CHESTER, PA. — A town in southeastern Pennsylvania will be getting its first supermarket in more than a decade, thanks to a project by hunger relief organization Philabundance. The organization recently purchased Chester's former grocery building at 3109 W. 9th St., which closed in 2001. CBX, a retail design consultancy, will design a prototype for the new not-for-profit grocery store, named Fare & Square, that is expected to open this summer. The 13,000-square-foot store will sell healthy food at low prices, with a focus on fresh produce, meats, dairy, seafood and frozen foods. Philabundance says it has been working on the concept for the past five years and aims to replicate the model in other communities in the Delaware Valley.
NEW YORK CITY — A mixed-use building at 46 South Park Place, located between Dumont Place and South Street in Morristown, has sold for $1.3 million. The 5,450-square-foot building consists of two commercial units and two residential units. The property is located near the Morristown NJ Transit train station, as well as the local hospital and municipal buildings. Bob Knakal and Kobi Leifer of Massey Knakal represented both parties in the transaction.
COPPELL, HASLET AND SCHERTZ, TEXAS — Amazon plans to open three new fulfillment centers in Coppell, Haslet and Schertz that will create more than 1,000 jobs. The 1.2 million-square-foot center in Schertz and the 1 million-square-foot center in Coppell will handle larger items, such as televisions and grills. The 1.1 million-square-foot site in Haslet will handle smaller items, such as books, electronics and DVDs. USAA Real Estate Co. is building the Schertz fulfillment center, and Hillwood Development Co. is building the Haslet fulfillment center as part of AllianceTexas, a 17,000-acre master-planned community. Hillwood is also building the Coppell center.
CORPUS CHRISTI, TEXAS — The 103-room Hyatt Place Corpus Christi, located in the heart of Corpus Christi, has opened. The hotel is the first Hyatt Place hotel in the area. The hotel features 42-inch HDTVs in every room, free Wi-Fi, complimentary breakfast, 1,200 square feet of meeting space, a room service kitchen, an Intimate Bakery Cafe serving Starbucks coffee and beer, fitness center and an indoor pool.
HOUSTON — Lynd Residential Properties has purchased the 438-unit Limestone apartment complex, located at 14723 W. Oaks Plaza St. in the Briar Forest-Ashwood submarket of Houston. Lynd financed the transaction through Fannie Mae and also prepaid a CMBS loan that was due to mature in late 2013.The property was built in 1999 and sits on 26 acres of land. The acquisition is part of Lynd's value-add investment strategy to purchase well-located properties near job growth hubs.
TYLER, TEXAS — Marcus & Millichap has arranged the sale of the nine-unit Creekside Circle Townhomes, located at 5980 Creekside Circle in Tyler. The property is located adjacent to Hollytree Country Club and is fully occupied. Boyan Radic and Mason Green of Marcus & Millichap's Fort Worth office represented the seller, a private investor, in the transaction. Drew Wetherholt of Marcus & Millichap's Ontario office represented the buyer, also a private investor.
SAN DIEGO — The 337-room Embassy Suites San Diego Bay – Downtown has sold to Pebblebrook Hotel Trust for $112.5 million. The hotel is located at the corner of Harbor Drive and Pacific Highway near Seaport Village in San Diego. The hotel underwent a $3.5-million renovation in May 2012. Pebblebrook will assume a $66.8-million secured, non-recourse loan as part of the transaction. HEI Hotels and Resorts will manage the property.
TUSTIN, CALIF. –The Matteson Companies has received $21.7 million in acquisition financing that will be used to purchase the93-unit Tustin Cottages. The community is located at 1361 El Camino Real in Tustin. Financing was based on a 10-year term and a 30-year amortization schedule. It was arranged by Dennis Williams and Robert Hervey of NorthMarq Capital through the firm’s relationship with a correspondent life company lender.
PEORIA, ARIZ. – The Plaza Del Rio campus in Peoria will soon be home to two new residential communities. The Preserve at Plaza Del Rio will add 185 new homes to the campus, while Silverado Senior Living will add 90 new residences. Maracay Homes is developing The Preserve in three phases. Meridian Realty recently broke ground on Silverado Senior Living. The Plaza Del Rio campus already contains a mix of medical office, commercial office, retail, residential and senior living facilities.
CHATSWORTH, CALIF. — Panavision Federal Systems has signed a three-year lease for a 22,775-square-foot office/industrial building in Chatsworth. The building is located at 9340 De Soto Street. The company will expand and relocate to the new facility in late January. Panavision Federal was represented by Brock Burnett, Jeff Gould and Jeff Albee of Colliers International. The landlord, Northeast Valley Industrial Parks, was represented by Scott Caswell of Delphi Business Properties.