NEW YORK CITY — Locally based brokerage firm GFI Realty has arranged the $4.8 million sale of a 48-unit apartment building in the Crown Heights neighborhood of Brooklyn. The six-story building was constructed in 1930 and consists of 20 one-bedroom units, 22 two-bedroom apartments, five three-bedroom residences and one four-bedroom unit. Matthew Sparks of GFI Realty represented the seller, a limited liability company, in the transaction. Josh Orlander, also with GFI, represented the buyer, a private investor.
LYNBROOK, N.Y. — Northwell Health, the state’s largest provider, has signed a 23,021-square-foot, full-building renewal on Long Island. Locally based firm Simone Development Cos. owns the three-story building at 733 Sunrise Highway in Lynbrook. The facility is home to physicians specializing in fields such as family medicine, cardiology, endocrinology, gastroenterology, pulmonology, urology and rheumatology. No third-party brokers were involved in the lease negotiations.
NEW YORK CITY — Avison Young has negotiated a seven-year, 7,364-square-foot office lease at 551 Fifth Avenue in Midtown Manhattan. The Feil Organization owns the property, which was originally built in 1927 and is known locally as The Fred F. French Building. Martin Cottingham, Patrick Steffens and Alexis Odgers of Avison Young represented the tenant, BOND Civil & Utility Construction, in the lease negotiations. Andrew Wiener, Kevin Driscoll and Henry Korzec represented Feil on an internal basis.
LOS ANGELES — Blackstone Real Estate has sold a portfolio of industrial properties in Southern California to Rexford Industrial Realty Inc. (NYSE: REXR) for a total of $1 billion. The portfolio comprises 48 properties and approximately 3 million square feet, for a sales price of $332 per square foot. At the time of the sale, the portfolio was 98 percent leased. Almost all of the properties are located within infill submarkets in Los Angeles and Orange counties. A list of the properties was not released. Rexford Industrial, headquartered in Los Angeles, financed the transaction using proceeds from its recent exchangeable senior note offerings and cash on hand. According to Michael Frankel and Howard Schwimmer, co-CEOs of Rexford Industrial, the REIT’s current acquisition pipeline also includes $300 million of investments under contract or accepted offer. “Infill Southern California is the nation’s highest-barrier and lowest supply industrial market,” said Frankel and Schwimmer via a press release. “These strategic investments in exceptionally well-located, high-quality assets represent a significant opportunity to drive accretive cash flow growth, increased operating margins and long-term value creation.” Rexford is already a major industrial investor, with its entire 422-property, 49.1 million-square-foot portfolio located in Southern California. The company’s stock price closed at $50.30 per share …
GEORGETOWN, TEXAS — Philadelphia-based investment firm EQT Exeter has acquired a 449,642-square-foot industrial building in the northern Austin suburb of Georgetown that is fully leased on a long-term basis to solar panel manufacturer CAF Energy. The sales price was $60.9 million. Located at 110 SE Inner Loop Road, the building was completed in 2023 and features 106 loading doors, 36-foot clear heights and parking for 123 trailers and more than 500 cars. At full operation, CAF Energy expects to employ more than 240 people at the facility.
AUSTIN, TEXAS — Shorenstein Properties, an investment firm with offices in San Francisco and New York City, has sold a 248,000-square-foot office building in Austin’s Mueller district. The Teacher Retirement System of Texas (TRS) purchased the six-story complex, which is known as The Bravo Building, with plans to relocate its headquarters to the facility. The sale included an 845-space parking garage. TRS sold its former headquarters building at 1000 Red River St. in downtown Austin in fall 2022.
DALLAS — Bradford Cos. has purchased Bent Tree Green, a 139,069-square-foot office building in North Dallas, with plans to invest about $9.6 million in capital improvements. Bent Tree Green is a three-story building that overlooks the 190-acre country club of the same name. Bradford plans to add a fitness center, outdoor tenant lounge, putting green and speculative suites to the property. JLL represented the seller, Silver Star Properties REIT, in the transaction.
DALLAS — H-E-B will open a 55,000-square-foot store at 5204 S. Buckner Blvd. in East Dallas that will be operated under the San Antonio-based grocer’s Joe V’s Smart Shop brand. The opening is slated for spring 2025. The concept, which launched in 2010 in Houston, features a smaller-format space and a curated selection of products, including baked goods, prepared foods, nutritional supplements and hygiene products. Construction is also underway on another Joe V’s store in South Dallas, with an opening scheduled for summer.
HOUSTON — Just Play Sports, which provides basketball lessons and training, has signed a 17,056-square-foot lease renewal at its recreational facility at 10510 Westview Drive in Houston. Just Play Sports originally opened at the facility in 2018. Jason Whittington of Partners Real Estate represented the tenant in the lease negotiations. Greg Barra of Boyd Commercial represented the landlord, an entity doing business as JL Landco LLC.
ATLANTA — BHI has provided a $50 million construction loan for The Dillon, an 18-story condominium tower underway at 2395 Peachtree St. NE in Atlanta’s Buckhead district. The borrower, an affiliate of The Kolter Group LLC, plans to deliver the property by January 2025. The loan is part of the development’s $133 million credit facility, which is overseen by BHI. The Dillon will offer for-sale residences configured in one-, two- and three-bedroom layouts ranging in size between 1,470 and 3,754 square feet. Amenities will include an amenity deck with a resort-style pool with cabanas and a spa, event lawn, pickleball court, dog park, clubroom with a catering kitchen, golf simulator, coworking spaces and a fitness center. In 2022, Kolter delivered The Graydon, a 45-unit condominium development located a quarter-mile from The Dillon.