SUFFERN, N.Y. — Ascena Retail Group, which operates the Maurices, Lane Bryant and dressbarn banners, plans to launch a 760,000-square-foot distribution center expansion in central Ohio. Upon completion, the new facility will distribute apparel and accessories for its lineup of brands, which also include Justice & Brothers and Catherines. Gray Construction Co. will manage the construction. The facility is slated for completion in early 2014. According to David Jaffe, president and CEO of Ascena, “The centrality of this location will allow us to deliver 70 percent of our 3,800 stores within two days.”
HASTINGS MINN. AND BRIGHTON, MICH. — Vail Resorts has acquired two urban ski resorts in the Midwest, Afton Alps in Hastings and Mount Brighton in Brighton, for $20 million. Vail Resorts plans to upgrade each of the properties, which serve more than 468,000 active skiers in the Midwest.
CHICAGO — Quantum Real Estate Advisors has arranged the $8 million sale of a single-tenant, 14,716-square-foot Walgreens pharmacy at the intersection of West Lawrence Avenue and North Pulaski Road in Chicago. A private 1031 exchange buyer from California acquired the property and a Chicago-based retail developer was the seller. Chad Firsel and Jordan Kaufman of Quantum represented both parties in the transaction.
NEW YORK CITY — Prudential Mortgage Capital Co. has provided a 15-year, $85 million loan for Kips Bay Plaza, a 171,325-square-foot retail center in Manhattan. The borrowers are MD Carlisle and JD Carlisle. The property is located on Second Avenue between 30th and 32nd streets. Fairway Supermarkets anchors the property. Additional tenants include an AMC movie theater and Rite Aid pharmacy. Evan Stein of MD Carlisle says the financing was a “culmination of a three-year effort on our part to reposition the property.” Chris Lama of NY Urban Real Estate Services arranged the loan.
SECAUCUS, N.J. — One Liberty Properties has acquired the 45,000-square-foot LA Fitness Meadowland building at 485 Harmon Meadow Blvd. in Secaucus for $16.4 million. Hartz Mountain Industries was the seller. The property is part of the master-planned Harmon Meadow complex, which includes 4 million square feet of office, retail, hotel and entertainment space. The complex is located five minutes from Manhattan. Andrew Merin, David Bernhaut, Gary Gabriel and Jared Zimmel of Cushman & Wakefield represented both parties in the transaction.
FEASTERVILLE, PA. — Marcus & Millichap has arranged the $7 million sale of The Shops at Walnut Grove, a 24,803-square-foot neighborhood center at 23 Bustleton Pike in Feasterville. The shops are adjacent to a new 170-unit townhome community called Walnut Grove. Bottom Dollar Food, a discount grocer, anchors the property. Brad Nathanson of Marcus & Millichap represented the buyer, a Pennsylvania-based shopping center operator. Richard Soloff of Soloff Realty & Development represented the seller, a Pennyslvania-based management company.
WALTHAM, MASS. — MarketOne International, a global digital marketing and B2B telemarking service provider, has signed a 21,674-square-foot office lease at 610 Lincoln St. S. in Waltham. The company will relocate its U.S. headquarters in Maynard, Mass. to the new facility. John Boyle and Connor Barnes of Cassidy Turley represented the tenant in the transaction. Chip Batchelder of Wyman Street Advisors represented the landlord, Hobbs Brook Management LLC.
MOONACHIE, N.J. — Cornerstone Real Estate Advisors has acquired 115 Moonachie Ave., a 168,000-square-foot industrial building in Moonachie. The property is fully leased to three tenants and is anchored by Lindenmeyr Munroe, one of the largest privately held paper companies. The seller, Russo Development, constructed the property in 2000 and the building features 28-foot clear ceiling heights and a brick-clad facade. Jeffrey Dunne, Kevin Walsh, Brian Schulz and Bill Waxman of CBRE Group represented the seller in the transaction. They also procured the buyer.
AUSTIN, DALLAS AND HOUSTON — Investcorp, an international alternative asset manager, has acquired a portfolio of five multifamily properties in Austin, Dallas and Houston for more than $100 million. Three of the five properties are located in Houston and the other two are located in Austin and Dallas. The properties have an average 91 percent occupancy. Mosaic Residential Management manages four of the five properties and The Carroll Organization manages the other. The Carroll Organization has also taken a joint venture interest alongside Investcorp in one of the Houston properties.
FARMERS BRANCH — Stream Realty Partners has arranged the sale of the 181,961-square-foot One Colinas Crossing, a six-story office building located in Farmers Branch. JDA Software occupies 50 percent of the property, and the buyer, TIB-The Independent BankersBank, will move its headquarters to the remainder of the property. Jamie Jennings and Keith Fisher of Stream Realty Partners represented the seller, PacTrust, in the transaction. Robert Deptula of Transwestern represented the buyer.