EWING, N.J. — The Opus Group has broken ground on a new 250,000-square-foot corporate campus for Church & Dwight Co.'s headquarters. The Opus Group is designing and building the campus, and SunTrust Bank is funding the development. An investment group led by Founders Properties will own the property under a long-term lease with Church & Dwight Co. The corporate campus consists of two 125,000-square-foot buildings, which will be connected. Construction is slated for a late 2012 completion.
NEWARK, N.J. — TreeTop Development has purchased the 115-unit Aspen Stratford, a HUD subsidized rental community located at 19 and 29 Stratford Place in Newark. Andrew Daitch of Marcus & Millichap's Detroit office represented both parties in the transaction. TreeTop is planning to spend $1 million on renovating the building systems, common areas and unit interiors.
NEW YORK CITY — White Plains, N.Y.-based Houlihan-Parnes Realtors has provided $2.5 million in first mortgage financing for a 10,000-square-foot retail center, located at 172-178 Dyckman St. in Manhattan. The property features six stores. The loan has a 5-year term.
HILLSBOROUGH, N.J. — Five tenants have signed leases with the landlord, Larken Associates, for space in The Shoppes and Offices at Wood's Tavern, located at the intersection of Route 206 and Amwell Road in Hillsborough. Pizza Hut signed a 1,525-square-foot lease; Tchorz, Granite & Marble signed a 511-square-foot lease; Earthfruits Frozen Yogurt signed a 1,700-square-foot lease; Northeast Wealth Planners signed a 509-square-foot lease; and IT Media signed a 408-square-foot lease. Robert Marek of Raider Realty represented the landlord in the Pizza Hut transaction, Victor Kelly of Raider Realty represented the landlord in the Tchorz, Granite & Marble and Earthfruits Frozen Yogurt transactions and Stephanie Williams of Raider Realty represented the landlord in the Northeast Wealth Planners and IT Media transactions.
GRAND PRAIRE — Johnson Capital has arranged a $21.65 million loan for the 350-unit Lakeside Villas, located on Riverside Drive in Grand Prairie. Dave Susank of Johnson Capital's Phoenix office arranged the 10-year, fixed-rate loan through Fannie Mae.
FORT WORTH — Bright Realty has arranged the sale of a 17,150-square-foot retail center, located at 5750 W. Vickery at Bryant Irvin Blvd. in Fort Worth. Tony Albanese and Kerry Assa of Bright Realty brokered the REO sale of the partially built retail center.
SHERMAN — Philadelphia-based Binswanger has been named the exclusive agent for the sale of a 693,404-square-foot silicon wafer manufacturing building, located on a 78.5 acre lot at 6800 U.S. Hwy. 75 in Sherman. The property features an EPDM membrane roof, brick veneer walls and 175,028 square feet of office space.
CARLSBAD, CALIF. — Cassidy Turley BRE Commercial’s Capital Markets Group has arranged a $6-million loan for an industrial building at 2495 Faraday Ave. in Carlsbad. The 109,807-square-foot building is fully leased to Federal Express. The lender provided a non-recourse, cash-out refinance with a 30-year amortization. The interest rate is fixed for seven years at 4.76 percent. The financing was arranged by Gary Goss of Cassidy Turley’s Capital Markets Group.
LOS ANGELES — George Smith Partners has arranged a $4.2-million refinancing loan for a Downtown Los Angeles apartment property. The 196-unit, Single Resident Occupant (SRO) property was originally built as a hotel in 1910. It is currently undergoing a major rehabilitation and, thus, is completely vacant. GSP’s arrangement included a 10-year loan with a 6.25 percent fixed interest rate and a 30-year amortization. It also features a step-down pre-payment penalty prior to stabilization. The GSP team was led by vice president Bryan Shaffer.
COLORADO SPRINGS, COLO. – ARA Colorado has sold the 258-unit Rustic Hills Park Apartments in Colorado Springs for $4.2 million. The value-add property was under control of a court-appointed receiver at the time of sale. It was purchased by Connexion Asset Group. The receiver, Trigild, was represented by ARA’s Ken Greene and Kevin McKenna in the disposition.
