NEW YORK CITY — Madison Realty Capital (MRC) has closed a $32 million construction loan for a mixed-use project at the former 266,322-square-foot St. John’s Queens Hospital, located at 90-02 Queens Blvd. in the Elmhurst neighborhood of Queens. The construction financing follows an initial $38 million acquisition loan provided by MRC in December 2013, which brings the total financing package from MRC to $70 million. Located along Queens Boulevard between 57th Avenue and Woodhaven Boulevard, the property allows for 148,109 square feet of residential space and 118,213 square feet of commercial and community space. Once redeveloped, the project will offer retail space and 144 residential units. Additionally, the purchaser acquired the four-story, 89,601-square-foot parking garage located behind the hospital building, which offers 290 parking spaces and direct access from Queens Boulevard. After the $38 million acquisition loan closed, MRC offered a conditional commitment to fund the remaining renovation of the property once the borrower received approvals on all building plans. St. John’s Queens Hospital has been closed since the hospital’s operator filed for bankruptcy in 2009.
PHILLIPSBURG, N.J. — National Realty & Development Corp. has signed two new tenants, totaling 49,480 square feet, at Pohatcong Plaza in Phillipsburg. Marshalls/HomeGoods and Quaker Steak & Lube have joined the 562,000-square-foot shopping center, which is located at the intersection of Route 22 and Greenwich Road. Marshalls/HomeGoods held its grand openings on September 18 and occupy 42,430 square feet of a redesigned building, which was formerly occupied by Walmart. Quaker Steak & Lube, a motor sports-themed casual dining concept, opened a 7,048-square-foot restaurant at Pohatcong Plaza II in late August.
LACOMBE, LA. — Weyerhaeuser Real Estate Development Co. (WREDCO) has begun developing Tamanend, an 848-acre master-planned community that will feature office space, a college, retail, restaurants and single- and multifamily residential units. Tamanend will be located in the centermost part of St. Tammany Parish north of Lacombe, which is approximately 45 minutes north of New Orleans. Gulf States Real Estate Services is providing project management, marketing and real estate consulting for the project. Northshore Technical Community College is planning to open an advanced technology center and STEM campus at Tamanend.
ALLISON PARK, PA. — Marcus & Millichap has brokered the sale of a ground-leased retail property located at 4849 William Flynn Highway. The 13,225-square-foot net-leased property sold for $2.9 million to an undisclosed buyer. The property is currently leased to CVS/pharmacy, which recently executed a 25-year absolute net-leased ground with 10 percent increases in the five-year option periods for the property. Michael Shover and Matthew Gorman of Marcus & Millichap’s Philadelphia office marketed the property on behalf of the seller, as well as securing and representing the buyer.
LAS VEGAS – The Grove, a 54,490-square-foot shopping center in North Las Vegas, has received an $11.6-million loan. The center is located at 365 W. Craig Road. The funds were used to finance the property’s acquisition. The Grove was built in 2006. It was 90 percent occupied at the time of sale. The borrower was High Valley VI LLC, a 1031 exchange buyer. The long-term, fixed-rate loan was arranged by CBRE’s Bruce Francis, Dana Summers and Robert Ybarra. It was funded through Goldman Sachs Mortgage Company.
BAYTOWN, TEXAS — Coldwell Banker Commercial United Realtors has arranged the sale of an 118,000-square-foot retail center located at 1801 N. Pruett St. in Baytown, just east of Houston. Donna Winfrey-Varner of Coldwell Banker represented the unnamed seller. A national investment group represented the buyer.
LEXINGTON, KY. — Wheeler REIT has assumed a contract previously entered into by Wheeler Interests LLC to acquire Bryan Station, a 67,177-square-foot retail center in Lexington, for roughly $6.1 million. Wheeler REIT expects to acquire the asset using a combination of cash and debt. The property is fully leased to tenants such as Planet Fitness, Shoe Carnival, Rent-A-Center and Cato Fashion. The retail center, built in 1995, is shadow-anchored by Kroger.
COLUMBUS — CASTO has completed redevelopment of an hhgregg store in northwest Columbus. Located on Sawmill Road just north of I-161/Dublin-Granville Road, the 36,851-square-foot store is adjacent to a new REI store projected to open this November. The redesigned hhgregg store opened to the public on Thursday, Sept. 18. Indianapolis-based hhgregg is an appliance retailer with 228 stores in 20 states. CASTO is a fully integrated real estate firm that specializes in the ownership, management, acquisition and development of commercial shopping centers and multi-family residences, office buildings and corporate parks.
BOCA RATON, FLA. — Marcus & Millichap has brokered the $11.1 million sale of Addison Court Shoppes, a 16,860-square-foot shopping center with a Bank of America outparcel in Boca Raton. The property’s address is 17940 N. Military Trail. Douglas Mandel and Brian Rosen of Marcus & Millichap represented the seller, a limited liability company based in Boca Raton. The shopping center’s tenant roster also includes Starbucks Coffee, Offerdahl’s, a salon, a drycleaner and Kee Grill.
WARREN, MICH. —Colliers International has arranged the retail lease of 2,006 square-feet in Warren. Firehouse Subs will occupy space at 32900 Dequindre Road. Barry Landau of Colliers International represented the landlord, Universal Mall Properties LLC. Landau has represented the landlord in much of its retail space leasing. Firehouse Subs is expanding throughout the metro Detroit area. This location joins 17 others throughout the state.