CYPRESS, TEXAS — An affiliate of United Equities Inc. has sold Fry-529 Retail Center, a 115,000-square-foot retail center in Cypress, a northwestern suburb of Houston. The buyer was undisclosed. Anchored by Fiesta Mart and Goodwill Select Stores, the center was 98 percent occupied at the time of sale.
KISSIMMEE, FLA. — Williams Co. Southeast has broken ground on St. Cloud Commons, a 225,000-square-foot retail center located in Kissimmee, a city on the southern outskirts of Orlando. Situated on a 33-acre site near the intersection of the Florida Turnpike and U.S. Highway 192, the center is pre-leased to tenants such as Hobby Lobby, Outback Steakhouse and Panera Bread. Delivery is slated for October.
NEW YORK CITY — Eastern Consolidated’s capital advisory division has arranged a $38.5 million construction loan for a 176,130-square-foot mixed-use development at 178-02 Hillside Ave. in Jamaica, Queens. The project will include 131 apartments on floors three through eight, over 10,000 square feet of retail space for a pharmacy, a 25,000-square-foot medical office space on the lower level and a public parking facility. Eastern Consolidated’s Adam Hakim, Andrew Iadeluca and James Murad arranged the transaction with Bank of the Ozarks on behalf of the borrower, Piermont Properties. Located at the northern end of Jamaica, 178-02 Hillside Ave. offers 200 feet of frontage. The corner site is adjacent to the neighborhoods of Jamaica Hills and Jamaica Estates, and above the F-Train 179 Street/Hillside Avenue Subway station.
HACKENSACK, N.J. — The second phase of a three-phase renovation project has begun on The Shops at Riverside, a retail center in Hackensack. Work on the first phase will be completed this summer with the creation of a dining and entertainment district. Offerings will include a movie theater with a lounge and bar operated by AMC, the relocation of The Cheesecake Factory and additional restaurants and specialty stores. The second phase will be completed by the end of 2017 and will involve renovations to both the interior and exterior of the property. Interior enhancements will include new floor tile, a crystal chandelier and water feature, and a sculptural floating stair in the center court near Omega. The refresh will also include additional skylights and raised ceilings. The third phase will redevelop the south mall adjacent to Bloomingdale’s. The existing shops will be reconfigured to create a loop around a central focal point where a portion of the second level will be removed to create 35-foot ceilings.
HAMPTON, VA. — Marcus & Millichap has brokered the $23.6 million sale of a nine-property 7-Eleven portfolio located in the Tidewater region of Virginia. Three of the 7-Eleven properties are located in Hampton, and two are in Williamsburg. The remaining properties are located in Poquoson, Newport News, Gloucester and Surry. Mark Taylor, Derrick Dougherty and David Becattini of Marcus & Millichap represented the seller, a privately held entity, and procured the buyer, an unnamed REIT.
BATON ROUGE, LA. — GBT Realty Corp., a Nashville-based commercial developer, has broken ground on a 6,600-square-foot retail center on Millerville Road in Baton Rouge. GBT acquired the nearly one-acre site from Target in February for $810,000. Shadow-anchored by Target, Best Buy, Lowe’s Home Improvement, PetSmart and Office Depot, the center is 100 percent pre-leased to tenants such as PacificDental, GNC and Zoes Kitchen.
SCHAUMBURG, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of the Shoppes at Prime Village in Schaumburg for $2.3 million. The 9,949-square-foot retail center is located at 1414-1424 E. Algonquin Road. A Chicago-based private real estate investor purchased the property. The seller was an undisclosed prominent property owner from the Chicagoland area. Chad Firsel of Quantum represented the seller in the transaction.
LEAWOOD, KAN. — CycleBar has signed a long-term lease for 2,400 square feet in Town Center Plaza in Leawood. The facility, now open, is the indoor cycling fitness studio’s first location in the greater Kansas City area. CycleBar is located at 5053 W. 117th St. Founded in 2004, the indoor cycling franchise offers a variety of cycling classes at over 200 locations nationwide. David M. Block and Max DiCarlo of Block & Co. Inc. Realtors negotiated the lease transaction on behalf of CycleBar.
STAMFORD, CONN. — Hunt Mortgage Group has provided a $28 million first mortgage bridge loan to facilitate the recapitalization and renovation of a mixed-use multifamily and commercial property in Stamford. Park Square West Apartments is a nine-story property located at 101 Summer St. The property was built in 1999 and includes 143 residential units, two commercial spaces and a 213-space parking garage. The unit mix features 10 studios, 64 one-bedroom units, 64 two-bedroom apartments and five three-bedroom units. The two-year floating rate loan includes three options to extend the term for a period of 12 months each. The residential component is currently 92 percent occupied and the commercial component is 100 percent occupied. The loan also includes a $703,000 capital improvement reserve, which will go toward renovations. Additional improvements planned include interior renovations of 48 of the property’s units, including replacing countertops and cabinets, flooring upgrades, installation of new lighting, bathroom fixtures and kitchen appliances. Property amenities include a concierge, shuttle service, valet dry cleaning, roof deck, fitness center, garage parking and a ground floor restaurant.
WESTAMPTON, N.J. — Hersh Realty Group Commercial Real Estate (HRG) has arranged the $7.4 million sale of The Westampton Marketplace located at 483 Woodlane Road in Westampton. The Westampton Marketplace is a 32,140-square-foot Class A retail shopping center consisting of 24,000 square feet of inline retail space and an 8,300-square-foot freestanding Family Dollar situated on 8.3 acres. Additional pad sites are available for future development. The center, built in 2008, is located near I-295 and the New Jersey Turnpike. In addition to Family Dollar, other tenants located at the center include Subway, Scotto Pizza, a nail salon and a daycare center. Seth Hersh of HRG was the sole broker involved in the transaction and represented the seller, a private local real estate investment group. The buyer was a private real estate investment group located in the New York area.
