WASHINGTON, D.C. — A joint venture between Mack-Cali Realty Corp. and Fisher Brothers has entered into agreements to acquire a 50 percent interest in a luxury multifamily project under construction in the H Street submarket of Washington, D.C. The joint venture will purchase the interest for approximately $46.5 million. The project, located at 701 2nd St. N.E., features 377 apartment units, 25,000 square feet of retail space and a 309-space parking garage. The project’s amenities will include three rooftop decks with a 100-foot pool and hot tub, grilling stations and cabanas, a rooftop garden with an eco-pond and gardening plots for residents, a dog run, two landscaped gardens in courtyards and an outdoor projection screening area. The project is slated to finish construction in mid-2015. Mack-Cali’s Roseland subsidiary will manage the new asset. The project team includes Hickok Cole Architects, Rockwell Group, COOKFOX and Handel Architects.
ATLANTA — Franklin Street Real Estate Services has arranged the sale of a new freestanding Family Dollar in southwest Atlanta in an all-cash, 1031 tax-deferred exchange. Family Dollar has a new 10-year lease at the store, located at 5403 Old National Highway three miles from Hartsfield Jackson Airport. Mac McCall and Bryan Belk of Franklin Street represented the seller, a local developer, in the transaction. The buyer is based in California.
GRETNA, NEB. — Developer OTB Destination LLC has completed the 350,000-square-foot Nebraska Crossing Outlets in Gretna. The $112 million project is situated 20 miles southwest of Omaha at the intersection of I-80, Highway 6 and Highway 31. The development features more than 70 tenants, including Eddie Bauer Outlet, Nike Factory Store, Polo Ralph Lauren Factory Store, Tommy Bahama, Cole Haan Outlet, J.Crew Outlet and Coach Factory Store. Nebraska Crossing Outlets also includes a center courtyard and additional public spaces. The design is a modern interpretation of rural Nebraskan architecture, according to Cleveland-based ka, which provided planning and design services for the project. The company collaborated with Avant Architects of Omaha. Nebraska Crossing Outlets celebrated its grand opening in November.
ST. LOUIS — Village Green has broken ground on an 82-unit luxury apartment building in Central West End of St. Louis. West End Apartments is an addition to the existing 318 apartments in three historic high-rises, and the community will now be known as Central West End City Apartments. During construction of the new apartment building, renovations will be made to the historic apartment amenities and common areas, including the expansion of the pool and a new community entrance. Floor plans range from 400-square-foot studios to 4,000-square-foot penthouses. Apartments will feature wood floors, custom closets and 9-foot to 20-foot ceilings. The project is slated for completion in the fourth quarter of 2014. Village Green is a developer based in Farmington Hills, Mich.
JACKSON TOWNSHIP, OHIO — Signet Development Ltd. has broken ground on the future headquarters for Spectrum Orthopaedics Inc. in Jackson Township, a southern suburb of Akron. The two-story facility, located at the corner of Frank Avenue and Applegrove Street, will span 44,000 square feet and include medical offices, an MRI suite, a physical therapy suite and a ambulatory surgery center. Spectrum will consolidate four of its existing offices in one location. The project is slated for completion in the fourth quarter of 2014. Signet Equity Partners and Signet Capital provided funding for the project. Ed Matuszak, president, led the Signet Equity Partners team that provided the equity. David Fumi, managing director, led the Signet Capital team that provided the debt.
ST. JOHN, MEADE AND COLDWATER, KAN. — The Boulder Group has completed the $2 million sale of a three-property portfolio leased to Dollar General in Kansas. The single-tenant properties, which average 9,036 square feet, are located in St. John, Meade and Coldwater. Dollar General has 5.5 to 6.5 years of lease term remaining at the properties. Each of the leases features three five-year renewal option periods with 10 percent escalations. Two of the properties were constructed in 2009, while the other was built in 2010. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private real estate investor. The buyer was a private individual.
NEW YORK CITY — Meridian Capital Group LLC has arranged $38 million in permanent financing for a 117-unit multifamily property in in the Williamsburg neighborhood of Brooklyn on behalf of 53 Hope Street LLC. Located at 55 Hope St., the six-story former warehouse property was redeveloped in 2010 into a high-end multifamily property with 4,300 square feet of retail. Amenities at the building include a fitness center and a roof deck with views of New York City. A life insurance company provided the 10-year loan that features a 4.28 percent fixed interest rate. Aaron Appel, managing director, and Michael Diaz, vice president at Meridian Capital Group, arranged the transaction.
BRIDGEWATER, N.J. — Valeant Pharmaceuticals International Inc., has signed a long-term, 310,000-square-foot lease to completely occupy Somerset Corporate Center IV in Bridgewater. The facility is located within SJP Properties’ 2.1 million-square-foot, Class A office complex, about 30 miles southwest of Newark. Valeant, a multinational pharmaceutical company, will consolidate multiple locations into its new U.S. headquarters at the office complex. The company is expected to relocate to Somerset Corporate Center IV starting in the first quarter of 2014. SJP Properties will oversee the build-out of its new headquarters. Amenities at the building include a full-service cafeteria, a conference center with a 225-seat, theater-style auditorium and a fitness center. Greg Ficke, director, David Sherman, executive vice president, and Harlan Hollander, senior director at Cushman & Wakefield, represented Valeant in the transaction. Jeff Schotz, executive vice president, and Peter Bronsnick, senior vice president, represented SJP in house.
BERLIN, VT. — Construction has begun on an 18,700-square-foot expansion of a Walmart store within the Berlin Mall in Berlin, a city in northern Vermont. The project will also include renovating 7,500 square feet of existing stores in the mall. Walmart plans to use the extra space to expand its grocery products and general merchandise. After the expansion, Walmart is expected to hire 72 additional employees to supplement its current workforce of 144 employees. DEW Construction Corp. of Williston, Vt., is serving as the general contractor. Lerner-Heidenberg Associates acquired the mall in 2010.
NEW YORK CITY — Marcus & Millichap has arranged the $9.3 million sale of two five-story, 21-unit apartment buildings in Upper Manhattan. The sales price equates to $216,000 per unit. The properties are located at 515 W. 139th St. and 526 W. 139th St. Marco Lala in Marcus & Millichap’s Manhattan office represented the seller and the buyer, two local families.