AUBURN, N.Y. — CountryMax Stores plans to open a new 22,000-square-foot store in Auburn, located about 28 miles west of Syracuse. The retailer has purchased a 3.5-acre parcel at the Clinton Hill Town Center at 309 Genesee St. Bouck Real Estate represented CountryMax in the transaction. CountryMax Stores provides pet food and supplies, animal feed, lawn and garden items and a number of other rural lifestyle products.
Property Type
WEST ORANGE, N.J. — The Hampshire Cos. and its joint venture partner, Paragon Realty Group, have sold a 13,946-square-foot medical office condominium located within Mount Pleasant Medical in West Orange. The medical office condo is within the recently redeveloped Class-A medical facility at 375 Mount Pleasant Ave. Current tenants include New Jersey Cardiology Associates, Urology Group of New Jersey, Muscio Pain Management, a new surgical center, and a dialysis center. The 113,000-square-foot, three-story facility is situated on 11 acres and offers access to area highways including Route 10 and I-280. Colliers International New Jersey is actively marketing the building with Frank Gunsberg as the exclusive broker.
HOWELL, N.J. — Commercial mortgage brokerage firm Eastern Union Funding has arranged $6.1 million in financing for a 24-unit multifamily portfolio in the Bushwick section of Brooklyn. David Metzger and Nate Hyman, managing directors at Eastern Union, arranged the loan. The three contiguous properties were completed last year and include eight units each. The nine-year loan provided by Investors Bank includes a 30-year amortization schedule.
LEWISVILLE, TEXAS — The industrial division of NAI Robert Lynn has arranged the lease of 266,640 square feet of industrial space in Lewisville to Nutritional Science Laboratories. The site, located on Lakepointe Drive, is part of a larger 391,000-square-foot facility. The remaining 125,000 square feet is available to another tenant or for a potential future expansion of Nutritional Science Laboratories. NAI’s Rick Medinis and Tyson Erwin represented landlord Exeter Property Group, while Alex Payne of Axis Realty Group represented the tenant.
DALLAS — CBRE’s Dallas Multi-Housing Group has brokered the sale of two north Dallas multifamily communities, St. Andrews Apartments and Montclair Apartments, to Miami-based private real estate lender and investment firm Pensam Capital. St. Andrews, a 312-unit, Class A property located at 9000 Vantage Point Drive, was sold by Strategic Capital Partners LLC of Chicago. Montclair, a 324-unit, Class A property located at 9001 Markville Drive, was sold by Crest Asset Management of Dallas. Ryan Reid and Dirk Goris, CBRE executive vice presidents, represented the sellers.
HOUSTON — NAI Houston has arranged the lease of a 45,500-square-foot freestanding warehouse facility at 550 Canino Road in north Houston to IFCO Systems North America. Chris Kugle and John Ferruzzo of NAI Houston represented the landlord, NATMI National FX Properties LLC, in the transaction. DTZ Americas Inc. represented tenant IFCO, a logistics service provider specializing in reusable plastic containers and wood pallets.
DALLAS — CBRE Capital Markets has secured acquisition financing on behalf of CBRE Global Investors for Signature Place, a Class A office property consisting of two buildings totaling 437,363 feet in the Far North Dallas submarket. The multi-tenant office complex is situated on a 10.12-acre site just south of Preston Road and Belt Line Road. CBRE Global Investors, which purchased the property from DRA Advisors, plans to include its complimentary amenity package as part of its improvement program for the buildings. Greg Greene, Matt Ballard and Patrick Benoist of CBRE Capital Markets represented the borrower.
SEATTLE – Construction has begun on Alliance Residential’s 248-unit Broadstone Capitol Hill project in the Seattle submarket of Capitol Hill. The project will be located at 1414 10th Ave. in the Pike Pine Corridor. It is scheduled for completion in early 2015 and will be built by Exxel Pacific. Though the project is referred to as Broadstone Capitol Hill, its branded name is still pending. Alliance recently debuted the 166-unit Broadstone Koi in nearby Ballad, which is at nearly 90 percent occupancy. The 105-unit Viva mixed-use development in Capitol Hill is also scheduled for completion in the first quarter of 2014.
TUSTIN, CALIF. — R.D. Olson has opened the doors to its 149-room Residence Inn and 145-room Fairfield Inn & Suites inside the Tustin Pacific Center. The $60-million Tustin Pacific Center is a 196,000-square-foot, mixed-use hotel and retail development in Tustin. Both new projects fall under the Marriott Hotel Brands. The hotels will be owned by R.D. Olson and Martelli Investments. Marriott International will provide management services. They were built by R.D. Olson Construction.
BEAVERTON, ORE. – The 351-unit Reflections at Summer Creek in Beaverton has received $29 million in refinancing. The Class A community is located at 11103 SW Davies Road in Beaverton’s Murrayhill submarket. It is 93 percent occupied. The non-recourse, floating-rate financing was provided by HSBC. Cushman & Wakefield’s Equity, Debt and Structured Finance team served as exclusive advisor to an affiliate of J.P. Morgan Asset Management in this transaction.