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AcquisitionsLoansMultifamilyTexas

Newmark Provides $53.9M Agency Acquisition Loan for Multifamily Property in Northlake, Texas

by Taylor Williams

NORTHLAKE, TEXAS — Newmark has provided a $53.9 million Fannie Mae acquisition loan for Dry Creek Ranch, a 456-unit multifamily property in Northlake, located north of the metroplex in Denton County. Built on 29 acres between 2014 and 2017, Dry Creek Ranch features one-, two- and three-bedroom units and amenities such as multiple pools, a fitness center, clubhouse, business center, basketball court and a car wash station. Adam Randall, John Westby-Gibson and Drake Blodgett of Newmark originated the five-year, fixed-rate loan on behalf of the buyer, Denver-based Bow River Capital. Drew Kile, Taylor Hill, Joey Tumminello, Michael Ware and Shelby Vosburg of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Western Securities, in the transaction and procured Bow River as the buyer.

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Wintergreen-Distribution-Center-Hutchins-Texas
AcquisitionsIndustrialTexas

Cushman & Wakefield Brokers Sale of 754,822 SF Industrial Building in Hutchins, Texas

by Taylor Williams

HUTCHINS, TEXAS — Cushman & Wakefield has brokered the sale of Wintergreen Distribution Center, a 754,822-square-foot industrial building in Hutchins, a southern suburb of Dallas. Wintergreen Distribution Center was built on 42.7 acres in 2018 and features a cross-dock configuration, 36-foot clear heights, 164 loading doors, an ESFR sprinkler system and parking for 303 cars and 205 trailers. Jud Clements, Robby Rieke, Emily Brandt and Trevor Berry of Cushman & Wakefield represented the seller, Boston-based Cabot Properties, in the transaction. The buyer and sales price were not disclosed.

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AcquisitionsIndustrialSelf-StorageTexas

Marcus & Millichap Arranges Sale of 359-Unit Self-Storage Facility in Azle, Texas

by Taylor Williams

AZLE, TEXAS — Marcus & Millichap has arranged the sale of KO Storage, a 359-unit self-storage facility in Azle, a northwestern suburb of Fort Worth. Built on 5.3 acres in 2016, KO Storage spans 65,725 net rentable square feet across 10 single-story buildings, inclusive of traditional drive-up units and enclosed parking spaces. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the seller in the transaction procured the buyer.

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LoansMultifamilyNew YorkNortheast

Affinius Capital Provides $226M Loan for Refinancing of Downtown Brooklyn Apartment Tower

by Taylor Williams

NEW YORK CITY — Affinius Capital has provided a $226 million loan for the refinancing of 55 House, a 43-story apartment tower in downtown Brooklyn. The building houses 295 residences — 206 market-rate apartments and 89 affordable housing units — as well as 3,500 square feet of retail space. Units come in studio, one-, two- and three-bedroom floor plans, and amenities include a fitness center, rooftop terrace, lounge, media room and coworking space. The project was announced in June 2023, and leasing launched earlier this year. The borrower is a joint venture between locally based developer Lonicera Partners and New York-based investment firm Rabina.

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Eliot-on-Ocean-Revere-Beach-Massachusetts
LoansMassachusettsMultifamilyNortheast

JLL Arranges $67.3M Loan for Refinancing of Metro Boston Apartment Building

by Taylor Williams

REVERE BEACH, MASS. — JLL has arranged a $67.3 million loan for the refinancing of Eliot on Ocean, a 194-unit apartment building in Revere Beach, located northeast of Boston. Built in 2016, Eliot on Ocean offers one-, two- and three-bedroom units and amenities such as a fitness center, entertainment lounge, game room, outdoor grilling and dining stations and multiple outdoor terraces. Scott Aiese, Tom Sullivan and Alex Staikos of JLL arranged the three-year, floating-rate loan through Bridge Investment Group on behalf of the owner, Invictus Real Estate Partners.

