DALLAS — Law firm Cooper & Scully PC has signed a 47,900-square-foot office lease renewal at Founders Square in downtown Dallas. The seven-story 274,010-square-foot building at 900 Jackson St. was originally constructed in the early 20th century as a warehouse for the Higginbotham-Bailey-Logan Co. dry goods company and was converted to office use in 1984. Rhett Miller and Sam Bass of Stream Realty Partners represented the landlord, Charter Holdings Inc., in the lease negotiations. John Ellerman and Jeff Ellerman of CBRE represented the tenant.
NEW YORK CITY — Douglaston Development has received financing for a $190 million affordable housing project that will be located in the Bedford Park neighborhood of the Bronx. The building at 2868 Webster Ave. will rise 12 stories and house 277 units. The financing includes $83.4 million in tax-exempt bond proceeds and $17.4 million in subsidies allocated by The New York City Housing Development Corp. The New York City Department of Housing Preservation & Development also provided a $52.6 million subsidy under its Extremely Low- and Low-Income Affordability Program. Wells Fargo provided Low-Income Housing Tax Credits as well as a letter of credit for the project. Units will come in studio, one-, two- and three-bedroom floor plans and will be reserved for households earning up to 70 percent of the area median income. Sixty units will be set aside as supportive units. The project represents the second phase of a two-phase development that also includes a 188-unit seniors housing complex that opened in fall 2023. Levine Builders, the general contracting affiliate of Douglaston Development, will build the community. Construction is expected to be complete in 2027.
REVERE, MASS. — Tremont Realty Capital, a division of locally based investment firm RMR Group, has provided a $40 million loan for the refinancing of SpringHill Suites by Marriott Boston Logan Airport Revere Beach hotel. The 168-room hotel is located on the eastern outskirts of the city near the Wonderland MBTA public transit station. HREC Investment Advisors arranged the loan, which carried a two-year initial term with three one-year extensions. The borrower was not disclosed.
LOS ANGELES — Cityview and Wafra have acquired Silva, a newly constructed, Class A apartment community in the Silver Lake neighborhood of northeast Los Angeles. The seller and price were not disclosed. Silva is currently vacant and recently received a temporary certificate of occupancy. The new owners plan to lease the community as construction is finalized and a permanent certificate of occupancy is obtained. Located at 235 N. Hoover St., Silva offers 221 studio, one-, two- and three-bedroom floor plans featuring nine-foot ceilings and floor-to-ceiling windows with views of downtown Los Angeles, Griffith Park Observatory, the Hollywood Sign and the Santa Monica Mountains. Units feature full-size washers/dryers, smart thermostats, and kitchens with quartz countertops, high-end fixtures, high-end appliances and full-height tile backsplashes. Select units offer walk-in closets and private oversized balconies or patios. Community amenities include coworking space, a large deck, resort-style pool and spa, a club room with arcade games and a private screening room, programmatic outdoor space, a double-height fitness center and outdoor dining areas with firepits and barbecues. Additional amenities include a dog run, green space, secure storage areas and electric vehicle charging stations. Chris Tresp and Derrek Ostrzyzek of CBRE brokered the transaction. Westhome, an affiliate of …
ENGLEWOOD, COLO. — Libitzky Property Cos. has completed the sale of Rampart Center, a two-building asset in Englewood, just south of Denver. River Rise Capital acquired the asset for $18 million. Located at 7173 and 7245 S. Havana St., Rampart Center offers 100,455 square feet of office/flex space spread across two buildings. The single-story properties were originally built in 1999 and have gone through recent improvements, including the addition of a fitness center. At the time of sale, Rampart Center was 94 percent leased to five tenants in a variety of industries, including government services, healthcare, engineering and co-working. Larry Thiel and Sean Whitney of JLL Capital Markets’ investment sales and advisory team represented the seller in the deal.
SPARKS, NEV. — CapRock Partners has purchased two industrial properties totaling 177,100 square feet in Sparks, just east of Reno. An owner-user sold the assets for an undisclosed price in an off-market transaction. The 94,000-square-foot building at 120 Greg St. features eight dock-high doors and three grade-level doors. Initially constructed in 1995, the building is currently divided into four suites ranging in size from approximately 20,000 square feet to 27,000 square feet. Located at 250 Greg St., the second, 83,1000-square-foot building offers three dock-high doors and eight grade-level doors. Constructed in 1980, the building was expanded in 1995 and 2001 and offers suites ranging in size from 9,000 square feet to 36,000 square feet. CapRock plans to renovate the two buildings and implement extensive capital improvements to enhance functionality. Planned renovations include adding storefronts, building new offices, refreshing existing offices, installing LED lighting, new interior and exterior building paint, and improvements to the site’s parking lots and landscaping. Brian Armon, Tony Machabee and Derek Carroll with NAI Alliance facilitated the transaction.
SAN DIEGO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Mar at Mesa Apartment Homes in San Diego. An affiliate of F&F Properties acquired the asset for an undisclosed price. Built in 1988 and renovated in 2022, Mar at Mesa features 62 one-bedroom/one-bath, two-bedroom/one-bath and two-bedroom/two-bath units with breakfast bars, dishwashers, large closets, patios and balconies. Community amenities include a swimming pool, sundeck, spa, barbecue area, firepit, off-street parking and laundry facility. Chris Zorbas, Alexander Garcia Jr. and Kyle Pinkalla of IPA represented the undisclosed seller and procured the buyer in the deal.
ROSEVILLE, CALIF. — Marcus & Millichap has arranged the sale of Hillcrest Center, a retail property in the Sacramento suburb of Roseville. A private investor sold the asset to a real estate investor for $2.8 million, or $136 per square foot. Located at 1018 Douglas Blvd., Hillcrest Center offers 20,265 square feet of retail space. Wyatt Figueroa and Edward Nelson of Marcus & Millichap represented the seller, while Nelson and Dominic Mazzoni of Marcus & Millichap procured the buyer in the transaction.
CLEVELAND — AEG Presents and Jacobs Entertainment Inc. have announced plans to develop Globe Iron, a new 1,200-seat live event venue in Cleveland. The companies plan to open the multi-purpose facility, which will feature an indoor concert hall and open-air courtyard, in March 2025. Situated on the West Bank of Cleveland’s Flats district, the project will be situated on the site of the former Globe Iron Works Foundry that dates back to 1853. Jacobs Entertainment will develop Globe Iron while AEG Presents will build-out and operate the property. AEG Presents expects to add 150 events to Cleveland at Globe Iron, including corporate functions, weddings, conferences, award shows and fundraisers.
MONTGOMERY, N.Y. — JLL has arranged a $10 million permanent loan for an 80,260-square-foot warehouse and distribution building in Montgomery, about 75 miles north of Manhattan. The facility at 18 Leonards Drive, which was completed earlier this year and was fully leased at the time of the loan closing, features a clear height of 36 feet, 16 loading docks, two drive-in doors and parking for 50 cars and 14 trailers. Michael Klein and Max Custer of JLL originated the fixed-rate debt on behalf of the borrower, Frassetto Cos. An undisclosed life insurance company provided the loan.