Wheaton, ILL. — Newmark Grubb Knight Frank’s Real Estate Finance Group has arranged $22 million in acquisition financing for Danada Square East, a 202,036-square-foot retail center in Wheaton, a western suburb of Chicago. The largest tenant, Dominick’s, a grocery store, occupies 77,155 square feet at the center, which was 96 percent occupied at closing. The borrower, a Chicago-based institutional investor, acquired the center in June for $32 million from the Orange County California Employees Retirement System. The 5-year, nonrecourse loan includes two years of interest-only payments followed by a 25-year amortization schedule. Ben Greazel, senior managing director at Newmark Grubb Knight, arranged the financing between the borrower and the lender, a Chicago-based bank.
SOUTH HAVEN, MICH. — Reichle | Klein Group has arranged the $2.3 million sale of Phoenix Square, a 40,040-square-foot retail center in South Haven, located about 35 miles west of Kalamazoo. Tenants at the retail center, which is located at 1220 Phoenix Road, include Dunham’s Sports and Dollar Tree. Joe Belinske of Reichle | Klein Group represented the buyer, DFG-South Haven LLC. CBRE-Detroit
APPLETON, WIS. — Maurices Inc. has leased 4,664 SF of space at 3825 E. Calumet St. in Appleton, about 30 miles southwest of Green Bay. Duluth, Minn.-based Maurices is an American clothing retail chained that has more than 850 stores nationwide, and was founded in 1931 by E. Maurice Labovitz. Ascena Retail Group Inc. (NASDAQ: ASNA) owns the retail chain. CBRE arranged the lease. Eisenhower Properties LLC is the landlord of Horizon Plaza.
EDGEWATER, N.J.— Capstone Realty Group has acquired the Edgewater Marketplace, an 80,000-square-foot retail center, for more than $20 million. The center is located at 715 and 725 River Road in Edgewater, minutes from the George Washington Bridge and Hoboken. The property includes tenants such as Trader Joe’s, JP Morgan Chase, Red Mango, Verizon Wireless and Harmon Drug. Capstone plans to upgrade the seating and dining areas that are situated along the Hudson River boardwalk.
PLAINSBORO, N.J.— River Drive Construction has been selected as the general contractor for Forrestal Professional Center, a 40,000-square-foot medical office building development in Plainsboro, about 15 miles north of Trenton. Beacon Princeton Forrestal MAB Associates, Beacon Medical Realty Investments II LP and Summit Associates Inc. is developing the property located at 10 Forrestal Road. The medical office building is 75 percent preleased and is slated for completion in the first quarter of 2014.
NEW YORK CITY— Manhattan-based Hudson Realty Capital LLC has funded a $4.7 million first-mortgage loan secured by a two-building industrial portfolio in Brooklyn. Proceeds from the loan will be used for the acquisition, redevelopment and repositioning of the 27,000-square-foot-property. The portfolio, located in Brooklyn’s Prospect Heights neighborhood, is in proximity to retail centers, public transportation, public and private schools and medical facilities.
NEW YORK CITY— The World Trade Centers Association (WTCA), has signed a 10-year, 11,911-square-foot lease on the 33rd floor at 120 Broadway in New York City. The asking rent was more than $42 per square foot. WTCA is a nonprofit international trade association that brings together corporations and government agencies in more than 100 countries. Shawn Harooni of Norman Bobrow & Co. represented WTCA in the transaction. Camille McGratty of Silverstein Properties represented the landlord in house.
HOUSTON — Ziegler Cooper Architects has completed an $11 million redevelopment project at Brookhollow Central I, part of a three-building, 800,000-square-foot office complex located in the North Loop West submarket near Loop 610 and U.S. 290 in Houston. The updates include renovating the building glass, entrance portals, lobby finishes, garage-building connector, floor restrooms, corridors and elevator lobbies. The renovations also included mechanical upgrades, environmental graphics, vertical transportation improvements, garage improvements and new landscaping. Ziegler Cooper will continue redevelopment of the office campus under owner Parmenter Realty Partners. Ziegler hopes to achieve LEED for Existing Building (EB) certification.
FORT WORTH, TEXAS — General contractor Weis Builders has delivered a new $8.7 million Homewood Suites in Fort Worth. The building opened one month ahead of schedule, and features a business center, meeting space, exercise room, exterior pool, sport court and patio grilling area. The complex is part of a trio of projects that Weis Builders completed at Midtown Urban Village, a 10-acre redevelopment project located at 2222 W. Rosedale St.
FORT WORTH, TEXAS — Ricky Bobby Sports Saloon, a new restaurant and sports bar with a Nascar racing theme, is set to open at 2200 N.E. Loop 820 in Fort Worth near the Texas Motor Speedway. The restaurant is the latest member of the Rick’s Cabaret International Inc. restaurant group. The restaurant will feature two full service bars, flat screen televisions throughout, a 3,000-square-foot patio with fire pits, fountains and a stage for live band performances.