KANSAS CITY, MO. — MMA has acquired Market Station, a 323-unit upscale apartment community in Kansas City. The property, developed in 2010, is located in the River Market area, a riverfront neighborhood north of the city's central business district. Amenities include a resort-style swimming pool with spa, grill stations, a fitness center and views of the Missouri River.
NEW YORK CITY — GFI Realty Services has arranged the $11.1 million sale of 9720 Kings Highway, a 118-unit apartment building in the Flatbush section of Brooklyn. The six-story building also includes six stores that total 113,398 square feet. The property is located near Kingsbrook Jewish Medical Center and Brookdale University Hospital and Medical Center. Josh Orlander of GFI Realty Services represented the seller in the transaction. Joseph Landau, also of GFI, represented the buyers, local investors.
HANOVER TOWNSHIP, PA. — Griffin Land has agreed to acquire 49 acres of undeveloped land in Hanover Township for $7.2 million. The land is expected to support the development of two industrial buildings, totaling at least 500,000 square feet, though no approvals are currently in place. The transaction is expected to close later this year.
NEWPORT, N.H. — Donzi Realty has acquired a 10,200-square-foot Dollar General property at 8 John Stark Highway in Newport for $1 million. The property is located on 3.2 acres in the heart of Newport's retail district. Tom Fini of Fini Real Estate Group represented the seller, Ola Grande Realty, in the transaction. Wilma Wilson and Kenny Sell of Real Time Realty represented the buyer.
NEW YORK CITY — TerraCRG has arranged the $4.1 million sale of a retail building at 182 Flatbush Ave. in Brooklyn. The 4,790-square-foot property is located across the street from the 675,000-square-foot Barclays Center and down the street from the Atlantic Terminal and Mall. The building was home to Triangle Sports since 1914 but was vacant at the time of sale. Geoffrey Bailey of TerraCRG represented both the buyer and seller in the transaction.
NACOGDOCHES — Domus Development has begun construction of the 310-unit Lumberjack Lofts, an upscale student housing community located within walking distance to Stephen F. Austin University in Nacogdoches. Each unit will be fully furnished and include washer/dryers, high-end finishes and a Memory Foam mattress on each bed. Amenities will include a courtyard, salt water pool, sand volleyball court, fitness center, basketball court, coffee bar and a lounge. Asset Campus Housing will manage the property, which will open for residency in fall 2013.
HOUSTON — HFF has arranged the sale of the 478,584-square-foot Northline Commons, a retail power center located at the northeast corner of Interstate 45 and Crosstimbers in Houston. The center is 86 percent leased to Marshalls, Ross Dress For Less, Burlington Coat Factory, Conn's and Palais Royal. Rusty Tamlyn and Ryan West of HFF represented the seller, Berenson Associates, in the transaction. The buyer, North American Development Group, was self-represented by Stephen Preston.
HOUSTON — ARA has arranged joint venture equity for the planned 320-unit Broadstone Energy Corridor, a multifamily development located on the southeast corner of Eldridge Parkway and Memorial Drive in Houston. The community is an Alliance Residential project. Adam Allen and Matt Rotan of ARA's Houston office represented Alliance in the transaction, and a large institution with a multi-billion dollar real estate portfolio made the investment alongside Alliance. Construction is slated to begin within the next 30 days and is slated for an early 2014 completion.
HOUSTON — NorthMarq Capital has secured $2.75 million in first trust acquisition financing for a 21,519-square-foot bank fully leased to Wells Fargo, located in Houston. Matthew Kohlhoss of NorthMarq's Washington, D.C., office arranged the 10-year loan with a 22-year amortization schedule through a CMBS lender on behalf of the borrower, LOG II, LLC.
DALLAS — True Food Kitchen will open its seventh restaurant at The Plaza at Preston Center, a five-story mixed-use building being developed in Dallas. The 5,915-square-foot location will be the restaurant chain's first Texas restaurant. True Food Kitchen is owned by Fox Restaurant Concepts. Mike Geisler and Easley Waggoner of Venture Commercial represented the landlord in the lease transaction. Jack Breard of UCR Realty represented the tenant. The restaurant will open in a new building on the ground level in the first quarter of 2013. The second level will be the new home of the University Park public library and the top three floors will be office space.