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MidwestMultifamily

$19.7M, 198-UNIT MULTIFAMILY COMMUNITY COMING TO CLIVE

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CLIVE, IOWA — Hubbell Realty Co. and Stonegate Capital Partners LLC have broken ground on Stonegate Crossing, a 198-unit multifamily development in Clive. The $19.7 million project is located on the southeast corner of Boston Parkway and N.W. 156th Street, about 10 miles west of Des Moines. The development includes 96 one-bedroom, 54 two-bedroom and 48 three-bedroom units, along with 198 garages within six buildings. Community amenities include a swimming pool and clubhouse with a community room, theater room, business center, internet café and 24-hour fitness center. Apartment homes will be available for leasing in summer 2014.

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MidwestOffice

RIVERWOODS CORPORATE CENTER WELCOMES TWO NEW TENANTS

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RIVERWOODS, ILL. — Podolsky|Circle CORFAC International has arranged two new leases at Riverwoods Corporate Center in Riverwoods, located about 29 miles north of Chicago. Partners In Design Architects Inc. has leased 2,621 square feet and Office Revolution has leased 1,380 square feet at the property. With these transactions, Riverwoods Corporate Center is fully leased. Partners In Design, an architectural firm, will move into its space later this year. The firm has previously leased 3,500 square feet in the building. Office Revolution, a provider of high-quality furniture, will move into its space later this month. Riverwoods Corporate Center, located at 2610 Lake Cook Road, is a two-story, Class A office building totaling 46,000 square feet. Building features include executive heated underground parking and grade-level parking for more than 130 cars. Tenants include Podolsky|Circle, Hardt, Stern & Kayne PC, Irgens Development Partners, Creative Financial Services Indorama Ventures and Contract Resource. Randy Podolsky, managing principal, and Corey Chase, principal of Podolsky|Circle CORFAC International, represented the building’s owner, RCC JV LLC, in the transaction.

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IndustrialNortheast

PRODUCTION COMPANY BUYS FORMER SONY FACILITY IN PITMAN, N.J.

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PITMAN, N.J. — Broadway Stages has acquired the 495,166-square-foot former Sony facility in Pitman, a city in southeast New Jersey. The New York City-based film, television and music video production company purchased the property as an investment, according to Binswanger, which brokered the sale. The high-tech facility was previously used to manufacture compact discs and DVDs and includes 19 dock high doors, parking for approximately 830 vehicles, 35,048 square feet of office space and a full-service cafeteria. Binswanger will be marketing the property, which is located at 400 N. Woodbury Road, on behalf of Broadway Stages.

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NortheastOffice

CBRE ARRANGES $18M LOAN FOR FAIRFIELD BUSINESS CENTER

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SADDLE BROOK, N.J. — CBRE Group Inc. has arranged $18 million in financing for Fairfield Business Center in Fairfield, on behalf of a partnership owned and managed by Denholtz Associates and The Zaro Group. James Gunning, Donna Falzarano and Evan Kleppe of CBRE’s debt & equity finance group secured the non-recourse loan with Redwood Trust. The 10-year, fixed-rate loan includes a 30-year amortization schedule. Fairfield Business Center is a seven-building, 336,000-square-foot flex/office park situated in the heart of the Fairfield/Route 46 submarket. The portfolio was 85 percent occupied at the time of the transaction.

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Mixed-UseNortheast

MRC PROVIDES $7.2M LOAN FOR ASTORIA MIXED-USE PROPERTY

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NEW YORK CITY — Madison Realty Capital (MRC) has provided a $7.2 million construction loan for a partially complete mixed-use property in Queens. The property is located at 28-18 Astoria Blvd. in the neighborhood of Astoria. Proceeds from the loan will be used to retire outstanding debt and fund the completion of construction for the building. The seven-story, 24,992-square-foot property includes 21,514 square feet of residential, as well as 2,289 square feet of retail space and 1,189 square feet of community space. The final phase of the project includes the construction of 28 one-bedroom units.

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Seniors HousingTexas

KEYBANK SECURES $32.5M LOAN FOR SENIORS HOUSING ACQUISITION

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SAN ANTONIO — KeyBank Real Estate Capital has arranged a $32.5 million Fannie Mae loan for the acquisition of Franklin Park at Sonterra, a 202-unit independent and assisted living community in San Antonio. A joint venture between Harrison Street Real Estate Partners IV and Franklin Cos. purchased the property, which was developed by Franklin Development and is operated by a Franklin-affiliated management company. Franklin Cos. currently owns and operates seven seniors housing properties in the Dallas and San Antonio metro areas.

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OfficeTexas

HFF BROKERS 57,811 SF OFFICE SALE IN HOUSTON’S ENERGY CORRIDOR

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HOUSTON — HFF has brokered the sale of a 57,811-square-foot office building located at 14811 St. Mary’s Lane in Houston’s Energy Corridor submarket. The property, part of a master-planned business park near the intersection of Interstate 10 and Dairy Ashford Road, was 87.7 percent leased at the time of the sale. Dan Miller, senior managing director, led the HFF team that represented the seller, BGK Integrated Group. Mission Equities was the purchaser.

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HealthcareTexas

BAYLOR, EMERUS BREAK GROUND ON FIRST HOSPITAL IN COLLEYVILLE

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COLLEYVILLE, TEXAS — Baylor Healthcare and Emerus, an emergency facility operator based in The Woodlands, have partnered to bring the first hospital to the city of Colleyville, approximately 18 miles northeast of Fort Worth. Construction has begun on the Baylor-Emerus Emergency Medical Center, which will total 16,719 square feet and includes seven exam room beds and eight inpatient beds. The new hospital, scheduled to open in August 2014, will also provide X-ray, CT scan and ultrasound services.

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IndustrialTexas

LEE & ASSOCIATES ARRANGES 11,200 SF INDUSTRIAL LEASE IN CARROLLTON

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CARROLLTON, TEXAS — Lee & Associates has arranged an 11,200-square-foot lease for Dallas Label & Packaging in Carrollton, situated about 20 miles north of Dallas. The lease is for industrial space located at 2502-2510 Camp Avenue, which is in close proximity to the interchange of President George Bush Turnpike and Interstate 35. Nathan Denton of Lee & Associates represented the landlord, Marks Property Management, while Rosana Shekman of Dallas Prestige Realty represented the tenant.

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RetailWestern

THE PROMENADE AT HOWARD HUGHES CENTER UNDERGOES REPOSITIONING

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LOS ANGELES — Passco Companies has announced that the Promenade at Howard Hughes Center in Los Angeles will undergo a repositioning. The Promenade is located at 6081 Center Drive in the Silicon Beach area of West Los Angeles. Dave & Buster’s and Buffalo Wild Wings are set to open at the center later this year, while Cinemark plans to enhance its recently purchased Rave Cinemas.

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