HOUSTON — Skanska USA has completed a 20,772-square-foot adaptive reuse project in Houston’s Third Ward. The project converted the historic Riverside General Hospital, which originally opened in 1926, into the new home of the Harris County Public Health Department. The work encompassed renovations to the main hospital building, former nursing school and adjacent utility structure. The project team also integrated new mechanical, electrical and life-safety systems throughout.
PLANO, TEXAS— C&S Electric Services, a Michigan-based company, has signed an 18,302-square-foot lease in Plano. The space is located within the 82,600-square-foot industrial flex property at 2600 Technology Drive. Brian Pafford and Jared Laake of Bradford Commercial Real Estate Services represented the landlord, Kennington Commercial, in the lease negotiations. Casey Hilbun and Sara Fredericks of Newmark represented the tenant.
NEW YORK CITY — Lendlease has welcomed the first residents to The Riverie, an 834-unit apartment community in the Greenpoint neighborhood of Brooklyn. Spanning an entire city block along the East River, The Riverie comprises two towers that rise 37 and 20 stories, as well as a mid-rise podium with frontages along India, West and Java streets. Residences range from studios to three bedrooms, including select penthouses and townhomes. Of the total unit count, 30 percent of residences are designated as affordable housing. The development also features 13,000 square feet of retail and restaurant space, Class A amenities and new public green space. Marvel was the project architect. Rents start at roughly $3,800 per month for a studio apartment. The Riverie was capitalized in late 2022. Construction began in spring 2023 and topped out in fall 2024, at which point the project was known as 1 Java Street.
WOODBRIDGE, N.J. — The hotel division of local financial intermediary Cronheim Mortgage has arranged a $13.2 million loan for the refinancing of two hotels in the Northern New Jersey community of Woodbridge. The 101-room Comfort Suites was built in 1998, and the 90-room Fairfield Inn & Suites was built in 2003. David Turley led the Cronheim team that secured the five-year, fixed-rate loan through an undisclosed bank. The undisclosed borrower plans to use a portion of the proceeds to convert the Comfort Suites property into a 96-room TownePlace Suites hotel.
DORAL, FLA. — Ascentris, in partnership with Highline Real Estate Capital and Square2 Capital, has completed a multi-phase repositioning of Westside Plaza, a three-building, 382,637-square-foot office complex in Doral, a western suburb of Miami. As a result of the project completion, Miami-based COFE Properties purchased two office buildings within Westside Plaza totaling 276,637 square feet at 8200 and 8400 N.W. 33rd St. for $63 million, according to South Florida Business Journal. Westside I and II were 98 percent leased following a renovation, including upgraded lobbies, common areas and tenant amenities, as well as the addition of two spec suites. Tenants in the office buildings include Guidewell Sanitas, US Med, LLC, Inktel Contact Center Solutions and Venture X. Chris Lee, Sean Kelly, Tom Rappa and Matthew Lee of CBRE brokered the sale. Parallel to the transaction, a joint venture between the Ascentris-led partnership and multifamily developer ZOM Living acquired Westside Plaza II, a 106,000-square-foot office building that will be transformed into a 380-unit multifamily community under Florida’s Live Local Act, a strategy designed to provide more affordable housing opportunities. Robert Given, Brad Capas and Troy Ballard of CBRE brokered the sale of Westside Plaza II.
FREDERICK, MD. — Hanover Co. and its institutional partner Northwestern Mutual have completed construction of Frederick Airport Park, a 509,000-square-foot industrial development located in Frederick, about 44 miles northwest of Washington, D.C. Situated directly off I-70 and adjacent to Frederick Municipal Airport, Frederick Airport Park spans 37 acres and consists of two light industrial buildings featuring 36-foot clear heights. The project team included MGMA (architect), Harris Smariga (civil engineer) and Conewago (general contractor). Construction of both buildings was completed in January. Cushman & Wakefield is marketing Frederick Airport Park to potential tenants.
WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) has provided financing to rehabilitate Henson Ridge II, a 178-unit affordable housing community located in the Douglass neighborhood of Ward 8 in Washington, D.C. DCHFA issued $40 million in tax exempt bonds, along with $37.5 million in federal Low Income Housing Tax Credit (LIHTC) equity and $9.3 million in District of Columbia LIHTC equity. Urban Atlantic Development LLC and Capitol Housing Partners LLC (a subsidiary of the DCHA) are the developers planning to rehabilitate Henson Ridge II. The proposed $103 million rehabilitation is made up of 64 LIHTC units and 114 project-based voucher (PBV) units. The scope of work for the rehabilitation includes replacement of roofs, windows, doors, kitchens and bathrooms, as well as improvements to modernize the HVAC/mechanical systems. The mix of units consists of 52 one-bedroom, 28 two-bedroom, 50 three-bedroom, 38 four-bedroom and 10 five-bedroom units. All units will be reserved for residents earning 30 and 60 percent or less of the area median income (AMI). The 30 percent AMI units will benefit from PBV operating subsidies.
MONTGOMERY, ALA. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a retail property in Montgomery. Instant oil change provider Valvoline occupies the building on a 15-year, triple-net ground lease that features 10 percent rent increases in the initial term. Don McMinn and Andrew Koriwchak of the Taylor McMinn Retail Group represented the seller, a preferred developer for Valvoline, in the transaction. “This transaction demonstrates the demand for investment-grade credit tenants on long-term leases with attractive rent increases,” says McMinn. “We represented the seller, and the buyer was an all-cash, out-of-state, 1031 exchange buyer that closed in under 30 days from going under contract.”
MONROE TOWNSHIP, N.J. — New Jersey-based private equity real estate firm Sitex Group has purchased a 26,000-square-foot warehouse in Monroe Township, located outside of Trenton in Central New Jersey. The building sits on a 5.2-acre site at 30 Abeel Road and offers a clear height of 36 feet and outdoor storage space. Mike Kimmel of KBC Advisors brokered the deal. The seller and sales price were not disclosed. KBC Advisors has also been retained as the leasing agent.
NEW YORK CITY — Hero’s Journey, a technology-driven fitness concept, will open a 19,500-square-foot flagship gym in Midtown Manhattan. The space spans 1,500 square feet on the ground floor and 18,000 square feet on the lower level of the retail condo at 225 Fifth Ave. Jesse Wolff and Matthew Schuss of JLL represented the landlord, CIM Group, in the lease negotiations in conjunction with the owner’s in-house leasing team. Cassie Durand and Aylin Gucalp of CBRE represented Hero’s Journey. An opening date was not announced.