BROOK PARK, OHIO — Marcus & Millichap has arranged the $6.2 million sale of Brookgate Shopping Center, a 207,623-square-foot retail property in Brook Park, a southwest suburb of Cleveland. Craig Fuller, Scott Wiles and Erin Patton, investment specialists in Marcus & Millichap’s Cleveland and Columbus offices, marketed the property on behalf of the seller, a limited liability company. Fuller, Wiles and Pattan also represented the buyer, an out-of-state private investor. Brookgate Shopping Center is located at 5725 Smith Road and is anchored by Marc’s, Advance Auto Parts and Planet Fitness.
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SUN PRAIRIE, WIS. — STAG Industrial Inc. has added a new tenant, which will occupy 427,000 square feet, to its warehouse and distribution property in Sun Prairie, a northern suburb of Madison. The new tenant is a major domestic catalog merchandising company and the lease has a term of more than 10 years. STAG Industrial Inc. is a full-service real estate company focused on the acquisition, ownership and management of single-tenant industrial properties throughout the United States. The company's portfolio includes 200 properties in 34 states with approximately 35.3 million rentable square feet.
NEWARK, N.J. — Tucker Development Corp. has broken ground on Springfield Avenue Marketplace, a $92 million urban, mixed-use development in Newark. Springfield Avenue will feature 125,000 square feet of retail space and 152 residential apartments. ShopRite, which signed a lease for 67,000 square feet, will be the anchor tenant at the development. Situated on the edge of the University Heights neighborhood, Springfield Avenue Marketplace will service the shopping needs of approximately 280,000 Newark residents, 180,000 members of the city's workforce and 60,000 college students and faculty. The development is part of Newark's Urban Enterprise Zone, where customers are entitled to a 50 percent reduction of sales tax on most purchases, along with the full exemption of state taxes on grocery and clothing purchases. The Goldman Sachs Urban Investment Group will provide approximately $65 million in financing for the development of Springfield Avenue Marketplace.
FARMINGDALE, N.Y. — RRDHC LLC has signed a lease for 13 acres at 1024 Broadhollow Road in Farmingdale, a village in Nassau County. The initial 45-year lease is valued at more than $75 million. RRDHC plans to develop a mixed-use property on the site that will include restaurant and hospitality space. Blair Gilbert of Exton, Pa.-based KW Commercial represented RRDHC LLC in the transaction. Peter Hofrichter of Tack Development represented the landlord.
WESTPORT, CONN. — Washington Trust’s Commercial Real Estate Group has provided a $10.5 million loan to 180 Westport Partners LLC for the acquisition and renovation of a mixed-used property in Westport. The 32,103-square-foot office/retail space is located in Westport’s downtown retail corridor at 180 Post Road, just one block from Main Street.
NANTUCKET, MASS. — NorthMarq Capital’s Boston regional office has arranged $1.7 million for the refinancing of the Albert G. Brock Building in Nantucket, an island 30 miles south of Cape Cod. The 5,897-square-foot, multi-tenant office property is located at 53 Main St. A life insurance company provided the 20-year loan, which is self-amortizing. Doug Nickerson, vice president at NorthMarq, arranged the loan.
HOUSTON — E.E. Reed Construction LP has broken ground on Park Ten Center, a 301,932-square-foot office complex in Houston’s Energy Corridor. Plans call for two Class A buildings, each standing three stories and totaling 150,996 square feet. The project, located at the northeast corner of Park Ten Boulevard and Park Row, is a joint venture between developers Lincoln Property Co. and Stonelake Capital Partners. O’Brien and Associates Inc. designed the complex, which is slated for completion in July 2014.
AUSTIN, TEXAS — The National Retail Investment Group of CBRE has brokered the sale of The Market at Parmer Lane, a 122,349-square-foot grocery-anchored retail center in Austin. HEB is the anchor tenant of the property, which is 93.3 percent occupied. Located at the southeast corner of Parmer Lane and MoPac Expressway, the center is approximately 12 miles north of downtown. Chris Cozby, Chris Gerard and Kevin Holland of CBRE represented the seller, LPC Retail, a division of Dallas-based Lincoln Property Co. The buyer is a Texas-based private real estate fund advised by Crow Holdings Capital Partners.
SAN ANTONIO — Institutional Property Advisors (IPA), the multifamily brokerage division of Marcus & Millichap, has brokered the sale of The Ridge at Bandera, a 120-unit multifamily community in northwest San Antonio. Built in 1992, the complex offers one- and two-bedroom layouts with an average unit size of 760 square feet, as well as a swimming pool and fitness center. Will Balthrope and Scott Lamontagne of IPA and Moses Siller of Marcus & Millichap represented the seller, an opportunity fund based in the Northeast. A family office located in Kentucky purchased the property, which is located at 10950 Biering Lane, near the intersection of Loop 1604 and Bandera Highway.
AUSTIN, TEXAS — Home2 Suites by Hilton, Hilton Worldwide’s mid-tier, all-suite brand, has opened a new location at 14022 U.S. Highway 183 in Austin. Home2 Suites by Hilton Austin/Cedar Park is a four-story hotel that includes 84 suites and amenities such as a combined laundry and fitness area, outdoor saline pool and free continental breakfast. Pure Lodging Hospitality Two LLC owns the property, while Lodgic Hospitality manages operations. This is the 23rd location in the United States of the Home2 Suites by Hilton brand.