HOUSTON — Stream Realty Partners has negotiated the sale of a 33,280-square-foot industrial building in West Houston. The building at 1045 Heritage West Drive was completed earlier this year and features 28-foot clear heights. Tyler Maner and Will Mason of Stream represented the buyer, SWI Valve International, in the transaction. The seller was a partnership between Urban Cos. and Insite Realty Partners.
WETHERSFIELD, CONN. — Avison Young has negotiated the $19.1 million sale of Ridge275, a 64-unit apartment building in Wethersfield, located just south of Hartford, that was built in 2019. According to Apartments.com, Ridge275 offers one- and two-bedroom units that range in size from 850 to 1,230 square feet and amenities such as a pool, fitness center, business center and a resident clubhouse. The name of both the seller and the buyer, a Long Island-based developer, were not disclosed.
PHILADELPHIA — The hotel affiliate of New Jersey-based financial intermediary Cronheim Mortgage has arranged a $17.6 million loan for the refinancing of the Fairfield Inn & Suites Center City Philadelphia hotel in the city’s downtown area. The number of rooms was not disclosed. The loan carried a floating interest rate and a five-year term with no prepayment penalty. An unnamed regional bank provided the loan to the sponsor, which also requested anonymity.
PARSIPPANY, N.J. — Colliers has brokered the $5.2 million sale of a vacant office building in the Northern New Jersey community of Parsippany. Automotive insurance company DOWC previously occupied the three-story building at 199 Pomeroy Road, which according to LoopNet Inc. was constructed in 1985 and renovated last year. Jacklene Chesler, Patrick Norris and Brittany Leventoff of Colliers represented the buyer and seller, both of which requested anonymity, in the transaction.
NEW YORK CITY — Hunter Point Capital has signed a 46,000-square-foot office lease in Midtown Manhattan. The independent investment firm is taking the entire 15th and 16th floors at 360 Park Avenue South, a 450,000-square-foot building. Peter Turchin, Gregg Rothkin, Hayden Pascal, Arkady Smolyansky, Ross Zimbalist and Trevor Larkin of CBRE, along with internal agents Andrew Levin and Will Stark, represented the landlord, BXP, in the lease negotiations.
MELBOURNE, FLA. — Second Horizon Capital has acquired Melbourne Square, a 710,000-square-foot retail center in Melbourne, a city on Florida’s Space Coast. A joint venture between Neuberger Berman and Cross Ocean Partners arranged the sale. According to the Orlando Business Journal, the shopping center sold for $56.3 million on March 2. Second Horizon Capital has implemented a capital improvement program, which will comprise supporting community engagement, center operations, building upgrades and expanding programming and partnerships with local organizations and businesses. CBRE will handle leasing and property management at the center. Tenants at Melbourne Square include American Eagle, ALMA Med Spa, Aleena Diamonds, Bath & Body Works, Candle Cart, Dick’s Sporting Goods, Dillard’s, EoS Fitness, Foot Locker, Hollister, Macy’s and Pandora, among others.
WASHINGTON, D.C. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $27 million in financing for the acquisition of The Pinnacle, a newly constructed, 115-unit luxury apartment complex located in the NoMa district of Washington, D.C. Max Hulsh of IPA arranged the loan through Prime Finance on behalf of the borrower, New York City-based July Residential Group, a multifamily investment and management firm. IPA also arranged an undisclosed amount of joint venture equity for the acquisition through an unnamed capital partner. The Pinnacle offers studios and one- to four-bedroom apartments ranging in size from 398 to 1,779 square feet. Amenities include a fitness center, clubhouse, lounge, business center and a rooftop terrace, as well as bike storage and concierge services, according to Apartments.com. Monthly rental rates begin at $1,700.
CHARLOTTESVILLE, VA. — Cushman & Wakefield | Thalhimer has negotiated the $9.1 million ground lease sale of a single-tenant retail property located in Charlottesville. Wawa occupies the building on a 20-year ground lease, which is situated at the entrance of 5th Street Station, a 400,000-square-foot, Wegmans-anchored power retail center. Catharine Spangler of Thalhimer’s Capital Markets Group brokered the transaction. The buyer and seller requested anonymity.
JUPITER, FLA. — Woodmont Industrial Partners, along with Butters Group, has secured a 129,000-square-foot industrial lease at Corporate Logistics Center, a 252,848-square-foot industrial facility located at 15791 Corporate Circle in Jupiter. Alaris Aerospace Systems, a global aftermarket aircraft parts distributor and asset manager, is relocating from nearby Pompano Beach and will occupy the space on a seven-year lease. Yuri Quispe and Peter Johnson of JLL represented the landlord in the transaction, while Lee Johnson of Florida Real Estate Growth Services represented the tenant. Additional tenants at the facility include Cyient Defense Services, Element Materials and PSI Manufacturing Operations. Corporate Logistics Center features 36-foot clear heights, 48 dock doors and ample car and trailer parking. The property also offers proximity to Palm Beach International Airport and the Port of Palm Beach.
ARLINGTON, VA. — JBG Smith and general contractor Davis Construction have begun the conversion of 2200 Crystal Drive, an 11-story office building in Arlington spanning 315,000 square feet. Built in 1968 and renovated in 2006, the office building is situated in National Landing, a neighborhood in metropolitan Washington, D.C., that is anchored by Amazon’s HQ2 office. JBG Smith, along with joint venture equity partner Declaration Partners, is repositioning the office building into a 195-unit multifamily community. BNY is providing an undisclosed amount of construction financing for the project. JBG Smith recently sold an adjacent office building, 2100 Crystal Drive, that is being converted to a dual-brand hotel. Additionally, the Arlington County Board recently approved JBG Smith’s conversion of two more office buildings, 1800 and 1901 South Bell Street, into more than 300 residential units.