CORPUS CHRISTI, TEXAS — Northmarq has brokered the sale of Coral Cay Apartments, a 109-unit multifamily property in Corpus Christi. Built in 1970, the property features an average unit size of 955 square feet and was 97 percent occupied at the time of sale. Sparkle Asset Management sold the property to an affiliate of SPV Property Management for an undisclosed price. Zar Haro, Moses Siller, Bryan VanCura and Phil Grafe of Northmarq represented both parties in the transaction. Cheryl Higley, also with Northmarq, arranged acquisition financing for the deal.
FORT WORTH, TEXAS — Ring Container Technologies, a provider of plastic fabrication services, has signed a 105,857-square-foot industrial lease renewal at Railhead Industrial Park in Fort Worth. The 633-acre, rail-served development is located at the corner of Northeast Loop 820 and Blue Mound Road on the city’s north side. Allen Gump of Colliers represented the tenant in the lease negotiations. Matt Carthey and George Jennings of Holt Lunsford Commercial represented the landlord, James Campbell Co.
ALLEN, TEXAS —Locally based developer JaRyCo has broken ground on FarmWORKs One, a 102,000-square-foot office building that is part of Phase I of The Farm, a 135-acre mixed-use project in the northeastern Dallas suburb of Allen. The building will offer various features that promote health and wellness, such as outdoor workspaces with Wi-Fi connectivity on every floor, oversized elevators, additional restrooms on every level and high-efficiency air filtration systems. Avison Young will handle leasing of the building. Delivery is slated for next summer.
FORT WORTH, TEXAS — Colliers has arranged the sale of a 54,000-square-foot office complex located at 12600 Willow Springs Road in Fort Worth. The site spans 17.2 acres, and construction of the facility was completed in 2022. Cody Payne and Austin Edelmon of Colliers represented the seller and procured the buyer in the transaction, both of which were private investors that requested anonymity.
SOMERSET, N.J. — San Francisco-based Prologis will develop a 436,900-square-foot industrial project in the Northern New Jersey community of Somerset. The site at 187 Davidson Ave. spans 47 acres. Building features will include a clear height of 40 feet, 190-foot truck court depths and ample car and trailer parking spaces. Delivery is slated for the second half of 2024. Noah Balanoff, Mark Hay and Jacquelyn Severino of Colliers represented Prologis in its acquisition of the land from an undisclosed seller. Colliers has also been retained as the project’s leasing agent.
AMSTERDAM, N.Y. — A public-private partnership between the State of New York and 3D Development Group has completed renovations of New Amsterdam Apartments, a 116-unit affordable seniors housing complex located about 35 miles northwest of Albany. Residences in the 12-story building are reserved for households with incomes at or below 80 percent of the area median income and with at least one household member aged 55 or older. The scope of renovations included asbestos abatement, the modernization of elevators and replacement of fire alarms, as well as the installation of new common doors, energy-efficient hot water boilers, LED light fixtures and cast iron sanitary lines. Unit interiors were also upgraded with Energy Star-rated appliances and fixtures.
HAVERSTRAW, N.Y. — The Boulder Group, an Illinois-based brokerage firm, has arranged the $5 million sale of a 3,034-square-foot retail property in Haverstraw, about 35 miles north of Manhattan, that is net leased to 7-Eleven. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a regional developer, in the transaction. The buyer was a New York-based private investor that acquired the asset via a 1031 exchange. Both parties requested anonymity.
NEW YORK CITY — Locally based brokerage firm Stav Equities LLC has negotiated the $2.5 million sale of a vacant, four-story multifamily property located at 1362 Pacific St. in the Crown Heights area of Brooklyn. Andrew Levine, Josh Lipton and Jax Hindmarch of Invictus Property Advisors collaborated with Jacob Stavsky of Stav Equities LLC to execute the off-market transaction. The buyer and seller were not disclosed.
NEW YORK CITY — Verci, a social network for New York City residents, has signed a 6,000-square-foot office lease at 394 Broadway in Manhattan’s SoHo neighborhood. Nolan Kagan and Jared Sternberg of The Kaufman Organization represented the tenant, which will occupy the fifth floor as its new headquarters space, in the lease negotiations. Miyad Realty represented the landlord.
CHICAGO — Global financial services firm Raymond James has signed an office lease for nearly two full floors at 120 South Riverside Plaza in Chicago’s West Loop. Ivanhoé Cambridge owns the building, and Hines is the property manager. Raymond James will relocate its regional office operations to the building, which is part of a two-building office complex totaling 1.4 million square feet, in April 2024. Floor plates at the property average 37,000 square feet. Both buildings are currently being repositioned, completion of which is slated for next summer. Renovations include expanded lobbies, a tenant lounge, private outdoor areas and enhanced indoor and outdoor exercise options such as a personal training offering and a pickleball court. The public plazas overlooking the river area also being repositioned with new seating areas and landscaping. Todd Brandon, Steve Schneider, Chip Evans and Presley Norby of Cushman & Wakefield represented Raymond James in the lease. Kelsey Scheive and Kelsey Morgan of CBRE represented ownership.