Rosenberg, Texas — The Signorelli Co. has announced plans for Phase I of Austin Point, a 4,700-acre master-planned community located roughly 30 miles southwest of Houston in Rosenberg. Upon completion, the development will feature 14,000 homes and 15 million square feet of multifamily, office, medical, retail and hospitality space. The project will also include the extension of Fort Bend Parkway and Grand Parkway at the development site for more convenient access to downtown Houston. Phase I of Austin Point is set to break ground in 2024 and will include the …
East Farmingdale, N.Y. — G.S. Wilcox has arranged a $10.6 million loan for the refinancing of a 34,877-square-foot retail property located in the Long Island community of East Farmingdale. The property consists of four buildings on a 6.9-acre site. David Fryer of G.S. Wilcox arranged the loan, which carried a 15-year term and a 30-year amortization schedule. The borrower and direct lender were not disclosed.
Marcus & Millichap Brokers $4.6 Million Sale of Retail Property Leased to CVS in Norton, Massachusetts
Norton, Mass. — Marcus & Millichap has brokered the $4.6 million sale of a 10,125-square-foot retail property in Norton, located in the southern part of The Bay State, that is net leased to CVS/pharmacy. The property was built on 1.5 acres in 2000. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Thomas Shihadeh of Marcus & Millichap assisted in closing the deal as the broker of record.
Los Angeles — Reuben Brothers, a private equity and real estate investment firm, has completed the development of Century Plaza, a $2.5 billion mixed-use project in the Century City area of Los Angeles. Sales and marketing of the development’s two 44-story residential towers totaling 268 for-sale residences will commence this fall. Designed by Pei Cobb Freed & Partners, the buildings offer residential amenities such as a pool, business center, outdoor dining spaces, a dog park and a children’s playroom. Century Plaza also features the reimagined Fairmont Century Plaza hotel, which …
New York City — Marcus & Millichap has brokered the $6.6 million sale of a 17,734-square-foot retail property on Staten Island that is net leased to Pep Boys. The automotive parts retailer has occupied the space at 1941 Forest Ave. for more than 15 years, and the property can support about 30,000 square feet of new development. Scott Plasky of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
James Balliet Property Group Arranges Sale of 225,000-Square-Foot Shopping Center in Quakertown, Pennsylvania
Quakertown, Pa. — Keller Williams Real Estate-The James Balliet Property Group has arranged the sale of Richland Plaza, a 225,000-square-foot shopping center located in Quakertown. Velocity Venture Partners acquired the property for $16.7 million. Tenants at the center, which is situated on 20 acres, include Wells Fargo, Ollie’s Bargain Outlet and Pearle Vision Center. James Balliet of James Balliet Property Group represented the seller, APS Associates, in the transaction. The buyer plans to redevelop the property.
New York City — Progress Capital has secured a $42.5 million loan for the refinancing of Bridgemarket, a 100,000-square-foot retail property located in Manhattan. Tenants at the property include Gustavino’s, T.J. Maxx, Ship Essentials and Trader Joe’s. Brad Domenico of Progress Capital arranged the loan on behalf of the borrower, MADD Equities, through an undisclosed lender.
Corona, Calif. — Progressive Real Estate Partners has brokered the $7.2 million sale of a single-tenant retail property located in Corona. Merit Auto Spa, a full-service car wash center, occupies the building, which is an outparcel to Corona Hills Marketplace. A California-based private investor purchased both the property and business. Victor Buendia of Progressive represented the undisclosed seller in the transaction.
Treasure Island, Fla. — Marcus & Millichap has arranged the $5.9 million sale of Treasure Island Plaza, a 20,000-square-foot retail strip center located in Treasure Island in metro Tampa Bay. Built in 1981, the property was leased to 11 tenants at the time of sale. The buyer, an investment firm based in Miami, plans to redevelop the one-acre parcel into a mixed-use building with 40 residences atop 10,000 square feet of retail space. Evan Cannan and Reid Thedford of Marcus & Millichap’s Tampa office brokered the transaction.
Surprise, Ariz. — Gantry has arranged a $53.4 million permanent loan for the refinancing of the The Village at Prasada, a 700,000-square-foot multi-phase retail center project in the Phoenix suburb of Surprise. The 7.5-year, fixed-rate loan will retire the construction debt for the first phase of the development, which comprises 308,640 square feet. Phase One was fully leased at the time of financing to tenants including Sprouts Farmers Market, Ross Dress for Less, HomeGoods, Marshalls, Ulta Beauty, Total Wine & More, PetSmart, T.J. Maxx and Floor & Décor. Tim Storey, …