ALEXANDRIA, VA. — Douglas Development has purchased 515 King St., a 70,000-square-foot office property in Alexandria. JLL represented the undisclosed seller in the $12 million transaction. The office property recently had renovations completed, including a lobby renovation, ground-floor retail renovation, designated office suites and the upgrade of coworking spaces. Additional plans called for refreshing the public spaces and incorporating a gym and locker rooms. Douglas Development is currently negotiating with perspective tenants for the retail spaces, with the anticipation of a restaurant opening. Located in the heart of Old Town Alexandria, 515 King St. is situated about nine miles from Washington, D.C.
HUTTO, TEXAS — JLL has negotiated the sale of Innovation Business Park, a 361,467-square-foot industrial development located in the northern Austin suburb of Hutto. The two-building complex was constructed in 2019 and 2020 and is leased to Western Industries, Three Way Logistics and Barnsco. Building features include 30- to 32-foot clear heights, 96 dock-high doors, a shared 200-foot-deep truck court, 536 parking spaces and ESFR sprinkler systems. Trent Agnew, Dustin Volz, Dom Espinosa, Josh Villarreal and Matthew Barge of JLL represented the seller, a partnership between Ledo Capital Group and St. Clair Commercial Real Estate, in the transaction. Chicago-based investment firm CenterPoint Properties purchased the asset for an undisclosed price.
HOUSTON — New York City-based investment firm Cadre has sold Lodge at Copperfield, a 330-unit apartment community in Houston. The property features one-, two- and three-bedroom units that are furnished with stainless steel appliances, built-in desks, individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, business center, clubhouse, outdoor grilling and dining areas and a dog park. Cadre originally acquired the property in 2018 and implemented a value-add program. The sales price was not disclosed. The undisclosed buyer has since rebranded the property as Weston at Copperfield.
COPPELL, TEXAS — Berkeley Partners, an investment firm with offices in Dallas and San Francisco, has acquired a 42,080-square-foot industrial building in Coppell, located near Dallas-Fort Worth International Airport. Jeremy Mojica and Nathan Denton of Lee & Associates represented the buyer in the transaction, which included land for future development. The seller was an entity doing business as Alford Coppell Real Estate Holdings LLC.
NEW HAVEN, CONN. — New York-based investment firm Paredim Partners has acquired Taft Apartments, a 194-unit multifamily complex situated across from Yale’s Old Campus (the oldest portion of the campus) in New Haven. Originally constructed as a hotel in 1912 and converted to residential use in 1978, the 14-story building houses studio, one- and two-bedroom units. Victor Nolletti, Eric Pentore and Wes Klockner of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, an entity doing business as Taft Realty Associates LLC, in the transaction. The trio also procured Paredim Partners, which plans to implement a value-add program, as the buyer.
BOGOTA, N.J. — JLL has arranged an undisclosed amount of predevelopment and construction financing for a 150,917-square-foot speculative warehouse that will be located in the Northern New Jersey community of Bogota. The site spans 10.8 acres at 14-22 River Road. Building features will include a clear height of 40 feet, 28 dock doors, three drive-in doors, an ESFR sprinkler system, 15 trailer parking stalls and 225 automobile parking spaces. David Sitt, Peter Rotchford, Matthew Pizzolato and Michael Lachs of JLL arranged the loan through Centennial Bank on behalf of the borrower, Thor Equities Group.
PHILADELPHIA — CBRE has negotiated the $7.2 million sale of The Retro Apartments, a 21-unit multifamily building located in Philadelphia’s Fishtown/East Kensington neighborhood. The five-story property was built in 2021 and offers one-, two- and three-bedroom units. Samantha Kupersmith and Spencer Yablon of CBRE represented the seller, Stamm Development Group, in the transaction. The buyer was a partnership between private investors Laibel Newhouse and Joel Friedman.
BROOKFIELD, WIS. — Marcus & Millichap has arranged the sale of a 31,067-square-foot office building in the Milwaukee suburb of Brookfield for $3.2 million. Nu-Art Dental Lab occupies the net-leased property, which is located at 160 Bishops Way within the Bishop’s Woods Office Park. Nu-Art has occupied the building since 2013. The Rowlett Group of Marcus & Millichap’s Milwaukee office represented the seller, a private investor. The Rowlett Group and Tom Gommels of Marcus & Millichap’s Minneapolis office represented the buyer, an out-of-state limited liability company. The tenant had more than seven years remaining on its lease term at the time of sale.
SEATTLE — Hudson Pacific Properties Inc. (NYSE: HPP) has completed its purchase of Washington 1000, a fully entitled office development site in Seattle, for $85.6 million. The Los Angeles-based REIT will break ground immediately on a 546,000-square-foot office tower at the site. The total project costs, including the purchase price of the land, is anticipated to range from $340 million to $360 million. Washington 1000 is located at 1000 Olive Way within Seattle’s Amazon-anchored Denny Triangle submarket. The project will sit directly adjacent to the $1.9 billion Washington State Convention Center Addition project, which is adding numerous retail amenities and streetscape improvements to the neighborhood. Project architects LMN and Callison RKTL are designing Washington 1000 to achieve LEED Gold and Fitwel certifications. The design will appeal to post-pandemic office needs with enhanced HVAC filtration units and antimicrobial finishes at key touchpoints. The design will also allow for flexibility with 36,500-square-foot, column-free floorplates, as well as maximum natural light with high ceilings and floor-to-ceiling windows. The project will feature more than 22,000 square feet of amenity-rich outdoor space, including an indoor-outdoor rooftop lounge and two 5,000-square-foot terraces off the second-floor main lobby. The property will also have an end-of-trip facility that …
MOUNT VERNON, WASH. — Bridge33 Capital has completed the disposition of Skagit Valley Square, a retail power center located at 102-310 E. College Way in Mount Vernon. Transnational Management acquired the asset for $18.4 million. Dino Christophilis and Daniel Tibeau of CBRE’s Seattle office brokered the transaction. Formerly anchored by Albertsons, G.I. Joe’s and Rite Aid, the property was backfilled with a new tenant roster: Hobby Lobby, Tractor Supply, Goodwill and Dollar Tree. More than 140,000 square feet was leased up in an 18-month period.