PLYMOUTH, MINN. — Carter's and Oshkosh B'gosh have opened a combined 7,422-square-foot store at 4190 Vinewood Lane North at Rockford Road Plaza in metro Minneapolis. Rockford Road Plaza is located on Rockford Road, east of Interstate 94 in Plymouth. Matt Friday with SRS Real Estate Partners represented the tenants, Carter's and Oshkosh B'gosh, in the transaction. Rick Spector of Regency Centers represented the landlord. Carter's and Oshkosh will be joined by SuperTarget, TJ Maxx, HomeGoods, PetSmart and Kohl's, which open early next year.
NEW YORK CITY — Brixmor, which had been planning to go public since Blackstone Group acquired it in 2011, began trading Wednesday on the New York Stock Exchange under the symbol “BRX” as part of an $825 million initial public offering (IPO). Brixmor’s stock price, which began trading at $20 per share, finished the day at $20.57 per share, a 2.85 percent increase. The retail landlord is selling 41.25 million shares, up from 37.5 million shares the company originally plan to offer as part of the IPO. The offering is expected to close on Nov. 4. With more than 520 properties in its portfolio, Brixmor has no immediate plans to expand. Michael Carroll, CEO of New York-based Brixmor, says the company’s investors support Brixmor’s strategy to continue to invest in its existing portfolio.
CARLISLE, PA. — Dermody Properties, in partnership with Pacific Coast Capital Partners LLC (PCCP), has purchased 107 acres at Ames Drive in Carlisle, a southwest suburb of Harrisburg. The site will be the location of a two-building, master-planned industrial park, known as LogistiCenter Carlisle, totaling 1.3 million square feet. The first building, which is 700,000 square feet, is available for leasing. Dermody Properties says it will begin construction on a 602,250-square-foot building based upon the leasing progress of the existing building. LogistiCenter Carlisle is located one mile off Interstate 81. Dermody Properties is serving as the industrial developer and operating partner, and PCCP is serving as financial partner on the project.
BLOOMFIELD, N.J — The New Jersey Housing and Mortgage Finance Agency has awarded Federal Low-Income Housing Tax Credits to Community Investment Strategies Inc. for an 82-unit affordable housing project in metro Newark. The tax credit will result in about $12.7 million of equity for the Heritage Village at Bloomfield development. The project also was awarded $5 million in funding under the Community Development Block Grant Disaster Recovery Action Plan Sandy Disaster Recovery Program. Located on the corner of Franklin Street and Municipal Plaza in Bloomfield, Heritage Village at Bloomfield will feature energy-efficient and handicapped-accessible units for residents 55 years of age and older. The community will include 74 one-bedroom and eight two-bedroom apartments, as well as a 1,800-square-foot community center. Construction of the development is slated to begin next spring.
ELMWOOD PARK, N.J. — Marcus & Millichap has arranged the $1.5 million sale of three United States Postal Service branches located in Normandy Beach, Roselle Park and Florence. Michael Lombardi, director of Marcus & Millichap’s net leased properties group, and Julienne Pape, an associate, marketed the three properties as part of a larger portfolio of post offices on behalf of the seller, a private investor. Lombardi and Pape also represented the buyer in the sale of the Normandy Beach post offices.
THE COLONY, TEXAS — Nebraska Furniture Mart of Texas has topped out its new 1.86 million-square-foot facility in The Colony, a northern suburb of Dallas. This first Texas location of the home furnishing chain includes a 1.3 million-square-foot distribution center and a 560,000-square-foot showroom. The retailer is the first major anchor of Grandscape, a $1.5 billion, 433-acre, mixed-use development located on State Highway 121 between West Spring Creek Parkway and Plano Parkway. Atlanta-based Turner Construction Co. built the facility, including hoisting the final beam in place on Oct. 23.
McKINNEY, TEXAS — A joint venture of Champ Hospitality and Beck Development known as Champ Beck Development will develop the $38 million Sheraton McKinney Hotel, the first Sheraton property in the Dallas/Fort Worth Metroplex. The 186-room property, which will be McKinney’s first upscale, full-service hotel, will be connected to a 20,000-square-foot events center. Both the City of McKinney and McKinney Community Development Corp. are part of the project team. Developers have slated the opening of the hotel for February 2015. Sheraton is a brand of Starwood Hotels & Resorts Worldwide Inc.
SEGUIN, TEXAS — ElmTree Net Lease Fund II, an investment vehicle of St. Louis-based private equity investment firm ElmTree Funds, has acquired a 300,000-square-foot industrial property in the San Antonio suburb of Seguin for $22.6 million. FCA LLC, a third-party logistics provider for Caterpillar, leases the manufacturing and distribution facility, which is expandable to 395,000 square feet. Located at 1720 W. Kingsbury St., the property features 30-foot clear ceiling heights, 4,000 square feet of office space and two truck courts totaling 330 feet.
AUSTIN, TEXAS — Johnson Capital has secured $11.7 million in acquisition financing for Cascades Apartments, a 198-unit multifamily complex in Austin. Located at 1221 Algarita Drive in the Travis Heights neighborhood and just one block west of I-135, the 15-building property was originally built in 1971. Jason Pumpelly of Johnson arranged the loan through a regional bank. The sponsor, Firmus Equity Partners, acquired the property with plans to renovate both unit interiors and building exteriors.
SAN DIEGO – The 40-unit Cambridge Apartments in San Diego has sold to a tenant-in-common entity for $4.6 million. The community is located at 660 F Street in the Chula Vista submarket. The seller was Essex-JMS Acquisitions LP. The transaction was executed by Jim Neil, Eric Comer and Merrick Matricardi of CBRE Multi-Housing team.