NEW YORK CITY — Bushburg has received $78 million in financing for an office-to-residential conversion project in Manhattan. The locally based development and investment firm will use the proceeds to acquire the 21-story building at 100 William St. in the Financial District and fund predevelopment costs. Bushburg plans to convert the building into an approximately 400-unit complex in which 25 percent of the units will be reserved as affordable housing. Bridge lender Oak Funding and OakNorth Bank co-provided the financing. A tentative completion date was not disclosed.
SAYREVILLE, N.J. — JLL has arranged a $47.5 million loan for the refinancing of Camelot West at Townelake, a 176-unit, newly constructed apartment complex in the Central New Jesey community of Sayreville. Camelot West at Townelake comprises seven residential buildings that house one-, two- and three-bedroom units, as well as a clubhouse and leasing office. The average unit size is 1,153 square feet. Amenities include a pool, fitness center, coffee bar, grilling stations, a playground and a dog park. Michael Klein, Jim Cadranell and John Cumming of JLL arranged the five-year, fixed-rate loan through an undisclosed regional bank on behalf of the borrower, Kaplan Cos.
NEW YORK CITY — A partnership between PGM Affordable and Brisa Builders Development has topped out a 92-unit affordable housing project in the Far Rockaway area of Queens. The nine-story building at 19-19 Cornaga Ave. will offer studio, one- and two-bedroom units that will range in size from 331 to 652 square feet, with 60 units to be set aside as supportive housing. Amenities will include a fitness center, computer room, resident lounge, children’s play area, social services office and a multi-purpose space for community programs, classes and recreational activities. Completion is slated for the end of the year.
PHOENIX — CapRock Partners has completed CapRock West 202 Logistics, a 3.4 million-square-foot industrial warehouse complex in central Phoenix. The final phase of the infill development features 825,000 square feet of Class A space spread across three buildings on 43 acres in the Southwest Phoenix submarket. Located at 675 N. 55th Ave, Phase 2 includes Building F (301,771 square feet), Building G (295,586 square feet) and Building H (227,107 square feet). The facilities feature clear heights ranging from 32 feet to 36 feet and a combined 139 dock-high doors. The project completion coincides with CapRock securing a 1.1 million-square-foot lease for Building C, the largest building within the project, to an undisclosed corporate tenant. As part of Phase 1, Building C is a cross-dock facility with a clear height of 40 feet, 159 dock-high doors, four drive-in ramp doors, 500 auto parking stalls and 279 trailer parking stalls. Currently 85 percent occupied, Phase 1 features five buildings totaling 2.5 million square feet across 140 acres. Payson MacWilliam, Don MacWilliam, Chris Reese and Casey Koziol of Colliers represented CapRock in the Building C lease transaction and are handling all leasing efforts for CapRock West 202 Logistics.
SAN BERNARDINO, CALIF. — TireHub, a national tire distributor created by The Goodyear Tire & Rubber Co. and Bridgestone Americas, has signed a lease to occupy 404,725 square feet of industrial warehouse space at 1089 E. Mill St. in San Bernardino. Singapore-based Mapletree owns and manages the property, along with more than 66 million square feet of industrial assets across the United States. Kenneth Andersen and Rick John of Daum Commercial Real Estate Services, alongside Steve Provencio of Mapletree, represented Mapletree in the transaction.
COSTA MESA, CALIF. — Newmark has brokered the sale of 1901 Newport Boulevard, a three-story office property in Costa Mesa. A private, high-net-worth investor acquired the asset from an undisclosed seller for $24.4 million. Paul Jones, Ryan Plummer, Brandon White, Kevin Shannon and Ken White of Newmark represented the seller in the deal. Originally developed in 1985 and renovated in 2001, the 134,387-square-foot asset features a three-style atrium, custom marble flooring, open-air courtyards and seven fountains. Situated on 4 acres, the building is currently 85 percent occupied by a variety of tenants, including medical offices, traditional office users and retail.
TEMPE, ARIZ. — Creation, as developer, and LGE Design Build, as architect and general contractor, have completed Source Business Center, a Class A industrial facility in Tempe. Situated on 15 acres at the southeast corner of Warner Road and Hardy Drive, the 144,885-square-foot Source Business Center features a clear height of 32 feet, extensive power and an expansion 6 acres of contiguous yard space to support flexible storage and vehicle parking. Designed to accommodate up to two tenants, the property provides 204 parking spaces, including eight electric vehicle charging spaces, as well as bicycle parking and separate pedestrian paths. Creation developed the facility with CrossHarbor Capital Partners as an investor.
ATLANTA — BKM Capital Partners and Kayne Anderson Real Estate have purchased a six-property industrial portfolio in metro Atlanta totaling 404,424 square feet. JLL represented the sellers, Berkeley Partners and Brookfield Secondaries Group, in the transaction. The sales price was not disclosed. The portfolio of shallow-bay properties was 89 percent occupied at the time of sale, with a weighted average lease term (WALT) of 2.7 years. The assets include three properties in the northeast Atlanta region — 3400 Corporate Way, Peachtree Industrial Boulevard and Young Court — as well as two properties in northwest Atlanta — Rubicon Business Center and Cobb International. The sixth property was an infill facility located in the city’s Upper Westside district at 4938 S. Atlanta Road. BKM and Kayne Anderson plan to make capital improvements across the portfolio, including exteriors, landscaping, roofs and HVAC systems and renovating vacant space to accelerate the lease-up process.
OVERLAND PARK, KAN. — MMG Real Estate Advisors has arranged the sale of Residences at Prairiefire, a 426-unit multifamily community in Overland Park. The sales price exceeded $100 million. Price Brothers Management Co., a Kansas City-based owner-operator, was the buyer. CRES Management, in partnership with Artemis Real Estate Partners, was the seller. TJ Wahl, Harry Trotter, Colson Bayles, Parker Guffey, Brett Meinzer, Michael Sullivan and Alex Blagojevich of MMG brokered the sale.
CHICAGO — Carr Workplaces, a provider of flexible office solutions, has opened Carr Workplaces – The Loop at 20 North Clark Street in downtown Chicago. Located within walking distance of City Hall, government administration buildings, courthouses and public transportation, the workspace offers private offices, dedicated workstations, four meeting rooms, phone rooms and rentable lockers. Members also enjoy access to in-building amenities such as a fitness center, conference center, lounge and 24/7 building security.