FRANKLIN TOWNSHIP, N.J. — Data center developer Russo Development has secured planning approval to move forward with Somerset Technology Park, a 71-acre data center campus in Franklin Township. The site can support more than 1.5 million square feet in multiple facilities and includes electrical power capacity of 100 megawatts from multiple 69kV feeds. Russo expects to begin site development activities within the next few months. This will be the company's ninth data center development in the New York metropolitan area.
EAST BRUNSWICK, N.J. — Deanna Polizzo and Ernest DesRochers of NorthMarq Capital's New York City office have arranged $12.2 million for the first mortgage refinancing of Summerhill Marketplace, an 88,700-square-foot retail property in East Brunswick. Located at 675 Route 18, the center is anchored by a Stop & Shop. The Royal Bank of Scotland provided the 10-year loan, which has a 30-year amortization schedule.
DALLAS — NorthMarq Capital's Dallas office has arranged $136.36 million in permanent financing for the Diamond Student Housing Portfolio, a 1,852-unit collection of student housing properties near major university campuses in Texas Georgia, Alabama, Mississippi and Kansas. Stephen Whitehead of NorthMarq's Dallas office arranged the 5-year loan thorough Freddie Mac on behalf of the borrower, Diamond Realty Investments and Real Estate Capital Partners.
HOUSTON — McShane Healthcare Solutions has plans to develop a new 35,240-square-foot sports medicine and training facility, located in the Houston Amateur Sports Park at 12211 Kirby Dr. in Houston. The new facility will be built on behalf of Competitive Edge Sports (CES) and will include the Methodist Center for Sports Medicine and the new CES Performance facility. The Houston Dynamo, a Major League Soccer (MLS) team, plans to use the 5,125 square feet of the facility for training. The Methodist Center will be approximately 7,000 square feet and house the physicians for the Houston Texans, Houston Astros and Houston Dynamo. CES will lease 18,505 square feet of the facility. Houston-based Seeberger Architecture will provide architectural services and Cadence McShane Construction Co. will provide design/build construction services for the facility, which is slated for completion in July 2012.
HOUSTON — Noble Energy has signed a long-term lease to fully occupy a 497,000-square-foot office building, located at 20555 State Hwy. 249 in Houston. Noble Energy will consolidate its other Houston locations into the new building. The building is undergoing capital improvements to achieve LEED and Energy Star designations, and Kirksey Architecture is designing the renovations. Jim Arket and Mona Williams of Grubb & Ellis' Houston office represented the tenant in the lease transaction. A joint venture between Trammell Crow Co. and Principal Real Estate Investors own the building.
MIDLAND — Gordon Cornerstone Partners, an entity of Houston-based Gordon Partners, has purchased the 100,000-square-foot Cornerstone Shopping Center, located at the corner of Loop 250 and Midland Drive in Midland, from KB Cornerstone Group. The property is 92 percent leased to tenants including Gold's Gym, AT&T, Pizza Hut, One Main Financial, My Community Credit Union and Chito's Mexican Restaurant. The buyer was self-represented by Scott Gordon and Matthew Gordon.
AUSTIN — HFF has secured $5.1 million in first lien financing to refinance the 34,051-square-foot Southcross Plaza, a retail center located at 3601 W. William Cannon Dr. in Austin. The property features tenants such as State Farm Insurance, Thundercloud Subs and Texas State Optical. Travis Anderson of HFF's Dallas office led the team to arrange the 5-year loan through First National Bank & Trust of McAlester on behalf of the borrower, Cencor Realty Services.
PHOENIX — North Park Plaza, a 101,361-square-foot neighborhood shopping center in Phoenix, has sold to an entity formed by Westwood Financial Corporation for $13 million. The center was built in 1963 and is anchored by Safeway. The center underwent improvements in 1986 and 2007. Ryan Schubert and Michael Hackett with Cassidy Turley BRE Commercial’s Retail Capital Markets Group and Bob Buckley with the firm’s Capital Markets Group represented both the buyer and the seller, Aegon USA Realty Advisors.
CLAREMONT, CALIF. — The Claremont Business Park was sold to a private investor for $8,775,000. The business park was built in 1988. It is composed of five single-tenant buildings and one multi-tenant building for a total of 69,428 square feet. It is fully leased. Lee A. McCullough of Colliers’ Irvine, Calif., office represented the buyer. Bob Griffith and Steven Ward of Grubb & Ellis represented the seller, Claremont Business Park LLC.
SYLMAR, CALIF. — Corner Records Management, LLC has signed a five-year lease for 80,480 square feet of industrial space at the Valley Gateway Business Park in Sylmar. The space features 7,000 square feet of office space. Ray Howden of Cushman & Wakefield represented Corner Records. Chris Sullivan of DAUM’s San Fernando Valley office represented thelandlord, World Oil Corp, in this transaction.