FARMINGDALE, N.Y. —TDI Real Estate Holdings LLC has begun a $40 million construction project that will create 154 apartments, almost 20,000 square feet of retail space and secure parking across the street from the MTA/Long Island Railroad's Farmingdale Station. The project will feature high-end residential units with a range of common area amenities such as a clubroom, fitness facility, garage parking and courtyard recreation areas. The location is also a one-block walk from Farmingdale's Main Street, home to a variety of shops and restaurants. Ten percent of the development's residential units have been set aside for workforce housing. Bartone Properties, a Farmingdale-based developer, entered an agreement to purchase the property in 2007 but spent almost six years obtaining approvals for the project before seeking a partner. Yuri Kletsman of Berkadia Commercial Mortgage LLC assisted in sourcing the construction financing for the project.
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CHATHAM, N.Y. — Axiom Capital has arranged $8.3 million in construction financing for a stand-alone grocery store development in Chatham, located about 25 miles south of Albany. The non-recourse, 10-year loan includes an initial 12-month interest only construction period, which will convert to a 30-year amortization schedule after. The loan also features a five-year extension option. The 45,000-square-foot grocery store will be built on a seven-acre site. The property is slated for a mid-July 2014 completion date and will be fully leased to Price Chopper.
NEWARK, N.J. — Reliable Health Solutions, a health administration consultancy and business processing outsourcing company, has leased 10,000 square feet at 570 Broad in Newark. The Berger Organization, which manages and operates the 15-story tower, recently completed the fit-out of the firm’s new headquarters, located on the building’s seventh floor. Brendan Berger, vice president of The Berger Organization, represented his company in negotiating the long-term transaction. NAI Geis, based in Philadelphia, served as tenant broker. The Berger Organization maintains a controlling interest in 570 Broad Street LLC, the partnership that owns 570 Broad. Other tenants at 570 Broad include State Farm Insurance, Chase Manhattan Bank, Baldassare & Mara, PC Tech and Lycatel.
RICHARDSON, TEXAS — Alliance Architects has completed shell and interior design services for DataBank’s new 50,000-square-foot facility in the northeast Dallas suburb of Richardson. Located within Digital Realty’s Dallas Data Center Park Campus, the new building will resemble DataBank’s downtown Dallas location. The new property includes 41,000 square feet of data hall dedicated to customer hardware, high-density power delivery architecture, executive offices and a conference room. Tom Maxwell, Ashley Gibson, Gloria Boyd, Barb Caires and William Arch worked on the Alliance Architects team. K2 Construction provided general construction and construction management services.
ROWLETT, TEXAS — Marcus & Millichap has brokered the sale of Rowlett Plaza, a 19,295-square-foot retail center in the northeast Dallas suburb of Rowlett. At the time of the sale, the property was 77 percent occupied by a variety of tenants including Papa Murphy’s, Rowlett Dance Academy and River Nails and Spa. All leases are triple-net. Located at 5000 Rowlett Road, the building was originally constructed in 1985 and last renovated in 2000. Chris Gainey and Philip Levy of Marcus & Millichap marketed the asset on behalf of the seller, a limited liability company.
HOUSTON — Baker Katz has arranged a 2,633-square-foot lease for the first Houston location of fast casual pasta restaurant Noodles & Co. The new eatery will join sporting goods retailer Tyler’s and Bonefish Grill in what was formerly the Sears Automotive Building at 1555 Lake Woodlands Drive. Jason Baker of Baker Katz represented the tenant in the negotiations, while Kirk Dodson of General Growth Properties represented the landlord. Noodles & Co. now has eight locations in Texas and plans to continue expansion in the Houston market through the end of 2015.
SEATTLE — HomeStreet Bank Commercial Real Estate has launched a new senior housing lending program and has financed its first project. It has provided $13.6 million to fund the construction of Vineyard Park at Mountlake Terrace. The 110-bed assisted-living and memory care facility will be located along 56th Street West in Mountlake Terrace, just north of Seattle. Vineyard Park is being developed by Round Lake, LLC. It will be managed by Care Partners. The loan was originated by HomeStreet’s Diane Leonidas.
SAN DIEGO – Construction is now complete on San Ysidro Health Center clinic and urgent care center in the San Diego submarket of Chula Vista. The 46,016-square-foot center is located at 678 3rd Street. It is scheduled to open for patients this December. The building was originally purchased by San Ysidro Health Center last March for about $12 million. It underwent extensive renovations to accommodate three of the health center’s satellite clinics. They include Chula Vista Family Clinic, Otay Family Health Center and South Bay Family Urgent Care Center. The new space has also allowed the health center to expand its community health services. It now offers behavioral health and dental services, as well as ancillary services like digital X-rays. Construction was completed by Consolidated Contracting Services. Boulder & Associates served as the project architect.
LOS ANGELES – A 10-unit apartment building in Studio City has sold to a local private investor for $2.4 million. The community is located at 11019 Fruitland Drive in the Los Angeles submarket. It was built in 1985 and recently underwent a renovation. The buyer was represented by Sapphire Investment Company. The seller, US Trust, a Bank of America Trustee, was represented by Kimberly Roberts Stepp of Charles Dunn Company.
FREMONT, CALIF. – A 22,505-square-foot office building in Fremont has sold to a limited liability company for $3.1 million. The building is located at 200 Brown Road. It was 90 percent occupied by many short-term tenants at the time of sale. The LLC was represented by Bryan Webb of Marcus & Millichap’s San Francisco office.