PITTSBURGH — A joint venture between BIG Shopping Centers USA and M&J Wilkow has purchased The Waterfront, a 764,691-square-foot retail center in Pittsburgh. HFF arranged a 10-year, $81.3 million acquisition loan for the buyers through Ladder Capital. The Waterfront is located at 100-146 W. Bridge St., near the University of Pittsburgh Medical Center and Carnegie Mellon University. The property, which is a redevelopment of a steel mill, is 89 percent occupied. Tenants include Best Buy, Michaels, Petco and T.J. Maxx. John Pelusi and Gerard Sanosti led the HFF team that represented the seller.
LOGAN TOWNSHIP, N.J. — Multi-Employer Property Trust (MEPT) has acquired the Kimberly-Clark Corp. Distribution Center, located at 1150 Commerce Blvd. in Logan Township for $36.1 million. The Class A property is situated within the LogistiCenter at Logan industrial park. Completed in 2009, the 566,500-square-foot property features 32-foot clear ceiling heights, expansive column spacing and 267 permanent trailer positions. Michael Hines, Michael Blunt, Brian Fiumara and Brad Ruppel of CBRE Group represented the seller, Northwestern Mutual. Bentall Kennedy advised MEPT on the sale.
NEW YORK CITY — Alfa Development has purchased the Hotel Grand Union, located at 34 East 32nd St. in Manhattan, for $28.6 million or $320,000 per room. The 90-room hotel is located two blocks from the Empire State Building and a short walk from Macy's Herald Square. Alfa has enlisted Marshall Hotels & Resorts manage the property.
DALLAS — HFF has arranged a $100 million, long-term loan for a portion of The Shops at Park Lane, a 1.2 million-square-foot mixed-use development in Dallas. The property consists of 600,000 square feet of retail, 340,000 square feet of office space and the 325-unit The Heights at Park Lane. Retail tenants include Whole Foods, Dick's Sporting Goods, Nordstrom Rack, Saks Off Fifth, Bloomingdale's — The Outlet Store, HomeGoods, Old Navy, Gordon Biersch and Grimaldi's Pizza. Office tenants include Kosmos Energy and the Art Institute of Dallas. Travis Anderson and Jim Curtin of HFF secured the loan through ING Investment Management on behalf of the borrower, Northwood Investors.
KATY — Eastgroup Properties has begun construction on a 30,000-square-foot build-to-suit headquarters facility for Welltec Americas, located at Merchants Way and Ravello Drive in Katy. The new facility will include a training facility for field engineers, technicians, maintenance and sales associates. Welltec worked with the Katy Area EDC for the development.
HOUSTON — Marcus & Millichap has brokered the sale of a 145-bed congregate care seniors housing facility, located at 2801 Gessner Road in west Houston's Spring Shadows area. Doug O'Toole of Marcus & Millichap represented the seller, MetroNational, in the transaction. The buyer of the non-performing asset was Signature Healthcare Services, which plans to reopen the 122,786-square-foot facility as a drug/rehabilitation hospital.
SAN ANTONIO — NAI REOC has arranged Sygma Network's lease renewal and expansion of 257,250 square feet of industrial space at Rittiman Industrial Park, a 1.18 million-square-foot industrial property located in San Antonio. John Turcotte of NAI REOC represented the landlord, Delaware-based DCT Rittiman, in the lease transaction.
HOUSTON — Toronto-based Avison Young has been selected to provide leasing services for a two-building office portfolio totaling 267,578 square feet in Houston. The portfolio includes a 100,352-square-foot property located at 110 Cypress Station Drive and the 167,226-square-foot Creekridge II, a three-story property located at 140 Cypress Station Drive. The owner of the portfolio is Sante Fe, N.M-based Rosemont Realty. Lee Jeane of Avison Young will handle the leasing and marketing services for both properties.
DENVER – The Metro, a 415-unit apartment community in Denver’s Lower Downtown (LoDo) district, has sold to Multi-Employer Property Trust (MEPT) for $90.8 million. The community is 93 percent leased. MEPT plans to renovate the property. Bentall Kennedy, the fund’s real estate advisor, is examining the feasibility of enhancing the property with energy-efficient and sustainable features.
PARKER, COLO. – The Windrock and Stone Canyon apartment communities in Parker have sold to TM Equities for $82.7 million. Windrock boasts 308 units, while Stone Canyon features 352 residences. ARA’s Jeff Hawks, Doug Andrews, Terrance Hunt and Shane Ozment represented the unnamed seller in this transaction.