HAMILTON, N.J. — Marcus & Millichap has brokered the sale of a single-tenant retail property, located at 2021 Nottingham Way in Hamilton. A private developer sold the property to a private investor for $5.5 million. Walgreens occupies the 14,280-square-foot property on a net-leased basis. Karly Iacono of Marcus & Millichap represented the seller, while Iacono and Jonathan Zamora, also of Marcus & Millichap, represented the buyer in the deal.
OMAHA — Darland Construction Co. has completed the new corporate headquarters and dealership for Truck Center Cos. in Omaha. The 180,000-square-foot property is located on a 26-acre site at the corner of I-80 and Highway 50. The two-building project features a full-service body shop, 60 service bays, an on-site diesel tech training center and a 34,000-square-foot parts warehouse. Darland completed the project more than two months ahead of schedule. Schemmer was the project architect.
SAN ANTONIO — HFF has negotiated the sale of Nacogdoches Crossing, a 22,434-square-foot shopping center located at 6826 N. Loop 1604 in northeast San Antonio. The property, which is shadow-anchored by a Walmart Supercenter and leased to tenants such as Taco Cabana and Rolling Oaks Dental, includes two acres of development-ready land that can accommodate about 19,000 square feet of additional retail space. John Taylor and Drew Fuller of HFF represented the seller, Santikos Real Estate Services, a San Antonio-based retail developer, in the transaction. A private investor purchased the asset free and clear of debt for an undisclosed price.
NASHVILLE, TENN. — HFF has arranged a $26.7 million construction loan for the adaptive reuse of the former May Hosiery textile mill in Nashville. The development is located at 425 to 431 Chestnut St. and 510 Houston St. in the city’s Wedgewood Houston neighborhood. Danny Kaufman and Christopher Knight of HFF arranged the two-year, floating-rate loan through LoanCore Capital on behalf of the borrower and developer, Chicago-based AJ Capital Partners. Proceeds of the loan will be used for the renovation and remaining lease-up of the property. Constructed in 1909, the 120,000-square-foot facility was originally home to May Hosiery, which made socks through most of the 20th century. AJ Capital Partners is redeveloping the property into a mixed-use space featuring 80,000 square feet of creative office space and 40,000 square feet of retail and restaurant space. In addition, the project will include a private rooftop terrace and central outdoor spaces. At the time of closing, the development was 47 percent preleased to Tuck-Hinton Architects, Southcomm Media, Dream Technologies, Parson’s Chicken & Fish and Blockhouse Barbers.
AUSTIN, TEXAS — TREK Investment Group has brokered the sale of Tech Ridge Center, an 8,200-square-foot retail center in north Austin. Built in 2017, the Class A center was 100 percent leased at the time of sale to Orangetheory Fitness, Smoothie King and Mattress One. Parker Carroll of TREK represented the undisclosed buyer in the transaction. Other terms of sale were not released.
MOUNT LAUREL, N.J. — New York City-based Prestige Properties has acquired Centerton Square, a shopping center located at 2 Centerton Road in Mount Laurel. Black Creek Diversified Property Fund sold the property for $130 million. Wegmans anchors the 426,436-square-foot regional shopping destination. At the time of sale, the property was fully leased to more than 40 tenants, including DSW Shoes, TJ Maxx, Bed Bath & Beyond and Burlington, which is slated to open soon.
PHILADELPHIA — Boynton Beach, Fla.-based Trez Forman Capital Group has arranged a $6.7 million loan for the development of a mixed-use project located in Philadelphia. The borrower, Gagandeep Lakhama of 1413 Germantown LLC, plans to develop a six-story, 50-unit apartment building with 5,500 square feet of ground-floor commercial space on a 14,625-square-foot site at 1413 Germantown Ave. Ryan Howard of Trez Forman originated the loan. This is the first time Trez Forman has done business in the state of Pennsylvania.
NAPLES, FLA. — Investment Properties Corp. has arranged the $14 million sale of a retail building located at 990 1st Ave. N. in Naples. Hoffman Commercial Real Estate acquired the 11,560-square-foot building from NRE Design Park LLC. David Stevens of Investment Properties Corp. arranged the transaction.
DETROIT — Detroit City FC has unveiled plans to open a 75,000-square-foot indoor soccer facility in Detroit. Located in the former City Sports Center ice skating rink at 3401 E. Lafayette St., the new Detroit City Fieldhouse is currently undergoing renovations and is projected to open in September 2018. Detroit City FC is financing the renovations to the new facility, including installing new turf, energy-efficient lighting and providing additional cosmetic upgrades. A clubhouse will eventually be built between the two fields. Detroit City Futbol League, a neighborhood-based recreational adult soccer league that has been in operation since 2010 and includes more than 32 teams, will use the facility. The property will also become home to youth soccer clubs and leagues. City Sports Center formerly served as a practice facility for the Detroit Red Wings.
HOUSTON — CBRE has arranged the sale of Macy’s at West Oaks Mall, a 243,337-square-foot retail property situated on 18 acres at the corner of Westheimer Boulevard and State Highway 6 in Houston. 1st Emporium Inc., the retail division of digital investment firm Mehta Investments, purchased the two-building asset from Macy’s Holdings for an undisclosed price. The buyer, which also purchased the remainder of the mall in 2017, plans to redevelop the space into a department store that will be branded The Outlet at West Oaks. That store, which will specialize within clothing and home goods, is expected to open in the next six months. The first committed retailer to join The Outlet at West Oaks will be Formal Gallery, a formal dress shop. Brian Ashby and Sydney Dixon of CBRE represented Macy’s Holdings in the transaction.
