CORPUS CHRISTI, TEXAS — Locally based brokerage firm Cravey Real Estate Services has arranged the sale of a 34,165-square-foot industrial property in Corpus Christi. The property consists of four buildings on a 13.6-acre site that formerly housed the operations of Orion Drilling Co., the seller of the property that previously filed for bankruptcy. John Foret of Cravey Real Estate Services represented the buyer, CoFlow Compression LLC, in the transaction. George Clower of Clower Co. represented Orion Drilling.
FAYETTEVILLE, N.C. — StoutCap, a real estate investment firm specializing in raising capital from passive investors, has closed on its $9.2 million acquisition of Treetop Apartments in Fayetteville. The seller was not disclosed. The buyer plans to renovate the interiors of all 146 apartments, as well as upgrade the property’s amenities and exteriors. Treetop is situated on 10.4 acres and features a pool, lounge area, onsite laundry facilities, picnic area with grills and onsite property management and maintenance. StoutCap expects the value-add acquisition to double the return for investors in six years. The buyer plans to return 100 percent of capital to its investors in three years.
ROSEDALE, MD. — KLNB has brokered the $7.2 million sale of Kenwood Shopping Center, a 90,961-square-foot retail center located at 6200 Hazelwood Ave. in Rosedale, a suburb of Baltimore. Pikesville, Md.-based America’s Realty and investment partners purchased the center from a private family that has owned the property since it was developed more than 40 years ago. Chris Burnham, Vito Lupo, Andy Stape and Jake Furnary of KLNB represented the seller in the transaction. Kenwood Shopping Center was 92 percent leased at the time of sale to tenants including Advance Auto Parts, Goodwill and a mix of service and food-and-beverage tenants.
NORTH BERGEN, N.J. — Hall Structured Finance, a Dallas-based lender, has provided a $52.5 million construction loan for The Braddock Apartments, a 135-unit multifamily project located across the Hudson River from Midtown Manhattan in North Bergen. New York City-based Sanz Management is developing the 10-story building, which will also house 2,400 square feet of retail space. Units will come in studio, one- and two-bedroom floor plans and will be furnished with stainless steel appliances, walk-in closets and individual washers and dryers. Private balconies/patios will also be available in select residences. Amenities will include a fitness center, coworking lounge and a rooftop terrace. Peter Nicoletti, Dylan Kane and Zach Redding of Colliers arranged the loan. Construction is slated for a summer 2025 completion.
PALM COAST, FLA. — Axiom Capital Corp. has arranged a $3.1 million bridge loan for the refinancing of an industrial property located in Palm Coast. Totaling 139,801 rentable square feet — 18 percent of which is office space — the development comprises one single-story building and 228 parking spaces on 17.4 acres. The property features clear heights of 21 to 30 feet, a Halon Fire Protection System and two generators. The ownership plans to subdivide the office space for leasing.
BASKING RIDGE, N.J. — Cushman & Wakefield has arranged the sale of a 216,573-square-foot office complex located at 131 Morristown Road in the Northern New Jersey community of Basking Ridge. The property consists of two interconnected buildings on a 34-acre site and offers a cafeteria, fitness center and landscaped central courtyard. David Bernhaut, Gary Gabriel, Kyle Schmidt, Frank DiTommaso, Andy Schwartz, Jordan Sobel, Andre Balthazard and Bill Baunach of Cushman & Wakefield represented the undisclosed seller in the transaction. The team also procured the buyer, Adoni Property Group. Additionally, Cushman & Wakefield has been retained as the leasing agent.
Prism Capital Partners Completes Two Multifamily Buildings Totaling 84 Units in Dunellen, New Jersey
DUNELLEN, N.J. — Locally based developer Prism Capital Partners has completed two multifamily buildings totaling 84 units in the Central New Jersey community of Dunellen. Designed by Spiezle Architectural Group, the buildings are the second and third structures to be delivered within The Nell, a development that will ultimately consist of 252 units across six buildings. Units come in one- and two-bedroom formats, with rents starting at $2,075 per month for the former floor plan.
BRANFORD, CONN. — Colliers has brokered the sale of a 28,126-square-foot life sciences building located at 15 Commercial St. in the southern coastal Connecticut city of Branford. The sales price was $5 million. The building was built on 4.4 acres in 1979 and was fully leased to biotechnology firm Ancera Inc. at the time of sale. John Cafasso and Ian Hunt of Colliers represented the undisclosed seller in the transaction. The buyer was also not disclosed.
NEW YORK CITY — Luxury health club operator TMPL Fitness will open a 26,000-square-foot venue at 200 Madison Avenue, an office building in Midtown Manhattan that is currently undergoing a renovation. The lease term is 15 years, and the opening is slated for later this year. Neil Seth, Kenji Ota, Kathryn Cruz and Jennifer Konefsky of Cushman & Wakefield represented the tenant in the lease negotiations. Peter Duncan, Matt Coudert and Andrew Conrad of George Comfort & Sons, which owns the building in partnership with Jamestown and Loeb Partners Realty, represented the landlord.
KANSAS CITY, MO. — Northmarq has arranged the sale of Timberlane Village in Kansas City for an undisclosed price. Built in 1987, the 456-unit multifamily community consists of 40 buildings across 27 acres. Units range from 704 to 1,253 square feet. Amenities include a pool, tennis court, fitness center, sauna, clubhouse, covered parking and green space. Gabe Tovar, Jeff Lamott, Parker Stewart and Dominic Martinez of Northmarq represented the seller, the property’s original developer. Daniel Stickane of Northmarq arranged acquisition financing on behalf of the buyer, Venterra Realty. The Fannie Mae loan features a fixed interest rate. The transaction marks the first time the property was on the market and the first acquisition for Venterra in the Kansas City market.