JERSEY CITY, N.J. — A partnership between locally based developer Fields Grade and New York City-based Alpine Residential has begun leasing Atlas, a 169-unit apartment complex located at 270 Johnston Ave. in Jersey City. The 24-story building houses studio, one-, two- and three-bedroom units as well as 9,000 square feet of retail space. Ten units are reserved as affordable housing. Amenities include a pool, fitness center, coworking spaces, outdoor grilling and dining areas, communal kitchen and a game room. MHS Architecture designed the project, and KL Masters Construction Co. served as the general contractor. Rents start at roughly $2,700 per month for a studio apartment.
YARMOUTH, MASS. — JLL has negotiated the sale of the 128-room Bayside Resort Hotel in Yarmouth, located at the base of Cape Cod. The hotel sits on a 3.9-acre site and offers amenities such as an indoor and outdoor pool, fitness center, family fun center and over 2,300 square feet of meeting and event space. Alan Suzuki, Matthew Enright and Emily Zhang of JLL represented the undisclosed seller in the transaction. The buyer was an entity doing business as Bayside Yarmouth LLC.
PISCATAWAY, N.J. — Transcontinental Steel has purchased a 45,000-square-foot industrial property in the Northern New Jersey community of Piscataway for $8.2 million. The property at 201 11th St. is divided into three 15,000-square-foot units and features clear heights of 12.5 feet. Kyle Gerace, Robert DiLeo and Mathew DiLeo of NAI DiLeo-Bram represented the seller, Binsky Snyder, in the transaction and procured Transcontinental Steel as the buyer.
SOMERVILLE, N.J. — Marcus & Millichap has brokered the $3.5 million sale of Union Avenue Plaza, a 20,866-square-foot retail center located in the Central New Jersey community of Somerville. The center was fully leased to eight tenants at the time of sale, with the New Jersey Department of Motor Vehicles serving as the anchor. Brent Hyldahl and Alan Cafiero of Marcus & Millichap represented the seller, SNS Real Estate Investment Group, in the deal and procured an undisclosed individual/personal trust as the buyer.
NEW YORK CITY — Fitness International has signed a 36,500-square-foot lease at 59 Maiden Lane in Manhattan. Fitness International will open a Club Studio facility, which offers boutique fitness classes and amenities, at the property. David Abrams, Eliot Goldschmidt, Jeff Jacobson and Brandon Miller of masonre represented the landlord, AmTrust RE, in the lease negotiations. Chase Welles of The Shopping Center Group and John Kalamaras of RealSource Group represented the tenant.
PALM DESERT, CALIF. — Pacific Retail Capital Partners (PRCP) has purchased The Shops at Palm Desert, a nearly 1 million-square-foot enclosed shopping mall in the Coachella Valley city of Palm Desert. Terms of the transaction were not released. PRCP plans to create a master plan for the 72-acre property that will transform it into a mixed-use destination and civic gathering place. The company envisions added green space, as well as multifamily and entertainment space. Situated in Palm Desert’s Highway 111 corridor, The Shops at Palm Desert was built in 1982 and renovated in 2013. Current tenants include JCPenney, Macy’s, Dick’s Sporting Goods and Barnes & Noble.
SURPRISE, ARIZ. — BWE has arranged $29 million in first-mortgage construction financing for Echo Park @ P132, an industrial project in Surprise, approximately 20 miles northwest of Phoenix. Daniel Rosenberg and Logan Petersmeyer of BWE originated the loan for the borrower, Echo Real Estate Capital. A debt fund provided the capital. Totaling 183,000 square feet, Echo Park @ P132 will consist of four buildings ranging in size from 42,000 square feet to 48,000 square feet. The buildings will feature 2,500 square feet of speculative office space, 30-foot clear heights, dock-high doors, drive-in doors, LED lighting, secured concrete yards and 115 total parking spaces. Additionally, the buildings will be fully air conditioned.
Panattoni, Crow Holdings Break Ground on 782,875 SF Industrial Building for Harbor Freight Tools in Frederickson, Washington
FREDERICKSON, WASH. — A joint venture between Panattoni and Crow Holdings Capital has broken ground on a 782,875-square-foot build-to-suit industrial building for Harbor Freight Tools. The property will be built within FRED310, a 310-acre warehouse and distribution campus in Frederickson, approximately 40 miles south of Seattle. Harbor Freight signed the long-term lease earlier this year and construction officially commenced on Nov. 29. Four buildings, totaling 3.3 million square feet, are already under construction at the previously announced FRED310 development. The industrial park is expected to expand to as much as 4 million square feet once all six buildings are complete. The project will offer ample dock-high and grade-level loading, 36-foot to 40-foot clear heights, abundant auto/trailer parking and large modern truck courts. Scott Allan, Patrick Mullin and Connor Cree of Cushman & Wakefield represented the ownership in the lease with Harbor Freight Tools and led marketing efforts for the project.
Cushman & Wakefield Brokers $10.5M Sale-Leaseback of CP North America Headquarters Building in Prescott, Arizona
PRESCOTT, ARIZ. — Cushman & Wakefield has arranged the sale-leaseback of a single-tenant corporate headquarters building in Prescott, approximately 100 miles north pf Phoenix. Sewell Trust, a Montana-based private investor, acquired the asset from CP North America for $10.5 million. The seller, a high-tech defense company wholly owned by Israel-based Rafael Defense Systems, will lease back the 50,135-square-foot property, which is located at 2620 Deep Well Ranch Drive. The building features reflective store-front windows, roll-up and dock-high loading doors, and a large, fenced yard. Eric Wichterman and Mike Coover of Cushman & Wakefield’s Private Capital Group in Phoenix represented the seller in the deal.
DENVER — Asset Preservation has completed the disposition of an office property located at 1321 N. Bannock St. in Denver. DAMF Realty acquired the asset for $8.1 million. Kittie Hood of Newmark represented the buyer in the transaction. Further details were not disclosed.