PIKESVILLE, MD. — Meridian Capital Group has arranged a $7.65 million Fannie Mae conventional loan to refinance the 134-unit Marrion Square Apartments, located at 4619 Horizon Cir. in Pikesville. Jacob Katz of Meridian Capital Group's Bethesda, Md., office arranged the 10-year loan with 9.5 years of yield maintenance and a 30-year amortization schedule through Beech Street Capital.
CHESTERFIELD, MO. —Taubman Centers Inc. has broken ground on Taubman Prestige Outlets Chesterfield, located in the western St. Louis suburb of Chesterfield. The open-air shopping center will include 450,000 square feet of retail with more than 100 stores. In a statement, Taubman said demand has been positive and it has firm commitments from most major retailers. The company expects the project will generate 750 construction jobs and employ about 1,200 people when the mall opens. The center will include a mix of high-end, fashion-focused designer outlets, popular favorites and a food court. The mall is scheduled to open in the fall of 2013.
SOUTH NORWALK, CONN. —South Norwalk-based Greenfield Partners, in partnership with Somerset Properties Inc., has acquired 34 office, flex and industrial buildings for $146 million. The properties total 1.9 million square feet and are located in Southern New Jersey; Milwaukee, Wis.; and Highpoint, N.C. Liberty Property Trust was the seller. The properties were approximately 86 percent leased at the time of sale.
PETERSBOROUGH, N.H. — Petersborough-based Eastern Mountain Sports, one of the nation's largest outdoor retailers, plans to open three new stores in the Northeast. An existing location at the Plaza at Buckland Hills in Manchester, Conn. is moving approximately 12 storefronts down the plaza to an 18,831-square-foot space next to PetSmart. The store is expected to open April 27. The retailer will also open a 20,442-square-foot store at 301 Maine Mall Rd. in South Portland, Maine on May 11. Construction is currently underway for a new 13,013-square-foot Eastern Mountain Sports Store in the North Village Shopping Center in New Brunswick, N.J. The store is scheduled to open June 15.
NEW YORK CITY — Equity One has been selected to redevelop an 80,000-square-foot site along the Broadway retail corridor in the Bronx. The firm will spend $54 million to construct a new, 133,000-square-foot retail development and parking facility on the site in the Kingsbridge area. Equity One plans to look for four national retail tenants for the space. The developer will purchase the site from the city for $7.5 million, with construction expected to begin in early 2013 and be completed within two years. Equity One was selected as developer after responding to a request for a proposal from the New York Economic Development Corp. in August 2011.
NEW YORK CITY — The Texas-based Alamo Drafthouse theater chain is opening its first location in New York. Alamo Drafthouse will own and operate the five-screen theater, which will be located on the Upper West Side, occupying the former Metro Theater at 2626 Broadway. Like all Alamo Drafthouse theaters, the Alamo Drafthouse at the Metro will provide food and drink service to movie-goers' seats and uphold its famously strict no-talking policy. The new theater is scheduled to open in 2013.
COLLEGEVILLE, PA. — Trappe Strip Center, a 10,664-square-foot retail property in Collegeville, has sold for $1.6 million. The center is located at 430 W. Main St. and was fully occupied at the time of sale. Brad Nathanson of Marcus & Millichap's Philadelphia office represented the seller, a Norristown, Pa.-based private family. He also procured the buyer, a Reading, Pa.-based, privately held real estate company.
HOUSTON — Resource Real Estate Opportunity REIT has acquired the 856-unit Bristol Apartments, located at 1401 Redford St. in Houston, for $11.4 million. The REO property is 52 percent occupied. Amenities of the complex include a clubhouse, swimming pool, fitness center and playground. The buyer plans to invest additional capital to improve the overall condition of the property. Trimont Real Estate Advisors, acting as special servicer on behalf of Fannie Mae, sold the asset.
BRENHAM — Stan Johnson Co. has arranged the sale of a 9,423-square-foot medical office building, which is fully leased for 10 years to St. Joseph's Regional Health Center, located at 110 Hwy. 290 in Brenham. Hunter Jaggard of Stan Johnson Co.'s Houston office represented the seller, Navasota-based GroundForce Building Systems. The buyer is an individual investor from College Station.
KATY — Houston-based Q10 Kinghorn, Driver, Hough & Co. (KDH) has secured $14 million in long-term senior debt permanent financing for a 167,000-square-foot, grocery-anchored center in Katy. The property is 99 percent leased and was built in 2004. Sam McHard of KDH's Houston office arranged the financing through Prudential Mortgage Capital Co.
