THE WOODLANDS, TEXAS — Flournoy Development Group, in partnership with Westport Capital, has broken ground on Neuhaus, a 225-unit multifamily project located on the northern outskirts of Houston in The Woodlands. The property will comprise two midrise buildings that will house one-, two- and three-bedroom units. Amenities will include a pool, fitness center, dog park and outdoor grilling and dining areas. HEDK is the project architect, and Strategic Construction is the general contractor. Completion is slated for early 2023.
SUGAR LAND, TEXAS — JLL Income Property Trust has purchased Sugar Land Medical Plaza, 37,000-square-foot medical office building located on the southwestern outskirts of Houston, for $18.4 million. The property was built in 2020 and was fully leased at the time of sale to a roster of local healthcare providers that have a weighted average remaining lease term of nine years. The seller was not disclosed.
HOUSTON — Chemical engineering firm Solugen Inc. has signed a 15,000-square-foot office lease at Greenway Plaza, a 52-acre office campus in Houston. Nick Terry of Rifle Real Estate represented Solugen in the lease negotiations. J.P. Hutcheson represented the landlord, Parkway, on an internal basis. Tenants at Greenway Plaza have access to a 150,000-square-foot fitness facility, a childcare center and an array of food and beverage concepts.
BOYLSTON, MASS. — Rand-Whitney, a packaging company owned by New England Patriots owner Robert Kraft, will open a 384,000-square-foot industrial facility in Boylston, located in Worcester County in the central part of the state. Design-build firm PROCON broke ground on the project earlier this month. When fully operational in April 2023, the new packaging facility will have the potential to manufacture 300 million boxes annually and will add between 50 and 100 new jobs to the local economy.
BALA CYNWYD, PA. — Federal Realty Investment Trust (NYSE: FRT) will redevelop Bala Cynwyd Shopping Center, a 174,000-square-foot retail and dining destination located in the northwestern Philadelphia suburb of Bala Cynwyd. The $8 million project will include upgrading façade aesthetics, creating common and tenant-designated outdoor dining and gathering areas and improving pedestrian and vehicular circulation. Additionally, up to 80 outdoor seats and eight curbside pickup spaces will be added. Completion is slated for summer 2023. Current tenants at the 23-acre center include ACME Markets, Michaels, Five Guys and Honeygrow. All tenants will remain open during construction.
PITTSBURGH — CIT, a division of First Citizens Bank, has provided a $37.2 million acquisition loan for a 510,000-square-foot distribution center in Pittsburgh that is fully leased to Amazon and e-commerce consulting firm Nogin. The property serves as one of Amazon’s two sortation facilities in the Pittsburgh area. The borrower is Aminim Group, an investment firm with offices in Houston and Jerusalem. Specific loan terms were not disclosed.
HACKENSACK, N.J. — Locally based brokerage firm The Kislak Co. Inc. has arranged the $36 million sale of The VUE Hackensack, a 78-unit apartment complex in Northern New Jersey. The property was built in phases between 2015 and 2017 and consists of six one-bedroom units and 72 two-bedroom units with an average size of 1,205 square feet. Amenities include a fitness center, resident lounge and virtual doorman service. Andrew Scheinerman of Kislak represented the seller, an entity doing business as 295 Polifly Realty LLC, in the off-market transaction. Scott Davidovic, also with Kislak, procured the buyer, Sutton Equity LLC.
CONSHOHOCKEN, PA. — Lutron Electronics has signed a 27,000-square-foot office lease at Seven Tower Bridge in the northern Philadelphia suburb of Conshohocken. The Pennsylvania-based energy products manufacturer will occupy space at Seven Tower Bridge, a 260,000-square-foot building situated along the Schuylkill River that is owned by a partnership between American Real Estate Partners and Oliver Tyrone Pulver Corp. (OTP). Tyler Vandegrift of JLL represented Lutron Electronics in the lease negotiations. Esther Pulver of OTP, in conjunction with Ken Kearns of Cadence Real Estate Advisors, represented the landlord.
MENDOTA HEIGHTS, MINN. — Northmarq has arranged a $28.8 million loan for the acquisition of Centre Pointe Business Park in Mendota Heights, a southern suburb of the Twin Cities. The eight-building office park is located at 2060 Centre Pointe Blvd. Totaling 263,279 square feet, the property was built in phases beginning in 1997. The last phase was completed in 2019. The park, which was 95 percent leased at the time of sale, is home to 18 tenants, including Permasteelisa North America Corp. and HealthPartners Inc. Bill Mork of Northmarq arranged the 10-year loan, which features a fixed interest rate and a 25-year amortization schedule. A local credit union provided the loan to the buyer, Edina-based Capital Partners. CBRE represented the undisclosed seller.
LA VISTA, NEB. — Cushman & Wakefield/The Lund Co. has brokered the sale of the Securities America Office Complex in La Vista, a southern suburb of Omaha. The Class A office complex consists of three buildings totaling 148,524 square feet. The property is situated within the 237-acre Southport development, a major mixed-use project near I-80. Richard Secor Jr. and John Lund of Cushman & Wakefield/Lund represented the seller. Further details of the transaction were not disclosed.