RONKONKOMA, N.Y. — The Town of Brookhaven Industrial Development Agency (IDA) has closed on a package of economic benefits for the first phase of Tritec Real Estate Co.’s planned Ronkonkoma hub transit-oriented development project, which is expected to break ground soon. The package was approved unanimously in 2014, but did not close until recently due to the timing of required approvals, including sewer connections, and the acquisition by East Setauket, N.Y.-based Tritec and its partner of various properties at the project site from private owners. The total project, valued at $538 million, is expected to feature up to 1,145 apartments and 545,000 square feet of retail and office space on 50 acres near the Long Island Rail Road station. Phase 1 of the project, which includes the construction of infrastructure and 477,300 square feet of apartments on 11.9 acres, is valued at $112.7 million. The first phase is expected to create 977 construction industry jobs and 76 full-time jobs upon completion. The construction of the first phase is expected to take three years.
LATHAM, N.Y. — RD Management has completed the disposition of a retail center, situated on 12 acres in Latham. The Lia family acquired the 118,863-square-foot property for an undisclosed price. Formerly anchored by Kmart, the property consists of an unoccupied 96,805-square-foot big-box space, more than 800 parking spaces, an available out lot and a 22,058-square-foot Vent Fitness. RD Management owns 26 properties in New York and more than 150 properties in its national portfolio.
FRISCO, TEXAS — STRIVE has brokered the sale of Shops at Stonebriar, a 187,767-square-foot retail center located at the corner of Preston Road and Gaylord Parkway in the Dallas metro of Frisco. Situated adjacent to Stonebriar Centre Mall, the Class A center was 98 percent leased at the time of sale to tenants such as Toys “R” Us, Casual Male XL, Patel Bros. and Fuddruckers. Jason Vitorino and Jennifer Pierson of STRIVE represented the seller, a California-based partnership. A Texas-based private investor purchased the property for an undisclosed price.
NEW YORK CITY — HFF has arranged $61.5 million in construction financing for the development of Roosevelt Parc, a 15-story transit-oriented mixed-use development located at 71-17 Roosevelt Ave. in the Jackson Heights neighborhood of Queens. Steven Klein and Geoff Goldstein of HFF secured the floating-rate construction loan through Principal Global Investors for the borrower, an affiliate of Werber Real Estate. Being developed by Werber Real Estate and Socius Development Group, the property will feature 154 residential units, 16,577 square feet of retail space, 23,074 square feet of community facility space and a 186-space parking garage. Additionally, the property is within one block of the Jackson Heights – Roosevelt Avenue subway station. Designed by Marvel Architects, the development will feature 40,000 square feet of amenity space, including a rooftop deck, a movie screening room, a fitness center, a children’s playroom, a courtyard, lounge areas and a 24-hour concierge. Units will feature a mix of studio through four-bedroom floor plans with stainless steel appliances, granite countertops, wood flooring and in-unit washers and dryers.
SOUTH BURLINGTON, VT. — KeyPoint Partners has negotiated a lease with Target Corp. to open a location at University Mall (UMall) in South Burlington. The new Target store will occupy the 60,000-square-foot anchor space, which is currently occupied by The Bon-Ton. Construction for the new Target is slated to begin in February with the opening planned for October. Located on Dorset Street, UMall features more than 610,000 square feet of retail space. Current retailers and restaurants include Kohl’s, JCPenney, Sears, Charlotte Russe, American Eagle, Zumiez, Christopher & Banks and Applebee’s. Don Mace of KeyPoint Partners arranged the lease on behalf of the landlord.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a development site located at 2433 Pitkin Ave. in Brooklyn. A private investor acquired the site for $1.1 million. The buyer plans to develop a mixed-use property featuring 32 residential units and ground-floor retail space on the site. Jakub Nowak, Jim McGuckin and Thomas Brennan of Marcus & Millichap represented the seller, a private investor, and the buyer in the deal.
Steady employment gains and new households in metro Detroit have boosted optimism in the retail sector. The local economy added 36,500 nonfarm payroll jobs in the 12-month period that ended September 30, 2017, an expansion of 1.8 percent and in line with employment growth nationally. Job gains were led by the professional and business services sector, which filled more than 12,400 positions. This segment includes many well-paying tech jobs as companies such as Penske Logistics and Lear Corp. increase staffing. As of August, Detroit’s seasonally adjusted unemployment rate stood at 3.2 percent, down from 5.3 percent a year earlier, according to the Bureau of Labor Statistics. Amazon.com is rapidly expanding in the metro area. Amazon opened a fulfillment center in Livonia this fall, creating 1,000 positions, and has additional facilities planned in 2018 for Romulus and Shelby Township that will create a combined 2,600 jobs when fully staffed. The combination of job creation and increasing wages is boosting household incomes and contributing to rising retail sales. The median household income in the third quarter stood at $59,600 per year, slightly higher than the U.S. level. The gain in spending power is benefiting existing retail operations and attracting new businesses such …
COSTA MESA, CALIF. — CBRE has arranged the $55.7 million sale of The Triangle, a 204,523-square-foot restaurant and retail center in Costa Mesa. Philip Voorhees, Jimmy Slusher, Kirk Brummer, Megan Wood, Preston Fetrow, Matt Burson and John Read of CBRE arranged the transaction on behalf of the seller, a partnership led by Greenlaw Partners. A Los Angeles-based family office syndicate acquired the asset. At the time of sale, The Triangle was 94 percent leased to tenants including Yard House, 24 Hour Fitness, Tavern & Bowl, Triangle Cinemas and TIME Nightclub.
LANCASTER, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $5.6 million sale of Lancaster Triangle, a five-building, 35,569-square-foot retail center in Lancaster. Bill Asher and Jeff Lefko of Hanley Investment Group and Rosanne Morgiewicz of The Morgiewicz Co. arranged the transaction on behalf of the seller, Lancaster Triangle LLC, and the buyer, an undisclosed private investor. Lancaster Triangle was fully leased at the time of sale to tenants including Burger King, Fast Auto & Payday Loans, American Tire Depot, Sugary Donuts, Socorro’s Bridal and York Shore House Fish & Chips.
WARWICK, R.I. — HFF has arranged $75 million in refinancing for Warwick Mall, a super regional mall located at 400 Bald Hill Road in Warwick. The borrower is a joint venture between Bliss Properties, Mark T. Brennan & Co. and Lane Family Trust. Jennifer Keller and Andrew Gray of HFF arranged the 10-year, fixed-rate loan through Bank of America. Originally developed in the 1970s and renovated in 2011, the 978,659-square-foot mall is occupied by 86 tenants, including Nordstrom Rack, Macy’s, Jordan’s Furniture, Target, H&M, Old Navy and JCPenney. Additionally, the mall features a 12-screen Showcase Cinema, 12 restaurants and 5,000 parking spaces.