Over the past decade, urbanization has emerged as one of the most impactful trends to hit the real estate industry. This trend, embodied by the live-work-play concept, has been embraced by all demographic cohorts, from millennials to baby boomers and even retirees. While the impact has been most visible in the urban core, Boston’s suburbs are also being transformed, and the inclusion of pedestrian-oriented retail into new and existing projects is playing the integral role. Modernized, high-traffic retail concepts now provide the coveted ability to work, shop, dine and entertain with the same convenience of downtown while being proximate to the region’s top bedroom communities. The Polaroid Site, Waltham Waltham is Boston’s top suburban office market; however, its biggest drawback had been a lack of real amenities. Sam Park & Company acquired Polaroid’s former headquarters and planned a 1.5 million-square-foot, mixed-use development, which includes Market Basket, Not Your Average Joe’s, Flank, Starbucks and Jake n Joes Sports Grille. The existing and improving amenity package at 1265 Main immediately drew the attention of Clarks, which moved its American headquarters to a new 120,000-square-foot building on the site. MarketStreet Lynnfield Once the Colonial Country Club, MarketStreet Lynnfield is now a mixed-use development …
ROCHESTER, N.Y., AND CLEVELAND — HFF has secured $33.7 million for the refinancing of a 21-building retail portfolio located in the greater Rochester and Cleveland metro areas. The borrower is FX Net Lease Holdings LLC. Chris Hew, Dan Martin and Evan Parker of HFF arranged the 18.5-year, fixed-rate loan with Allegiant Real Estate Capital. Totaling 65,588 square feet, the properties are all triple-net leased to Wendy’s.
NEW YORK CITY — Integra Real Estate Capital has secured $16 million in financing for a retail condominium located at 1809 Emmons Ave. in Brooklyn. Located at the base of The Vue, the two-story condominium features 26,000 square feet of retail space. The Vue is a newly constructed residential tower developed by Rybak Development. Igor Goldenberg of Integra negotiated the 10-year interest-only loan with a CMBS lender for the undisclosed borrower.
TYNGSBOROUGH, MASS. — Senate Construction Co. has been awarded the design/build contract to construct a mixed-use facility in Tyngsborough for Crane Realty Trust. The 50,000-square-foot building will feature office and manufacturing space. Mass Crane & Hoist Inc. will use the facility as its new headquarters.
POYNETTE, WIS. — Marcus & Millichap has arranged the sale of a 17,873-square-foot retail property net leased to Piggly Wiggly in Poynette, about 27 miles north of Madison, for $2 million. The property, located along Highway 51, was built in 1998 as a build-to-suit for Piggly Wiggly. The grocery store’s lease was recently extended for 10 years through February 2028. Jeff Rowlette of Marcus & Millichap marketed the property on behalf of the seller and secured the buyer. Both were limited liability companies.
WINDERMERE, FLA. — CBRE has arranged a $22.1 million loan for Westside Shoppes, a 68,346-square-foot retail center in Windermere, roughly 12 miles southwest of Orlando. Zac Brumbaugh of CBRE arranged the 10-year, non-recourse loan with a 30-year amortization schedule on behalf of the borrower, Unicorp National Developments Inc. At the time of sale, Westside Shoppes was fully leased to tenants including AT&T, Tijuana Flats, Keke’s Breakfast, Dunkin’ Donuts, Wendy’s, Panera Bread and Adena Grille.
HOUSTON — STRIVE has brokered the sale of a retail property leased to Dairy Queen in Houston. The property is a pad site to Mount Houston Square Shopping Center, a 175,000-square-foot retail center located on the city’s north side. Jason Vitorino of STRIVE represented the seller, an Atlanta-based developer, and procured the buyer, a Houston-based investor. Other terms of sale were not released.
NEW YORK CITY — Madison Realty Capital has provided a $64 million construction loan for 200 Kent Avenue, a mixed-use development located in Brooklyn’s Williamsburg neighborhood. The 117,326-square-foot project will feature 50,101 square feet of retail space, 22,055 square feet of office and restaurant space and 45,170 square feet of parking. The retail portion of the development will be anchored by a popular national grocery chain. MRC funded a portion of the $64 million facility at closing to retire existing debt and will provide further advances for construction as the project progresses.
MONROEVILLE, PA. — Ten Capital Management has sold its limited partnership interest in Miracle Mile Retail Center in Monroeville, located 13 miles east of Pittsburgh. M&J Wilkow in a joint venture with ALTO Real Estate Funds acquired the interest in the 299,894-square-foot regional power center. At the time of sale, the property was 98 percent occupied by a variety of tenants, including LA Fitness, Marshalls, PNC Bank, DSW, Old Navy and OfficeMax. The general partner in the interest partnership is an affiliate of Pearson Partners.
MARIETTA, GA. — Capital Properties Group and Concordia Properties have unveiled the first round of restaurant tenants to occupy Marietta Square Market, a new food hall concept located in the Historic Marietta Square District, roughly 20 miles north of downtown Atlanta. The 18,500-square-foot converted warehouse building, located adjacent to the railroad tracks at 68 N. Marietta Parkway N.W., will have the look of a historic train station complete with a restored trolley car and a porch that wraps around two sides of the building. The food hall will feature 19 restaurant and retail concepts. Signed tenants at the project include Forno — Wood Fired Artisan Pizza, Street Taco, Grand Champion BBQ, Toppoke Korean & Poke and Pita Mediterranean Street Food. Kelly Wilson of Windsor Realty Group is handling the project’s leasing assignment. Marietta Square Market is slated to open in summer 2018.