NEW YORK CITY — New York City Economic Development Corp. (NYCEDC) and Triangle Equities have executed a lease for a long-vacant, three-acre site in the St. George neighborhood of Staten Island. This transaction paves the way for the construction of the $200 million mixed-use Lighthouse Point development. Situated adjacent to the St. George Ferry Terminal and the Stapleton waterfront, Lighthouse Point will include 85,000 square feet of retail, restaurant and entertainment space; a 12-story, 94,000-square-foot residential building with 100 units; an approximately 160-room hotel; a communal-style workspace for local start-up businesses; an urban beach; and outdoor recreational areas. Twenty of the residential housing units will be designated as permanently affordable for New Yorkers earning 60 percent or less of the area median income. Construction is scheduled to commence this fall with completion slated for late 2019. Project construction will be phased with each portion of the project opening to the public as it is completed.
Property Type
BEAVER, PA. — Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap, has arranged the sale of Friendship Ridge, a 605-bed nursing home in Beaver, a suburb of Pittsburgh. A private consortium of owners and investors based in New York and New Jersey purchased the property for $33.5 million from Beaver County, Pa. Situated on 25 acres at 246 Friendship Circle, the nursing home facility has been in operation since 1959. Joshua Jandris, Mark Myers and Charles Hilding of IPA, along with Matthew Gorman of Marcus & Millichap’s Philadelphia office, represented the seller in the transaction.
MEDFORD, MASS. — Lexington, Mass.-based Bierbrier Development has completed the $22.8 million refinancing of Wellington Circle Plaza in Medford. Located at the junctions of Routes 16 and 28, the property is a 55,000-square-foot shopping center with national tenants, including CVS/pharmacy, Men’s Wearhouse, LenCrafters and Chipotle. The borrower purchased the property in 1985. Matthew Kirsch at Bank of America provided the 10-year financing. Brian Cororan and Lee Norman of Ackman-Ziff represented Bierbrier in the transaction.
CLARK, N.J. — Garden Communities, a subsidiary of Garden Homes, has opened the first apartment building at Woodcrest at Clark, an active-adult residential community in Clark. Located in Central Jersey, the four-building property will offer one- and two-bedroom units ranging from 900 to 1,630 square feet. The apartment units feature granite countertops, breakfast bars, stainless steel appliances, custom walk-in closets, master bathrooms with soaking tubs and double vanities, private balconies, controlled central heat and air conditioning, and utility rooms with washers and dryers. Additional property amenities will include a clubhouse with fireplaces, a fitness center, a card room and a TV lounge, which are slated for completion this summer. Garden Communities is currently preleasing the second apartment building, which is expected to be available for move-in by July. Completion for the entire project is slated for 2015.
MONROE, CONN. — Maplewood Senior Living LLC, an assisted living and memory care facility, has leased warehouse space at 580 Pepper St. in Monroe. The company will occupy 10,000 square feet of warehouse space the building leaving approximately 12,000 square feet of flex space available. Jon Angel of Southport, Conn.-based Angel Commercial LLC represented both the tenant and the landlord in the transaction. Terms of the lease were not disclosed.
FLOWER MOUND, TEXAS — Moviehouse & Eatery is coming to Lakeside DFW, Realty Capital Management LLC’s master-planned, mixed-use community in the Dallas/Fort Worth suburb of Flower Mound. Construction is underway on a new 45,000-square-foot facility that will feature eight auditoriums, a chef-prepared menu, professional wait staff and bar/lounge area. Moviehouse & Eatery, which is based in Austin, owns and is developing the property under Realty Capital Management’s master plan guidelines. The general contractor on the project is Blalock Building Co. At full build-out, the 150-acre Lakeside DFW will include 2,200 multifamily units and 705,000 square feet of commercial space.
IRVING, TEXAS — General contractor Speed Fab-Crete has broken ground on a new 13,000-square-foot corporate headquarters in Irving for Davis Crane Service, a supplier and operator of hydraulic and conventional motor cranes. Located at 1212 N. Loop 12, the $2 million project includes a two-story building of concrete and steel, as well as new parking and paving, sidewalks and utilities. Construction is slated for completion in December of this year. Callahan & Freeman Architects is serving as architect for the property, and other team members include Civil Point Engineers Inc., Callahan Structural Engineers and Fratto Engineering Inc.
GRAHAM, TEXAS — Marcus & Millichap has brokered the sale of First Texas Plaza, a 9,500-square-foot retail property in Graham, a city located about 40 miles southeast of Lubbock. Constructed in 2008, the strip shopping center is located on one acre at 2110 Highway 16 South. The facility is fully leased to Hibbett Sports, AT&T, The Cash Store and Graham Nail & Spa. All of the tenants lease their respective spaces on a triple-net basis. Philip Levy and Chris Gainey of Marcus & Millichap marketed the asset on behalf of the seller, a limited liability company. Levy and Gainey also secured the buyer, a private investor.
HOUSTON — Moody Rambin has arranged a 9,969-square-foot office lease in Houston for Document Technologies, a provider of document outsourcing services primarily for law firms and corporations. The tenant will occupy space within the 2550 North Loop West building, an eight-story, 155,061-square-foot property located near the interchange of I-610 and U.S. Highway 290. Terri Torregrossa and Kurt Kistler of Moody Rambin represented the building owner and landlord, Oxley Leasing 2550 LLC, in the negotiations. Ryan Barbles of JLL represented the tenant.
SANTA CRUZ, CALIF. – A 100-room Holiday Inn Express Hotel & Suites in Santa Cruz has sold to a joint venture between Trigild and Blu Hotel Investors for $16.5 million. The hotel is located at 1410 Ocean Street. Trigild will manage the property. The JV also purchased the 121-room Santa Ana Hampton Inn & Suites last year.