brokers, represented the tenant in the transaction. Cedarbrook Plaza LLC is the landlord. Empire Beauty School has more than 100 cosmetology schools in 22 states.
PASADENA, TEXAS — Cadence McShane Construction Co. has completed a three-building, 365,462-square-foot flex complex in Pasadena, a suburb southeast of downtown Houston. The property, located at 3700-3800 Highway 225, includes a 118,500-square-foot front-load facility featuring 30-foot clear heights and 18 dock doors; a 185,168-square-foot flex building featuring both office and warehouse components; and a 61,274-square-foot, crane-served flex structure. The complex is located within the Carson Commerce Center, a 20-acre development of The Carson Companies. Each of the buildings can serve either a single tenant or multiple occupants. Powers Brown Architecture provided architectural services for the project.
DALLAS — Chesterfield Faring Ltd. has arranged an $18.5 million loan for the acquisition of Hunting Ridge, a 468-unit multifamily property in Dallas. Constructed in 1983, the complex is located at 9821 Summerwood Circle, in close proximity to I-635 and State Highway 75. The community includes one- and two-bedroom apartments, as well as a swimming pool, laundry facility and extra storage. Jordan Roeschlaub and Jordan Shrier of New York-based Chesterfield Faring represented the borrower, Nevada-based RealSouce Residential. Santa Fe, N.M.-based Rosemont Realty sold the asset.
SAN ANTONIO — CBRE has brokered the sale of Outspan Townhomes, a 200-unit multifamily community in San Antonio. The property, which was 94 percent occupied at the time of the sale, offers one- to four-bedroom townhomes, as well as communal amenities including a swimming pool, business center, clubhouse and playground. Located at 4611 E. Houston St., the complex is in close proximity to the Brooke Army Medical Center, Fort Sam Houston, I-10, Loop 410 and I-35. Ryan Epstein, Charles Cirar and Michael Wardlaw of CBRE represented the undisclosed seller in the transaction. MC Cos. purchased the property.
HOUSTON — Private equity fund Velocis has sold a 100,716-square-foot office building in Houston to Hicks Ventures, a locally based real estate investment firm. The five-story property, located at 7700 San Felipe St. and built in 1979, offers views of the Buffalo Bayou and is situated in close proximity to the Memorial Villages retail development. Velocis originally acquired the building in 2011 and reports a 30 percent internal rate of return.
LAS VEGAS – The 360-unit Elysian at the District apartment community in Las Vegas has received $51 million in construction financing. The Class A community will be located in the Green Valley Ranch community of Henderson, a Las Vegas suburb. The property will be a joint development by The Calida Group and Cypress Equity Investments. The construction financing features a combination of a mezzanine loan and a senior loan obtained through an inter-creditor agreement with two separate providers. Funding was arranged by David Rifkind and Omer Ivanir of George Smith Partners.
PHOENIX — Meridian Capital Group, LLC, has provided $34 million in financing for nine multifamily and retail properties in Phoenix. The largest loan was the $9.5-million, cash-out refinancing of a multifamily property that paid off an existing CMBS loan while reducing the interest rate by more than 250 basis points. The smallest loan was the $900,000 in funding provided for a retail strip center in Tempe near the Arizona State University campus. The center is home to a restaurant and a sports bar. All of the loans featured five- or seven-year, non-recourse mortgages with fixed interest rates that ranged from 3.63 percent to 4.25 percent. The loans were all rate-locked at application. The mortgages carry 30-year amortization schedules and flexible pre-payment penalties. They were arranged by Seth Grossman, Kovi Elkus, Sarah Kuebler and Andy Strauss of Meridian.