DALLAS — Taxila Stone, a wholesale distributor of stone surfaces, has signed a build-to-suit industrial lease at PROTO Park, a 250,000-square-foot development in the Brookhollow submarket of Dallas. The square footage was not disclosed. The owner of PROTO Park, Fort Worth-based M2G Ventures, is underway on construction of the facility. Harrison Putt of Mercer Co. and Bo Puckett of JLL represented the tenant in the lease negotiations. Jason Moser and Hanes Chatham of Stream Realty Partners represented M2G Ventures.
LITCHFIELD PARK AND GOODYEAR, ARIZ. — Chicago-based Blue Vista Capital Management has purchased land for two build-to-rent developments in Litchfield Park and Goodyear. The transaction, representing approximately $102 million in total capitalized value, is part of Blue Vista’s ongoing strategy of providing institutional investors with access to unique and differentiated core plus residential real estate opportunities. Located near the intersection of Dysart and Camelback roads, the Litchfield Park community will offer 153 residences with 54 one-bedroom duplex units and 99 detached two-bedroom, single-family units totaling 137,043 square feet. Situated near the intersection of Sarival Avenue and Yuma Road, the Goodyear community will feature 151 units in a mix of 60 one-bedroom duplexes and 91 detached two-bedroom, single-family units totaling 132,985 square feet. Upon completion, the projects will offer more than 300 homes with secure private gated entrances, private outdoor space, simulated wooden flooring, quartz countertops, stainless steel appliances, in-unit washers/dryers and nine- to 10-foot ceilings. Community amenities will include resort-style pools, clubhouses and outdoor lounge areas with grills.
ONTARIO, CALIF. — Waterton has purchased Terracina, a multifamily property located at 3303 S. Archibald Ave. in Ontario. The 41.3-acre community will be rebranded as Citrine Hills. Terms of the transaction were not released. Comprised of 46 two-story residential buildings, the 736-unit property comprises 288 one-bedroom, 128 two-bedroom/one-bath and 320 two-bedroom/two-bath layouts with an average unit size of 874 square feet. The buyer plans to renovate the property, which was built in 1989, with updates to existing finishes in all residences. These features will include vinyl plank flooring, new carpet, stainless steel appliances, quartz countertops and washers and dryers in each unit. The renovation program also includes upgrades to common areas and building and mechanical systems. Community amenities include four pools, two hot tubs, two fitness centers, two soccer fields with surrounding running paths, two dog parks, a pet wash, outdoor barbecue areas, a tennis court, business center, furnished sundecks and water features throughout the grounds. Additionally, the property features 84 garages and 801 carports.
PHOENIX — Rincon Partners has completed the sale of Madison Grove, a multifamily community in Phoenix, to Brass Enterprises for $51.3 million, or $300,000 per unit. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Constructed in 1976, Madison Grove features 171 apartments with contemporary kitchens, wood-style vinyl flooring, wall-mounted flatscreen TVs and dual-pane windows. Community amenities include a fitness center, pool, grilling stations and picnic seating, a fire pit, laundry care facility and a dog park. The garden-style property was recently renovated to include a complete unit interior redesign and property systems overhauls. Ownership also added new roofs, upgraded leasing and clubhouse spaces and a new fitness center and swimming pool.
PALO ALTO, CALIF. — Newmark has arranged the sale of 250 Cambridge, a three-story, transit-oriented office property in Palo Alto. Tarlton Properties sold the asset to an entity doing business as 250 Cambridge LP for $39.3 million. The new ownership plans to renovate the building. Steven Golubchik, Seth McKinnon, Jonathan Schaefler and Darren Hollak of Newmark brokered the transaction. Ramsey Daya and Chris Mortiz, also with Newmark, arranged the acquisition financing for the buyer through a regional bank. The property features 34,558 square feet of office space along with a 29-stall onsite parking garage and is located near Stanford Research Park, a life sciences development that houses tenants such as VMWare, Guardant Health, Kodiak Bioscience, Tesla and SAP.
HENDERSON, NEV. — RealComm Advisors has brokered the sale of The Palms @ Green Valley Business Park, an industrial property in Henderson. Located at 6 and 8 Sunset Way, the asset features 30,483 square feet of space. Washington Street Development sold the property to S&S River Road LLC for $6.9 million. Jennifer Levine and Elizabeth Moore of RealComm Advisors represented the seller in the deal.
NEW HAVEN, CONN. — Developer and general contractor Hudson Meridian Construction Group will build a 398-unit apartment community at 201 Munson St. in New Haven. The unit mix will comprise 90 studios, 208 one-bedroom apartments, 78 two-bedroom residences and 22 three-bedroom townhome-style units. Amenities will include a pool, fitness center, clubhouse and outdoor grilling and dining areas. New York-based Paredim Partners will lease and manage the property upon completion, which is slated for November 2023. Tessera Partners and Capital & Venture Resources arranged an undisclosed amount of construction financing for the project through ACORE Capital and Sculptor Real Estate.
NEW YORK CITY — A partnership between locally based developer The Moinian Group and Bushburg is underway on a 320-unit multifamily redevelopment in Brooklyn. The project at 2840 Atlantic Ave. will convert the site of the former Empire State Dairy into a multifamily community with market-rate and affordable housing units, as well as 14,000 square feet of retail space. Units will be available in studio, one-, two- and three-bedroom formats, and amenities will include a rooftop terrace, fitness center, coworking space, tenant lounge and a children’s play area. Valley Bank and Cross Valley Bank provided $105 million in construction financing for the project. The development team expects the first units to be available for lease in the first quarter of 2024.
MELVILLE, N.Y. — JLL has arranged a $35 million loan for the refinancing of a 309,314-square-foot industrial facility located in the Long Island community of Melville. The property comprises a 213,914-square-foot warehouse and a 96,000-square-foot warehouse that are both undergoing capital improvements and were recently leased to an undisclosed national online retailer. Thomas Didio Jr., Matthew Pizzolato and Max Custer of JLL arranged the 10-year, fixed-rate loan through Provident Bank on behalf of the borrower, an undisclosed private investor.
ROSELAND, N.J. — Invesco Real Estate Income Trust has acquired a majority interest in Everly Roseland, a 360-unit apartment community in Northern New Jersey. The percentage was not disclosed. The garden-style property was built in 1980 and was 95 percent leased at the time of sale. Invesco plans to implement a capital improvement program to unit interiors, building exteriors and common areas.