FRISCO, TEXAS — Locally based brokerage firm STRIVE has arranged the sale of The Shops at Eldorado, a 13,522-square-foot retail strip center in Frisco. Built in 2016, the center was fully leased at the time of sale to tenants such as Sugar Boy Donuts, Smoke Central and Discovery Kids Dentistry. Hudson Lambert and Jason Vitorino of STRIVE represented the seller, a Dallas-based developer, in the transaction. Additional terms of sale were not disclosed.
NEW YORK CITY — A joint venture between Hawkins Way Capital and Vardë Partners has acquired a 655-room hotel located at 525 Lexington Ave. in Manhattan’s Midtown East neighborhood. The 35-story, 406,261-square-foot building, which was shuttered at the time of sale, was originally constructed in 1922 and most recently housed a Marriott-branded operation. Jeffrey Davis, Gilda Perez-Alvarado, Stephany Chen and Bob Knakal of JLL represented the seller, global investment firm Deka Immobilien, in the transaction.
BUFFALO, N.Y. — Largo Capital, a locally based commercial finance and advisory firm, has arranged a $30 million loan for the refinancing of a portfolio of 11 multifamily properties totaling 789 units in Buffalo. The portfolio was 99 percent occupied at the time of sale. Ned Perlman of Largo Capital originated the financing. The borrower and direct lender were not disclosed.
JERSEY CITY, N.J. — Coldwell Banker has begun leasing Aspira, a 60-unit apartment complex located in Journal Square neighborhood of Jersey City. The six-story building offers studio and one-bedroom units that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a package handling room, bike storage space and a rooftop deck/garden. Rents start at $1,850 per month for a studio. The owner/developer was not disclosed.
NORWALK, CONN. — Locally based brokerage firm Angel Commercial has negotiated the $6 million sale of a 34,583-square-foot mixed-use building in Norwalk, located in the southern coastal part of Connecticut. The property at 430 Main Ave. comprises 14 retail and office units and nine apartments. Brett Sherman of Angel Commercial represented the seller, an entity doing business as C&H Lew LLC, in the off-market transaction. Sherman also procured the undisclosed buyer.
JERSEY CITY, N.J. — Business management consulting firm EXL has signed a 17,712-square-foot office lease renewal at 10 Exchange Place, a 30-story, 740,354-square-foot building in Jersey City. David DeMatteis, Nicholas Dysenchuk and Robert Lowe of Cushman & Wakefield represented the landlord, an affiliate of Canadian insurance and financial services giant Manulife, in the lease negotiations. Scott Bogetti and Meghan Marchini of Savills represented the tenant.
PLANO, TEXAS — NexPoint, a Dallas-based alternative investment firm, has announced plans for TxS District, a 200-acre life sciences development in Plano. The project, named to signify ‘Technology x Science,’ centers on a 91-acre main campus, which previously served as headquarters for Electronic Data Systems. The district would incorporate 109 additional acres in the Legacy neighborhood. In total, the project would create over 4 million square feet of lab, office and production space across four phases of construction. NexPoint purchased the main campus in 2018 and has been acquiring the additional acreage since that time. Phases I and II of the project propose to transform two existing buildings on the main campus into 970,000 square feet of lab and office space and 120,000 square feet of amenity space. Initial site improvement plans also include a public park, amphitheater and connectivity to the nearby Legacy retail development. The developer plans to break ground on Phase I before the end of the year. NexPoint has proposed that the project be achieved through a public-private partnership. The firm is working with the City of Plano on development plans and the project’s impact on the surrounding area. “Not only would this project be a …
Raleigh-Durham’s multifamily market has solidified itself as a top performer in recent years. After a rapid economic recovery in 2021 and early 2022, occupancy rates and rent growth soared. Year-over-year effective rent growth reached 13 percent in third-quarter 2022, well above the national average, and totaled 15 percent in Class A product. The region continues to be nationally ranked for real estate prospects, competitive incentives and taxes, education and quality of life. The impressive list of job wins the Triangle has been awarded continues to grow, including major job announcements from Wolfspeed, Apple and VinFast, to name a few. The region’s status as one of the nation’s leading tech and life science hubs has also lured giants such as Grifols, Pfizer, IBM and Red Hat. Population growth is one of the Triangle’s strongest apartment market fundamentals and it continues to surge, as approximately 5,000 new residents move to the region each month. Raleigh and the surrounding metropolitan areas are expected to increase in population at the second-fastest rate in the country, behind only Austin. Municipalities outside of the Triangle’s metro areas are also some of the fastest-growing locations in the state. Johnston and Franklin counties, for example, are expected to …
FLORIDA CITY, FLA. — Coral Rock Development Group has unveiled plans for Card Sound Key Apartments, a 342-unit multifamily community to be developed at 35800 S. Dixie Highway in Florida City, roughly 35 miles southwest of Miami. Upon completion, the development will comprise six four-story buildings, with units in one-, two- and three-bedroom layouts. Twenty percent of the units will be reserved for workforce housing, with the other 80 percent rented at market rates. Amenities at the community will include a Vita Course with several workout stations, a pool, barbecue area, two-story clubhouse, dog park, children’s playground and pickleball court. Construction of the project, which is designed by Pascual, Perez, Kiliddjian, Starr & Associates, is scheduled to begin in the first quarter of 2024. Completion is expected in early 2025.
DALLAS — Careismatic Brands, a California-based designer and distributor of apparel, footwear and accessories, has signed a 1 million-square-foot industrial lease at I-20 Logistics Park in southwest Dallas. The newly built facility offers 40-foot clear heights, 170 dock-high doors and 246 trailer parking stalls. Nathan Lawrence and Krista Raymond of KBC Advisors represented the landlord, a partnership between Ares Development and Archway Properties, in the lease negotiations. Jim Hazard and Brad Struck of Cresa represented Careismatic Brands.