OMAHA, NEB. — Q10 | Daisley Ruff Financial has arranged $3.3 million in financing for the acquisition of a 117,700-square-foot, 480-unit storage and industrial facility in Omaha. The borrower, Jasper Stone Cherry Hills LLC, received a non-recourse, 15-year loan that includes a fixed interest rate and a 25-year amortization schedule. Bob Chalupa, senior vice president of Q10 | Daisley Ruff Financial, arranged the financing through a correspondent lender.
Property Type
OVERLAND, MO. — Front Row Produce has purchased a 53,000-square-foot building in Overland, a northwest suburb of St. Louis, for $2.5 million. The St. Louis-based produce distributor will move to its new building at 162 Belt Way Drive in March. Front Row Produce plans to invest $500,000 in renovations for office space, cooler walls and racking systems. Scott Martin of Hilliker Corp. represented the buyer and the seller, Ken-Yatta LLC, in the transaction. The company, which sells to both foodservice distributors and retail stores, was previously located at 2427 N. Ninth St. in a 23,000-square-foot building.
NEW YORK CITY — The Carlton Group has arranged $815 million in construction and mezzanine refinancing for the development of Marriott International Inc.’s new luxury Edition brand hotel at 701 Seventh Ave. in Times Square. The financing includes a new $237.5 million mortgage and $315 million mezzanine loan. Marriott will operate the 452-room boutique hotel, which is owned by a partnership. Marriott agreed to purchase the hotel portion of the property for $314.6 million during the first two years after opening. The new Edition hotel will feature 30,000 square feet of food, beverage and entertainment space. Construction is slated for completion in 2017.
BARNEGAT, N.J. — Walters Group has completed construction on Laurel Oaks, an affordable apartment community in Barnegat, a city in southern New Jersey. Comprised of four buildings, the mid-rise apartments include 94 units and features a selection of energy-efficient one-, two- and three-bedroom layouts with rents ranging from $267 to $1,201 a month. Each unit is equipped with Energy Star appliances, including a washing machine, dryer and dishwasher. The project is located on Route 9 between Barnegat Boulevard and Rose Hill Road. Amenities at the community include a playground, basketball court, fully furnished clubhouse with fitness center, computer workstations, bike racks, on-site parking and a 24-hour, on-site management and maintenance. The residential project was recently awarded LEED Platinum certification.
NEW YORK CITY — Savanna, a New York-based private equity and asset management firm, has acquired 141 Willoughby Street, a development site in Brooklyn. The lot is approximately 18,000 square feet and is zoned for retail, residential and commercial use. The purchase price was undisclosed. Savanna purchased the asset in an off-market transaction from the Institute of Design and Construction (IDC). The school currently operates its not-for-profit college at the building on site. Woody Heller, executive managing director and group head of the capital transactions group at Studley, represented IDC in the transaction.
AUSTIN, TEXAS — Muskin Commercial LLC has brokered the sale of the 200-unit Mira Vista Apartments in the North Central submarket of Austin. Located on approximately nine acres at 9601 Middle Fiskville Road, the garden-style community offers one- and two-bedroom layouts plus a swimming pool, clubhouse and management office. Ellen Muskin and Daniel Elam of Muskin Commercial represented the seller, Austin-based Mira Vista-PCF Ltd., in the transaction. Omninet Capital LLC, a private investment firm based in Beverly Hills, Calif., purchased and will manage the property going forward.
EL PASO, TEXAS — CBRE has brokered the sale of a single-story, 37,500-square-foot office building in El Paso to Baltimore-based Sinclair Broadcast Group (SBG). The buyer will move its television stations KFOX-TV and KDBC-TV to the property, which previously served as the headquarters for Currey Adkins. SBG is planning renovations, including the construction of new sets, satellite farms and sales and administration facilities, for the asset. Chad McCleskey of CBRE represented SBG in the transaction.
BEDFORD, TEXAS — Marcus & Millichap has brokered the sale of St. Michael’s Shopping Center, a 31,837-square-foot retail property in the Fort Worth suburb of Bedford. The center was 97 percent occupied at the time of the sale to tenants including Papa G’s Bar and Grill, Texas Back Care, Old West Café, Gray Wolf Promotions, Salon Cheveux and State Farm Insurance. Located at 2900 State Highway 121, near East Harwood Road, the asset is situated across from the north entrance to the DFW International Airport. Philip Levy and Chris Gainey of Marcus & Millichap marketed the property on behalf of the seller, a private investor, and also secured and represented the buyer, a partnership.
HOUSTON — Finial Group has purchased a nine-acre tract at the intersection of Kieth Harrow Boulevard and Barker Cypress Road for the construction of Bear Creek Industrial Park, a 60,000-square-foot speculative development. The complex, which will include two 30,000-square-foot, crane-capable buildings, will feature outside storage. Each structure will be offered for sale or lease. The first building is scheduled to break ground this month and will be ready for occupancy in May.
LAS VEGAS — Craig Promenade Retail Center, an 86,395-square-foot shopping center in North Las Vegas, has sold to RREF II-KI Promenade LLC for $10.1 million. The center is located at located at 525-785 W. Craig Road. It was 70 percent occupied at the time of sale. Notable tenants include Big Lots and Metro PCS. RREF II-KI Promenade represented itself in the transaction. The seller, TNP SRT Craig Promenade, LLC, was represented by Faris Lee.