BROOKHAVEN, PA. — Katz Properties has acquired the Plaza 352 shopping center in Brookhaven for $12.3 million. The 207,000-square-foot center was built in 1972 and is located at 5005 Edgmont Ave. The property is anchored by a 59,000-square-foot Pathmark supermarket and a 102,000-square-foot Kmart. Paul Rumley of Metro Commercial Real Estate represented both parties in the transaction. Winslow Property Management will manage the center.
LANGHORNE, PA. — TMI Hospitality has opened the newly constructed SpringHill Suites by Marriott Philadelphia Langhorne. The 91-suite hotel is located at 200 N. Buckstown Dr. in Langhorne, approximately 30 minutes from downtown Philadelphia. Each guestroom features a large desk with an ergonomic chair, two phone lines and high-speed Internet access. Additional features include an indoor swimming pool and spa, fitness center and meeting room. The property is TMI's first hotel in the state, and the company plans to open its second hotel in Pennsylvania later this year.
NEW YORK CITY — Marcus & Millichap has arranged the $6 million sale of 4220-4228 Broadway, a 32-unit apartment property in New York City. Marco Lala of Marcus & Millichap represented the seller, a private investor, in the transaction. Peter Von Der Ahe represented the buyer, also a private investor. Lala has sold nearly a dozen New York City buildings on behalf of the seller, who is divesting of New York properties and acquiring suburban multifamily properties in New Jersey and Pennsylvania.
PARAMUS, N.J. — PGA Tour Superstore has signed a a lease for 57,000 square feet of retail space on Route 17 south in Paramus, at the former Einstein Moomjy Furniture store. The company will open its Golf and Tennis Pro Shop — the 15th national retail location for the chain — later this year. Michael Walters, Ronald Fotiu and Jill Gordon of NAI Hanson represented the property owner, Emil Buehler Trust Fund, in the transaction.
FORT WORTH — American Recovery Property Trust (ARPT) has acquired Western Place I & II, a 425,000-square-foot office complex in Fort Worth, for $34 million. The complex consists of two 10-story buildings and features tenants such as Lockheed Martin, BAE Information Systems, APEX Capital Corp. and Computer Science Corp. The transaction was ARPT's first real estate acquisition.
RIVER OAKS — QuikTrip is developing a new Generation III store in River Oaks. The store will employ approximately 15 to 18 people and will feature a made-to-order barista, which serves specialty coffees, ice cream and smoothies. Construction of the QuikTrip includes demolishing the Caravan Inn, which is located on the site. The River Oaks Economic Development Corp. and River Oaks City Council recently approved a $300,000 incentive package for the new store, which is slated for a March 2013 opening.
HOUSTON — HFF has arranged the sale of a three-building office portfolio totaling 566,308 square feet, located at the intersection of Interstate 10 and Dairy Ashford Road in Houston's Energy Corridor. The three eight-story office buildings are 93.6 percent leased. Robert Williamson and H. Dan Miller of HFF represented the sellers, Falcon Southwest and CarVal Investors, in the transaction. Susan Hill of HFF arranged the acquisition financing through JPMorgan Chase Bank on behalf of the buyer, Beacon Investment Properties.
DALLAS — Carter Validus Mission Critical REIT has closed a $15 million preferred equity investment to redevelop an existing medical office building in Dallas. The hospital will be renamed Walnut Hill Doctors Hospital, which will span 200,000 square feet and include 84 in-patient beds, 16 intensive care units and six operating rooms. The hospital will feature emergency, urgent care, diagnostic imaging, surgery, cardiology and general acute care capabilities. The REIT also has the option to acquire the property after completion of the renovations. The equity investment will be used along with a $34 million construction loan and a $21 million equity investment by a private development group.
SAN ANTONIO — Stratford Land has funded a $14 million, non-recourse loan to Carlton Holdings for its development of the 182-acre Monterrey Village, a mixed-use development located at Interstate 410 and State Highway 151 in western San Antonio. Carlton Holdings has owned the land since 2006. The loan is Stratford Land's first in San Antonio.
DENVER — JCR Capital (JCR) has allocated $25 million for CapRock Partners to purchase distressed assets and non-performing industrial loans throughout California. The capital was originated through JCR’s second fund, the JCR Commercial Real Estate Finance Fund II, L.P. (Fund II). This fund is open to new investors through the end of 2012. CapRock and the Denver-based real estate fund manager have already teamed up on three investments through this new joint venture, which totaled $10.2 million.
