HOUSTON — Partners, the locally based investment and brokerage firm formerly known as NAI Partners, has arranged the sale-leaseback of Gemini Plaza, a 158,976-square-foot office building in Houston. Gemini Plaza is situated adjacent to the NASA Johnson Space Center on the city’s southeast side. Cary Latham, Wyatt Huff and Dan Boyles represented the seller, Universal Weather & Aviation LLC, in the transaction. Noah Kruger of Savills represented the buyer, JMK5 Holdings.
HOUSTON — Colliers has arranged the sale of a 73,019-square-foot office building located at 550 Greens Parkway in the Greenspoint area of Houston. According to real estate auction house Ten-X, the property was built on 4.6 acres in 1999 and was 36 percent leased at the time of sale. David Carter of Colliers represented the seller, Montco Lots, in the transaction. The name and representative of the buyer were not disclosed.
DALLAS — Architecture firm Corgan has signed a 17,265-square-foot office lease expansion at The Luminary in Dallas. The 169,000-square-foot building is located at the nexus of the company’s Harwood District, the downtown area, the arts district and the Victory Park mixed-use development. Greg Briggs and Randy Cooper of Stream Realty Partners represented Corgan, which now occupies 98,264 square feet at The Luminary, in the lease negotiations. Kelly Whaley and Hannah Mesh internally represented the landlord, Harwood International.
ST. PAUL, MINN. — Minneapolis real estate development company Schafer Richardson has received more than $77 million in financing for the development of Soul, a mixed-use development in St. Paul with an affordable housing component. Multifamily financing provider Merchants Capital arranged the debt financing for Soul, securing a $33 million Merchants Bank of Indiana (MBI) construction loan, a $16.6 million MBI equity bridge loan and a $27.4 million Freddie Mac Tax-Exempt Loan to comprise the total $77 million. RBC Capital Markets served as the equity provider for the project. The City of St. Paul also contributed to the project through the allocation of American Rescue Plan Act funds and grants. Located at the intersection of Robert Street and Plato Boulevard, Soul will comprise 178 one-, two-, three- and four-bedroom units. Of the total 178 units, 23 three-bedroom and 12 four-bedroom apartments will be restricted at 30 percent area median income (AMI). These units will remain affordable at 30 percent AMI for 30 years. The remaining 143 units will be restricted to individuals earning 60 percent AMI or lower, and will remain so for 40 years. Soul will be constructed on a redevelopment site of a current city infill location, with all construction completed as …
OMAHA, NEB. — Northmarq has negotiated more than $67 million in Freddie Mac acquisition financing for two multifamily properties in metro Omaha. Northmarq arranged the floating-rate loan on behalf of the borrower, Hamilton Point Investments. The transactions were each structured with a seven-year term with three years of interest-only payments followed by a 30-year amortization schedule. Vantage at Coventry is a 294-unit class A property located at 5575 S. 206th Court in Elkhorn, Neb., at the western edge of Omaha. The community offers studio, one-, two- and three-bedroom floor plans. Construction on Vantage at Coventry was completed in 2019. The property is located two miles from the 180th Plaza shopping center and just under seven miles from Two Rivers State Recreation Area. Community amenities at Vantage at Coventry include a pool with tanning ledge seating and poolside grills, media lounge with internet café, urban clubhouse with tech center, business center, gated access, detached garages and onsite storage units, two dog parks and a package concierge. Individual units feature stainless-steel appliances, glass backsplashes, ceiling fans, in-unit washers and dryers, USB wall ports, balconies or patios and large fenced yards in select units. Northmarq arranged $31.6 million in acquisition financing for Vantage at …
ARLINGTON HEIGHTS, ILL. — Bayshore Properties has acquired Stonebridge of Arlington Heights, a 586-unit multifamily property in the Chicago suburb of Arlington Heights. The Conor Group sold the asset for $131 million. Built in 1973, Stonebridge of Arlington Heights features a mix of one- and two-bedroom floor plans averaging 1,075 square feet. Amenities include a pool, fitness center, dog park, basketball courts and bike storage rooms. Steve LaMotte Jr., John Jaeger, Dane Wilson, Justin Puppi and Ross Wettersten of CBRE represented the seller. Dan Sacks and Eric Rosenstock of Greystone originated a $94.4 million Fannie Mae loan for the acquisition. The fixed-rate loan features a 10-year term and amortization schedule.
CHICAGO — Zoro.com has signed a 41,875-square-foot office lease expansion at Accenture Tower in Chicago. The company sells tools, industrial equipment and business supplies. Zoro.com previously occupied the 16th floor at Accenture Tower and will now occupy the 39th and 40th floors. The office building, owned by KBS, was recently renovated to include a new conference center, outdoor terrace with high-speed internet and modernized elevators.
CHICAGO — Chicago real estate brokerage Kiser Group has arranged the sale of 1901 W. Pryor, an apartment community located in Chicago’s Morgan Park area for $3.1 million. A Chicago land trust sold the property to an investor based out of New York. Kiser Group’s Birk-Sklar team, including Noah Birk and Aaron Sklar, brokered the sale. The property offers 34 units, all of which comprise just under 700 square feet and have been remodeled. The building has a parking lot in both the front and rear for tenants and recently was equipped with a new roof. According to Apartments.com, 1901 W. Pryor rises two stories and includes features such as community laundry facilities and high speed internet access.
CLAYMONT, DEL. — Chicago-based REIT First Industrial Realty Trust has acquired 28 acres in Claymont, about 25 miles south of Philadelphia, for the development of a 358,000-square-foot distribution center. The site is located within the 425-acre First State Crossing mixed-use development. The rear-load facility will offer a clear height of 40 feet, 68 dock positions and 241 trailer parking stalls. St. Louis-based Commercial Development Co. sold the land on which the facility will be built. Completion is slated for October.
VALLEY COTTAGE, N.Y. — Walker & Dunlop has arranged a $37.7 million construction loan for Lincoln Logistics, a 220,000-square-foot industrial project in Valley Cottage, about 25 miles north of New York City. The property will feature a clear height of 36 feet, 55 dock doors and 123 parking spaces. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Mo Beler arranged the debt on behalf of the borrower, a partnership between Lincoln Equities Group and PCCP. The direct lender was not disclosed.
