SLINGER, WIS. — Allegis Hardware has received approval to build a 90,000-square-foot production, warehouse and office facility within Slinger Merchant Village, a development by Three Leaf Partners in Slinger, about 35 miles northwest of Milwaukee. Groundbreaking is slated for April. The project will consolidate Allegis Hardware’s production, warehousing and administrative operations into a single facility. The building is permitted under the Planned Unit Development governing Merchant Village, which allows up to 66.9 acres for business and light manufacturing uses. The site plan includes parking along the northwest portion of the parcel and a loading dock area on the southeast side of the building. Founders 3 Commercial Services is the broker for the project.
NEW CITY, N.Y. AND WASHINGTON TOWNSHIP, N.J. — A partnership between Bain Capital Real Estate and Capitol Seniors Housing has received a $48 million loan for the refinancing of two seniors housing communities in the Tri-State area. The communities include The Chelsea at New City, located about 40 miles north of New York City, and The Chelsea at Washington Township, about 75 miles west of New York City. The properties were built in 2021 and 2023, respectively, and both offer memory care and assisted living services, as well as various onsite amenities. JLL arranged the three-year, floating-rate loan through an undisclosed regional bank on behalf of the partnership.
BALA CYNWYD, PA. — ACRE Capital has funded a $37 million acquisition loan for Luxor Bala Cynwyd, a 173-unit multifamily property located on the western outskirts of Philadelphia. Completed in 2021, Luxor Bala Cynwyd features studio, one- and two-bedroom residences that range in size from 497 to 1,157 square feet. Amenities include a pool, fitness center with a yoga studio, golf simulator, landscaped outdoor courtyard, resident lounge and a dog park. Patrick McGlohn, Brian Gould, Hunter Wood, Patrick Cunningham and Natalie Hershey of Berkadia arranged the debt on behalf of the owner, a joint venture between Arizona-based Alliance Residential and Los Angeles-based PCCP
BOSTON — Shaving products company P&G Gillette has unveiled plans to purchase 232 A Street in South Boston as the future home of its nearly $1 billion Grooming Headquarters and Technical Innovation Center. The company is also expanding its Andover, Mass., manufacturing facility and redeveloping its 31-acre South Boston campus. The new headquarters announcement marks the single-largest investment made by Gillette in Boston, according to the company. The site is currently owned by Breakthrough Properties, a joint venture between Tishman Speyer and Bellco Capital. It is permitted for a 324,315-square-foot research-and-development facility with ground-floor retail space. Jonathan Varholak of CBRE led the brokerage team that facilitated the land sale. Gillette says the purchase of the site unlocks multiple project benefits agreed to when the site was permitted by Breakthrough Properties in 2024. Once complete, the project will contribute 1.5 acres of publicly accessible open space along the Fort Point Channel, including new sidewalks, bike lanes, a waterfront park and improvements to the South Boston Harborwalk. The parcel also includes monetary allocations for public art and shuttle services. “This new development will keep hundreds of high-tech research-and-development jobs in the city and serves as a testament to the strength of our …
How did The Fay hotel in Fayetteville, Ark., save $500,000 mid-construction? How are other apartment, office and mixed-use developments doing the same, across the construction cycle? Developers are increasingly turning to artificial intelligence (AI) to flip the script on the challenge of value engineering that often dumbs-down original design plans. Value engineering is almost a constant in the business: A project is designed and priced during the feasibility and entitlement stage but three, four or five years later when construction starts, prices have jumped while the budget is the same. And prices go up for many reasons, such as materials costs, labor costs or regulatory issues — even for import tariffs, as we’ve seen the past year. But maybe we’re blaming the wrong culprit in giving “value engineering” a negative connotation.Now it’s time for the procurement process to take its turn in preserving value and design. Saving despite tariffsProactive procurement led to a half-million-dollar savings for real estate investor/developer Dwellist at its Fayetteville project. Dwellist is transforming a decades-old motel near the University of Arkansas into The Fay, its first Motelier-branded property, a full adaptive-reuse. Recently, materials ordering was running into cost-overruns that risked putting the overall project over budget. …
SAN ANTONIO — An affiliate of Miami-based investment firm Atlantic Pacific Cos. has acquired Reserve at Canyon Creek, a 314-unit apartment community in San Antonio. Reserve at Canyon Creek is located on the city’s northwest side and offers one-, two- and three-bedroom units that range in size from 676 to 1,657 square feet. Amenities include a pool, fitness center, resident clubhouse and a pet park. The new ownership plans to implement a multimillion-dollar renovation program that will upgrade unit interiors, enhance amenity spaces and deliver exterior building improvements. The seller and sales price were not disclosed.
TEXAS CITY, TEXAS — Florida-based real estate private equity firm Eastham Capital has sold Stone Ridge, a 248-unit apartment complex in Texas City, a southeastern suburb of Houston. The property offers one- and two-bedroom units with an average size of 446 square feet. Amenities include a pool, clubhouse, fitness center and a basketball court. Eastham acquired the property in 2018 in a joint venture with Mosaic Residential and subsequently implemented capital improvements. The buyer and sales price were not disclosed.
BOERNE, TEXAS — JLL has brokered the sale of Oxbow Hill Country, a 172-unit apartment complex in Boerne, located northwest of San Antonio. Built on 6.8 acres in 2003, the nine-building property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, dog park and outdoor grilling and dining stations. Robert Wooten, Robert Arzola and Ryan McBride of JLL represented the seller, California-based Brixton Capital, in the transaction. The buyer was Steadfast Cos.
HOUSTON — U.S. LawShield has signed a 16,071-square-foot office lease at East River, a 150-acre mixed-use project in Houston’s Historic Fifth Ward. The national legal defense membership program will occupy the entire fifth floor of Building C. Amanda Nebel and Eric Seigrist of Cushman & Wakefield represented the landlord, Midway, in the lease negotiations. Hugh Herman, also with Cushman & Wakefield, represented U.S. LawShield.
WASHINGTON, D.C. — Stream Realty Partners has arranged the sale of Watergate 600, a 12-story, 316,000-square-foot office building located at 600 New Hampshire Ave. N.W. in Washington, D.C.’s East End district. The buyer and sales price were not disclosed, but the Washington Business Journal reports that an affiliate of locally based Jetset Hospitality purchased the building for $52.5 million. Elme Communities, formerly known as Washington Real Estate Investment Trust, sold the property amid liquidating all of its assets and dissolving its business, according to the Washington Business Journal. Matt Pacinelli, Charlie Smiroldo and Lukas Stanat of Stream Realty represented Jetset in the transaction, while JLL represented the seller. The new owner has tapped Pacinelli, along with Tim McCarty, John Klinke and Josh McDonald of Stream Realty, to handle leasing at Watergate 600, which has a 125,000-square-foot top-block office space available. Amenities at the waterfront office building include a wraparound terrace on the seventh floor offering views of the Potomac River, a new lobby designed by LSM, new conference and event facilities, a modern fitness center and newly updated windows and elevators.