ALLEN, TEXAS — Avison Young has brokered the sale of a 115,200-square-foot office building located at 805 S. Central Expressway in Allen, a northeastern suburb of Dallas. Susan Gwin Burks, John Bowles, Bruce Butler and Philip Boren of Avison Young, along with Clint Madison and Rodney Helm of Cushman & Wakefield, represented the seller, Gladstone Commercial, in the transaction. Matt Middendorf of Middendorf Commercial Real Estate represented the buyer, Sol-Ark, which provides solar and other energy storage products. The new ownership plans to take full occupancy of the building, which was originally constructed in 1998.
HOUSTON — Nonprofit organization Texas Inter-Faith Housing Corp. will develop Westheimer Garden Villas, an 85-unit affordable seniors housing project in Houston. The majority of the property’s one- and two-bedroom units will be reserved for renters aged 55 and above who earn up to 30, 50, and 60 percent of the area median income. Amenities will include a community room and a fitness center. Total development costs are estimated at $23 million. Hunt Capital Partners provided $13.8 million in Low-Income Housing Tax Credit equity for the project, which is slated for a spring 2024 completion.
DALLAS — Texas-based brokerage firm Wellington Realty has arranged the sale of The Ascent at Midtown, an 81-unit multifamily property located at 6431 Ridgecrest Road in northeast Dallas. The complex was built in 1980. According to Apartments.com, Ascent at Midtown offers one- and two-bedroom units. David Shaffer, Caleb Jones, and Investment Sales Associates, Will Miller, Chase Thompson and Charles Larkam of Wellington Realty brokered the deal. The buyer and seller were not disclosed.
DALLAS — Foundation Building Materials, a California-based provider of construction supplies, has signed a 30,547-square-foot industrial lease renewal at 8301 John Carpenter Freeway in Dallas. Chicago-based investment firm ML Realty owns the property and was internally represented in the lease negotiations. Ryan Boozer and Lena Pierce of Stream Realty Partners represented the tenant.
NEW YORK CITY — Walker & Dunlop has arranged $120 million in financing for a portfolio of three affordable housing properties totaling 557 units in Harlem. The portfolio’s capital stack now includes agency debt originated by Freddie Mac and historic tax credit equity that was generated by The New York City Housing Authority (NYCHA) and was subsequently purchased by J.P. Morgan Chase. Proceeds will be used to rehabilitate and preserve the affordability status of Audubon Houses, Bethune Gardens and Thurgood Marshall Plaza, which were built between 1962 and 1985. The owner, a partnership between Dantes Partners and NYCHA, plans to invest about $200,000 per unit in capital improvements. Interior upgrades will include new kitchens, bathrooms, windows, appliances and flooring, and the project team will also modernize the properties’ HVAC systems. Construction is expected to be complete by August 2025. John Gilmore led the Walker & Dunlop team that structured the agency financing.
CAMDEN, N.J. — Campbell Soup Co. (NYSE: CPB) will invest $50 million in capital improvements to its headquarters campus in the Southern New Jersey community of Camden. The project will both enhance existing workspaces and amenity spaces as well as deliver new ones. As part of the initiative, the company will consolidate its offices in Charlotte and Norwalk, Conn., into the Camden office, yielding a regional workforce of about 1,600 employees. Campbell Soup has been headquartered in Camden since 1869, and this project represents the first renovation of the campus since 2010. Construction is set to begin in March. Employees will begin relocating from the other offices later this year.
TOMS RIVER AND BRICK, N.J. — Marcus & Millichap has brokered the $46 million sale of the Ocean County Middle Market Portfolio, a collection of 10 commercial properties totaling 310,023 square feet that are located in Southern New Jersey’s Toms River and Brick. The portfolio comprises five multi-tenant retail properties, two medical office buildings and three net-leased retail assets, one of which is vacant. Alan Cafiero, Brent Hyldahl and Seth Goldberg of Marcus & Millichap, along with Brad Nathanson of Institutional Property Advisors, represented the seller, private investor Edele Hovnanian, in the transaction. The team also procured the buyer, Horizon Equities. At the time of sale, the portfolio was leased to more than 100 tenants and had a collective occupancy rate of 70 percent.
JEFFERSON, N.J. — Locally based developer Diversified Properties has acquired two lots totaling 9.8 acres in the Northern New Jersey community of Jefferson for the construction of a new multifamily project. Phase I of the project, which will be known as Jefferson Place, will total 32 units. Residences will be available in one- and two-bedroom floor plans and will range in size from 855 to 1,216 square feet. Amenities will include a fitness center, and an outdoor lounge with grilling and dining stations. Details of Phase II were not disclosed. John Schilp and Sigmund Schorr of NAI James E. Hanson represented Diversified Properties and the sellers of the tracts in the land deal. Sitework on Phase I will begin this spring.
ROCK HILL, S.C. — Karis Cold is under construction on a 277,785-square-foot cold storage facility in Rock Hill. Situated on a 40-acre site, the project represents the first cold storage speculative facility in metro Charlotte. The property, which Karis Cold expects to open in first-quarter 2024, will feature convertible freezers, 50-foot clear heights, 28 dock doors with two drive-in doors, 47 trailer parking stalls and 147 regular parking spaces. Spencer Yorke, John Cashion and Rich Grieder of JLL will lead the development’s marketing and leasing efforts on behalf of Karis Cold.
WILDWOOD, FLA. — JLL has arranged $48 million in construction financing for the development of Solamar Wildwood, a 243-unit build-to-rent development in Wildwood. Churchill Real Estate provided the two-year, non-recourse loan to the borrower, a partnership between TRUSOT Developments and Agador Spartacus Development (AS). Max La Cava, Kenny Cutler and Karim Khaiboullin of JLL arranged the financing on behalf of TRUSOT and AS, which are co-developing several residential projects across Florida. Situated adjacent to The Villages, a master-planned community in Central Florida for active adults, Solamar Wildwood will comprise townhomes and villas with one-, two- and three-bedroom layouts. Homes will feature semi-private backyards, surface parking and private garages. Community amenities will include a resort-style swimming pool, sun deck with cabanas, fitness studio with a yoga room, summer kitchen and a tropical clubhouse.