IRVING, TEXAS — Prize Pest Control has signed a 4,469-square-foot lease at Highview Business Center, an industrial flex property in Irving. According to LoopNet Inc., the complex was built on 2.9 acres in 1981 and totals 40,618 square feet. Jim Ferris of Bradford Commercial Real Estate Services represented the tenant in the lease negotiations. Barbara Brown of S&D Family Partners represented the landlord, an entity doing business as HV DJN Properties LP.
BRISTOL, WIS. — Peak Construction Corp. is underway on Building 8 at Bristol Business Park in Bristol, a city in Southeast Wisconsin. Janko Group is the developer. Peak previously completed Buildings 2 and 3 in 2022 and is continuing with site work and construction for Building 4. The 225-acre business park is fully entitled for up to 3 million square feet of industrial space, of which 2.4 million square feet has already been completed or is under construction. Of the 2.4 million square feet, 1.7 million square feet is currently leased. Building 8 is a 323,970-square-foot speculative facility featuring a clear height of 36 feet, 38 docks, four drive-in doors, 242 car spaces, 55 trailer spaces and build-to-suit office space. Kelly P. Harris is the architect, Manhard Consulting is the civil engineer and Cushman & Wakefield is the leasing agent. Completion of Building 8 is slated for the fourth quarter.
DULUTH, MINN. — JLL Capital Markets has brokered the $8 million sale of Highland Chateau in Duluth, a Minnesota city located along Lake Superior. The 60-unit multifamily property was built in 1972. Floor plans average 814 square feet. Amenities include garage parking, onsite laundry facilities, a 24-hour fitness center and a courtyard with a grilling and picnic area. Devon Dvorak, Mox Gunderson, Dan Linnell, Josh Talberg and Adam Haydon of JLL represented the seller, Sherman Associates. Encompass Real Estate Investment Services represented the buyer, PLB Highland Chateau LLC.
CHICAGO — Interra Realty has negotiated the $5.4 million sale of a 10-unit apartment building in Chicago’s Lakeview neighborhood near Wrigley Field. The boutique property features nine three-bedroom units and one commercial space that is currently leased to Jennivee’s Bakery. Located at 3301 N. Sheffield Ave., the building was constructed in 2014 and was fully occupied at the time of sale. Joe Smazal of Interra represented the buyer, Chicago-based HP Ventures Group. Smazal also represented the seller, a local private developer.
AVON, IND. — SRS Real Estate Partners has arranged the $2.6 million ground lease sale for a 7,000-square-foot restaurant occupied by Bubba’s 33 in Avon, about 13 miles west of Indianapolis. The newly constructed property has a 15-year triple-net lease that is corporate guaranteed by parent company Texas Roadhouse Inc. Founded in 2013, Bubba’s 33 is an expanding sister brand of Texas Roadhouse. Morgan Merrill and Sarah Shanks of SRS represented the seller, Texas Roadhouse Inc. A California-based private investor was the buyer. The sales price represented a cap rate of 5.45 percent.
NEW YORK CITY — Black Bear Capital Partners has arranged a $58 million loan for the refinancing of 503-511 Broadway, a five-story office building in Manhattan’s SoHo district. Built in the early 1900s, the property includes 111,164 square feet of office space and 10,000 square feet of ground-floor retail space, with the remainder consisting of storage space. The building was fully leased at the time of the loan closing. Bryan Manz, Emil DePasquale and George Pektor of Black Bear Capital Partners arranged the five-year, fixed-rate loan through Morgan Stanley on behalf of the borrower, HSR Corp.
EVERETT, MASS. — South Carolina-based developer Greystar has begun leasing Mason, a 330-unit apartment community located in the northeastern Boston suburb of Everett. Designed by CBT Architects, the property offers studio, one- and two-bedroom units with stainless steel appliances and quartz countertops. Amenities include a pool, fitness center, outdoor grilling and dining stations and a dog park. According to the property website, rents start at $2,200 per month for a studio apartment.
COLORADO SPRINGS, COLO. — A joint venture between Formativ and Argosy Real Estate Partners has secured construction financing for The Hunter, a 214-unit multifamily development in Colorado Springs’ New South End neighborhood. The Hunter will offer studio, one- and two-bedroom floor plans. Amenities include a two-story tenant lounge, golf simulator, pool, fitness center, co-working space, bike storage, dog wash station and a parking garage. The seven-story building is scheduled for completion in late 2024. Rob Bova of JLL Capital Markets led the team that arranged the loan.
HUNTINGTON BEACH, CALIF. — JLL Capital Markets has brokered the $29 million sale of Adams Marketplace, a 65,116-square-foot shopping center located in Huntington Beach, approximately 35 miles southeast of Los Angeles. Built in 1974 and renovated in 2022, the property was 98 percent occupied at the time of sale. Smart & Final Extra anchors the center, with other tenants including Petco, Starbucks Coffee, MemorialCare Medical and Wingstop. Jiffy Lube, 76 Gas and Carl’s Jr. are also located at the center and were not included in the sale. Bryan Ley, Gleb Lvovich, Geoff Tranchina, Ti Kuruzar and Daniel Tyner of JLL represented the seller, affiliates of Fortress Investment Group and DJM Capital. A private, California-based buyer purchased the property.
JURUPA VALLEY, CALIF. — Intersection Equities and Blue Vista Capital Management have acquired Riverside Business Park, a 122,000-square-foot industrial park in Jurupa Valley, for $19.5 million. The park contains 30 suites ranging from 1,500 square feet to 11,000 square feet, offering a total of 30 drive-up doors. Intersection Equities plans to leverage its value-add strategy to make strategic capital improvements aimed at enhancing the attractiveness of the park for both existing and future tenants. Barret Woods of Lee & Associates represented the seller, Transition Properties, while Stefan Pastor of Stream Realty represented the buyers.