BARABOO, WIS. — Irgens will develop a $6.5 million, 30,000-square-foot medical office building on the St. Clare’s Hospital campus in Baraboo, about 40 miles north of Madison. SSM Healthcare, owner and operator of St. Clare Hospital and Dean Health System, will provide a variety of primary and specialty care services at the new building. The project, which will be located adjacent to the existing St. Clare Hospital, is scheduled for completion in December. As the developer and owner of the building, Irgens has overseen all facets of the project, including financing procurement, site due diligence, entitlements and design/construction administration. The facility is 100 percent pre-leased, with Dean taking 50 percent of the space and St. Mary’s Dean Ventures leasing the remaining portion. The new facility will enable the hospital to continue to expand its service lines in conjunction with its physician and health system partners. Other project team members include Eppstein Uhen Architects and J.H. Findorff & Son Inc. as the general contractor.
Property Type
WOODMERE, N.Y. — Houlihan-Parnes Realtors LLC and Q10 New York Realty Advisors LLC have arranged a $45 million first mortgage on the Five Towns Shopping Center in Woodmere. The interest-only, 10-year loan includes a fixed rate of 3.4 percent. A national lender provided the nonrecourse financing. The 500,000-square-foot center is located at 253-01 Rockaway Blvd., about 15 miles east of Brooklyn. Tenants at the retail property include Lowe’s Home Center, K-Mart, T.J. Maxx, Conway, The Children’s Place, T-Mobile and Applebee’s, as well as a new Walmart Marketplace and Modell’s. Jim Houlihan, Mike O’Neill and Bryan Houlihan of Houlihan-Parnes placed the loan. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP represented the borrower in the transaction.
MALDEN, MASS. — In a partnership with Mayor Gary Christensen and the city of Malden, Metropolitan Properties of America Inc. (MPA) has plans to invest more than $20 million to remodel the Granada Highlands. Renovations to the 919-apartment community include an upgraded amenity center, which will feature a luxury theater, billiard room, fitness center and community space. Boston-based MPA, which purchased the property from a Hawaii-based company in 2007, also plans to remodel 30 apartments at a time. The apartment community is located at 211 Kennedy Drive, about 10 miles north of Boston.
NEW YORK CITY— Cohen Commercial Properties (CCP) has purchased 1800 Williamsbridge Road, a 12,212-square-foot, net leased retail property in the Bronx, for $11.4 million. The seller was Rock City MC LLC. The two-tenant property was fully occupied at the time of sale by a 4,669-square-foot Citibank and a 7,543-square-foot Walgreens. CCP was self-represented by Sam Catton and Paul Trupia in the transaction.
MOUNTVILLE, PA. — Majik Properties LLC has purchased a 42,612-square-foot industrial building located at 150 Donnerville Road in Mountville for $1.5 million. Randall Rhoads and Thomas McDermott of NAI Commercial Partners Inc. represented the seller, while Daniel Berger, also of NAI, represented the buyer. The property is located 35 miles southeast of Harrisburg.
BEXAR COUNTY, TEXAS — Houston-based National Property Holdings LP plans to develop the 400-acre Alamo Junction Rail Park, a rail-based logistics and warehousing development located in Bexar County, which is south of San Antonio and near the middle of the Eagle Ford Shale play. Phase I calls for more than 22,000 linear feet of track, which will begin daily rail service in the third quarter. The rail will ultimately interchange with both the Union Pacific and BNSF railroads. National Property Holdings is selling and leasing lots for operators looking to establish rail-focused transload, warehouse and manufacturing facilities. The company has already sold 50 acres for frac sand operations.
RICHARDSON, TEXAS — The Beck Group has broken ground on the 110,000-square-foot addition for the Naveen Jindal School of Management at The University of Texas at Dallas in Richardson. SHW Group designed the $25 million project to meet LEED standards. The addition will include classrooms, faculty offices, seminar rooms, studios, research centers and an area for the undergraduate honors program. A portion of the facility will be built out while the remaining area will be left as shell space to allow for future growth. The Beck Group anticipates to deliver the addition in fall 2014.
HOUSTON — Marcus & Millichap Capital Corp. (MMCC) has arranged a $16.4 million refinance for a 125,000-square-foot medical office building located in Houston. Peter Dunn of MMCC's Houston office arranged the 10-year, non-recourse bridge loan through a CMBS lender on behalf of the borrower, a general contractor.
IRVING, TEXAS — Sante Fe, N.M.-based Rosemont Realty LLC has inked a 6,769-square-foot office lease with the newly formed College Football Playoff at The Summit at Las Colinas in Irving. The 19-story, 375,305-square-foot office building is located at 545 E. John Carpenter Freeway in the Las Colinas submarket and is 88 percent occupied. The organization will occupy its new headquarters by Aug. 1. Rosemont Realty was self-represented by Kirby White in the transaction. Peery Wood of Lincoln Property Co. represented the tenant. The staff of College Football Playoff will oversee college football's postseason transition from its current BCS format to a playoff system, which will occur beginning with the 2014-2015 season. The organization will also manage the current BCS program in its 16th and final season of existence.
NEWARK, CALIF. – The NewPark Mall in Newark has received a $71.5-million refinance. The mall is located at 2086 NewPark Mall. It contains nearly 1.2 million square feet of retail space and serves the tri-cities of Newark, Fremont and Union City in the East Bay area. The mall is anchored by Macy’s, jcpenney, Sears and Burlington Coat Factory. The non-recourse, floating-rate mortgage loan features an initial interest rate of 4.3 percent. The loan’s initial funding is $66.5 million. The remaining $5 million will be earned out once the mall achieves certain milestones, according to its owner, Rouse Properties. The bank loan has a four-year term and a one-year extension option.