MONT BELVIEU, TEXAS — McGrath Real Estate Partners has broken ground on Mill House, a 16,956-square-foot retail project in Mont Belvieu, located east of Houston. Mill House will be located within Riceland, a 1,500-acre, master-planned development. Mirador Group is the project architect, and SPD Construction is the general contractor. Palo Duro Commercial Partners is the leasing agent. Completion is slated for next summer.
JERSEY CITY — Locally based investment and development firm GN Management has acquired a multifamily development site in Jersey City with plans to construct a 57-story tower. The waterfront site is known as Harborside 9 and is approved for the development of 579 units, as well as 14,800 square feet of retail and a 555-space parking garage. Fifteen percent (87 residences) will be set aside as affordable housing. Information on floor plans and amenities was not disclosed. Jim Pompa of Coldwell Banker brokered the sale of the site from Panepinto Properties, which recently closed on financing for a 678-unit multifamily project at Harborside, to GN Management. Construction is targeted for a 2027 commencement.
NEW YORK CITY — Walker & Dunlop has arranged a $163.4 million loan for the refinancing of 122 Fifth Avenue, a 278,000-square-foot office building in Manhattan’s Flatiron District. Microsoft and Chime anchor the building, which recently underwent a $107 million capital improvement program, under long-term leases. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Jordan Casella, Christopher de Raet and Jack Krentzman of Walker & Dunlop arranged the fixed-rate, interest-only financing through Helaba Bank and Deka-Bank. The borrower is Bromley Cos.
BURLINGTON, MASS. — Newmark has arranged the $84.5 million sale of the 431,233-square-foot campus of Keurig Dr Pepper in Burlington, located north of Boston. The two-building campus was constructed in 2014 and consists of a 280,560-square-foot office building and a 150,673-square-foot research-and-development/manufacturing facility. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell and William Sleeper of Newmark represented the seller, Peakstone Realty Trust, in the transaction. The team also procured the buyer, Montana Avenue Capital Partners.
NEW YORK CITY — Bloomberg LP has signed an 11-year, 495,753-square-foot office lease extension at 120 Park Avenue, a 26-story building in Midtown Manhattan. The business media giant, which has been a tenant at 120 Park Avenue since 2011, has committed to occupying 20 floors, as well as lower-level spaces, through 2040. Howard Fiddle, Chris Mansfield and Zachary Weil of CBRE represented Bloomberg in the lease negotiations. Paul Glickman and Diana Biasotti of JLL, along with internal agents Chris Roth, Craig Panzirer and Alex Radmin, represented the landlord, Global Holdings.
NEW YORK CITY — McGuireWoods has extended and expanded its office lease in Midtown Manhattan. The national law firm now occupies 75,000 square feet across the 20th and 21st floors at 1251 Avenue of the Americas, a 54-story tower that recently underwent a repositioning. David Falk, Pete Shimkin, Eric Cagner and Claire Koeppel of Newmark represented the landlord, Mitsui Fudosan America Inc., in lease negotiations. McGuireWoods was self-represented.
SAN LEANDRO, CALIF. — Sack Capital Partners and Align Finance Partners have closed on structured financing on behalf of Step Up Housing for its $47.4 million acquisition of Woodchase Apartments, an affordable multifamily property in San Leandro. Sack will also provide asset and property management for the property. Located at 2795 San Leandro Blvd., Woodchase Apartments offers 186 studio, one- and two-bedroom floor plans spread across 13 buildings. Originally built in 1976, the community includes 93 loft-style apartments with 19-foot ceiling heights. Institutional Property Advisors represented the undisclosed seller in the deal.
CASTLE ROCK, COLO. — Origin Investments and Confluence Cos. have formed a joint venture to develop Brickyard Apartments in Castle Rock. The 298-unit multifamily community will be part of Confluence’s 31-acre master-planned development, The Brickyard. Situated on 3 acres, Brickyard Apartments will feature 36 studio, 149 one-bedroom, 98 two-bedroom and 15 three-bedroom residences, with rents ranging from $1,600 to $3,150 per month. Community amenities will include a rooftop pool with a hot tub, lounge sauna and cold plunge, a fitness center, private social lounge and kitchen, outdoor terrace area, golf simulator, courtyards with green space, a dog spa and covered parking. Additionally, the property will feature a for-sale 38,300-square-foot commercial condominium.
ROSEMEAD, CALIF. — Quantum Capital Partners has arranged a $26 million construction loan for Prospect Village, an apartment development in Rosemead. Kevin Wong of Quantum Capital secured the financing for the borrower, The Connected Cos., which is developing the property. Located along the Garvey Avenue corridor, Prospect Village will feature a seven-story multifamily complex offering 75 one-, two-, three- and four-bedroom residential units and 6,350 square feet of ground-floor retail space. Designed by Scale Labs Architects, the low-rise structure will feature a cascading terrace deck design at the rear, offering outdoor space and architectural interest. The project is expected to break ground immediately.
CARLSBAD, CALIF. — CBRE has brokered the $22.1 million sale-leaseback of 2470 Faraday Avenue, a 19.4-acre site in Carlsbad. BLT Enterprises acquired the asset from the seller, a global science and technology company. The site includes a 127,200-square-foot industrial research and development and manufacturing facility, which the seller will lease back. The facility features highly specialized lab and research and development space, as well as manufacturing and distribution space. The facility has been owned and operated by the seller since the mid-1970s. Hunter Rowe, Matt Carlson, Michael Longo, Eric Cox, Barbara Perrier, Joe Cesta and Brian Russell of CBRE represented the seller in the deal.