GARLAND, TEXAS — Colliers Mortgage has provided a $13.9 million HUD-insured construction loan for Urban Village at Rosehill, a 104-unit apartment project that will be located in the northeastern Dallas suburb of Garland. The property will offer one- and two-bedroom units and amenities such as a pool, dog park, business center, fitness center and a community room. Jeff Rogers of Colliers Mortgage originated the loan through HUD’s 221(d)(4) program on behalf of the undisclosed borrower.
FORT WORTH, TEXAS —Escalante Golf has signed a 25,000-square-foot office lease in Fort Worth. The golf course operator is taking space at Foch Street Warehouses, a 135,727-square-foot development in the city’s West 7th Entertainment District. Chris Doggett and Matthew Cheney of Stream Realty Partners represented the landlord, Asana Partners, in the lease negotiations. Gibson Duwe and Kyle Poulson of Transwestern represented the tenant.
DALLAS — A partnership between two nonprofits organizations, substance abuse counseling services provider Youth 180 and AIDS Services of Dallas (ASD), have opened a 10,000-square-foot shared office on the city’s west side. Youth 180 sold its 10,000-square-foot building at 201 South Tyler St. to ASD and is leasing back approximately half of the space for administrative purposes and ongoing services.
NEW YORK CITY — Affinius Capital, which is a joint venture between San Antonio-based USAA Real Estate and New York-based Square Mile Capital Management, has provided a $52 million acquisition loan for The Knox, a 110-unit apartment building in Manhattan’s Murray Hill neighborhood. Units come in studio, one- and two-bedroom floor plans, and the 36-story building also houses 2,700 square feet of ground-floor retail space. Amenities include a rooftop deck, fitness center, resident lounge and a 24-hour attended lobby. The borrower was New York-based Four Winds Real Estate.
SOUTH BRUNSWICK, N.J. — Locally based developer Woodmont Industrial Partners has completed a 210,000-square-foot expansion and renovation project in South Brunswick, about 50 miles south of Manhattan. Woodmont, in partnership with Sagard Real Estate, the Denver-based firm formerly known as EverWest Real Estate Investors, renovated a 145,000-square-foot facility at 461 Ridge Road and developed a new, 65,000-square-foot facility. The property now features a clear height of 32 feet, 30 loading doors and four drive-in doors. JLL is marketing the property for lease.
DREXEL HILL, PA. — Regional brokerage firm Hudson Atlantic has arranged the sale of Garrett House Apartments, a 57-unit multifamily building in Drexel Hill, a western suburb of Philadelphia. The property was built in 1960 and exclusively houses one-bedroom units. Adam Zweibel led the Hudson Atlantic team that brokered the deal, which traded at a price of $6 million and a cap rate of 5.75 percent. The buyer and seller, which was also the original owner, were not disclosed.
HEMPSTEAD, N.Y. — Marcus & Millichap has brokered the $7.6 million sale of a 3,869-square-foot retail property in the Long Island community of Hempstead. The building is net leased to TD Bank and is located within Rockville Centre, an incorporated village. Scott Plasky, Michael Kook and Billy Stephan IV of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction. Christopher Marks and Stephen Filippo of Marcus & Millichap Capital Corp. arranged acquisition financing for the deal.
CONSHOHOCKEN, PA. — New York-based investment firm Midland Properties has purchased a 74,703-square-foot industrial property in Conshohocken, a northern suburb of Philadelphia. The sales price was $2.9 million. The site at 1304 Conshohocken Road spans 5.6 acres and houses multiple buildings and outdoor storage space. Steve Marzullo, Adam Silverman and Michael Roden of CBRE represented the seller, Pennsylvania-based Emanuel Properties, in the negotiations.
— By Kelly Reenders — The California coastal city of Dana Point sought to redevelop its underutilized Town Center, with the goal being to create a pedestrian-friendly live-work-play neighborhood that encouraged further reinvestment and development. Now called the Lantern District, the four-block downtown is anchored by Prado West, a three-building mixed-use complex with 109 apartments and nearly 30,000 square feet of ground-floor restaurants, shops and public outdoor space. Though the endeavor is now something the city and residents can be proud of, the project had its share of challenges. These included gaining community support for proposed changes, in addition to overcoming a leasing timeline that included a pandemic shutdown. Embracing the Local Community For Dana Point and Prado West’s developer, Raintree Partners, the solution was to embrace local entrepreneurs. Raintree recognized the value of encouraging other owners to reinvest in their properties early on as the downtown plan took shape. This caught the attention of Max Fisher, owner of the Shwack Beach Grill, which sits across the street from Prado West. Soon enough, Fisher and his partners agreed to open HomeSlice, an Italian- and pizza-focused restaurant, in Prado West across from their existing grill. As local owners, the partners felt the …
CHARLOTTE, N.C. — Inland ports are a growing transportation option in the national supply chain. These facilities provide users — including automotive suppliers, retailers, manufacturers and agricultural producers — an option to import and export their wares to seaports via shipping containers by rail as opposed to trucking their products directly to a port terminal. One of the more prominent inland ports in the country is Inland Port Greer in Upstate South Carolina. The facility’s anchor client is BMW, which operates its mega manufacturing campus in nearby Spartanburg, S.C. Class I freight railroad operator Norfolk Southern Corp. provides rail services from the inland port to the Port of Charleston. Brian Gwin, senior industrial development manager for Norfolk Southern, said that when the railroad operator and the South Carolina Ports Authority (SCPA) established Inland Port Greer in 2013, it was apparent almost immediately that they had a behemoth on their hands. “We knew it was going to be mostly BMW, but we designed Inland Port Greer for 50,000 lifts a year,” said Gwin, referring to the number of shipping containers moved on or off Norfolk Southern trains at the inland port. According to multiple media outlets, the inland port exceeded 100,000 …