PRINCETON, N.J. — River Drive Construction Co. has completed an office renovation for Regus, a provider of temporary office space for traveling business people, at the 149,000-square-foot Princeton Overlook I in Princeton. Regus occupies the second floor of the building, which is located at 100 Overlook Center. Mack-Cali is the property owner. The project included the creation of 16 new offices, as well as renovations to the business lounge, restrooms and video conference rooms. River Drive served as the general contractor and WKMC Architects was the project architect.
STAMFORD, CONN. — Axiom Capital has arranged a $69 million construction loan for a 314,518-square-foot apartment complex in Stamford. The Class A building will include 344 apartments, 17,489 square feet of retail and clubhouse space and a two-story parking garage. The building is located within blocks of the North American headquarters of UBS and the Royal Bank of Scotland. Other major employers in the area include GE, Xerox and Reuters.
MAMARONECK, N.Y. — A retail building at 419-433 Mamaroneck Ave. in Mamaroneck has sold to a local investor for $3.4 million. The one-story, 7,200-square-foot property includes five retail stores and is fully leased. Richard Hendey of Houlihan Parnes Realtors represented the seller in the transaction.
CYPRESS — The Kroger Company has purchased 18 acres in the Towne Lake master-planned community, owned by Caldwell Cos., in Cypress to build a 120,000-square-foot store. Kroger will break ground in the fall at the southwest corner of Tuckerton Road and Barker Cypress. Besides the new Kroger, Towne Lake will also have a new mixed-use development known as The Boardwalk at Towne Lake, which will feature waterfront restaurants, shops and office space. The Boardwalk will break ground later this year and will include waterside parking for resident's boats.
WYLIE — B&B Theatres has begun construction of a 12-screen movie theater, located along FM 544 and Country Club Road in Wylie. Lewisville-based Parkway Construction Co. is the general contractor for the theater, which is slated to open in April 2013. The all-digital projection theater will feature stadium seating, leather high-back rocker-style seats and wall-to-wall curved screens.
FORT WORTH — The Admiral Capital Real Estate Fund, a partnership between Admiral Capital Group and USAA Real Estate Co., along with its joint venture partner Franklin Croft, has acquired the 132-room Holiday Inn Express, located at 1111 W. Lancaster Ave. in downtown Fort Worth. Dallas-based Aimbridge Hospitality will manage the hotel, which will have an additional 31 rooms open this year. The hotel is The Admiral Fund's third hotel and sixth property altogether.
EL PASO — Best Buy has signed a lease to open a 37,740-square-foot store at The Fountains at Farah, a 600,000-square-foot power lifestyle center located at the northeast corner of Interstate 10 and Hawkins Boulevard in El Paso. The center is under construction and will open in the fall of 2013. Susan Ridley of Venture Commercial represented Best Buy in the lease transaction, and West Miller of Centergy Retail represented the landlord.
HOUSTON — Marcus & Millichap Capital Corp. (MMCC) has secured an $8 million CMBS loan for a 47,511-square-foot retail space in Houston. Peter Dunn of MMCC's Houston office arranged the 10-year loan with a 30-year amortization schedule and a 4.9 percent interest rate.
SCOTTSDALE, ARIZ. – A 44,088-square-foot office building in Scottsdale has sold to STORE Capital for $10 million. The building is located at 5656 E. Greenway Parkway. Stacie Harrison of NAI Horizon represented the buyer. The seller, Arizona Prep Real Estate, was represented by Scott Shelbourne with Cushman & Wakefield.
SAN DIEGO – A 77,760-square-foot industrial building in San Diego has sold to ALCO Investment Company for $4 million. The building is located at 1840 Dornoch Court. ALCO was represented by Darren Mullins and Erik Parker of Cassidy Turley San Diego. The seller, CRE LJ CA, LLC c/o OneWest Bank, was represented by Tim Winslow, Jason Kimmel, Kevin Nolen, Trevor Jenson and Regan Tully, also of Cassidy Turley.