VIRGINIA BEACH, VA. — Pembroke Mall in Virginia Beach recently secured six new retail tenants, which plan to open for business this year. Off Broadway Shoes has completed a lease for 20,670 square feet, and the company plans to consolidate two stores in the city into the new space. The company offers a selection of approximately 50,000 pairs of women's and men's designer shoes. Old Navy will occupy 15,740 square feet of newly built space in the “Signature Shops” redevelopment of the mall's former food court area. The clothing retailer is relocating its store from Norfolk's JANAF Shopping Center to Pembroke Mall. Additional deals include an 8,000-square-foot lease by Bahama Breeze, a 5,000-square-foot lease by The Coastal Edge, a 3,204-square-foot lease by The Children's Place and a 4,820-square-foot lease by Charlotte Russe. John Millar, Jay Burnell and Levi Thompson of Divaris Real Estate Inc. represented the landlord in each of the transactions.
CHICAGO — Prudential Mortgage Capital Co. has provided a $300 million loan for 155 North Wacker, a 1.15 million-square-foot office tower located in the Chicago West Loop submarket. The 10-year, fixed-rate loan refinances the property for the borrower, which developed the tower in 2009. Located on the northeast corner of Wacker Drive and Randolph Street, the property is 94.6 percent leased and is within walking distance of major public transportation lines. The 46-story, Class A building is LEED-Gold certified and features a glass lobby, state-of-the-art technology including high-speed “smart” elevators, floor-to-ceiling windows, and conference and fitness centers.
CHICAGO — Aries Capital has arranged a $2.2 million Fannie Mae loan for 693 North Peoria Ave., a 9-unit multifamily building in the River West neighborhood of Chicago. The borrowers were Douglas Crocker and Matt McHugh, active buyers in the Chicago multifamily market. Crocker is the former president of Equity Residential Properties, and McHugh is the managing member of Affito Group. Crocker and McHugh purchased the property last year. The 10-year, non-recourse Fannie Mae loan features a 4.13 percent interest rate with a 30-year amortization schedule. The building was completed and fully leased in December.
MACOMB TWP., MICH. — Nylok Corp. has renewed its 42,360-square-foot industrial lease at 15260 Hallmark Court in Macomb Twp., a northern suburb of Detroit. Kris Pawlowski and Paul Saad of Signature Associates represented both the landlord, Wolf Industrial III LLC, and the tenant, Nylok Corp. Under the umbrella of Berkshire Hathaway, Nylok has registered more than 150 patents on a number of different fasteners. This is more than any other company in their field.They service the automotive, aerospace, military and agricultural industries around the globe.
NEW YORK CITY — Building 77, a 1 million-square-foot warehouse building at the Brooklyn Navy Yard, will undergo an $80 million renovation. The 16-story former ammunition depot will be transformed into a modern, sustainable hub for manufacturing and technology innovation. The reuse of the building will result in the creation of up to 1,500 new jobs at the Navy Yard during the next five years. Brooklyn Navy Yard Development Corp. will lease 240,000 square feet to Jack Basch, a Brooklyn-based developer and entrepreneur. Basch is the owner and CEO of Shiel Medical Laboratories. Shiel will occupy at least one floor, approximately 60,000 square feet. Basch will sub-lease the rest of the space to other high-tech industrial and medical-service companies. Construction is set to begin in spring 2013 and will last about 18 months.
WEST CHESTER, PA. — EdR has closed financing and begun construction on a $57.5 million third-party student housing development on the campus of the West Chester University of Pennsylvania. The development continues the university's housing renewal initiative that began in 2001. The new housing — named Commonwealth Hall — will be complete by the summer of 2014. The property will have 653 beds in a variety of floor plans from single-occupancy apartments to shared-living suites for up to six residents. Amenities will include a fitness center, study lounges and a full residence life program. The university's student health services, counseling center and emergency medical services will be on the lower level of this eight-story building.
PHILADELPHIA — Jones Lang LaSalle has closed the $32 million sale of Red Lion Plaza for Onyx Equities and Invesco Real Estate. A private buyer purchased the 229,204-square-foot retail shopping center, which is 95 percent occupied. Best Buy, Staples, American Signature and Planet Fitness anchor the property. The shopping center is located at the intersection of Roosevelt Boulevard and Red Lion Road in Northeast Philadelphia. Joseph Garibaldi, Jim Galbally, Dave Wojciechowski and Doug Rodio of Jones Lang LaSalle arranged the deal.
NEW YORK CITY — Houlihan-Parnes Realtors LLC has placed $1.3 million in financing for 3311 Giles Place, a 99-unit apartment building in Brooklyn. The seven-story multifamily property was constructed in 1962 and includes two self-service elevators, a marble lobby and terraces. The 10-year, fixed-rate loan has a 30-year amortization schedule and is through a local bank. Norman Himmelfarb of Himmelfarb & Sher LLP represented the borrower in the transaction.
NEW YORK CITY — A one story, 4,830-square-foot warehouse at 2460 Rowe St. in New York City has sold for $785,000. The building was constructed in 1969 and includes high ceilings and drive-in doors. Alan Shmaruk and Michael Sherman of Manhattes Group represented the seller and Ralph Tiseo of T and M Realty Group represented the buyer, which will operate a fuel business out of the warehouse.
FORT WORTH, TEXAS — Centergy West 7th LP, a partnership managed by Centergy Retail, closed on approximately 30 acres of land on West 7th Street in Fort Worth. Centergy purchased the land from Chesapeake Land Development, which originally wanted to build a corporate campus at the site. Centergy is planning to construct a 2 million-square-foot mixed-use development on the lot, which will include retail, residential, office and hospitality components. The tract of land links the Fort Worth Central Business District to the Cultural Arts District.