AUSTIN, TEXAS — Newmark has brokered the sale of South Congress Commons, a 68-unit apartment complex located just north of downtown Austin. Situated in the city’s South Congress area, the property features studio and one-bedroom units and amenities such as a dog park, courtyard, outdoor grilling and dining areas and onsite laundry facilities. Chase Easley of Newmark represented the seller, Firm Capital, in the transaction. Anthony Tarter, also with Newmark, arranged an undisclosed amount of acquisition financing on behalf of the buyer, an affiliate of locally based owner-operator Narrow Road Group.
FARMERS BRANCH, TEXAS — Fay Servicing Inc. has inked a 47,951-square-foot office lease in the northern Dallas metro of Farmers Branch. The provider of online financial management tools is taking space at Browning Place I, which was built in 1981 and totals 182,739 square feet, according to commercialcafé.com. Frank Puskarich and Louis Pascuzzi of Newmark represented the tenant in the lease negotiations. Duane Henley of Transwestern represented the landlord, an entity doing business as TCI Park West I Inc.
HOUSTON — Stephens Insurance has signed a 35,454-square-foot office lease renewal and expansion at Nine Greenway Plaza, a 31-story building located about five miles southwest of downtown Houston. Don King and Anya Marmuscak of JLL represented Stephens Insurance, which is taking an additional 9,000 square feet, in the lease negotiations. J.P. Hutcheson and Amanda Nebel represented the landlord, Parkway Properties, on an internal basis.
GRAPEVINE, TEXAS — Locally based brokerage firm STRIVE has negotiated the sale of a 4,797-square-foot QuikTrip gas station in Grapevine, located in the northern-central part of the metroplex. The property was built in 2010. Michael Crovetti and Adam Gottschalk of STRIVE represented the seller, a Kansas-based investor, in the transaction and procured the buyer, a Texas-based investor. Both parties requested anonymity.
POHATCONG, N.J. — Locally based developer Larken Associates has broken ground on Monte View at Pohatcong, a 120-unit multifamily project. The site is located near the Pennsylvania-New Jersey border near Easton. The garden-style property will consist of three multi-story buildings and one four-story building with a ground-floor clubhouse. Other amenities will include a pool, fitness center and a dog run. The first move-ins are scheduled to begin in fall 2024.
RADNOR, PA. — Locally based REIT Brandywine Realty Trust has sold a 17,884-square-foot shopping center in Radnor, a northwest suburb of Philadelphia, for $14.2 million. Built in 2014, the property was fully leased at the time of sale to tenants such as Estia, Pietro’s, Honeygrow and Buena Onda. Jim Galbally, Chris Munley, Colin Behr, James Graf and Patrick Higgins of JLL represented Brandywine in the transaction. The buyer was an undisclosed, New York-based private investor.
GARDNER, MASS. — JLL has brokered the $9.6 million sale-leaseback of a 113,000-square-foot industrial building in Gardner, located about 65 miles northwest of Boston. Built in 1959 and expanded in 2004, the building features six dock doors and a clear height of 30 feet. Lenny Pierce and David Coffman of JLL represented the tenant, food packaging company Garlock Flexibles, which will retain occupancy on a long-term basis, in the transaction. The buyer was Philadelphia-based Valley Forge Private Equity.
SOUTH PLAINFIELD, N.J. — Cushman & Wakefield has arranged an $8.9 million refinancing for an industrial outdoor storage site in South Plainfield, about 40 miles south of Manhattan. The site spans 3.9 acres and houses an 11,500-square-foot warehouse, a paved and lit parking and outdoor storage space. The property is leased to EquipmentShare, a Missouri-based construction technology firm. John Alascio, T.J. Sullivan, Chuck Kohaut and Chris Meloni of Cushman & Wakefield arranged the financing through Lakeland Bank on behalf of the borrower, a partnership between Boston-based investment firm Marcus Partners and New Jersey-based Ridgecut Road.
NEW YORK CITY — Eaglestone LLC, a holding company that supports mechanical, fire protection, plumbing and electrical contractors, has signed a 20,955-square-foot office lease in Midtown Manhattan. The lease term is 10 years. Eaglestone is taking space on the ninth floor of the historic Fred H. French Building, which is located at 551 Fifth Ave. and was originally constructed in 1927. Andrew Wiener and Randall Briskin represented the landlord, The Feil Organization, in the lease negotiations on an internal basis.
PHOENIX — Scottsdale-based Greenlight Communities has broken ground on Cabana North Valley, a 159-unit affordable multifamily community in Phoenix. Located at 33455 N. North Valley Parkway, Cabana North Valley will feature 59 studios, 66 one-bedroom units and 34 two-bedroom units, as well as three courtyards with a wide array of amenities. With the community situated between charter schools, Greenlight Communities plans to support the local education system by providing housing options to families seeking high-quality education for their children. The project is set to begin leasing in October 2024.