BURLINGTON, MASS. — KeyPoint Partners LLC has completed the sale of eight properties totaling 440,000 square feet located throughout the New England region for more than $30 million. The properties include shopping centers, mixed-use and single-tenant buildings in Massachusetts, Rhode Island, New Hampshire and Connecticut. The sold properties include Shaw’s Plaza, a 121,660-square-foot shopping center in Providence, R.I.; Colony Mill Marketplace, a 112,000-square-foot mixed-use property in Keene, N.H.; The Center at Keene, a 100,000-square-foot mixed-use property also in Keene; and a 6,889-square-foot Advance Auto Parts in Groton, Conn. The properties in Massachusetts include Norfolk Commons, a new development anchored by a 14,409-square-foot freestanding Walgreens in Norfolk; Lakeview Shopping Center, a 36,250-square-foot neighborhood shopping center in Dracut; a 5,610-square-foot building fully leased to Sleepy’s and Supercuts in Salem; and 8 Brookside Road, a 40,000-square-foot industrial facility in Westford.
Property Type
NEW YORK CITY — UC Funding LLC has arranged a $6.4 million construction bridge loan for a five-story, 15,763-square-foot luxury condominium development in Brooklyn. Upon completion, the five-story building will include 10 condo units. The property will feature one 537-square-foot studio condo, four one-bedroom condos that average 921 square feet, two two-bedroom condos that average 1,254 square feet, two three-bedroom condos that average 1,372 square feet and one 2,230-square-foot, four-bedroom condo. Condos will feature stainless steel appliances, granite countertops in the kitchens, marble tile flooring in the bathrooms and hardwood flooring. Community amenities will include a roof terrace, bike room, package room and virtual doorman.
COLONIA, N.J. — Ingerman and BCM Affordable Housing have broken ground on Reinhard Manor, a new affordable seniors housing community at 350 Outlook Ave. in Colonia. The project will transform a vacant and unused school facility into 62 one- and two-bedroom affordable rental residences for seniors. Ingerman was granted $8.7 million in tax credits over 10 years and a $4.8 million Community Development Block Grant to develop Reinhard Manor. The company is partnering with BCM Affordable Housing and the Woodbridge Affordable Housing Corp. to develop the community.
SADDLEBROOK, N.J. — The Hampshire Cos. has acquired a 200,000-square-foot industrial building located at 301 Mayhill St. in Saddle Brook from Arrow Fastener Co. LLC. The property is located adjacent to the Conrail freight line and also includes additional land for development. Additionally, the building offers easy access to Routes 46 and 17, the New Jersey Turnpike and the Garden State Parkway. Tom Monahan of CBRE represented The Hampshire Cos. in the transaction.
NEW YORK CITY — Petco and Santander Bank have signed long-term leases at Jackson Heights Shopping Center in Queens. Petco signed a new lease for 13,500 square feet, which includes 11,000 square feet on the ground floor and 2,500 square feet in the basement of the stand-alone building within the shopping center. Santander Bank, formerly known as Sovereign Bank, will relocate from the ground-floor location it has occupied for the last 20 years to the opposite end-cap retail unit, taking approximately 4,000 square feet. Bill Bergman of Muss Development LLC represented the building’s owner in the Petco transaction. Brian Schuster of Ripco represented the tenant. Bergman and Stan Markowitz of Muss represented the building’s owner in the Santander Bank transaction. Dean Rosenzweig and Jeremy Scholder of CBRE represented the tenant. The 130,267-square-foot Jackson Heights Shopping Center features 24 retail stores and nine offices and is located at 31st Avenue.
FRISCO, TEXAS — Developer Warrior Creek Realty LLC has broken ground on the a new 190,540-square-foot headquarters in Frisco for Cornerstone Automation Systems LLC (CASI). Located at 10601 Clarence Drive, the property will include office and warehouse space for CASI, a manufacturer of distribution and pharmacy automation systems, as well as an additional 21,000 square feet of office space available for lease to another tenant through Hudson Peters Commercial. The chief tenant will relocate from an 86,000-square-foot space at 10351 Home Road, which is less than a mile away from the new facility.
PEARLAND, TEXAS — Coldwell Banker Commercial United Realtors (CBCUR) has brokered the sale of a 124,000-square-foot warehouse in the Houston suburb of Pearland. Located at 3702 Knapp Road, the property features 24-foot clear heights and 6,000 square feet of finished office space. David Hummel and Vince Elder of CBCUR represented the seller, GP Assets Inc., in the transaction. Kenneth Li of Century 21 Southwest represented the buyer, Houston Z & L Holding Inc.
LEAGUE CITY, TEXAS — General contractor Weis Builders Inc. has completed Orchard Park at Victory Lakes, a 126-bed senior living community in the southeast Houston suburb of League City. Constructed in 14 months, the property features 60 assisted living units and 40 memory care units, as well as amenities including a fitness center, recreation area, therapy room and landscaped courtyard. Move-in began immediately upon completion of the HUD project.
DALLAS — Bilingsley Co. has broken ground on a 31,450-square-foot build-to-suit office property at Cypress Waters, a master-planned development in Dallas. The single-story structure will serve as the new corporate headquarters of Cheddar’s Casual Café, a chain of restaurants with more than 150 locations in 28 states nationwide. Slated for completion in May, the project will be the first office building at Cypress Waters, which totals 1,000 acres along I-635 and stretches into the adjacent city of Irving. The new Cheddar’s facility will feature a test kitchen and training wing in addition to traditional workspaces.
SAN DIEGO – A 9,490-square-foot retail building on San Diego’s Coronado Island that is leased to Walgreens has sold to a private California investor for $7.7 million. The building is located at 925 Orange Ave. Walgreens’ agreement features a long-term lease with built-in rental increases and a future landlord recapture right. The institutional seller was represented by Dan Riley and Ben Cherney of CBRE's Private Capital Group – Los Angeles Retail Team. The team also worked with CBRE’s Bill Durslag and Reg Kobzi on this all-cash transaction.