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Lenox-Heights-Houston
DevelopmentMultifamilyTexas

OHT Partners Breaks Ground on 359-Unit Lenox Heights Apartments in Houston

by Taylor Williams

HOUSTON — Austin-based developer OHT Partners has broken ground on Lenox Heights, a five-story, 359-unit multifamily project in Houston’s Heights neighborhood. Units will come in one- and two-bedroom floor plans and will range in size from 629 to 1,247 square feet. Residences will be furnished with stainless steel appliances, quartz countertops and various pieces of smart technology. Amenities will include two pools, a fitness center, coworking lounge, clubhouse and a pet spa. Steinberg Dickey Collaborative is the project architect. Completion is slated for early 2025.

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AcquisitionsMultifamilyTexas

Colliers Arranges Sale of 320-Unit Apartment Community in Galveston

by Taylor Williams

GALVESTON, TEXAS — Colliers has arranged the sale of Lakeside at Campeche, a 320-unit apartment community located in the southeastern Texas city of Galveston. The property offers one- and two-bedroom units and amenities such as a pool, outdoor gym and grilling and dining stations. Chip Nash, Bob Heard and Jaleel Adatia of Colliers represented the seller, a California-based joint venture that owned the property for 20 years, in the transaction. Metro Dallas-based investment firm Clearworth Capital purchased the asset for an undisclosed price.

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DevelopmentOfficeTexas

Cawley Partners Underway on 120,000 SF Office Project in Plano

by Taylor Williams

PLANO, TEXAS — Dallas-based developer Cawley Partners is underway on construction of Phase II of The Parkwood, a project in Plano that will add 120,000 square feet of office space to the local supply. Phase I of The Parkwood, which also comprises 120,000 square feet, was completed in late 2022 and is fully leased to First United Bank. Phase II is 43 percent preleased, with SFMG Wealth Advisors committed as the anchor tenant with a 22,000-square-foot lease. Amenities at The Parkwood include a fitness center, pickleball court, conference centers and rooftop terraces.

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IndustrialLeasing ActivityTexas

Texas Envelope Manufacturing Signs 33,000 SF Industrial Lease Renewal in Northwest Dallas

by Taylor Williams

DALLAS — The Texas Envelope Manufacturing Co. has signed a 33,000-square-foot industrial lease renewal in northwest Dallas. According to LoopNet Inc., the property at 10647-10657 Shady Trail was built in 1981, totals 72,000 square feet and features 21-foot clear heights and 15 exterior dock doors. Andrew Gilbert and Keaton Brice of Holt Lunsford Commercial represented the landlord, Boston-based TA Realty, in the lease negotiations. David Easterling of CBRE represented the tenant. 

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AcquisitionsIndustrialTexas

Finial Group Negotiates Sale of 7,692 SF Industrial Building in Garland, Texas

by Taylor Williams

GARLAND, TEXAS — Houston-based brokerage firm Finial Group has negotiated the sale of a 7,692-square-foot industrial building located at 4309 Action St. in the northeastern Dallas suburb of Garland. The facility includes 1,500 square feet of office space. An undisclosed seller sold the property to Cenote Investment Group for an undisclosed price. Jason Gibbons of Finial Group brokered the deal.

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AcquisitionsMassachusettsNortheastRetail

Newmark Brokers $45.2M Sale of Metro Boston Shopping Center

by Taylor Williams

HINGHAM, MASS. — Newmark has brokered the $45.2 million sale of Lincoln Plaza, a 127,505-square-foot shopping center located about 20 miles south of Boston in Hingham. A 68,087-square-foot Stop & Shop grocery store and a 31,882-square-foot Marshalls anchor the center, which was 99 percent leased at the time of sale. Robert Griffin, Jon Martin, Paul Penman and Matthew Adler of Newmark represented the seller, AEW, in the transaction and procured the buyer, a subsidiary of Jumbo Capital Inc. Casey O’Brien and Connor Scott of Newmark provided financial analysis support for the deal.

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Arcadia-North-Tobyhanna-Pennsylvania
IndustrialLoansNortheastPennsylvania

Cushman & Wakefield Arranges $45M Loan for Refinancing of Eastern Pennsylvania Industrial Facility

by Taylor Williams

TOBYHANNA, PA. — Cushman & Wakefield has arranged a $45 million loan for the refinancing of Arcadia North, a 1 million-square-foot industrial facility located in the Eastern Pennsylvania community of Tobyhanna. The property was built in 2020 and was fully leased to Lowe’s Home Center at the time of the loan closing. Building features include a clear height of 36 feet, four drive-in doors, 105 dock doors, 316 car parking spaces, 469 trailer parking stalls and an ESFR sprinkler system. Steve Kohn, John Alascio, Alex Hernandez, Aaron Graves, T.J. Sullivan and Jason Blankfein of Cushman & Wakefield arranged the loan through Northwestern Mutual on behalf of the borrower, institutional investors advised by J.P. Morgan Global Alternatives.

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49-Mall-Drive-Commack-New-York
DevelopmentIndustrialNew YorkNortheast

Bristol Group Nears Completion of 178,124 SF Spec Industrial Project on Long Island

by Taylor Williams

COMMACK, N.Y. — San Francisco-based developer Bristol Group is nearing completion of a 178,124-square-foot speculative industrial project in the Long Island community of Commack. The property features a clear height of 36 feet, 31 dock-high loading doors, two drive-in ramps, 205 car parking spaces and 16 trailer parking stalls. The site can also support future expansion or additional parking requirements. Full delivery is slated for June. JLL is marketing the property for lease.

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ColoradoLoansOfficeWestern

Crestone Partners Receives $66M Refinancing for Office Complex in Denver

by Jeff Shaw

DENVER — Crestone Partners has received a $66 million refinancing for a 279,188-square-foot office property in Denver.  The asset consists of two interconnected, Class A office towers in Denver’s LoDo submarket. The space is nearly 95 percent leased to 13 tenants. There is also 25,188 square feet of ground-floor retail space and a 467-space parking garage on the first and second floors.  JLL’s Bob Flynn, Garth Tait, Dave Meares and Heidi McKernan represented the borrower and operator, Crestone Partners, to secure the five-year, fixed-rate loan through an international correspondent life insurance company.

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CaliforniaDevelopmentHospitalityLoansWestern

JLL Arranges $36.8M Construction Financing for AC Hotel by Marriott in Pasadena, California

by Jeff Shaw

PASADENA, CALIF. — JLL has arranged $36.8 million in construction financing for a 194-room AC Hotel by Marriott development in Pasadena.  The six-story hotel will be situated in the Playhouse District. It will feature a rooftop lounge, Peloton fitness room, event space and AC Lounge.  JLL’s Marc Schillinger and Matt Stewart represented the developer, Welcome Group Inc., to secure the three-year loan with two one-year extension options.

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