KITTERY, MAINE — Private equity real estate firm Jones Street Investment Partners has received a $70 million construction loan for the development of Seacoast Residences, a 282-unit multifamily project in Kittery, located in the southern coastal part of Maine. The five-building community will offer amenities such as a pool, fitness center, dog park and nature trails. KeyBank provided the loan, and Colliers arranged a $7.9 million preferred equity investment with an undisclosed partner. Construction is slated for an early 2024 completion.
NEW YORK CITY — Global law firm Shearman & Sterling has completed the renovation of its 340,000-square-foot office headquarters space at 599 Lexington Avenue in Midtown Manhattan. The redesigned workspace houses apportioned offices, improved boardroom acoustics, new artwork and various health and wellness features. Perkins & Will served as the architect of the project, which was conceived in advance of the pandemic and took approximately two years to complete. L&K Partners served as the construction manager, and MEP provided engineering services.
PHILADELPHIA — Developer LCOR has topped out The Ryland, a 267-unit apartment building in Philadelphia’s Society Hill neighborhood. The property will offer a mix of studio, one- and two-bedroom units, as well as two- and three-bedroom penthouses. The amenity package will comprise an outdoor pool, fitness center, multiple lounges, a rooftop deck, a children’s play area and concierge services. Hunter Roberts Construction Group is the general contractor for the project, which is scheduled for a fourth-quarter 2023 completion.
TREXLERTOWN, PA. — Home Depot (NYSE: HD) will open a 136,000-square-foot store at Macungie Crossing, a 182,000-square-foot shopping center that is under construction in the Lehigh Valley community of Trexlertown. New York City-based RD Management is developing the project, construction of which is underway and expected to be complete next summer. The Atlanta-based home improvement retailer now operates about 70 stores in Pennsylvania.
NORTH BILLERICA, MASS. — RAM Cos. has acquired a 92,000-square-foot warehouse in North Billerica, located north of Boston, via a $14.5 million sale-leaseback with Boston-based information management services firm Iron Mountain. Built in 1985, the property features clear heights ranging from 28 to 45 feet and 10 loading docks. Michael Restivo and Lenny Pierce of JLL represented Iron Mountain in the deal. Mark Campbell internally represented RAM Cos., which plans to implement a value-add program.
SAN JOSE, CALIF. — JJ&W has purchased Montague Crossing, an office and R&D asset in San Jose. Four Corners Properties and Rockwood Capital sold the property for $94.7 million in an off-market transaction. Scott Prosser, Joe Moriarty and Jack DePuy of CBRE Capital Markets represented the buyer in the deal. Situated on a 12.4-acre campus, Montague Crossing features 209,425 square feet of space spread across three buildings at 2520 and 2540-2560 Junction Ave. and 541-555 E. Trimble Road. At the time of sale, the campus was fully leased to three R&D tenants in the semiconductor and advanced manufacturing sectors.
MESA, ARIZ. — IndiCap and AECOM-Canyon Partners have broken ground on Eastmark Center of Industry, a 113-acre industrial park in Mesa’s Gateway Airport submarket. Upon completion, the park will total 10 buildings offering more than 1.6 million square feet of mid-bay and cross-dock Class A industrial space. Situated in the Elliot Road Technology corridor, Eastmark Center of Industry will offer buildings ranging from 83,200 square feet to 426,400 square feet with 30-foot to 36-foot clear heights and 160-foot to 500-foot building depths. Future phases may include the opportunity for build-to-suit facilities. The project team includes Layton as general contractor, Kimley Horn as civil engineer and Deutsch Architecture as architect. IndiCap acquired the project site in April 2022 for $48 million. Steve Larsen, Pat Harlan and Jason Moore of JLL are handling leasing for the project.
SAN JOSE, CALIF. — AFL-CIO Building Investment Trust, advised by PNC Realty Investors, has completed the disposition of Centerra Apartments, a residential tower in San Jose. The name of the seller and acquisition price were not released. Located at 77 N. Almaden Ave., the 21-story Centerra Apartments features 325,169 square feet of residential space and 7,000 square feet of retail space. The 347-unit property offers a mix of one-, two- and three-bedroom apartments, including townhomes, live-work units, lofts and junior units. On-site amenities include a pool, spa, integrated parking structure, media lounge with bar and fireplace, fitness center, outdoor gathering spaces, conference center and game room. Scott Bales of Newmark represented the seller in the deal. Ramsey Daya and Chris Moritz of Newmark arranged acquisition financing for the undisclosed buyer.
CHULA VISTA, CALIF. — Olympus Property has acquired The Residences at Escaya, a multifamily community located in Chula Vista, between downtown San Diego and the Mexico border. Terms of the transaction were not released. Situated in the Otay Ranch neighborhood, The Residences at Escaya features 272 apartments, private garage and carport parking, a 30,000-square-foot walkable retail village, swimming pool, fitness center, clubhouse, outdoor lounge and barbecue area. Units range from 784 square feet to 1,560 square feet and offer quartz countertops, stainless steel appliances, full-height tile backsplashes, wood-style plank flooring, in-unit washers/dryers and ocean views from select units.
Norris & Stevens Brokers $5.1M Acquisition of River Road Plaza Office/Retail Asset in Eugene, Oregon
EUGENE, ORE. — Norris & Stevens has arranged the purchase of River Road Plaza, an office and retail property located at 155 Silver Lane in Eugene. KH Properties acquired the asset from River Road Plaza LLC for $5.1 million. Situated in Eugene’s Santa Clara neighborhood, River Road Plaza features 32,548 square feet of space. At the time of sale, the property was 92 percent occupied. Todd VanDomelen of Portland-based Norris & Stevens represented the buyer, while CPX LLC represented the seller in the deal.