MURFREESBORO, TENN. — Capstone Real Estate Investment has sold Landmark Apartments, a 264-unit community located near the Middle Tennessee State University campus in Murfreesboro. The property was acquired as a student housing project by the company in 2020 and underwent significant renovations, including the transformation of the community into traditional multifamily. Landmark Apartments offers one-, two- and three-bedroom units. The buyer in the transaction was not disclosed.
FREDERICK, MD. — Power Solutions LLC, a commercial electrical contractor based in Bowie, Md., has signed a 93,800-square-foot lease at Arcadia Business Park in Frederick. The tenant signed the lease with Baltimore-based St. John Properties Inc., which represents the fourth lease transaction between the two firms. Danny Foit of St. John Properties represented the landlord internally in the deal, and Jon Casella of CBRE represented the tenant. Power Solutions plans to house 90 full-time employees at its new warehouse space at 4754 Arcadia Drive, which is about 43 miles northwest of Washington, D.C.
DALLAS — Locally based commercial real estate services firm Morrow Hill has signed a 17,501-square-foot office lease expansion in North Dallas. According to LoopNet Inc., the five-story building at 14800 Quorum Drive was constructed in 1980 and totals 106,600 square feet. Chris Morrow of Morrow Hill internally represented the tenant in the lease negotiations. Adam Toth represented the landlord, Boxer Property Group, also on an internal basis.
FORT WORTH, TEXAS — Greysteel has arranged the sale of University Village, a 16-unit apartment complex that is located less than a block from Texas Christian University in Fort Worth. According to Apartments.com, the property was built in 1959 and offers one- and two-bedroom units. Andrew Mueller of Greysteel represented the buyer and seller, both of which requested anonymity, in the transaction.
KATY, TEXAS — Dallas-based brokerage firm STRIVE has negotiated the sale of a 10,299-square-foot retail building in Katy, a western suburb of Houston, that is leased to Mexican restaurant chain Uncle Julio’s. The building was originally constructed in 2015. Jackson Brewer and Jake Dutson of STRIVE represented the seller and procured the buyer, both of which were Houston-area investors that requested anonymity, in the transaction.
FLOWER MOUND, TEXAS — Los Caminos Modern Cocina will open a 5,680-square-foot Mexican restaurant at Lakeside, a 160-acre mixed-use development in Flower Mound, a northern suburb of Fort Worth. The site spans 1.3 acres, and the space will include an 1,810-square-foot, climate-controlled patio. The opening is slated for fall 2024. Dallas-based Realty Capital Management owns Lakeside.
CARTERET AND WEST CALDWELL, N.J. — Newmark has brokered the sale of a portfolio of five newly constructed industrial buildings totaling 404,713 square feet in Northern New Jersey. Three of the buildings are located in Carteret, and the other two are in West Caldwell. The buildings sit on a combined 28.4 acres, range in size from 50,802 to 134,453 square feet and feature clear heights of 32 to 36 feet and an aggregate parking ratio of 1.1 spaces per 1,000 square feet. Kevin Welsh, Brian Schulz, Jack Fraker and Dustin Volz of Newmark brokered the deal. The buyer and seller were not disclosed. The portfolio was fully leased at the time of sale.
PHILADELPHIA — Los Angeles-based Parkview Financial has provided a $19.8 million construction loan for a 108-unit multifamily project that will be located at 2000 E. Hagert St. in Philadelphia’s Fishtown neighborhood. The property will comprise four studios, 82 one-bedroom units and 22 two-bedroom units. The average unit size will be 707 square feet, and the property will also house 13 live/work artist lofts that will average 571 square feet. Amenities will include a rooftop terrace, pet park and a courtyard. The borrower is M&B Development. Completion is slated for early 2025.
PHILADELPHIA — California-based brokerage firm Matthews Real Estate Investment Services has arranged the $5.2 million sale of a 10,640-square-foot retail strip center in Philadelphia’s Kensington area. Built on two acres in 2015, the center was fully leased at the time of sale to Rise Dispensary and Fine Wine & Good Spirits. Alexander Machado, Daniel Gonzalez, Robert Goldberg and Ben Snyder of Matthews brokered the deal. The buyer and seller were not disclosed.
NEW YORK CITY — New York-based investment firm Barberry Rose Management has sold a portfolio of three multifamily buildings totaling 49 units in Brooklyn’s Crown Heights neighborhood. The sales price was $5 million. The three contiguous, four-story buildings were all constructed in 1912. Ben Khakshoor, Alex Fuchs and Aaron Jungreis of locally based brokerage firm Rosewood Realty Group represented Barberry Rose and the buyer, Gilman Management, in the transaction.
