HOUSTON — McCarthy Building Cos. has broken ground on a project to expand the Museum of Fine Arts, Houston, one of the largest museums in the United States and the oldest art museum in Texas. The project is located in Houston’s museum district, which attracts more than 8 million visitors each year. The redevelopment of the 14-acre campus consists of a new exhibition building, art school, below ground, two-level parking garage and a rooftop garden. Phase I of the $350-million campus expansion project includes the construction of the Glassell School of Art. The new facility will replace a building constructed in 1979. Nearly doubling the size of the previous building, the new Glassell School will include 80,000 square feet and will feature space for the junior and adult schools, which serve 7,000 students each year. Features of the new facility include fully digital studios and classrooms, exhibition space, an auditorium and street-level café.
Retail
CEDAR FALLS, IOWA — Cohen Financial has closed a $17 million refinancing loan for a 136,956-square-foot retail center located in Cedar Falls for a subsidiary of Midland Atlantic. East Viking Plaza is anchored by Scheels, a sporting goods store, and is shadow anchored by Target. Dan Rosenberg of Cohen Financial arranged the 10-year CMBS loan with Goldman Sachs Commercial Mortgage Capital.
ELYRIA, OHIO — The Cooper Commercial Investment Group has brokered the sale of a 179,646-square-foot retail center in Elyria, a southwest suburb of Cleveland, for $5.5 million. Midway Crossing is anchored by Olive Garden, Chipotle, Verizon and Planet Fitness. Bob Havasi and Dan Cooper of Cooper Commercial represented the seller, a New York-based institutional seller. The buyer was an Arizona-based private investment group.
DAYTON, OHIO — Marcus & Millichap has arranged the sale of a 36,756-square-foot retail center for $7.5 million. Sugarcreek Crossing I is comprised of three separate buildings and located at 5800 Wilmington Pike in Dayton. Tenants of the inline strip center include Mattress Firm, The UPS Store, Eagle Loan and Godfather’s Pizza. Tenants in the freestanding buildings include Cracker Barrel and Tire Discounters. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, an Ohio-based developer. They also secured and represented the buyer, a Washington-based private fund.
PHILADELPHIA — Square Mile Credit Partners, an investment fund managed by Square Mile Capital Management, has originated a $26.8 million first mortgage loan for Penrose Plaza in Philadelphia’s southwest submarket. The loan funds the recent acquisition of the 261,000-square-foot, grocery-anchored retail center, along with planned capital expenditures and tenant improvements. A joint venture between Onyx Properties, Abrams Realty & Development and Siguler Guff acquired the property, which is located at 2900-3000 Island Ave., in July 2015. The property is currently 51.5 percent leased to 17 tenants, including ShopRite supermarket, which signed a 20-year lease extension signed at the time of acquisition.
CHESTER TOWNSHIP, N.J. — HFF has arranged $14 million in refinancing for The Streets of Chester Shopping Center, a lifestyle retail center in Chester Township. The firm worked on behalf of the borrower, CPP Streets of Chester, to place the 10-year fixed-rate loan with Natixis Real Estate Capital Inc. The borrower plans to use the loan proceeds to retire existing debt previously arranged by HFF. Completed in 2006, the 104,682-square-foot property is tenanted by J.Crew, White House/Black Market, Chicos, Talbots, Ann Taylor, J.Jill, Jos. A. Bank, Charming Charlie, Olympia Sports, Country Casuals and Plow and Hearth. Jon Mikula of HFF arranged the financing.
HUNTINGTON, N.Y. — Island Associates has brokered the sale of a six-acre land parcel on Jericho Turnpike in Huntington. Matrix/Crest Group acquired the property for $7.8 million. The buyer plans to redevelop the site into a LA Fitness with two or three pad sites. The site offers access to Jericho Turnpike and W. Hills Road, which see more than 35,000 passing cars each day. Roger Delisle of Island Associates represented the seller, a former Rice Chevrolet car dealer, and the buyer in the transaction.
HIGHLANDS RANCH, COLO. — Pinnacle Real Estate Advisors LLC has arranged the $2.6 million sale of a newly constructed 3,798-square-foot Kneaders Bakery and Café in Highlands Ranch. Tom Ethington and Rob Edwards of Pinnacle represented the seller in the transaction.
NEW YORK CITY & ATLANTA — Colliers International Group has acquired Colliers International Atlanta. The current shareholders of Colliers Atlanta will continue to retain equity in the business under Colliers’ unique partnership model. Terms of the transaction were not disclosed. Founded in 1967, Colliers International Atlanta offers a full range of services for commercial real estate owners and occupiers. Comprising more than 250 professionals, Colliers International Atlanta provides investment sales, lease brokerage, capital markets, property management and project management to local, regional, national and international clients.
CLEVELAND, OHIO — Friedman Integrated Real Estate Solutions has brokered the sale of a 41,780-square-foot retail property in Cleveland. Brooklyn Centre is located at 3712-3762 W. 125th St. and is situated on 2.9 acres. The retail center was built in 1993 and is comprised of three buildings. The largest building is 29,780 square feet and is configured for a single tenant. The other two buildings are 6,000 square feet each. One facility is for a single tenant, and the other is a multi-tenant building. Tenants in Brooklyn Centre include Rent-A-Center and CVS Pharmacy. Rich Deptula of Friedman represented both undisclosed parties in the transaction.