ENGLEWOOD, COLO. — Pinnacle Real Estate Advisors has brokered the purchase of a multifamily property located at 3455 S. Logan St. in the Denver suburb of Englewood. The asset traded for $3 million, which equates to $157,895 per unit or $257.20 per square foot. The apartment building features 19 for-rent residences. Josh Newell and Connor Knutson of Pinnacle Real Estate Advisors represented the buyer in the transaction.
CAMBRIDGE, MASS. — Norges Bank Investment Management has signed an agreement to acquire a 45 percent interest in two life sciences properties in Cambridge’s Kendall Square neighborhood, just across the Charles River from Boston. BXP (NYSE: BXP) was the seller. The transaction includes 290 Binney Street, a 16-story, 570,000-square-foot property currently under construction. It is fully preleased to AstraZeneca, which expects to take occupancy in April 2026. The other property is 300 Binney Street, a six-story facility undergoing redevelopment. The Broad Institute has preleased the 240,000-square-foot building and plans to take occupancy in January 2025. Norges acquired the interest for an initial payment of $212.9 million and has committed to a total project cost of $746.4 million. Upon completion, the total value of the two buildings is projected to be $1.6 billion. The assets are unencumbered by debt, and no financing was involved in the transaction. BXP will retain the remaining 55 percent interest in the assets and will manage the properties on behalf of the partnership. Cambridge is among the largest hub of life sciences properties in the United States. The home of both Harvard University and Massachusetts Institute of Technology (MIT), the city hosts a slew of major …
SILVER SPRING, MD. — PGIM Real Estate has provided a $188 million loan for a five-property multifamily portfolio in downtown Silver Spring. The borrower, Tower Cos., is using the fixed-rate loan to refinance The Blairs, a 1,396-unit portfolio that comprises The Pearl, Blair Towns, Blair House, Blair East and Blair Plaza. The five properties are situated within a master-planned community that Tower Cos. owns. In 2012, The Blairs was the first multifamily residential campus to receive the LEED Gold certification for operations and maintenance, according to PGIM.
ASHEVILLE, N.C. — Tanger, a publicly traded owner and operator of outlet malls, has purchased Asheville Outlets, a 382,000-square-foot retail development in Asheville. Tanger acquired the outlet mall from New England Development for $70 million in an all-cash, off-market transaction. The property represents Tanger’s 38th outlet mall and the second new addition to its holdings in fourth-quarter 2023, following the opening of Tanger Outlets Nashville last month. Asheville Outlets was 95 percent leased at the time of sale to tenants including Nike, Under Armour, RH, Bath & Body Works, Crate & Barrel and West Elm. The property includes two anchors: Sportsman’s Warehouse and a separately owned Dillard’s Clearance Center. New England Development purchased and redeveloped the former indoor regional mall into an outlet mall in 2015. Tanger will officially transition the center to become Tanger Outlets Asheville in early January 2024.
KENNESAW, GA. — Vesper Holdings has recapitalized West 22, an 850-bed student housing property located near the Kennesaw State University campus in metro Atlanta. Vesper owns the community through a joint venture partnership with an undisclosed investor. West 22 offers a mix of cottage and apartment units in one- through five-bedroom configurations. Shared amenities include a two-story fitness center, outdoor kitchen, basketball court, sand volleyball court, firepit and a hammock garden. The partnership plans to execute $3 million in capital improvements at the property over the next two years, including the addition of new flooring in units, lighting and cabinet upgrades, the addition of Nest thermostats and smart locks, and renovations to the clubhouse, gym and swimming pool. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE’s National Student Housing team represented Vesper in the transaction, along with CBRE’s Kevin Geiger and Shea Campbell. Timothy Bradley and Austin Kinn of TSB Capital Advisors arranged the financing on behalf of the joint venture.
HUNTSVILLE, ALA. — The Beach Co. has signed Arrow Electronics, a tech services provider, to an office lease at The Range, a new 49,229-square-foot office building along Governors Drive in Huntsville. The Range is connected via a new pedestrian sidewalk to Beach Co.’s sister property The Foundry, a new 342-unit multifamily development, and Stovehouse, a property with food-and-beverage options, offices and event space. Arrow Electronics will occupy the remaining space on The Range’s ground floor. Crunkleton Commercial Real Estate Group managed the leasing efforts. The Range has one 10,000-square-foot availability on the second floor, according to Beach Co.
ROCK HILL, S.C. — SRS Real Estate Partners has brokered the $6.3 million sale of a freestanding, 14,550-square-foot store in Rock Hill, a southern suburb of Charlotte. Built in 2013 on two acres, the single-tenant property was fully leased at the time of sale to Walgreens. Susan Harris of SRS represented the seller, an investor based in Washington, in the 1031 transaction. Andrew Margulies of Marcus & Millichap represented the buyer, a private investor based in North Carolina. Walgreens has 15 years remaining on its corporate-guaranteed lease, according to SRS.
HOUSTON — A partnership between two locally based firms, PAGEWOOD and Wile Interests, has unveiled plans for East Blocks, a mixed-use redevelopment in Houston. The project will transform a 10-block stretch of mid-20th century warehouses in the East Downtown neighborhood into a district of walkable restaurants, shops, offices and green spaces. The project will be developed in phases over the next three years, with the first phase calling for 196,000 square feet of retail and restaurant space, 112,000 square feet of office space and 650 parking spaces. Gensler is the project architect. Construction of Phase I is scheduled to begin in the second quarter.
SANTA FE, TEXAS — Marcus & Millichap has brokered the sale of a portfolio of four self-storage facilities totaling 682 units in Santa Fe, located southeast of Houston in Galveston County. The Santa Fe Storage Portfolio spans 4.3 acres and consists of 17 single-story buildings and one two-story building that house 654 non-climate-controlled units and 24 outdoor parking spaces. The portfolio also features two office spaces, a billboard and an efficiency apartment for a total of 682 rentable spaces. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the Texas-based seller and procured the Delaware-based buyer in the transaction. Both parties were limited liability companies that requested anonymity.
FORT WORTH, TEXAS — Newmark has negotiated a 50,000-square-foot industrial lease at Riverbend Business Park in northeast Fort Worth. The development spans approximately 1.4 million square feet across 32 buildings. Frank Puskarich and Louis Pascuzzi of Newmark represented the tenant, foam products provider Neveon USA, in the lease negotiations. Holt Lunsford Commercial represented the landlord.
