HAWTHORNE, N.Y. — Mack-Cali Realty Corp. has sold 19 Skyline Drive in Hawthorne for $17.5 million. The vacant five-story, 248,400-square-foot building was sold to New York Medical College, a member of the Touro College and University System. “The sale of this property continues our strategy of recycling our capital out of non-core office assets to fuel our diversification into multifamily,” says Mitchell Hersh, president and CEO of Mack-Cali.
NEW YORK CITY — Investor Ira Lifshutz has acquired a 4,422-square-foot mixed-use loft building at 57 Grand St., located between West Broadway and Wooster Street, for $4.7 million, or $1,063 per square foot. The four-story building includes the ground-floor bar Toad Hall, which has been at the building for more than 20 years. The seller had owned the building for more than 30 years. Robert Burton of Massey Knakal handled the transaction.
PRINCETON, N.J. — Dr. Reddy’s Laboratories Inc. has signed a lease for 106,500 square feet of office and laboratory space with National Business Parks Inc. in Princeton. The global pharmaceutical company signed a long-term lease for the entire 75,500-square-foot, Class A property located at 107 College Road E., which will serve as the firm’s North American headquarters. The company also signed a 31,000-square-foot lease at the 61,792-square-foot, Class A building at 303 College Road E. Dr. Reddy's Laboratories, was represented by Shawn Straka, Steve Fleming and John Buckley of Jones Lang LaSalle. Vince Maranoand Tom Stange of Jones Lang LaSalle represented the building owner, National Business Parks.
CORPUS CHRISTI, TEXAS — T.J. Maxx and HomeGoods will open a 44,750-square-foot store this fall at The Shops at La Palmera, a 200,000-square-foot outdoor shopping center in Corpus Christi. The new stores will feature separate entrances but shoppers will be able to move freely between the two stores once inside. Fort Worth-based Trademark Property Co. is developing The Shops at La Palmera. The TJX Cos. Inc. owns both T.J. Maxx and HomeGoods.
ARLINGTON, TEXAS — Marcus & Millichap has secured the sale of the 17,674-square-foot Cross Creek Shopping Center, located at 2001 S.E. Green Oaks Blvd. in Arlington. The center is 93 percent occupied with medical and retail tenants. Blake Burnett of Marcus & Millichap's Dallas office represented the seller, a limited liability company, in the transaction. An outside broker represented the buyer, a Texas-based investment partnership.
BETHESDA, MD. — Beech Street Capital LLC has closed seven Fannie Mae DUS loans totaling $42.8 million for seven manufactured home communities in Texas, Arizona and Michigan. The portfolio includes five communities in Michigan, one in Texas and one in Arizona totaling 2,232 home sites. Damon Reed of Beech Street's Birmingham, Ala., office originated the 10-year loans with a 30-year amortization schedule on six loans and a 25-year schedule on the other loan.
DENTON, TEXAS — Buckle, a fashion retailer, has signed a 5,040-square-foot lease at the 765,000-square-foot Golden Triangle Mall in Denton. The new store is slated to open in the fall. Paul Burridge of Webcor and Blake Shipp with The Weitzman Group represented Buckle in the deal. Other new tenants at Golden Triangle Mall include Italia Express, Tobu Oriental Eatery and Smoothie Paradise. Several tenants have renewed their leases at Golden Triangle Mall, including American Eagle Outfitters, The Limited, Hallmark, Regis Salons, Zales Jewelers and MasterCuts. Additionally, several stores are under construction, including The Limited, J.C. Penney and Hibbett Sporting Goods. Payless ShoeSource recently completed its renovations. The mall is currently undergoing a total renovation as part of a joint venture between The MGHerring Group and Cencor Realty Services. Renovations are slated to wrap up in the summer.
MESQUITE, TEXAS — Dallas-based Quadrant Realty Finance (QRF) has arranged financing for Thomasson Center, a 34,294-square-foot neighborhood retail center in Mesquite. The center is leased to a mix of retail, medical and office tenants. Jason Piering and Randy Fleisher of QRF arranged the 10-year, non-recourse loan through a CMBS lender. The borrower used the loan proceeds to acquire Thomasson Center.
SAN MATEO, CALIF. – A 111-unit, $43.7-million apartment complex recently broke ground in San Mateo. The 2.4-acre site is located at 2090 S. Delaware Street at the north end of Silicon Valley. The project is scheduled to be complete and ready for leasing in spring 2014. It is being developed by Wood Partners.
PITTSBURG, CALIF. – The 208-unit Presidents Park Apartments in Pittsburg has sold to Fowler Property Acquisitions for $21.2 million. It is located at 1128 East Leland Road in San Francisco’s East Bay region. The seller, Friedkin Realty Group, was represented by Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni of Institutional Property Advisors and Kevin Turner of Marcus & Millichap.