THE WOODLANDS, TEXAS — The Signorelli Co. has broken ground on Valley Ranch Town Center, a 240-acre retail district slated to open in early 2016 inside the 1,400-acre master-planned community of Valley Ranch. Valley Ranch is situated at the intersection of U.S. 59 and the Grand Parkway just north of Kingwood. A 135-acre park called The Grove will border the retail district. Other developments in Valley Ranch include construction of new homes in a variety of price ranges in the new Azalea District, along with several new parks and green spaces throughout the area. At completion, Valley Ranch will include 2,500 homes and townhomes and 1,000 multifamily residences. Valley Ranch Commerce District, a 70-acre corporate office park, and Valley Ranch Medical District, planned to include two acute-care hospitals and a medical village with shopping, dining and multi-family residential, are also slated for development in the future. Valley Ranch is located near Bush Intercontinental Airport, Houston’s Central Business District, The Galleria/Uptown, The Woodlands, and ExxonMobil’s new 385-acre campus in Spring.
SPRINGFIELD, OHIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $19.9 million sale of Springfield Commons, a 207,497-square-foot shopping center in Springfield. Lori Schneider of IPA represented the seller, a private investor. American Realty Capital Properties Inc. facilitated the acquisition on behalf of Cole Credit Property Trust IV Inc. Michael Glass of Marcus & Millichap’s Cleveland office is the firm’s broker of record in Ohio. Built in 1995 on 26.5 acres, the asset is located on Springfield’s main retail corridor at 1501 Bechtle Ave. with frontage on Bechtle Avenue, State Route 68 and State Route 41. Tenants at the shopping center include Lowe’s, Best Buy, PetSmart, Aaron’s, Planet Fitness and Mattress Firm.
ST. LOUIS — Tim Balk of Gershman Commercial represented CUNA Mutual Investment Corp. in the sale of two St. Louis area properties. The multi-tenant retail strip center located at 98 The Legends Parkway in Eureka was purchased by The Legends Plaza LLC, represented by Roger Zigler and Steve Symsack, also with Gershman Commercial. The retail center features 15,859 rentable square feet and is located on 1.57 acres. The property is 92 percent leased. Gamma Enterprises LLC, represented by Lee & Associates, purchased 2055 Craigshire Road. The four-story, 35,701-square-foot office building is located on 2.39 acres in the Westport area of Maryland Heights. The property is 97 percent occupied.
OWINGS MILLS, MD. — The Greysteel Co. has brokered the $31.7 million sale of New Town Village Center, a 117,593-square-foot grocery-anchored shopping center located at 9700-9780 Groffs Mill Drive in Owings Mills. Constructed in 1996, the shopping center was 98 percent leased at the time of sale to tenants such as Giant Food, Starbucks Coffee, Hair Cuttery, M&T Bank, Merritt Athletic and Ledo Pizza. Gil Neuman of Greysteel’s Mid-Atlantic office led the Greysteel team in representing the seller, Black Oak Associates LLC. Greysteel also procured the buyer, Inland Real Estate Group Inc.
BOSTON — 226 Causeway Holdings LLC has completed the disposition of an office and retail property located at 226 Causeway in downtown Boston. The six-story Class A property sold for $92 million. The 192,890-square-foot property is 92 percent leased to a variety of tenants and anchored by two divisions of TripAdvisor, Oxfam America’s headquarters, the headquarters of the NBA’s Boston Celtics and Stantec. The property recently underwent a $1.7 million capital improvements program, including a complete lobby renovation, updated common areas and new building signage. Robert Griffin, Edward Maher and Matt Pullen of Cushman & Wakefield represented the seller in the transaction. The name of the buyer was not released.
NEW YORK CITY — Kalmon Dolgin Affiliates has brokered the sale of three properties, totaling 51,000 square feet, in the Williamsburg area of Brooklyn. ITF Corp + 735 Bedford Ave LLC sold the properties for $7.5 million to Moses Wertheimer. The properties are located at 11/13/15 Spencer St., 466 Flushing Ave. and 23/25/27 Spencer St. Aqua Best Inc., a seafood distributor, currently occupies 5,000 square feet of the space. Neil Dolgin of Kalmon Dolgin represented the seller in the transaction; the buyer was self-represented.
KIRKLAND, WASH. — The Village at Totem Lake LLC, a joint venture between CenterCal and PCCP, has acquired Totem Lake Mall in Kirkland for $35.5 million. The 290,000-square-foot mall is located at 12601 120 Ave. The JV plans to redevelop the 40-year-old mall into a modern center with a “village feel.” The new iteration will be a mixed-use grocery and theater-anchored center with retail, residential, entertainment, office and other components. The renovation will begin in about one year. Current tenants at the center include KeyBank, AutoZone and Ross Dress for Less. The sellers were Developers Diversified Realty and Coventry Real Estate Advisors.
NEW YORK CITY — Eastern Consolidated has arranged the sale the Ridge Street portfolio, three contiguous mixed-use buildings located on the Lower East Side. A partnership between Admiral Capital Group and Four Winds Realty purchased the properties for $50 million from Judah Klausner and Richard Freedman. Located at 198-200 Rivington St., 110-114 Ridge St. and 118 Ridge St., the portfolio includes 64,000 square feet featuring 61 residential units, three retail stores and one 6,250-square-foot community facility space. Deborah Gutoff of Eastern Consolidated procured the buyer, while Gutoff and Ronda Rogovin, also of Eastern Consolidated, represented the sellers in the transaction.
PAOLI, PA. — HFF has arranged $38.3 million in financing for Paoli Shopping Center, a grocery-anchored retail center in Paoli. HFF worked on behalf of Berwyn, Pa.-based Brandolini Cos. to secure the long-term, fixed-rate mortgage through an institutional lender advised by Quadrant Real Estate Advisors. The loan will be used to refinance existing debts. Situated on 18.8 acres, the 165,617-square-foot center is 96.8 percent occupied by a variety of tenants, including Acme Markets, Pier 1 Imports, Talbots, Loft, Chico’s, JoS. A. Bank, Francesca’s, Einstein’s Bagels, Bravo’s Pizza and Kitchen Capers. Ryan Ade led the HFF team that represented the borrower in the financing.
NEW YORK CITY AND GREENWICH, CONN. — Avant Capital Partners has originated $6.3 million in bridge loans for two properties in Manhattan and Greenwich. The project located in Manhattan’s Midtown West neighborhood comprises three contiguous mixed-use properties offering 20 apartments and three ground-floor retail units in a total of 16,916 square feet. In Greenwich, the asset consists of four under-construction condominium units. Each unit will feature three bedrooms, 3.5 bathrooms and high-end interior finishes, including hardwood floors and high ceilings. The average unit size for the condos is 3,650 square feet.