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NortheastRetail

URSTADT BIDDLE ACQUIRES TWO RETAIL PROPERTIES FOR $18M

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GREENWICH, CONN. — Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) has acquired two retail properties located on Putnam Avenue in Greenwich for $18 million. The properties were purchased subject to an existing mortgage of $7.7 million that requires payments of principal and interest at a fixed rate of 6.8 percent. The mortgage matures in August 2016. The properties were purchased from a Greenwich-based family that had built the properties and held them for more than 40 years. One of the properties is a 9,300-square-foot retail strip center located on West Putnam Avenue and is shadow-anchored by Stop & Shop Supermarket. The other property, located on East Putnam Avenue, is a 15,000-square-foot retail and office center that includes national men’s clothier Jos. A. Bank and other retailers that provide basic necessities.

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Mixed-UseNortheast

MARCUS & MILLICHAP CAPITAL ARRANGES $14M REFINANCE IN NYC

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NEW YORK CITY — Marcus & Millichap Capital Corp. has arranged $14 million in refinancing for a 58-unit mixed-use property in New York City. The five-year, fixed-rate loan carries a 2.6 percent interest rate with a 30-year amortization schedule. Christopher Marks of Marcus & Millichap’s Manhattan office arranged the loan. “Our client was eager to take advantage of the low interest rate environment,” says Marks. “They intend to use the proceeds of this loan for construction on another income-producing property.”

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MultifamilyNortheast

TWO PENNSYLVANIA MULTIFAMILY PROPERTIES SELL FOR $4.9M

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BALA CYNWYD AND YARDLEY, PA. — Gebroe-Hammer Associates has arranged the sale of two multifamily properties in southeastern Pennsylvania for $4.9 million. The 37-unit Edge Hill Court, located at 25 Old Lancaster Road in Bala Cynwyd, traded for $4 million, or $109,400 per unit. Located in suburban Philadelphia’s historical Main Line region, the property includes three, three-story brick buildings with five studio, 27 one-bedroom and five two-bedroom apartments. The seller was Edgehill Court LP and the buyer was Edgehill 25 LP. The second transaction was the 14-unit multifamily property located at 41 N. Delaware Ave. in Yardley, which sold for $890,000. Located on the Delaware River in Lower Bucks County, the property includes two-bedroom units, on-site parking and laundry facilities. The seller was 41 N Delaware Avenue Partners LP, and Kare Properties LLC was the buyer. Joseph Brecher and Eli Rosen of Livingston, N.J.-based Gebroe-Hammer Associates represented the sellers and procured the buyers in both transactions.

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RetailTexas

ALLIANCE TOWN CENTER OPENS DICK'S, UNVEILS PHASE II PLANS

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FORT WORTH, TEXAS — Fort Worth-based Trademark Property Co. has opened a 50,000-square-foot Dick's Sporting Goods store at Alliance Town Center, a retail development located in north Fort Worth. Trademark also announced its plan for Phase II of the center, which includes constructing a total of 237,000 square feet of retail space and restaurants. Dick's is anchoring Phase II and construction is underway on Razzoo's Cajun Cafe, Pie Five and Cold Stone Creamery. Groundbreaking on the remainder of Phase II is slated for fall and completion is expected in spring 2014. Additionally, Alliance Town Center will undergo a “Main Street” style expansion, which will encompass 150,000 square feet of specialty retail space and dining. The expansion is expected to open in late 2014 or early 2015. Once completed, the center will consist of 1.3 million square feet of retail, restaurants and entertainment.

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MultifamilyTexas

COLONIAL PROPERTIES TRUST ACQUIRES DALLAS MID-RISE FOR $36.2M

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DALLAS — Birmingham, Ala.-based Colonial Properties Trust has purchased the 252-unit Colonial Reserve at Frisco Bridges, a Class A mid-rise apartment community in the Frisco submarket of Dallas, for $36.2 million. The community is located within a half mile of the Dr. Pepper Ballpark, home of the Texas Rangers' AA affiliate. The community features a resort-style pool, fitness center, controlled access parking and gourmet kitchens with stainless steel appliances and granite countertops.

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IndustrialTexas

D'AGOSTINO COS. ACQUIRES SPRING HILL BUSINESS PARK

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SPRING, TEXAS — The Woodlands-based D'Agostino Cos. has acquired Phase II of the Spring Hill Business Park, located at 322 Spring Hill Drive in Spring. Phase II consists of two single-story industrial buildings spanning approximately 20,000 square feet. D'Agostino purchased Phase I of the business park in 2012. Linda Crumley of The J. Beard Real Estate Co. is handling the property's leasing.

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OfficeTexas

M&M ARRANGES SALE OF ARLINGTON OFFICE BUILDING

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ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of a 19,957-square-foot office building located at 1201-1205 W. Green Oaks Blvd. in Arlington. Ebby Halliday Realtors has been the tenant at the office building since 1997. Jason Vitorino of Marcus & Millichap's Dallas office represented the seller, a private investor, in the transaction. Vitorino also procured the buyer, a local limited liability company.

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OfficeTexas

SOLOMON ASSOCIATES MOVES HQ TO ONE LINCOLN CENTRE

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DALLAS — Solomon Associates, a global energy performance improvement firm, has moved its headquarters to One Lincoln Centre, a 446,340-square-foot office building in north Dallas. Solomon has leased 28,860 square feet in the property. The company currently occupies 27,000 square feet in Two Galleria Tower. Matt Heidelbaugh, Billy Gannon and Bob Edge of Cushman & Wakefield of Texas Inc.'s Dallas office, along with Bob Kelley of the Cushman & Wakefield's Hartford, Conn., office, represented the tenant. Mark Dickenson, Matt Schendle and Meredith Durham, also of Cushman & Wakefield of Texas, represented the landlord, Lincoln Centre.

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MultifamilyWestern

AUSTIN COMMONS, GATEWAY APARTMENTS IN ALAMEDA COUNTY RECEIVES $40.5M

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HAYWARD, SAN LEANDRO, CALIF. – The 208-unit Austin Commons in Hayward and the 236-unit Gateway Apartments in San Leandro have received a total of $40.5 million in refinancing. Austin Commons, which is located at 50 Austin Ave., received $17.7 million, while Gateway, which is located at 902 Davis Street, received $22.8 million. Financing was based on a 10-year term and a 30-year amortization schedule. It was arranged for the borrower by Ory Schwartz of NorthMarq Capital’s Los Angeles regional office through the firm’s seller-servicer relationship with Freddie Mac.

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Mixed-UseWestern

CONSTRUCTION COMMENCES AT THE ARGO AT TOWN LAKE IN TEMPE

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TEMPE, ARIZ. – Construction has begun on The Argo at Town Lake, a mixed-use development in Tempe. The $39.5-million project will feature 328 residential units and ground-floor space that will include a retail component, bike shop, business center, coffee shop, leasing office and parking garage. It is scheduled for completion in the first quarter of 2015. The project is being developed by Lennar, built by Summit dck and designed by Todd & Associates Architects.

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