HOUSTON — Locally based brokerage firm Oxford Partners has arranged the sale of an 84,651-square-foot industrial building located at 10610 Wyman Gordon Drive in Houston. According to Crexi, the building is part of Union Crossing Business Park, a six-building, 623,585-square-foot development on the city’s northwest side. Jeffery Arnaud and Matt Rogers of Oxford Partners represented the buyer, FJS Investments, in the transaction. Stephen Schneidau of Cushman & Wakefield represented the undisclosed seller.
NEW YORK CITY — Global Net Lease (NYSE: GNL), a New York City-based REIT, has sold a national portfolio of nine cold storage properties for $170 million. The properties, the locations of which were not disclosed, are all leased to subsidiaries of operator Americold Realty Trust (NYSE: COLD), with a weighted average of 3.3 years of remaining term on the leases. The deal traded at a cap rate of 7.88 percent. The buyer was not disclosed.
NEW YORK CITY — Invictus Real Estate Partners has provided a $69 million bridge loan for Mason Gray, a 158-unit apartment complex in Brooklyn’s Crown Heights neighborhood. The seven-story building houses 110 market-rate units, most of which are one-bedroom residences, and 48 affordable housing units as well as a 9,000-square-foot community facility space. Mike Diaz and Aaron Appel of Walker & Dunlop arranged the loan on behalf of the borrower, Hope Street Capital, which will use the proceeds to complete construction and fund leasing costs.
NEW YORK CITY — Cushman & Wakefield has arranged a $56 million loan for the refinancing of a 138-unit apartment building located at 230 Classon Ave. in Brooklyn’s Clinton Hill neighborhood. The building houses one- and two-bedroom units and offers amenities such as a private landscaped park, coworking lounge, gaming terrace, fitness center and outdoor grilling and dining stations. Gideon Gil, Zach Kraft and Sebastian Sanchez of Cushman & Wakefield arranged the fixed-rate loan through QuadReal Property Group on behalf of the borrower, Quinlan Development Group.
NEW YORK CITY — The Hakimian Organization, a locally based development and investment firm, has begun leasing SOLA, a 364-unit apartment community in the Woodside neighborhood of Queens. Designed by Aufgang Architects with interiors by Durukan Design, the property features studio, one-, two- and three-bedroom units that range in size from 350 to 1,200 square feet. Amenities include a soundproof music room, art studio, children’s playroom, fitness center, coworking lounge, dog park, zen garden and a golf simulator. Rents start at approximately $3,000 per month for a studio apartment.
HARTFORD, CONN. — Regional owner-operator WinnCos. has purchased Bedford Gardens Apartments, an 84-unit affordable housing complex in Hartford, with plans to implement an $18.7 million renovation. The 10-building complex was built in the 1920s, and its residences are reserved for households earning 60 percent or less of the area median income. Two Massachusetts-based firms, The Architectural Team and Keith Construction, are providing design and general contracting services for the project, respectively.
CHICAGO — Lamar Johnson Collaborative (LJC) has revealed the first renderings of The LaSalle Residences, an office-to-multifamily adaptive reuse project at 208 S. LaSalle St. in Chicago’s Loop. The project is part of the city’s LaSalle Corridor Revitalization initiative. Led by Chicago-based developer The Prime Group Inc., the project calls for the repurposing of 222,500 square feet of office space on floors 13 to 16 into 226 apartment units in studio, one- and two-bedroom floor plans. The development will feature a new ground-floor lobby as well as amenities such as a fitness facility; tenant lounge spaces for coworking, meetings and social events; and penthouse-level community terraces with an outdoor pool and gathering areas overlooking the central atrium. The project will also upgrade all older mechanical systems with energy-efficient equipment and replace the existing single-pane windows with high-performance insulated glass. Of the 226 units, 30 percent will be set aside for residents earning an average of 60 percent of the area median income. Completed in 1914, the 1.2 million-square-foot, 22-story building was initially designed by Chicago architect D.H. Burnham & Co. in the classical revival style for the Continental and Commercial National Bank. The property was listed on the National Register …
SEATTLE — King County has purchased the Dexter Horton Building, an office building in downtown Seattle, for $36.6 million. The county worked with ING Group, a lender to the original property owner, to create a deal to transfer ownership. CIM Group acquired the asset in 2019 for $151 million. King County’s Department of Public Defense is one of nine tenants in the building and will now expand its presence at the property. The deal will save King County nearly $2 million per year in leasing costs and has the potential to be a future source of additional revenue to the county when new tenants fill the vacant space currently available in the building.
PLEASANT PRAIRIE, WIS. — Dermody Properties has broken ground on LogistiCenter at Pleasant Prairie, a rail-served logistics park in southeast Wisconsin. WestRock, a sustainable packaging company, has signed a build-to-suit lease to occupy more than 580,000 square feet within the park. The project site was previously home to a power plant and sits adjacent to substations that can deliver power capacity and provide freshwater service from Lake Michigan. LogistiCenter at Pleasant Prairie is expected to include three buildings totaling 2.4 million square feet with the flexibility to accommodate build-to-suits ranging from 250,000 to 1.8 million square feet.
LAS VEGAS — Berkadia has arranged the sale of Prosper 89, a garden-style apartment community in Las Vegas. Nevada-based Turtle Bay 89 sold the asset to California-based Benedict Canyon Equities for $24.1 million, or $270,787 per unit. Located at 10750 El Camino Road, Prosper 89 features 89 units in a mix of one- and two-bedroom apartments with private garages. Community amenities include a pool, clubhouse, business center, fitness center and open grass areas. Jared Glover of Berkadia Las Vegas facilitated the transaction on behalf of the seller.