DALLAS — Baker Botts LP, an international law firm, has renewed its 104,179-square-foot lease at Trammell Crow Center, a 50-story, 1.1 million-square-foot office tower located at 2001 Ross Ave. in downtown Dallas. Ramsey March, Sara Terry and Scott Sowanick of Stream Realty Partners represented the landlord, Trammell Crow Co., in the negotiations. Phil Puckett and Harlan Davis of CBRE represented Baker Botts.
AMARILLO, PLAINVIEW AND LUBBOCK, TEXAS — Marcus & Millichap has arranged the sale of a nine-property portfolio of Extra Space Storage facilities located in Amarillo, Plainview and Lubbock. The 644,795-square-foot portfolio encompasses 1,237 climate-controlled units, 3,527 non-climate-controlled units and 18 offices. Brett Hatcher and Charles LeClaire of Marcus & Millichap represented the seller, a Texas-based limited liability company, and procured the buyer, also a limited liability company.
DALLAS — Cypress Equities has sold eight Walmart Neighborhood Market grocery stores in Alabama and South Carolina to an undisclosed REIT. Dallas-based Cypress Equities has served as a preferred developer in the Walmart Neighborhood Market build-to-suit program that was established in January 2014. In the past three years, Cypress has constructed and opened 20 Walmart Neighborhood Markets, and this sale represents the final disposition of the 20-store portfolio, which also includes stores in Texas. Listing brokers for the portfolio include Glen Kunofsky, Lauren Veres, Mike James and Don McMinn at Marcus & Millichap; Pat Luther, Matt Mousavi, Kyle Stonis and Ryan Hoff of SRS Real Estate’s National Net Lease Group; and Brad Moulder of Stan Johnson Co. The sales price and store locations were not disclosed.
SANTA ANA, CALIF. — Five new stores are set to open at MainPlace Mall by fall 2017: Paradis Ice Cream, Squiz Up, Miniso, Rocky Mountain Chocolate Factory and Destination XL. Paradis Ice Cream offers low fat desserts. Squiz Up will open in spring 2017 in a 500-square-foot space in the food court. The company offers juices, smoothies and iced beverages. Miniso will open in summer 2017 in a 1,400-square-foot space. Miniso is a Japanese fast-fashion designer selling homeware, bags and electronics. Rocky Mountain Chocolate Factory sells handmade chocolates and confections. The chocolate shop will be located in a 1,100-square-foot space and opens in summer 2017. Destination XL opens in fall 2017 in a 4,800-square-foot store. The company is a men’s retailer offering brands, styles and sizes starting at waist size 38.
MIAMI — Thor Equities has inked leases with fashion footware retailer Steve Madden and international ice cream shop Häagen-Dazs along Lincoln Road, Miami’s high-street retail district. Steve Madden will occupy 2,300 square feet at 663 Lincoln Road, and Häagen-Dazs will occupy 1,000 square feet at 665 Lincoln Road. Thor Equities owns the 5,000 square feet of space at 663-667 Lincoln Road, which also features a 1,700-square-foot space leased to Pizza Rustica. Fiorella Perez of Rovira Realty represented Häagen-Dazs in the lease transaction, and Steve Madden was represented internally. George Stanchfield represented Thor Equities internally in both lease deals.
SUNRISE, FLA. — Franklin Street has arranged the sale of and secured financing for Sunset Apartments, a 54-unit multifamily community located at 2340-2350 N.W. 72nd Ave. in Sunrise, a suburb of Fort Lauderdale. Tony Gannacone, Greg Matus and Dan Dratch of Franklin Street represented the Canada-based seller, RonJack Properties LP, in the transaction, and procured the unspecified buyer. The 10-year, nonrecourse acquisition loan features a fixed 3.5 percent interest rate. Franklin Street’s Evan Seacat and Ryan Cassidy provided insurance services for the asset.
POMPTON PLAINS, N.J. — HFF has arranged the $51 million sale of Plaza 23, a 161,000-square-foot, grocery-anchored shopping center located in Pompton Plains. HFF marketed the property on behalf of the unnamed seller. Phillips Edison Grocery Center REIT II purchased the asset free and clear of existing debt. Anchored by Stop & Shop, Plaza 23 is the only grocery-anchored shopping center in Pompton Plains. Other tenants include T.J. Maxx, HomeGoods, GNC, Moe’s Southwest Grill and Sally Beauty Supply. Smashburger will also be opening soon. The property has a potential pad development site on its 18.8 acres. Each day, more than 54,000 vehicles pass by the development, which is located at 500 Route 23 N.,. The HFF investment sales team representing the seller included Jose Cruz, Thomas Didio, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and Robert Borny.
STRATFORD, CONN. — Cushman & Wakefield has brokered a 10-year lease extension totaling 100,968 square feet for Yale New Haven Health (YNHH) and North East Medical Group (NEMG) at 99 Hawley Lane in Stratford. Jay Hruska of Cushman & Wakefield led the leasing efforts on behalf of the tenants, while Joseph Codi internally represented building owner Mountain Development. YNHH and NEMG will house multiple office and support functions at the location. 99 Hawley Lane, also known as Merritt 8 Corporate Park, is a Class A office building with recently renovated common areas. Amenities include a cafeteria, corporate conference center, fitness center, lobby concierge and structured parking.
IRVINE, Calif. — HCP (NYSE: HCP) has completed its previously announced sale of 64 Brookdale Senior Living-operated multifamily communities for $1.1 billion. The deal was announced in November 2016. Affiliates of Blackstone Real Estate Partners VIII LP purchased the portfolio, with Brookdale staying on as operator. Specific names and locations of the properties were not disclosed. The properties total 5,967 units, which equates to a sale price of $189,000 per unit. Occupancy for the portfolio was 85.2 percent at the time the sale was announced. KeyBank Real Estate Capital’s Healthcare platform provided a $703 million financing package for the buyers. Charlie Shoop of KeyBank Real Estate Capital’s Commercial Mortgage Group led the financing team for a Fannie Mae credit facility, which accounts for the bulk of the financing. Peter Trazzera of KeyBank Real Estate Capital’s Healthcare Group led the financing team for KeyBank’s balance sheet financing that made up the rest of the loans. At the time the sale was announced, HCP also noted its plans to terminate leases on 25 Brookdale properties totaling 2,031 units over the next year. HCP also plans to transfer eight expiring Brookdale triple-net leases to a RIDEA structure, through a joint venture where Brookdale acquires 10 percent interest in the properties. …
HOUSTON — CBRE has negotiated a 159,785-square-foot industrial lease on behalf of McLane Group International LP, a global logistics firm, at Interstate Commerce Center in north Houston. Located at 1902 Cypress Station Drive on Houston’s north side, the property consists of about 284,000 square feet of industrial space. Patrick Rollins of CBRE represented McLane Group in the transaction. Stream Realty represented the landlord, Hillwood Investment Properties.