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Extra-Space-Storage-Glen-Rock-New-Jersey
DevelopmentIndustrialNew JerseyNortheastSelf-Storage

Extra Space Storage to Open 891-Unit Facility in Glen Rock, New Jersey

by Taylor Williams

GLEN ROCK, N.J — Extra Space Storage will open an 891-unit facility in the Northern New Jersey community of Glen Rock. Shadowbrook Capital is developing the three-story facility at 161 Harristown Road, which will feature 92,175 net rentable square feet of space. Units will range in size from five-by-five-foot spaces to 10-by-30-foot bays. Michael Klein, Nazario Paragano and Michael Donohoe of JLL arranged an undisclosed amount of construction financing for the project through Provident Bank. Completion is slated for sometime next year.

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Leasing ActivityNew YorkNortheastOffice

New York State Unified Court System Signs 16,000 SF Office Lease in Long Island

by Taylor Williams

GARDEN CITY, N.Y. — The New York State Unified Court System has signed a 16,000-square-foot office lease in the Long Island community of Garden City. The space is located on the third floor of Garden City Center, a 200,000-square-foot building that offers amenities such as a conference center, fitness center, café and a tenant lounge. Ralph Guiffre of CBRE represented the tenant in the lease negotiations. Andrew Wiener and Robert Fisher represented the landlord, The Feil Organization, on an internal basis.

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AcquisitionsIllinoisMidwestOffice

Cushman & Wakefield Arranges $115M Sale of Chicago Office Tower

by Kristin Harlow

CHICAGO — Cushman & Wakefield has brokered the $115 million sale of 225 W. Wacker Drive, a Class A office tower overlooking the Chicago River in downtown Chicago. Prime Finance and Hines purchased the property from Spear Street Capital. The 31-story, 651,000-square-foot building is situated where Chicago’s West Loop and River North neighborhoods converge. Tenants include Cushman & Wakefield, which will remain an anchor tenant under the building’s new ownership. Cody Hundertmark, Tom Sitz, Jeremiah Olsen and Kelsey Berry of Cushman & Wakefield represented the seller. Jeff Altenau of Cushman & Wakefield advised Prime Finance in sourcing acquisition financing. Cushman & Wakefield is also expected to be retained to oversee property management and agency leasing on behalf of Prime Finance. During Spear Street Capital’s tenure, the property underwent significant capital improvements, including a lobby renovation, upgraded conferencing and collaboration spaces, a hospitality-driven tenant lounge, fitness facilities and an outdoor rooftop terrace. The new ownership plans additional investments, including a re-envisioned lobby-level restaurant and bar.

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AcquisitionsIowaMidwestOhioRetail

United Properties Acquires Two Retail Centers in Iowa, Ohio for $34.4M

by Kristin Harlow

DAVENPORT, IOWA AND MANSFIELD, OHIO — United Properties Corp. has acquired two retail centers in Iowa and Ohio for a total price of $34.4 million. The company now owns more than 10 million square feet. Village Shopping Center in Davenport totals 233,100 square feet. The sales price was $23.9 million. Anchored by Ross Dress for Less, Ollie’s Bargain Outlet, Five Below and Pet Supplies Plus, the property is 91 percent occupied. Appleseed Center in Mansfield totals 147,254 square feet. The purchase price was $10.5 million. Anchor tenants at the property include Ollie’s Bargain Outlet, Ace Hardware and Dollar Tree.

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AcquisitionsKansasMidwestMultifamily

Northmarq Brokers Sale of 56-Unit Apartment Complex in Lawrence, Kansas

by Kristin Harlow

LAWRENCE, KAN. — Northmarq has brokered the sale of 1621West Apartments, a 56-unit property in Lawrence. Casey Wilhm, Jeff Lamott and David Belpedio of Northmarq represented the seller, DCBE1621 LLC. The Robert Corry and Nathalie Corry Family Revocable Trust was the buyer. The asset features a mix of one- and two-bedroom units. Built in 2026, the property is located within one mile of the University of Kansas campus.

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