NEW YORK CITY — Eastern Consolidated has arranged the sale of 711 Madison Avenue, a mixed-used property in Manhattan, for $49 million. A joint venture of Sitt Asset Management and Ashkenazy Acquisition purchased the five-story property from long-time owner, Madison Immobilier NV. Located at the southeast corner of East 63rd Street, 711 Madison Avenue is anchored by international women’s retailer Roberto Cavalli. The retailer occupies 1,600 square feet on the ground and second floors and the basement. The property also includes nine rental apartments on floors three through five, as well as 10,420 square feet of air rights. Adelaide Polsinelli, senior director with Eastern Consolidated and head of the firm’s retail sales group, arranged the transaction on behalf of the buyer and the seller.
NEW YORK CITY — Whitestone Grocery Shopping Center LLC, an entity controlled by Onyx Equities and Crow Holdings, has sold Waldbaum’s Shopping Center in Queens for $23.9 million. Feil Whitestone LLC, an entity controlled by The Feil Organization, purchased the fully leased, 62,000-square-foot shopping center. The property is located at the intersection of 10th Avenue and 154th Street in the Whitestone neighborhood. Waldbaum’s Supermarket anchors the center and master leases the entire property on a long-term, triple-net basis. The supermarket subleases the remaining portion to a mix of local tenants. Jeffrey Dunne and David Gavin of CBRE’s New York institutional group represented the buyer and the seller in the transaction.
BOONTON AND BLOOMFIELD, N.J. — Urstadt Biddle Properties Inc. has acquired two shopping centers in New Jersey. The first retail property is the 63,000-square-foot Boonton A&P Center in Boonton, located about 20 miles northwest of Newark.The shopping center was purchased for $18.4 million and includes an existing mortgage of $7.8 million. The loan requires payments of principal and interest at a fixed rate of 4.2 percent annually until September 2022, according to Urstadt Biddle Properties. Tenants at the property include A&P Grocery Store, Dunkin’ Donuts, Chase Bank, Subway, Supercuts and Sprint. The second property is the 56,000-square-foot Bloomfield A&P Center in Bloomfield, a northern suburb of Newark. The shopping center was purchased for approximately $11 million and includes an existing mortgage of $7.7 million. The loan requires payments of principal and interest at a fixed rate of 6.43 percent annually until August 2016, according to Urstadt. A 30,750-square-foot A&P Grocery Store anchors the center, along with an 8,950-square-foot Walgreens.
NASHUA, N.H. — Linear Retail Properties LLC has acquired a 5,692-square-foot freestanding retail building in Nashua for $3.1 million. Uno Chicago Grill occupies the single-tenant restaurant property, located at 304 Daniel Webster Highway, about 19 miles south of Manchester. The restaurant has been operating at this location since 1988. Rick Rostoff with Spectra Realty represented Linear Retail in the transaction.
DALLAS — Mesa West Capital has provided a total of $59.7 million in first mortgage loans for two Dallas office asset acquisitions. In one transaction, CapRidge Partners received $30.9 million in financing for the purchase of Gramercy Center, a 255,000-square-foot property in the Upper Tollway submarket, from a partnership between Stockbridge Real Estate and Billingsley Co. Constructed in 1999 and renovated in 2012, the two-building complex was 79 percent occupied at the time of the sale. Andy Scott and Jim Curtin of HFF arranged the loan, which was originated by Jason Bressler of Los Angeles-based Mesa West. In a separate transaction, Brookwood Financial Partners LLC received $28.8 million in financing for the purchase of Heritage Square, a 359,758-square-foot property in the Far North Dallas submarket, from Silver Tree Partners. Built in 1978 and 1980, the two buildings of the complex were 56 percent occupied at the time of the transaction. Charles Foschini, Christian Lee and Chris Apone of CBRE arranged the loan, which was also originated by Bressler of Mesa West. The borrowers in both transactions plan to use a portion of their respective loans for capital improvements.
HOUSTON — McCarthy Building Cos. has broken ground on the new 325-room Hyatt Regency Hotel in Houston’s Galleria submarket. Located at the corner of Sage Road and West Alabama Street, the property will stand 14 stories totaling more than 260,000 square feet. Amenities will include a fitness center, swimming pool and 15,000 square feet of meeting space. Construction, which is slated for completion in summer 2015, entails the partial demolition of pre-existing retail space. A partnership between Songy HighRoads and Carlyle Group is developing the hotel, and Gensler provided design services.
PEARLAND, TEXAS — MAPP Construction will break ground this month on the 40,000-square-foot build-out of the Chamberlain College of Nursing in the Houston suburb of Pearland. The project, consisting of interior and exterior renovations to accommodate specialty lab spaces, offices and classrooms, is scheduled for completion in May of this year. Other members of the build-out team include Newmark Grubb Knight Frank, Interior Architects and Environmental Systems Design. Baton Rouge-based MAPP previously worked on another project for Chamberlain College of Nursing, which is a wholly owned subsidiary of DeVry Inc.
DALLAS — NAI Robert Lynn has arranged a 30,724-square-foot lease of flex space for Dave & Buster’s Inc. in Dallas. The property, located at 10796 N. Stemmons Freeway, is in close proximity to the merging of Interstate 35 and Highway 12, as well as Dallas Love Field airport. Jim Svidron of NAI Robert Lynn represented the tenant in the negotiations, while Stream Realty represented the undisclosed landlord. Dallas-based Dave & Buster’s Inc. has not yet announced whether this property will be renovated into a new store location or used for corporate purposes.
TIGARD, ORE. — Tigard Central Industrial Park, a 209,000-square-foot manufacturing and distribution complex, has sold to McLellan Estate Company for $9.7 million. The five-building complex is located on SW Hall Boulevard. It is currently 81 percent occupied by tenants like Apex Industries, Compass Group USA, Archers Precision and Bay Standard Manufacturing. McLellan was represented by Dennis O’Neil of NAI Norris Beggs & Simpson. The seller, TCTPI, LLC was represented by Greg Nesting, Scott Finney & Raymond Duchek of Norris & Stevens, Inc.
TOLLESON, ARIZ. — Mattress Firm, Inc., has leased 79,880 square feet at a distribution building in Tolleson. The 197,526-square-foot building is located at 9180 W. Buckeye Road. The bedding specialty retailer was represented by Steve Bodeman of DAUM Commercial Real Estate Services. The landlord, First Industrial LP, was represented by Pat Feeney of CB Richard Ellis.