OVERLAND PARK, KAN. — Block & Co. Inc. Realtors has brokered the sale of 12.8 acres of vacant land located on the southwest corner of 135th Street and Antioch Road in Overland Park. The sales price was undisclosed. Formerly a landscape nursery and greenhouse for over 40 years, the site is positioned at a heavily trafficked intersection and features convenient access to Highway 69. David Block and Mark McConahay of Block & Co. represented the undisclosed seller. The new ownership group has outlined plans to develop an apartment complex on the site. Construction is expected to begin immediately, with completion slated for next year. Block & Co. anticipates marketing the remaining 4.2 acres of ground that runs along the north edge of the property along 135th Street. Four pad sites have been proposed with ground lease or build-to-suit options available.
AUSTIN, TEXAS — Los Angeles-based investment firm CIM Group has sold Fifth + Tillery, a 182,700-square-foot office building in East Austin. Fifth + Tillery features outdoor balconies with heightened levels of natural light, as well as a landscaped courtyard with various outdoor amenities. CIM Group originally acquired the property in October 2019 shortly after construction began. According to multiple media outlets including The Austin American-Statesman, local transportation authority Capital Metro purchased the property for roughly $87 million.
HOUSTON — Colliers has arranged the sale of a 173,908-square-foot, eight-story office building that sits on a 4.4-acre site at 12941 N. Freeway in Houston. The property, which is known as The Wells Fargo Bank Building and is located on the city’s north side, was built in 1982, according to LoopNet Inc. David Carter of Colliers represented the seller, an entity doing business as North Houston LP, in the deal. Additional terms of sale were not disclosed.
IRVING, TEXAS — Marcus & Millichap has brokered the sale of Tucasa Townhomes, a 128-unit multifamily property in Irving. According to Apartments.com, the property was built in 1964 and offers studio, one- and two-bedroom units. Al Silva, Ford Braly and Dylan York of Marcus & Millichap represented the undisclosed seller and procured an undisclosed, out-of-state partnership as the buyer.
HOUSTON — Ashford Dairy has signed a 52,000-square-foot industrial lease at The Business Center at Five Corners in southwest Houston. The space includes a commissary, test kitchen and a refrigerated storage area. Owned by Levey Group and ANICO Eagle, The Business Center at Five Corners spans 550,000 square feet across five buildings. Nathan Wynne, Joseph Smith and Savannah Smith of CBRE represented Levey Group in the lease negotiations. Will Clay of JLL represented the tenant.
WILMINGTON, DEL. — Pennsylvania-based developer MRA Group has received $63 million for the redevelopment of Chestnut Run Innovation & Science Park, a 164-acre, 14-building development in Wilmington. MRA Group will use the funds to continue renovations of the campus’ 14 buildings to support lab, R&D and advanced manufacturing uses. Additional plans for the campus include a hotel, fitness center, conference facilities, an outdoor amphitheater and accommodations for food services. Fulton Bank, in conjunction with Nuveen Green Capital through C-PACE, financed $50 million of the funds, while WSFS Bank provided the remaining $13 million.
NORTH BERGEN, N.J. — Locally based investment and development firm Denholtz Properties has acquired Solo at North Bergen, a 214-unit apartment complex in Northern New Jersey, for $89 million. Completed in 2023, Solo at North Bergen consists of three three-story buildings with 138 units and one five-story building with 76 units. Amenities include an outdoor pool with grilling and dining stations, a 5,000-square-foot clubhouse with billiards and gaming tables, fitness center, dog run and a package room. The property was 98 percent occupied at the time of sale. Nat Gambuzza and Spencer Beriont of Berkadia represented the seller, New York-based SYM Investments, in the transaction. Jonathan Brody, formerly of Rosewood Realty Group, represented Denholtz. Alan Isenstadt, Bruce Kaskey and Joe Tinti of KeyBank Real Estate Capital arranged acquisition financing for the deal.
BROCKTON, MASS. — MassHousing has provided $12.9 million in financing for Bixby Brockton Apartments, a 106-unit affordable seniors housing complex located on the southern outskirts of Boston. The complex houses 88 one-bedroom apartments and 18 two-bedroom apartments, with two units occupied by maintenance and security staff. The borrower, Affordable Housing & Services Collaborative Inc., will use the proceeds to fund capital improvements and extend the property’s affordability status. Among the improvements slated for the property are unit repairs, two new heating systems, a new fence, security camera upgrades and the extension of a laundry room.
MANCHESTER, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Charles Drive, a 67-unit multifamily property in Manchester, located in Hartford County. Built on 10 acres in 1969, Charles Drive comprises 11 two-story buildings that house two-bedroom, townhouse-style apartments. Residences feature individual washers and dryers, fireplaces, and private patios/decks. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, FPA Multifamily, in the transaction and procured the buyer, Cue Residential LLC.
NEWTON, MASS. — Spindrift, a provider of sparkling water, has renewed and expanded its headquarters space at Chapel Bridge Park, an office and life sciences development located in the western suburb of Boston of Newton. The tenant now occupies more than 20,000 square feet at the eight-building, 250,000-square-foot campus, which is owned by The Bulfinch Cos. Jared Pimm of CBRE represented Spindrift in the lease negotiations.