HAMILTON, N.J. — Texas-based developer Hillwood has broken ground on a speculative industrial project in Hamilton, located outside of Trenton in Central New Jersey. The square footage was not disclosed. The 36-acre site at 2772 Kuser Road is located less than two miles from Exit 7A off the New Jersey Turnpike, and the building will feature a clear height of 36 feet. Completion is slated for the third quarter. Cushman & Wakefield has been named as the leasing agent.
OXNARD, CALIF. — Bascom Northwest Ventures, through an affiliate venture, has completed the sale of Tempo at Riverpark Apartments in Oxnard, to a venture led by Hines for $105 million. Blake Rogers, Alex Caniglia and Kip Malo of JLL handled the transaction. Apartment Management Consultants managed the community for Bascom Northwest over the holding period. Located less than one mile from the Pacific Ocean, Tempo at Riverpark features 235 apartments with in-unit laundry, stainless steel appliances, custom sliding barn doors, large bedrooms, spacious open floor plans and balconies or patios. Community amenities include an outdoor pool and spa, poolside cabanas, an outdoor barbecue area and fireplace, a 24/7 fitness center, yoga/spinning room and attached garages. Bascom Value Added Apartment Investors Fund IV, an affiliate of The Bascom Group, and a private investment group led by Bascom Northwest purchased the property for $75.2 million in 2028. Brian Wirtz of Bascom Northwest assisted throughout the investment execution process.
WASHINGTON, D.C. — A partnership between Carr Properties and Barings has purchased a 12-story office building located at 1401 New York Ave. NW in downtown Washington, D.C. Eastdil Secured represented the undisclosed seller in the transaction. The sales price was also not disclosed. The new ownership plans to fully renovate the 211,500-square-foot building with a new enclosed amenity space on the rooftop, as well as upgrades to the office building’s lobby, fitness center and conference facilities. Current tenants at the LEED Gold-certified building include Boies Schiller Flexner, Capstone, Vedder Price and Nossaman.
NORTH LAS VEGAS, NEV. — Walker & Dunlop has arranged a $75 million loan for the refinancing of North Park Living, a two-story, walk-up apartment property in North Las Vegas. Justin Nelson, Eric Norris, PJ Feichtmeier and Jared Diedrich of W&D Capital Markets refinanced the loan on behalf of SRB Living LLC. The team secured the floating-rate, interest-only permanent debt loan from Benefit Street Partners. Located at 4100 Scott Robinson Blvd., North Park Living offers 380 one-, two- and three-bedroom floor plans with direct access entrances. Situated just north of the Las Vegas strip, the property provides direct access to I-15, local and national retailers and major employment centers.
THOUSAND OAKS, CALIF. — Northmarq has arranged $35.7 million in financing for Conejo Valley Plaza, a grocery-anchored retail center in Thousand Oaks. The borrower is Gerrity. Matt Radich and Mason Brower of Northmarq’s Debt + Equity team secured the bridge loan through Northmarq’s long-standing relationship with New York Life. The transaction was structured on a five-year term with interest-only payments for the full term. Situated on 12.3 acres at 1388-1416 N. Moorpark Road, Conejo Valley Plaza offers 128,243 square feet of retail space. The property was built in 1983 and renovated in 2005. Current tenants include Ralphs, Toppers Pizza, Poke Land and Rise Southern Biscuits.
DELRAY BEACH, FLA. — A joint venture between PEBB Enterprises and Cincinnati-based Topvalco Inc. has sold Delray Landing, a shopping center located at 5024-5070 W. Atlantic Ave. in Delray Beach. Sprouts Farmers Market anchors the shopping center, whose tenant roster also includes Retro Fitness, Keke’s Breakfast Café, CJ’s Sports Bar & Grill and Good Vets. An entity doing business as 30 Realty LLC purchased the shopping center for $30 million. Eric Williams and Cole Frantz of Newmark represented the seller in the transaction. During their ownership period, PEBB and Topvalco fully renovated Delray Landing to feature a new façade and roof and upgraded parking, lighting, signage and landscaping.
TUCSON, ARIZ. — Vertical Street Ventures has sold Vertical East Apartments in Tucson to Seattle-based Investors Capital Group for $22 million. Clint Wadlund, Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller. The property was developed in 2001 and is comprised of two- and three-bedroom floor plans. Community-wide amenities include a pool and hot tub, a picnic area and a dog park.
RALEIGH, N.C. — Tishman Speyer has acquired The Maggie, a 244-unit apartment community located at 401 Oberlin Road in Raleigh’s Village district. The property is situated on 2.8 acres adjacent to North Carolina State University. William Yowell, Kevin Kempf, Don Hoffman and Tai Cohen of CBRE brokered the transaction. The seller and sales price were not disclosed. Built in 2014, The Maggie features a unit mix ranging from studios to three bedrooms, as well as 9,000 square feet of street-level retail space. Amenities include a fitness center, outdoor saltwater pool, business center, lounge, golf simulator and a game room.
VIENNA, VA. — Cresa has arranged the $12 million sale of a vacant, 100,000-square-foot office building located at 901 Follin Lane in Vienna, about 17 miles west of Washington, D.C. Navy Federal Credit Union acquired the property from Zalco Commercial. Gene Sachs, Rich Rhodes and Dan Silverman of Cresa represented Navy Federal in the transaction. The property is situated on 9.1 acres across the street from Navy Federal’s headquarters and will be utilized for the time being as a parking lot. Future plans for the office building and surrounding land were not disclosed. The property has sat vacant for the past six years after being leased to an unnamed federal government tenant.
FISHERS AND MCCORDSVILLE, IND. — Hanley Investment Group Real Estate Advisors has arranged the sales of four metro Indianapolis retail centers totaling nearly 83,000 square feet. The combined sales price was more than $30.5 million. Three of the centers — Brookschool Plaza, Sunblest Shoppes and Geist Corner — were owned by the same Indianapolis-based private investor. Thompson Thrift owned the fourth property, Geist Landing. Hanley Investment Group’s Dylan Mallory, in association with ParaSell Inc., represented the sellers. Charleston, S.C.-based Bond Street REIT purchased Brookschool Plaza in Fishers. Bryan Belk of Franklin Street represented the buyer. The 22,400-square-foot property, built in 2003, is fully occupied by Dunkin’, Sherwin-Williams, Ascension Medical Group, Travel Eye Care, Boutique Hair and Nails and Speck’s Pet Supply. Bond Street REIT also purchased Sunblest Shoppes in Fishers. Built in 1989, the 9,600-square-foot asset is fully occupied by Papa Murphy’s, Domino’s Pizza, Subway, H&R Block, Sunflower Spa, Armore’ Nails, Marian Coffee and The Mailing Station. A private investor based in Indianapolis purchased Geist Corner in McCordsville. The 19,248-square-foot strip center was built in 2006. Tenants include Goodfella’s Brick Oven Pizza & Pasta, Fit Body Boot Camp, Happy Cuisine, Subway, Huntington Learning Center, Papa John’s, Bella Nail & Spa …