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Annie-Richardson-Bass-Lower-School-Fort-Worth
CivicDevelopmentTexas

Linbeck Breaks Ground on $25M Lower School for Fort Worth Country Day

by Taylor Williams

FORT WORTH, TEXAS — Locally based general contractor Linbeck has broken ground on the $25 million Annie Richardson Bass Lower School at the 104-acre campus of private school Fort Worth Country Day. When complete in spring 2025, the building will be home to about 350 students in grades first through fourth. Academic facilities will include a 2,130-square-foot library, two science labs, breakout study rooms and administrative offices for support counselors and healthcare personnel, as well as a playground with a sports court. San Antonio-based Lake|Flato Architects designed the project, and Dallas-based Hocker Design provided landscape architecture services.

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Affordable HousingLoansMultifamilyTexas

BWE Provides $16.8M in Agency Financing for Affordable Seniors Housing Project in Dallas

by Taylor Williams

DALLAS — BWE, the commercial lender formerly known as Bellwether Enterprise Real Estate Capital, has provided $16.8 million in Freddie Mac permanent financing for Estates at Ferguson, a 164-unit affordable seniors housing project in Dallas. The property will offer 99 one-bedroom units and 65 two-bedroom units, with the majority of residences (148) reserved for renters earning 60 percent or less of the area median income. John Killough and John Roberts of BWE originated the loan, which carries a 15-year term and a fixed interest rate. The City of Dallas HFC also issued tax-exempt bonds as part of the project’s capital stack, and The Texas Department of Housing & Community Affairs provided Low-Income Housing Tax Credit (LIHTC) equity. Construction is underway and expected to last about 15 months. The sponsor was not disclosed.

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AcquisitionsMultifamilyTexas

Marcus & Millichap Arranges Sale of 130-Unit Multifamily Portfolio in Dallas

by Taylor Williams

DALLAS — Marcus & Millichap has arranged the sale of a portfolio of two multifamily properties totaling 130 units in the Knox-Henderson neighborhood of Dallas. Garrett Gardens totals 66 units, and Moser Gardens totals 64 units. The seller was a private partnership from out of state that had owned the properties for 33 years. The buyer was a Dallas-based owner-operator. Al Silva and Ford Braly of Marcus & Millichap represented both anonymous parties in the deal.

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IndustrialLeasing ActivityTexas

RIM Logistics Signs 75,123 SF Industrial Lease in Grand Prairie, Texas

by Taylor Williams

GRAND PRAIRIE, TEXAS — Illinois-based freight company RIM Logistics has signed a 75,123-square-foot industrial lease in the central metroplex city of Grand Prairie. The space is located within GSW Commerce Center at 161, a two-building, 465,195-square-foot speculative development by Illinois-based Molto Properties. Upon completion later this year, GSW Commerce Center at 161 will feature 36-foot clear heights, 180-foot truck court depths, ESFR sprinkler systems and parking for 116 trailers and 410 cars. Forshey Hoobler of KBC Advisors represented RIM Logistics in the lease negotiations. Brian Gilchrist, Steve Koldyke and Kacy Jones of CBRE represented Molto Properties.

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AcquisitionsIndustrialTexas

Pocas International Buys 27,893 Industrial Building in Southwest Houston

by Taylor Williams

HOUSTON — Pocas International has purchased an industrial building at 8008 W. Sam Houston Parkway S. in southwest Houston that totals 27,893 square feet, according to LoopNet Inc. The move represents an expansion for the food-and-beverage products distributor, which simultaneously sold its previous building, a 16,675-square-foot facility located at 711 Buffalo Run in nearby Missouri City. Wes Williams of Colliers represented Pocas International in both transactions. Travis Land of Partners Real Estate represented the seller of the Sam Houston Parkway building, an entity doing business as Ultra Houston Group LP. Harry Lou of Fidelity Realtors represented the buyer of the Buffalo Run building, Wellcom Realty LLC. Sales prices were not disclosed.

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Newport-Tower-Jersey-City
Leasing ActivityNew JerseyNortheastOffice

Bank of America Signs 550,000 SF Office Lease at Newport Tower in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — Bank of America has signed a 550,000-square-foot office lease at Newport Tower in Jersey City. Newport Tower is a 36-story, 1.1 million-square-foot waterfront building that recently underwent a multimillion-dollar renovation and connects via skybridge to the 1 million-square-foot Newport Centre Mall. Building amenities include eight onsite dining options, a fitness center, game room, tenant lounge, coworking spaces and meeting rooms. Robert Rudin, David DeMatteis, Mina Shehata, Dirk Hrobsky, Karl Helgessen, Jan Randall Dausend and Christina Magill of Cushman & Wakefield represented the landlord, BentallGreenOak, in the lease negotiations. Bob Alexander, Ryan Alexander and Taylor Callaghan of CBRE represented Bank of America.

