Property Type

DORAL, FLA. — Riviera Point Development Group (RPDG) has announced plans for its second South Florida office project. The developer has closed on the acquisition of 2.5 acres at 9000 NW 89th Court and NW 15th Street in Doral, and it plans to construct a 41,000-square-foot, lakeview office building on the site. The $9.5 million project, known as Riviera Point Business Center, will feature flexible office space with suites as small as 2,000 square feet. RPDG is developing the project with funds from the U.S. Citizenship and Immigration Services’ EB-5 program, which offers a fast track to permanent U.S. residency for foreign nationals who invest in commercial enterprises that generate at least 10 jobs for U.S. workers for two years. Corrales Group Architects is designing the project. RPDG also recently topped out on its first two buildings at the $17 million, EB-5 funded Professional Center at Riviera Point, which is being developed in Miramar.

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VIENNA, VA. — NorthMarq has arranged a $13.7 million loan for the acquisition of a 95,000-square-foot office property in Vienna. The property includes two office buildings located at 8381 and 8391 Old Courthouse Road. Gary McGlynn of NorthMarq’s Washington, D.C. office arranged the loan on behalf of the undisclosed borrower through a non-recourse bridge lender.

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CHARLOTTE, N.C., AND VERONA, VA. — Morgan Property Group has announced plans to develop two new 7-Eleven convenience stores in North Carolina and Virginia. In Charlotte, construction will begin in October for a 2,940-square-foot convenience store with six pumping stations and an outparcel. The new store will be located at the corner of North Wendover Road and Marvin Road. Completion is slated for the first quarter of 2014. In Verona, Morgan will retrofit an existing 2,173-square-foot convenience store located at 6 Lodge Lane into a 7-Eleven store. The store will feature four pumping stations and will be attached to a Wendy’s restaurant. Completion is slated for this fall.

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CHICAGO — Mesa West Capital has provided a $26.3 million in acquisition financing for 26th & Western, an industrial facility in Chicago. The two-building, 298,212-square-foot infill industrial cold storage portfolio is fully occupied. A joint venture between Chicago-based Bridge Development Partners and Dallas-based Hunt Realty Investments was the borrower. A 246,212-square-foot building at the property was redeveloped in 2004, followed by the construction of an adjacent 52,000-square-foot, build-to-suit in 2008. Both buildings feature high-quality, flexible cold storage space and are leased to both direct users and third-party logistics providers that service the Chicago area. Steve Roth of CBRE Capital Markets arranged the first-mortgage financing.

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CHICAGO — Fashion Outlets of Chicago, a 530,000-square-foot luxury retail center in Chicago, will open its doors tomorrow. The fully enclosed outlet mall is nearly 95 percent leased and will be home to 130 stores, including anchors Bloomingdale's The Outlet Store, Neiman Marcus Last Call, Saks Fifth Avenue OFF 5th and Forever 21. Other tenants include Gucci, Tory Burch, Barneys New York, Longchamp, Vince Camuto, Ports 1961 and L'Occitane. AWE Talisman and Macerich led the development team for the project. Located at 5220 Fashion Outlets Way, Fashion Outlets of Chicago is minutes away from O'Hare International Airport and 15 miles from downtown Chicago. Fashion Outlets of Chicago is the first fully enclosed outlet built in the Chicago area in 20 years, according to AWE Talisman and Macerich.

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MIAMISBURG, OHIO — RCG Ventures (Fund II) has purchased Miamisburg Plaza, a 111,313-square-foot shopping center in the Dayton metro area. The purchase price was undisclosed. The retail property is located two miles west of I-75 in Miamisburg and includes tenants such as Big Lots, Ace Hardware, Family Dollar, Goodwill, Burger King, Taco Bell, and Fifth Third Bank. Chris LaBounty of May Center Advisors represented the seller.

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STAMFORD, CONN. — Clarion Partners has acquired Infinity Harbor Point, a 242-unit, Class A multifamily property in Stamford for $98.8 million. The newly-constructed 22-story property is located in Harbor Point, a mixed-use development with more than 1,350 new apartments, 400,000 square feet of Class A office space and 130,000 square feet of retail and dining. The property was 96 percent leased at the time of sale.

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EDGEWATER, N.J. — Capstone Realty Group has purchased Marketplace at Edgewater, an 88,641-square-foot shopping center, and an adjoining 10,030-square-foot pad site in Edgewater, for $20.6 million. The shopping center sold for $16.4 million and the pad site for $4.2 million. Built in 1990 on 6.4 acres, the center is situated along the Hudson River near the George Washington Bridge at 725 Tower Road. Trader Joe’s anchors the shopping center. Other tenants include Animal General, Binghampton Bagel, Chase Bank, Fast Frames, H&R Block, PetValu, River Pet Resorts and Scerbo Physical Fitness. Mark Taylor, Dean Zang and Christopher Munley of Marcus & Millichap represented the seller, a private investor. Greg Babaian, also of Marcus & Millichap, represented Capstone in the transaction.

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NEW YORK CITY — Monday Properties and Invesco have secured three new leases at its property located at 230 Park Ave. in Manhattan. Bank of the Ozarks, a 100-year-old, Little Rock, Ark.-based community bank, signed a lease for 2,400 square feet. This will be the bank’s first office in New York City. Dallas-based Comerica, another banking institution, expanded its footprint by 1,800 square feet to now occupy 5,900 square feet on the sixth floor. In a third transaction, The Leona M. and Harry B. Helmsley Charitable Trust signed a new 15-year lease for 5,400 square feet on the fifth floor of the office building. The 34-story tower, located between 45th and 46th streets, includes 1.4 million square feet of Class A office space. James Wenk of Jones Lang LaSalle represented Bank of the Ozarks in its leasing transaction. Comerica and the Helmsley Trust were self-represented. Monday Properties was represented in-house by Jordan Berger in all three transactions, together with Frank Doyle, Jonathan Fanuzzi, Paul Glickman and David Kleiner of Jones Lang LaSalle.

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