FRANKLIN AND DANVERS, MASS. — Avison Young has brokered the $37.2 million sale of a portfolio of two industrial buildings totaling 205,324 square feet in metro Boston. The properties, which were fully leased at the time of sale to tenants such as Panera Bread, JNJ Industries, Lansing Building Products and McCue Corp., are located in the southwestern suburb of Franklin and the northern suburb of Danvers. Scott Jamieson and Brandon Dickason of Avison Young represented the seller, Arris Partners LLC, in the transaction and procured the buyer, Denver-based Black Creek Group.
BOSTON — MassHousing has provided $28.5 million in financing for Council Tower, a 145-unit affordable seniors housing property in the Roxbury neighborhood of Boston. Excluding the property manager’s unit, all of Council Tower’s 28 studios and 117 one-bedroom units are subsidized by a Section 8 Housing Assistance Payment contract. The borrower, the Council of Elders Housing Corp., will use proceeds to refinance existing debt, fund capital improvements and preserve the affordability of the 17-story building.
AVENTURA, FLA. — Cardone Capital, the Aventura-based institutional investment firm owned by entrepreneur and real estate mogul Grant Cardone, has acquired a portfolio of multifamily properties in South Florida for $740 million. The per-unit price equates to about $438,000. The sellers were not disclosed. The portfolio comprises four communities totaling 1,688 units. Two of the properties, totaling 716 units, are located in Fort Lauderdale. The other two properties, totaling 972 units, are in Sunrise and Weston, both located in West Broward County. Cardone Capital is rebranding each of the communities under its signature 10X banner. The two Fort Lauderdale properties are newly built and feature studio, one- two- and three-bedroom units. Amenities include pools and fitness centers. Both communities are located in the city’s downtown area. The other two communities were constructed in the 1990s and have value-add potential, according to the buyer. “Acquiring these four properties, essentially simultaneously, is the largest deal I’ve done in my 30-plus years as a real estate investor,” says Cardone, who serves as CEO of his namesake company. “Each property has its own personality, but what they all share is the first thing I look for in property investments — super-convenient locations in high-growth …
FAIRFAX, VA. — KBS has sold Willow Oaks Corporate Center, a 584,147-square-foot, Class A office park in Fairfax, which is about 18.7 miles west from Washington, D.C. Bridge Investment Group purchased the property for $106 million. KBS owned the property via KBS Real Estate Investment Trust II. Built in three phases in 1986, 1989 and 2003, Willow Oaks Corporate Center is a three-building office park located near the intersection of Route 50 and the Capital Beltway. The office center has obtained WiredScore Gold and Silver certifications, which has to do with the property’s wired infrastructure, internet connectivity and resilience. The property also features EV car-charging stations and an energy-management system. Building amenities include bike storage, an outdoor picnic area, carwash and detail service, private tenant balconies, concierge service and multiple bus shuttles. Located at 8281-8399 Willow Oaks Corporate Drive, the property is 7.4 miles from George Mason University, less than one mile from Inova Fairfax Hospital and 1.1 miles from the Mosaic District Town Center, a 31-acre mixed-use development with retail and dining options. The property is also situated near several retailers and restaurants such as Great Wall Supermarket, McDonald’s, Starbucks, Sweetwater Tavern and CVS/pharmacy. Under KBS’ previous ownership, the …
CHARLOTTE, N.C. — CBRE has arranged the sale of Morehead Square, a 133,107-square-foot office building in Charlotte’s South End submarket. Charlotte-based Spectrum Cos. and Invesco Real Estate purchased the property from Charlotte-based Ferncroft Capital for $65.5 million, according to the Charlotte Business Journal. Patrick Gildea, Matt Smith, Grayson Hawkins, Joe Franco, Kris Westmoreland and Emily Barth of CBRE represented the seller in the transaction. Built in 2000, Morehead Square is a six-story property that features a 412-space surface and deck parking lot. The property is currently 71 percent occupied to tenants such as Charter Communications, U.S. Export Assistance Center, Bank OZK, WSP Engineering and West End Advisors. The office building has recently undergone several renovations, including improvements to the lobby and modernization of the first, second and sixth floors. Located at 1001 Morehead Square Drive, the property is situated at the intersection of East Morehead Street and Morehead Square Drive. Morehead Square is adjacent to the Lynx Light Rail Carson Street Station and is close to the AC Marriott Hotel, Westin Hotel, Dowd YMCA, Morehead Tavern, Midnight Diner and Bank of America Stadium, home arena of the Carolina Panthers NFL team.
