SUGAR LAND, TEXAS — Colliers has brokered the sale of a 15,446-square-foot office building in Sugar Land, a southwestern suburb of Houston. The Offices at Telfair was built on 1.5 acres in 2017 within the master-planned community of the same name and is home to engineering consulting firm Aguirre & Fields. Kolbe Curtice of Colliers represented the undisclosed seller in the transaction.
WOONSOCKET, R.I. — The BLVD Group, a multifamily investment firm with offices in Los Angeles and Dallas, has purchased Rock Ridge Apartments, a 152-unit multifamily complex in Woonsocket, located on the Massachusetts-Rhode Island border. The company plans to reposition the property to add 30 new affordable housing units, restricting all residences to renters earning up to 50 or 60 percent of the area median income. The acquisition and renovation are being financed through Low-Income Housing Tax Credits and tax-exempt bonds issued by Rhode Island Housing with a permanent Fannie Mae loan. Additional funding includes equity from the sale of renewable energy tax credits, a construction loan from Merchants Bank and a permanent Fannie Mae loan. The renovation will involve the replacement of the majority of the building envelope and full interior upgrades, such as modernized kitchens and baths, as well as enhanced building systems. Additional community amenities include a renovated basketball court, clubhouse and grilling stations.
OAKLAND, CALIF. — Outrigger Industrial, in partnership with MetLife Investment, has unveiled plans to redevelop a property at 727 Kennedy St. in Oakland into Kennedy Logistics Center. Construction is slated to begin in third-quarter 2025 with a completion date of second-quarter 2026. The initial phase of construction involves the reduction of the existing building footprint by 57,000 square feet to allow for loading dock reconfiguration — 30 new dock-high positions along with a 130-foot truck court. The 177,000-square-foot upgraded building will include numerous structural re-enforcements and visual enhancements, including new structural columns, a clear height of 32 feet, updating existing building systems to meet current codes compliance and creating a dedicated office space. The building is located immediately adjacent to the Interstate 880 between Port of Oakland and OAK Airport.
CITY OF INDUSTRY, CALIF. — MSI Computers Corp. has acquired an industrial property located at 18045 Rowland St. in City of Industry from LINK for $65.2 million, or $326 per square foot. Built in 1985, the 200,000-square-foot asset features a clear height of 26 feet, 18 dock-high loading doors, two grade-level doors and a newly constructed 4,735-square-foot office build-out. Additionally, the property offers a private, fenced yard that can accommodate 60 trailers and 56 autos. Jason Chao of CBRE represented the buyer in the transaction.
JERSEY CITY, N.J. — Bayfront Development Partners, which is a joint venture between Pennrose LLC and Paths Development LLC, has broken ground on Bayfront Promenade, a 210-unit mixed-income multifamily project in Jersey City. The development will be located on the Hackensack River Waterfront and will include 74 affordable housing units and 93 workforce housing units, as well as commercial and community space. Amenities will include a rooftop terrace, fitness center with a yoga room, coworking lounge and community room with a kitchen area. The New Jersey Economic Development Authority provided $64 million in tax credits for the project, a tentative completion date for which was not announced.
SAN JOSE, CALIF. — Marcus & Millichap has arranged the sale of Lakewood Court Apartments, a 48-unit multifamily property in San Jose. A private investor sold the property to an undisclosed buyer for $18.9 million. Adam Levin, Robert Johnston, Eymon Binesh and Mark Kis of Levin Johnston of Marcus & Millichap handled the transaction, including sourcing the buyer. Built in 1989 on 1.6 acres, Lakewood Court Apartments features 22 one-bedroom/one-bath units, four one-bedroom/one-bath lofts, 12 two-bedroom/one-bathroom units and six two-bedroom/two-bath units. In-unit amenities include granite countertops, stainless steel appliances, fireplaces, walk-in closets, balconies, patios and porches. The community includes a pool, spa, rooftop terrace and laundry facilities. Lakewood Court Apartments is located at 1953 Via Reggio Court.
SAN JOSE, CALIF. — BH Properties has expanded its Bay Area footprint with the acquisition of 2125 O’Nel Drive, a Class A office and research-and-development building located in North San Jose. The recently renovated two-story building offers visibility along Highway 101 and is situated minutes from Mineta San Jose International Airport. Originally built in 1985 and modernized in 2022, the 110,669-square-foot building features a remodeled contemporary lobby, cafe-style kitchen with a NanaWall system, expanded glass lines, new exterior landscaping with outdoor collaborative areas and upgraded building systems. Andy Zighelboim, Kevin Moul, Brad Idleman and Bob Giley of Colliers represented the seller, while Peter Horn led the acquisition for BH Properties. Terms of the transaction were not released.
CASTLE ROCK, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a two-property portfolio of operating liquor stores in Castle Rock. The portfolio includes Bubbles Liquor World, a 27,395-square-foot flagship store located off Interstate 25 and Meadow Parkway in Castle Rock, and Tiny Bubbles, a 4,000-square-foot satellite store on the east side of Castle Rock. The portfolio generates around $15 million in annual revenue. Levi Saxen and Jack Eberwein of Pinnacle Real Estate Advisors represented the undisclosed seller and undisclosed buyer in the off-market deal. The Pinnacle team secured SBA financing for both locations and structured long-term leases for the new operators, ensuring stability and continued success for all parties involved.
ROCKFORD, MICH. — Footwear company Wolverine Worldwide Inc. has unveiled a major renovation of its global headquarters in Rockford within western Michigan. The centerpiece of the project is a renovation of 40,000 square feet of space to house the company’s two biggest brands, Merrell and Saucony, the latter of which Wolverine recently relocated to Rockford from Boston. Originally constructed in 1963, the space served as a footwear factory for several decades before being transitioned into office space in the 1990s. Now known as The Factory, the space features exposed structures and concrete floors, floor-to-ceiling windows, 224 individual workstations, dedicated product and marketing rooms for each brand, 31 collaboration and meeting rooms, a café and technology for product design, marketing and collaboration. The project is supported by a $1 million Michigan Business Development Program grant in collaboration with the Michigan Economic Development Center and The Right Place Inc. In all, Wolverine’s headquarters totals 300,000 square feet. Amenities include subsidized daycare and an early education center for children, fitness center, four miles of on-campus hiking and nature trails, an onsite, subsidized cafeteria and dog daycare.
CARMEL, IND. — Skender Construction has broken ground on Ardalan Plaza, a $19 million development that will serve as a gateway to the City of Carmel’s Arts & Design District. Located at 311-331 W. Main St., the property will encompass 8,000 square feet of retail and gallery space on the first floor, five luxury condominiums on the second floor and a private residence with a rooftop terrace spanning the third floor. The project, which was designed to evoke the elegance of an Italian villa, is a collaboration between the Carmel Redevelopment Commission and the Ardalan family. The project team includes Studio M Architecture and Planning and KBSO Consulting Engineers. Completion is slated for 2026.