BRAZORIA, TEXAS — Marcus & Millichap has brokered the sale of Churchill Bridge Storage, a 130-unit boat and RV storage facility located in the Texas Gulf Coast city of Brazoria. The facility spans 51,512 net rentable square feet. Dave Knobler of Marcus & Millichap represented the seller and procured the buyer, both of which were locally based limited liability companies that requested anonymity, in the transaction.
DALLAS — Lee & Associates has negotiated a 25,564-square-foot industrial lease near Dallas Love Field Airport on the city’s northwest side. According to LoopNet Inc., the single-tenant property at 9151 King Arthur Drive was built in 1966. Mark Graybill of Lee & Associates represented the landlord, Trio Pines, in the lease negotiations. The representative of the tenant, Lighthouse Fence Supply, was not disclosed.
HOUSTON — Law firm Shepard, Smith, Edwards & Kantas has signed a 6,962-square-foot office lease renewal and expansion at 1010 Lamar St. in downtown Houston. According to LoopNet Inc., the property was built in 1981, rises 20 stories and totals roughly 278,000 square feet. John Zivley of Partners Real Estate represented the tenant in the lease negotiations. Monte Calvert of Transwestern represented the landlord, an entity doing business as MC TRS 2 LLC.
ORLANDO, FLA. — Berkadia has arranged debt and equity financing totaling $217.2 million for the recapitalization of a three-property multifamily portfolio in Central Florida totaling 1,139 units. The properties include 400 North in Maitland, M2 at Millenia in Orlando and Venetian Apartments in Fort Myers. 400 North and M2 at Millenia were built in 2019, and Venetian Apartments was built in 2018. Brad Williamson, Scott Wadler and Matthew Robbins of Berkadia’s South Florida office secured the financing on behalf of the borrower, a joint venture between JSB Capital Group and BLD Group. The financing package included a 10-year, fixed-rate Freddie Mac loan totaling $185.4 million and $31.8 million in preferred equity from Related Fund Management.
ATLANTA — LV Collective has delivered Whistler, a 565-bed student housing community located in the Midtown neighborhood of Atlanta near the Georgia Tech campus. The 277,457-square-foot property is located at 859 Spring St. NW, on the edge of Midtown’s Tech Square district. The community offers 168 units in studio to five-bedroom configurations with bed-to-bath parity. Shared amenities include a second-floor study mezzanine with private study spaces, conference rooms and a podcast room; Daydreamer Coffee café; dog spa; fitness center with cardio and weightlifting equipment, yoga and spin studios and a sauna; and a 24th-floor deck with an infinity pool and hot tub. Whistler was developed through a partnership between LV Collective and ELV Associates Inc. Variant Collaborative provided interior design services for the project, and Niles Bolton Associates served as architect. JE Dunn was the general contractor, and Asset Living will manage the community. Move-in for residents is scheduled to begin on Aug. 11, in time for Georgia Tech’s 2023 fall semester.
JERSEY CITY, N.J. — The lending arm of New York City-based development and investment firm Slate Property Group has provided a $160 million bridge loan for 618 Pavonia Avenue, a 27-story apartment building in Jersey City. Located in the Journal Square area, the building comprises 432 apartments, 21,000 square feet of office space and 10,000 square feet of retail space. Units come in studio, one-, two- and three-bedroom floor plans, and amenities include a bowling alley, rooftop lounge, game room and a fitness center. The borrower, New York-based Namdar Group, will use the proceeds to retire $120 million in existing construction debt and fund lease-up costs. Drew Fletcher and Bryan Grover of Greystone arranged the loan.
PETAL, MISS. — The Woodmont Co. has broken ground on a new retail strip center spanning nearly 5,000 square feet in Petal, a suburb of Hattiesburg, Miss. Located at 1098 Evelyn Gandy Parkway, the property will house a Starbucks and T-Mobile. The retail center represents Woodmont’s fourth development with Starbucks and first with T-Mobile. Jackson Longley of Woodmont worked to arrange financing through Embree Capital, and Jack Mock of Woodmont represented the developer in the lease negotiations with the national credit tenants. Tony Oswalt with Advanced Building Specialties Inc. will serve as the project’s general contractor. Woodmont plans to open the center in spring 2024.
GREENWOOD, S.C. — Cushman & Wakefield has arranged the $10.8 million sale of Westwood Plaza, an 83,354-square-foot shopping center located at 512 Bypass 72 NW in Greenwood. Planet Fitness, Dollar Tree, Bath & Body Works and pOpshelf anchor the center, which is shadow-anchored by Walmart. Five of the center’s 12 tenants have occupied Westwood Plaza for more than 20 years. Margaret Jones and Lane Breedlove of Cushman & Wakefield represented the undisclosed seller in the transaction. Prudent Growth Partners acquired the property.
STARKVILLE, MISS. — BWE has originated a $10.6 million HUD 221(d)(4) loan for the rehabilitation of Brookville Gardens Apartments, a 120-unit affordable housing community in Starkville. All units are reserved for residents earning up to 60 percent of the area median income (AMI) and are covered by Section 8 project-based vouchers. The borrower, Triangle Development Co., plans to use the funds to add dishwashers, garbage disposals, microwaves and vinyl plank flooring to each unit. Jon Killough of BWE’s Alabama office and John Roberts of BWE’s Dallas office originated the HUD-insured loan. Triangle Development’s recapitalization of Brookville Gardens also includes short-term, tax-exempt bonds and new 4 percent Low Income Housing Tax Credits (LIHTC) secured through the Mississippi Home Corp.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $7.5 million sale of a seven-unit apartment building located at 230-232 W. 72nd St. on Manhattan’s Upper West Side. The 11,500-square-foot building was constructed in 1900 and includes one retail space and two office spaces. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood represented the buyer, a private office, in the transaction. Andrew Natter and Harold Fuchs of Collaborative Group represented the seller, the Niederman Family. The deal traded at a cap rate of 4.8 percent.