CONROE, TEXAS —Sherwin Williams has signed a 4,700-square-foot lease at The Shops at 336, a shopping center located along S. Loop 336 near Interstate 45 in Conroe, about 40 miles north of Houston. Stephen Phaigaru and Sandy Aron of Hunington Properties Inc. (HPI) represented the landlord in the lease negotiations. Other terms of the transaction were not disclosed.
DULUTH, GA. — Forge Capital Partners has sold Duluth Station, a 94,966-square-foot shopping center located in the Atlanta suburb of Duluth, for $9.8 million. Publix anchors the center, which is 81 percent leased to tenants including Kumon Math & Reading, Great Clips, H&R Block, St. Vincent de Paul, Panda Garden and Grand Tire. Jim Hamilton, Richard Reid, Mike Allison and Brad Buchanan of HFF marketed the property on behalf of Forge Capital. Slate Retail REIT purchased the asset.
CANTON, GA. — Preferred Apartment Communities Inc. has acquired Woodmont Village, an 85,639-square-foot shopping center located 40 miles north of Atlanta in Canton. The Kroger-anchored asset was acquired through the company’s wholly owned subsidiary New Market Properties LLC, which used a non-recourse first mortgage acquisition loan from Protective Life Insurance Co. The seller and terms of the transaction were not disclosed.
RALEIGH, N.C. — CBRE | Raleigh has arranged the $8.6 million sale of a six-property Dollar General portfolio located throughout North Carolina. Joe Graham of CBRE | Raleigh led the 1031 tax deferred exchange on behalf of the seller, a company affiliated with Raleigh-based Vanguard Property Group, a development and investment management firm. Michael McManus of Marcus & Millichap represented the buyer, a local private investor. Each Dollar General location holds a long-term, triple-net lease.
ROSEMOUNT, MINN. — CBRE has brokered the sale of Rosemount Crossing in Rosemount, about 25 miles south of Minneapolis, for $7.6 million. Aldi anchors the 44,194-square-foot shopping center. Built in 2005, the three-building property is located on a five-acre site along South Robert Trail. The property was 92 percent occupied at the time of sale. Other tenants include Starbucks, Park Dental, Snap Fitness, Sprint and Fantastic Sams. Jim Leary of CBRE represented the seller, Rosemount Crossing LLC. A Seattle-based investment entity purchased the property.
BURNSVILLE, MINN. — Valley Natural Foods has unveiled plans to expand its grocery operation in Burnsville, approximately 15 miles south of Minneapolis. The company acquired a building adjacent to its existing 15,000-square-foot property and plans to add an additional 11,000 square feet of space. Built by Loeffler Construction and designed by Wilkus Architects, the building will be remodeled to expand food service, catering service, fresh departments and shopping convenience. The store will feature a new community room for meetings and a classroom for cooking classes. Existing Valley Natural Foods employees will staff the expanded facility. Construction will begin this month and is slated for completion in spring 2018.
ANN ARBOR, MICH. — The Boulder Group has negotiated the sale of a retail property net leased to ATI Physical Therapy in Ann Arbor for $2.4 million. The 8,200-square-foot, single-tenant property is located at 4765 Jackson Road near the University of Michigan. ATI has over 11 years remaining on its lease, which expires in January 2029. The building recently underwent a complete renovation. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private partnership. The buyer was also a Midwest-based private partnership.
NEW YORK CITY — Trinity Place Holdings has entered into an option agreement to acquire a newly built apartment building, located at 237 11th St. in Brooklyn’s Park Slope neighborhood, for $81 million. The 12-story building features 105 apartment units and 6,264 square feet of retail space, which is leased to Starbucks Coffee. On-site amenities include a courtyard garden, party room, fitness center, tenant lounge, bicycle storage room, parking and a landscaped rooftop terrace. The transaction, which is subject to customary closing conditions, is expected to close in the first quarter of 2018. The name of the seller was not released.
BETHLEHEM, PA. — Cronheim Mortgage has secured $117.5 million in permanent and construction financing for Madison Farms, a mixed-use development in Bethlehem, located north of Philadelphia and west of New York City. The development, upon completion, will feature 152,000 square feet of retail anchored by a 67,400-square-foot ShopRite; a two-story, Class A medical office building occupied by the Lehigh Valley Health Network; and 570 luxury one- and two-bedroom residential units across 15 buildings. Tenants at the property’s retail center include Starbucks Coffee, Chipotle Mexican Grill, Provident Bank, Pure Barre, Pet Valu and Supercuts. The residential property features a 6,500-square-foot clubhouse with a billiards room, multimedia center, fitness center, golf simulator and business center, as well as an outdoor deck with a pool, barbecues and fire pits. The financing — provided by American General Life Insurance Co. — consists of two separate loans placed on behalf of Madison Farms Retail and Madison Farms Residential with 20-year terms and 30-year amortization schedules. For Madison Farms Retail, Cronheim arranged $32 million in permanent financing. For Madison Farms Residential, the company secured an $85.5 million credit facility with two years of interest-only payments. This loan provides permanent financing for the 294-unit first phase of residential development, …
HOUSTON — It’s much too soon to know the extent of the damage Hurricane Irma has inflicted on Florida and the Southeast, but a clearer view is starting to emerge with regard to the total impact that Hurricane Harvey has had on the Houston commercial real estate market. Hurricane Harvey, a Category 4 storm that made landfall on Aug. 25 near Rockport, Texas, was the strongest storm to hit the Texas Gulf region since 1961, according to CBRE Research. The hurricane dumped more than 50 inches of rain across the region in a matter of days and caused extensive property damage due to flooding. Moody’s Analytics estimates that the hurricane caused anywhere from $81 billion to $108 billion in property damage and economic loss, including the closing of Port Houston and many oil and gas refineries. If these estimates are correct, this would make it the second costliest natural disaster in the history of the United States, only trailing Hurricane Katrina in 2005. Just a few weeks later, Hurricane Irma became the first Category 4 storm to make landfall in Florida since 2004. In its wake, the hurricane has caused severe damage in Miami, the Florida Keys and Naples, as …