Property Type

CHESTER, N.J. — HFF has arranged a $22 million loan on behalf of Heitman and Ramco-Gershenson Properties Trust for a 223,068-square-foot, grocery-anchored shopping center in Chester. A national bank provided the three-year loan, which includes a floating interest rate. Situated on approximately 20.4 acres, Chester Springs Shopping Center is located at the intersection of U.S. Highway 206 and Maple Avenue. The retail property is 96.6 percent leased and is anchored by ShopRite. Other tenants includes Marshalls, Staples and CVS/pharmacy. Eric Tupler and Jon Mikula, senior managing directors, and Kristian Lichtenfels and Michael Cerulo, real estate analysts, led the HFF team representing the borrower.

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PITTSBURGH — DoubleTree by Hilton Pittsburgh-Green Tree has undergone a $20 million renovation. The new owner, RIDA Development Corp., renovated hotel’s 460 guestrooms, including 11 new suites. The redesign features more than 40,000 square feet of event space, including the addition of the 10,000-square-foot grand ballroom and 17 break-out rooms. The hotel features Champions Club Lounge, a sports bar fitted with a media wall with several flat-screen television sets and new fitness center, which includes an indoor heated pool. Pittsburgh-based CAM Hospitality Management LLC manages the hotel. Jim Looney of Jim Looney & Associates developed the new lodge design.

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AUDUBON, PA. — NorthMarq Capital has arranged a $9 million loan for the refinancing of Audubon Court Apartments in suburban Philadelphia. Joseph Sweeney, managing director of NorthMarq’s Philadelphia regional office, arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac. The 174-unit, market-rate community is located at 2828 Egypt Road in Audubon.

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PISCATAWAY, N.J. — Terreno Realty Corp. has acquired an industrial property in Piscataway, located six miles north of New Brunswick, for $7 million. The property includes two multi-tenant industrial buildings spanning 105,000 square feet on 7.7 acres. The buildings feature 19 dock doors and are located at 60 and 70 W. Ethel Road, within two miles of I-287. The buildings are 76 percent leased to nine tenants.

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SAN ANTONIO — NorthMarq Capital has arranged a refinancing loan of $12 million for The Atrium, a 130,780-square-foot office building in San Antonio. The property, originally constructed in 1982, is located at 85 N.E. Loop 410 and features on-site security, 24-7 access and a conference room. Bryan Leonard of NorthMarq originated the five-year CMBS loan, which includes a 30-year amortization schedule. The borrower has owned the building for approximately 10 years.

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HOUSTON — Pipeline Realty plans to develop up to five office/warehouse buildings totaling 90,000 to 130,000 square feet for Houston’s Cottingham Business Park, the company’s first industrial project in a decade. Pipeline recently acquired 12 acres at the intersection of South Sam Houston Parkway and Cottingham Road for the complex. Versa Integrity Group, an industrial inspection and maintenance company, has pre-leased the first building, which is already under construction. Pipeline will maintain management responsibilities after construction, and Mark Nicholas of Jones Lang LaSalle will lease the property.

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ARLINGTON, TEXAS — Stonemark Equities and equity partner 29th Street Capital have acquired Southern Hills Apartment Homes, a 250-unit multifamily complex in Arlington. The property, located at 2624 South Hills Boulevard, offers one-, two- and three-bedroom layouts. Stonemark will rebrand the property as The Mark at 2600 and invest $1.3 million in renovations, including improvements to the clubhouse, fitness center, pool, playground and interior appliances. The seller was a group of individual owners/investors.

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HOUSTON — Boxer Property has arranged an office lease at the Centre One building in Houston for GetixHealth, a business services provider for the healthcare industry. The new tenant will occupy 21,738 square feet of the building, which totals 11 stories and 225,113 square feet. Features of the property include an on-site deli, multi-level parking garage, security patrol and surveillance cameras. Trey Miller of Boxer negotiated the lease on behalf of the property owner.

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SAN FRANCISCO — Prism Skylabs, an offline commerce leader, and Akamai, a cloud service provider, have leased a total of more than 43,000 square feet at 799 Market in San Francisco. Prism signed a five-year lease for 14,749 square feet, while Akamai signed a long-term lease for about 29,000 square feet. Both companies are scheduled to move into the 142,902-square-foot building in November. Prism was represented by Elizabeth Hart of Cornish & Carey Commercial Newmark Knight Frank, while Akamai was represented by David Duble of Cushman & Wakefield. The landlord, Jamestown, was represented by Bill Cumbelich, Daphne Spieker and John Walsh of CAC Group.

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GLENDALE, ARIZ. — The 208-unit Acacia Pointe Apartments in Glendale has sold to Acacia Pointe, LLC for $8.5 million. The community is located at 8344 N. 67th Ave. It was built in 1985. The buyer was represented by Joe Dietz of US Investment Realty. The seller, Paradise Urban Apartments, LLC, dba Bank of America, was represented by Jim Crews and Brett Polachek of Cushman & Wakefield’s Multifamily Advisory Group.

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