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The-Nell-Dunellen-New-Jersey
LoansMultifamilyNew JerseyNortheast

Prism Capital Receives $53.9M in Financing for Multifamily Property in Dunellen, New Jersey

by Taylor Williams

DUNELLEN, N.J. — Locally based developer Prism Capital Partners has received $53.9 million in financing for The Nell, a 252-unit multifamily property in the Central New Jersey community of Dunellen. Designed by Spiezle Architectural Group, the transit-oriented, newly built property offers one- and two-bedroom units and includes 3,700 square feet of retail space. The amenity package comprises a pool, fitness center, resident lounge, community kitchen, meeting rooms, an outdoor bar with TVs and grilling and dining areas. Rodney Sherman and Greg Halvorson of KeyBank Real Estate Capital arranged the seven-year loan, which provides fixed-rate takeout financing, through New York Life Real Estate Investors on behalf of Prism Capital Partners.

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AcquisitionsNew HampshireNortheastRetail

IPA Arranges $16.6M Sale of Shopping Center in Merrimack, New Hampshire

by Taylor Williams

MERRIMACK, N.H. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $16.6 million sale of Merrimack Village Center, an 82,292-square-foot shopping center located near the Massachusetts-New Hampshire border. Built on 10 acres in 2006, the center was 99 percent leased at the time of sale, with grocer Shaw’s serving as the anchor tenant. Other users include Dental Designs of New England, KT Cleaners, Supercuts and Subway. Jim Koury led the IPA team that represented the buyer and seller, both of which were limited liability companies, in the transaction.

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Leasing ActivityNew JerseyNortheastOffice

Fennelly Associates Negotiates 19,008 SF Office Lease in Hamilton, New Jersey

by Taylor Williams

HAMILTON, N.J. — Fennelly Associates has signed a 19,008-square-foot office lease at a 47,464-square-foot building located at 200 Horizon Drive in the Central New Jersey community of Hamilton. The tenant, Micro-Air, a designer and manufacturer of air conditioning control systems for boats and RVs, is relocating from a 7,850-square-foot space in nearby Allentown. Jerry Fennelly of Fennelly Associates represented the landlord, Cammeby’s Management, in the lease negotiations. Micro-Air was self-represented.

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Montbello-Industrial-Portfolio-Denver-CO
AcquisitionsArizonaCaliforniaColoradoFloridaIndustrialWestern

Stockbridge Capital Sells 1.7 MSF Project RedHawk Industrial Portfolio

by Amy Works

SAN FRANCISCO — San Francisco-based Stockbridge Capital Group has completed the disposition of Project RedHawk, a 1.7 million-square-foot light industrial portfolio spread across multiple markets. The portfolio was sold in four separate transactions to two different buyers between December 2023 and January 2024 and comprises four sub-portfolios totaling 49 buildings in Tempe, Ariz.; San Jose, Calif.; Denver; and Pompano Beach, Fla. BKM Capital Partners acquired Gateway University Park I & II, a 16-building, 258,409-square-foot asset at 1605-1635 and 1705-1797 W. University Drive in Tempe, and Junction Business Park, a two-building, 119,101-square-foot property at 1911-1943 Hartog Drive and 1914-1968 Junction Ave. in San Jose. A partnership between a global manager of alternative investments and Brennan Investment Group purchased The Montebello Industrial Portfolio, a 17-building, 856,013-square-foot asset in Denver, and Powerline Business Park, a 14-building, 444,120-square-foot in Pompano Beach, Fla. Jim Carpenter and Will Strong of Cushman & Wakefield’s National Industrial Advisory Group, along with IAG’s Kirk Kuller, Michael Matchett, Molly Hunt, Mike Davis, Rick Brugge, Rick Colon, Dominic Montazemi, Jeff Chiate, Rick Ellison and Matthew Leupold, in partnership with Robert Buckley, Tracey Cartledge, Scott Prosser, Steve Hermann and Jack Depuy of Cushman & Wakefield represented all parties in the transactions. Gideon Gil, …

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