SAN FRANCISCO — PGIM Real Estate, the San Francisco-based real estate investment and financing business of PGIM, has arranged a $259 million Fannie Mae credit facility addition secured by six multifamily properties on the West Coast. The borrower is The Sobrato Organization. The properties, totaling 1,141 units, are located in suburban West Coast locations benefiting from strong regional demographics and proximity to major employment nodes, according to PGIM. Natalia Todorov, Lauren Kiesel, Elizabeth Velazquez and A.J. Hamer of PGIM handled the transaction. Further details were not disclosed.
RIVERSIDE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the acquisition of five retail outparcels located at Citrus Landing, a 124,904-square-foot retail center in the Inland Empire city of Riverside. Tenants at the outparcels, which total 25,916 square feet, include Carl’s Jr., Quick Quack Car Wash, Arrowhead Credit Union, Panda Express, Café Bottega, Pacific Dental and Chick-fil-A, which is scheduled to open next year. Stater Bros. anchors Citrus Landing, which was fully occupied at the time of sale. Kevin Fryman and Ed Hanley of Hanley Investment Group represented the 1031-exchange buyers in the transaction. REZA Investment Group represented the seller, Paragon Commercial Group.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $28.2 million sale of a 75-unit multifamily building located at 69 E. 125th St. in East Harlem. Built in 2017 by Greystone Development, the 12-story building includes two commercial spaces and is subject to a 421a tax abatement through 2043. Victor Sozio, Shimon Shkury, Mark Anderson, Gabriel Elyaszadeh and Michael Tortorici of Ariel Property Advisors represented Greystone and the buyer, GO-RE Partners, in the transaction. JP Morgan Chase provided acquisition financing for the deal.
LEXINGTON, MASS. — Voyager Therapeutics has signed a 61,307-square-foot life sciences lease expansion at Hayden Research Campus in Lexington, a northwestern suburb of Boston. The tenant’s footprint now spans 93,449 square feet at the campus, which offers amenities such as a cafeteria, fitness center and outdoor gathering spaces. Jon Varholak, Eric Smith, Perry Beal and Alex Plaisted of CBRE represented Voyager in the lease negotiations.
MALVERNE, N.Y. — Locally based balance sheet lender Bayport Funding has provided $3.2 million in financing for a multifamily project in the Long Island community of Malverne. The site at 1104 Hempstead Ave. spans 38,320 square feet. The undisclosed borrower will use the proceeds to acquire and complete the project, which is underway and slated for a summer 2024 delivery.
DALLAS — Newmark has brokered the sale of Plaza of the Americas, a 1.2 million-square-foot office and retail asset located in the Arts District of downtown Dallas. The sales price was not disclosed, but the brokerage states that the transaction marks the largest office sale in Dallas so far this year. New York-based Shelbourne Global Solutions was the buyer, according to The Dallas Morning News. Located at 600 and 700 N. Pearl St., Plaza of the Americas comprises two 25-story office towers connected by a glass atrium. There are 120,000 square feet of retail and dining spaces on the first and second floors as well as an eight-story parking garage. Constructed in 1980, the buildings have undergone $26 million in capital improvements over the last decade. Recent renovations to the atrium replaced an under-utilized ice-skating rink with an urban garden area equipped with water features, food pavilions and retail shops. The new ownership plans to start a multi-million-dollar renovation later this year. Plaza of the Americas is situated adjacent to DART Pearl Street Station. The property is within walking distance of Klyde Warren Park, the 400-room Dallas Marriott Downtown hotel and several entertainment options such as the Dallas Museum of …
MORRISVILLE, N.C. — King Street Properties and BE&K Building Group have topped out the second building in Phase I of Pathway Triangle, an advanced manufacturing campus underway in Morrisville, a western suburb of Raleigh. The 75-acre project will span 1 million square feet of space and represent a total investment north of $1 billion, according to the property website. The first building in Phase I is a 160,000-square-foot building that is set to open this year. The second building will span 200,000 square feet and be delivered in early 2024. Other facilities planned for the first phase include a 140,000-square-foot research-and-development building and an 8,000-square-foot amenity center. CBRE | Raleigh handles the leasing assignment at Pathway Triangle. King Street has a similar campus underway in Devens, Mass., that is home to three tenants and also branded under the Pathway concept.
Eric Newton Real Estate Breaks Ground on 517-Bed Student Housing Development Near Clemson University
CLEMSON, S.C. — Eric Newton Real Estate has broken ground on Maverick Hills, a 517-bed student housing development located near the Clemson University campus in South Carolina. The property will offer cottage and townhome units in a mix of two-, three- and four-bedroom configurations with bed-to-bath parity. Shared amenities are set to include a resort-style swimming pool with lounge seating; clubhouse; full-service coffee bar; study rooms; 24-hour fitness center; courtyard for outdoor games; dog park; pickleball and basketball courts; and “The Rock” community center. The project is scheduled for completion in fall 2025.
AUSTIN, TEXAS — AMLI Residential has completed AMLI Branch Park, a 406-unit apartment community in Austin’s Mueller District. Units come in studio, one- and two-bedroom floor plans and are furnished with quartz countertops, stone backsplashes and soft-close cabinetry. Select units also offer wine refrigerators, fenced yards and built-in bookshelves and desks. Amenities include a pool, dog park, beer garden, outdoor grilling and dining stations, a fitness center, coworking spaces and 20,000 square feet of retail and restaurant space that is scheduled to come on line in spring 2024. Rents start at $1,910 per month for a studio apartment.
NASHVILLE, TENN. — Chicago-based Brennan Investment Group has acquired a 75,000-square-foot distribution facility located at 565 Brick Church Park Drive in Nashville. The seller and sales price were not disclosed. Situated on a 5.3-acre site five miles north of downtown Nashville, the property was fully leased at the time of sale to locally based AllParts Medical, a division of Philips Healthcare that uses the facility to stock, test, repair and distribute more than 60,000 replacement parts used in high-end medical tools. Built in 1996 and renovated in 2019, the infill building features a 135-foot truck court, 24-foot maximum clear heights, LED lighting, climate control and 12,500 square feet of office space. The facility was formerly used as a studio for the TV show “Nashville.” The 565 Brick Church Park property represents Brennan’s fourth acquisition in the Nashville market since 2019.