PEACHTREE CORNERS, GA. — Charleston-based Blaze Capital Partners and joint venture partner Philadelphia-based Argosy Real Estate Partners have acquired The Spoke at Peachtree Corners, an extended-stay hotel in Peachtree Corners, about 21.9 miles north of downtown Atlanta. The two firms plan to convert the hotel property into a tech-oriented multifamily community, as well as plan to invest in interior and exterior capital improvements. The sales price and seller were not disclosed. Originally built as a hotel in 1989, The Spoke at Peachtree Corners has recently undergone property upgrades, including a remodeled clubhouse, gym, sports court and pool area. The unit interiors have also been modernized and currently feature hard surface countertops, stainless steel appliances and updated lighting fixtures. Located at 450 Technology Parkway NW, the property is situated northeast of Atlanta adjacent to the Atlanta TechPark, an office park housing more than 100 tenants. Blaze Capital and Argosy will complete interior upgrades at the property, including smart-home and technology-based work-from-home amenity space. The two firms will also complete exterior upgrades, including remodeling the clubhouse and leasing office, establishing upgraded and rebranded signage, converting the existing basketball court to outdoor amenity space, expanding the existing common laundry facility and painting the …
WINTER GARDEN, FLA. — Newmark has arranged the $123.5 million sale of The Westerly, a 352-unit multifamily community in Winter Garden, about 15 miles from Orlando. Fore Property Co. and Los Angeles-based PCCP LLC sold the recently completed property to Fort Lauderdale-based Ortsac Capital Group. Built in 2021, The Westerly is a 348,801-square-foot, LEED-certified apartment community with six four-story, elevator-serviced buildings. The property offers studio, one-, two- and three-bedroom floor plans with an average unit size of 991 square feet. Unit features include LED energy-efficient lighting, hardwood style floors, stainless steel appliances, full-sized washers and dryers, oversized soaking tubs, walk-in closets, walk-in shower and patio and balconies. Community amenities include a two-story clubroom, resort-style swimming pool, two fitness centers, sauna room, wine room with multiple gathering areas and a conference room. The property also offers a package service and has a maintenance and property manager onsite. Rents range from $1,545 to $3,150 per month, according to Apartments.com. Located at 14680 Westerly Drive, The Westerly is situated three miles from Walt Disney World Resort, 26 miles from Orlando International Airport and 25.7 miles from downtown Orlando. Additionally, the property is near medical employment centers including Orlando Health ER and Medical Pavilion …
FORT WORTH, TEXAS — NAI Robert Lynn has arranged the sale of Sylvania Industrial Park, an 880,000-square-foot manufacturing campus in Fort Worth. Todd Hubbard of NAI Robert Lynn represented the buyer, Dallas-based CanTex Capital, which plans to implement a value-add program, in the transaction. The seller and sales price were not disclosed. Sylvania Industrial Park is the largest crane- and rail-served manufacturing campus of its kind in the metroplex, according to the brokerage team.
HOUSTON — New York-based investment firm July Residential has acquired Carmel Creek Apartments, a 536-unit multifamily community in the Brookhollow neighborhood of Houston. Built in 1982, the property features one- and two-bedroom units ranging in size from 518 to 1,193 square feet and amenities such as a pool, fitness center and onsite laundry services. Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia originated an undisclosed amount of Freddie Mac acquisition financing for the deal. The loan carried a 10-year term, fixed interest rate, four years of interest-only payments and a loan-to-value ratio of 70 percent.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Meadow Ridge, a 40-building, 484-unit multifamily property located on the west side of Fort Worth. The property was built on 24 acres in 1981. Meadow Ridge has one-, two- and three-bedroom units that, according to Apartments.com, range in size from 621 to 1,280 square feet. Amenities include two pools, courtyards and a tennis court. Al Silva of Marcus & Millichap represented the seller, Lubbock-based Madera Residential, in the transaction. Silva also procured the buyer, a Dallas-based private investment firm.