SAN LORENZO, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $7.1 million loan for the refinancing of a 63,245-square-foot industrial building in the Bay Area community of San Lorenzo. Bradley Buzil and Connie Duong of MMCC secured the financing through a local credit union on behalf of the undisclosed borrower. Feng Transportation, a wholesaler and third-party logistics company, occupies the property, which is located at 2225 Grant Ave.
BOSTON — Related Beal, the Boston office of Related Cos., is underway on construction of Phase III of Innovation Square, a 345,000-square-foot life sciences project in Boston. The 1.8-acre site is located within Raymond L. Flynn Marine Park in the Seaport District, and the seven-story building is fully preleased to Vertex Pharmaceuticals. A consortium of lenders consisting of Santander Bank, Ullico, LBBW and Washington Capital are providing construction financing for Phase III of Innovation Square, and Basis Investment Group is an equity investor in the project. Completion is slated for 2026. The project is expected to generate as many as 700 construction jobs and approximately 500 permanent jobs for the city.
NEW YORK CITY — Locally based investment firm Benchmark Real Estate Group has acquired a 62-unit apartment building located at 194 E. 2nd St. in Manhattan’s East Village area for $43 million. The elevator- and doorman-served building was constructed in 1999 and houses one-, two-, four- five- and six-bedroom units as well as 10,000 square feet of ground-floor retail space. Joe Koicim, Logan Markley and Matt Berger of Marcus & Millichap represented the seller, Skyline Developers, which purchased the building in 2000, in the transaction.
NEW YORK CITY — Bungalow Projects, a real estate investment firm specializing in media and content production facilities, in partnership with Boston-based Bain Capital Real Estate, has purchased an industrial development site in the Red Hook area of Brooklyn for $34 million. The partnership’s plans for the property at 145 Wolcott St. include a 225,000-square-foot production facility with four soundstages averaging 18,000 square feet each, as well as 82,000 square feet of ancillary production support space and 200 below-grade parking spaces. David Behin of Newmark represented ownership in its off-market purchase of the property.
NEW YORK CITY — Marcus & Millichap has brokered the $9.4 million sale of a 6,250-square-foot retail building in Brooklyn’s Clinton Hill neighborhood that is leased to Bank of America. The financial institution has occupied the building since 2006, and the lease is corporately guaranteed through 2034 and includes multiple renewal options. Scott Plasky and Alexander Arustamian of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also not disclosed.
NEWARK, N.J. — HAX, a tech concept backed by global venture capital firm SOSV that serves as an incubator for startup companies, has opened its 35,000-square-foot headquarters facility in Newark. The facility includes space for chemical, mechanical and electrical engineering labs, as well as 3D printing, manual metal fabrication, computer numerical control machining and laser cutting. More than 30 companies will operate from within the facility.
WICHITA, KAN. — The Annex Group is underway on the development of Union at Purple Heart Trail, a $61 million affordable housing community in Wichita. The property will offer 240 units for households whose income level is at or below 60 percent of the area median income. Completion is slated for early 2026. The project will encompass two four-story buildings surrounded by landscaping and open space. Amenities will include a community center with fitness center, media center, business center, outdoor gazebo, playground, dog park, walking path and picnic areas. Project partners include: HDJ as the architect; Baughman for civil engineering, surveying and planning; Summit LIHTC Consulting; the City of Wichita, which provided incentives and $45.4 million in tax-exempt bonds; and Kansas Housing Resources Corp., which issued the tax credit award. Aegon Asset Management provided $26.8 million in federal tax credit equity and $18.4 million in state tax credit equity, and Bank of America provided $45.5 million in construction financing. Merchants Capital provided $14.4 million for the project.
CANTON, MICH. — First National Realty Partners has completed the lease-up of Premier Center in Canton, a western suburb of Detroit. The latest lease was with Michaels, which opened a 17,514-square-foot store in March. Additional tenants include Kroger, Home Depot, Dick’s Sporting Goods, Five Below, Ruby Tuesday, Great Clips and The UPS Store.
VALPARAISO, IND. — Marcus & Millichap has arranged the receivership sale of a 43,450-square-foot medical office building in Valparaiso, a city in northwest Indiana. Located at 1425 Glendale Ave., the building is about 75 percent completed. Litigation with a neighboring owner tied up the property in the legal system for an extended period, during which interest rates climbed 525 basis points, says Julia Evinger of Marcus & Millichap. Evinger marketed the property for sale on behalf of the court appointed receiver. The new owner plans to complete and lease the building to medical office tenants.
ELGIN, ILL. — Lee & Associates has negotiated a 15,520-square-foot industrial lease for Soosan USA, a wholly owned North American subsidiary of Soosan Heavy Industries. The property is located at 1390 Gateway Drive in Elgin. Soosan designs, manufactures and supplies hydraulic breakers, compactors and crawler drills to 70 different countries. John Sharpe and Rick Anesi of Lee & Associates represented the tenant. Matt Garland of Cawley Chicago represented the owner, Clear Height Properties.