MARBLE FALLS, TEXAS — Adolfson & Peterson Construction is underway on a 10,500-square-foot healthcare project in the downtown area of Marble Falls, about 50 miles northwest of Austin. Designed by Seaux-Pierce Architecture, the two-building project is a build-to-suit for Heritage Oaks Dental Office and will include a 1,300-square-foot of oral surgery space. Completion is slated for the fall.
CHERRY HILL, N.J. — New York City-based Madison Realty Capital (MRC) and Chicago-based Pearlmark have provided $140 million in financing for the The Plaza Grande, a 507-unit active adult project located outside of Philadelphia in Cherry Hill. Units are reserved for renters age 55 and above. Amenities include an 18,500-square-foot clubhouse, golf simulator, indoor and outdoor pools, tennis and pickleball courts, a theater, sauna and massage rooms and lounge areas. The borrower, New Jersey-based Procida Funding & Advisors, will use the debt to complete construction and fund lease-up costs.
WINDSOR, CONN. — JLL has brokered the $25.3 million sale of a 165,625-square-foot warehouse in Windsor, located just outside of Hartford. The building at 105 Baker Hollow Road was completed in 2022 and features 32-foot clear height, 38 loading docks, one drive-in door and parking for 117 cars and 58 trailers. Michael Restivo, David Coffman and Tommy Hovey of JLL represented the seller, a joint venture between Condyne Capital Partners and an account managed by UBS Realty Investors, in the transaction. The buyer was Missouri-based NorthPoint Development.
MEDFORD, MASS. — Newmark has negotiated the $11.7 million sale of 101 Station Landing, a 160,482-square-foot office building located north of downtown Boston in Medford. The five-story, transit-oriented building includes a café, outdoor plazas and garage parking. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell, William Sleeper, Joseph Alvarado and Casey Valente of Newmark represented the seller, James Campbell Co., in the transaction. The team also procured the buyer, locally based investment firm RJK, which plans to implement capital improvements.
SOUTH ORANGE, N.J. — New Jersey-based developer Mark Built Homes has completed Mosaic South Orange, a 42-unit multifamily project located about 20 miles west of New York City. Units come in one-, two- and three-bedroom floor plans and range in size from 790 to 1,665 square feet. Residences are furnished with quartz countertops, custom cabinetry, full-size washers and dryers and smart technology, and select residences have private balconies and patios. Amenities include a rooftop deck and clubroom with lounge seating, a fitness center, coworking lounge and indoor and outdoor social spaces. Rents start at $2,995 per month for a one-bedroom apartment.
NEW YORK CITY — The Malin, a provider of flexible workspace solutions, has opened a 32,700-square-foot space in Manhattan’s Flatiron District. The space spans two floors within 895 Broadway and opened with all 20 private offices and 36 dedicated desks fully leased. The space also features three meeting rooms, a 14-person boardroom, 21 phone booths, two libraries and a mezzanine space for events. The Malin now operates five coworking facilities in New York City and eight across the country.
EDMONDS, WASH. — Waterton has purchased Brackett Apartments, a garden-style multifamily property in Edmonds, a suburb nearly 20 miles north of Seattle, from Intercontinental Real Estate Corp. and TruAmerica Multifamily for an undisclosed price. Located at 9501 244th St. SW, Brackett Apartments offers 386 units spread across 23 three-story residential buildings and two clubhouses across 22 acres. The acquisition brings Waterton’s holdings in the Seattle area to 1,331 units. Waterton plans to implement a value-add renovation program at Brackett Apartments, which was originally built in 1987. The program will add stainless steel appliances, new cabinet fronts and hardware, quartz countertops and new backsplashes, vinyl plank flooring and carpet, as well as new fixtures, hardware, blinds and refreshed paints. The one-, two- and three-bedroom apartments already include in-unit washers/dryers and wood-burning fireplaces. The pet-friendly community features an outdoor pool and open-air hot tub, grilling stations, a fitness center, dog park, miniature golf course and wellness studio. Waterton plans to improve exterior aesthetics and landscaping, as well as reposition common area amenities. Eli Hanacek, Kyle Yamamoto, Mark Washington and Natalie Kasper of CBRE represented the sellers in the deal.
FREMONT, CALIF. — BKM Capital Partners, on behalf of BKM Industrial Value Fund III, has acquired Hannover Industrial Park in Fremont for $43 million. An undisclosed seller sold the asset in an off-market transaction. Located in Silicon Valley’s I-880 Corridor, the 165,243-square-foot park consists of six buildings housing nine units with an average size of 18,360 square feet. The asset features a 14 percent overall office component, as well as a secured 67,000-square-foot paved yard. At the time of sale, Hannover Industrial Park was 74 percent occupied. BKM plans to invest $1.3 million in targeted capital improvements to reposition the property and drive tenant demand. Upgrades will include exterior paint, signage, landscaping upgrades, LED warehouse lighting and speculative tenant improvements for the three vacant suites. The asset is located at 4755-4900 Hannover Place and 4377 and 43815 S. Grimmer Blvd.
PHOENIX — Rein & Grossoehme Commercial Real Estate has arranged the $5 million sale of Siete Square, a 35,926-square-foot shopping center located at 4139 W. Bell Road in Phoenix. Mark Rein of Rein & Grossoehme represented the seller, Butterfield Trail LLC, and the buyer, Bell Square LLC, in the transaction. Originally built in 1985, the property was 87 percent leased to tenants including Mattress Max and Georges Baddawi at the time of sale. The center also features a freestanding pad site occupied by Jack in the Box, which was not included in the sale.
PORTLAND, ORE. — Structure Redevelopment LLC has completed the disposition of Clay Street Apartments, a 7,357-square-foot multifamily property in Portland, to an undisclosed buyer for $3.1 million. Constructed in 2023, Clay Street Apartments features one studio unit, 12 one-bedroom/one-bath units and two two-bedroom/two-bath units with modern fixtures and appliances, luxury vinyl plank flooring, in-unit washers/dryers and air conditioning vent ports. The community is located at 3757 SE Clay St. Jake Holman of Portland-based Norris & Stevens represented the seller, while the buyers were self-represented in the transaction.