NEW YORK CITY — Stonehenge NYC has acquired an 88-unit multifamily property at 780 Greenwich St. in between Bank and Bethune streets in Manhattan’s West Village. The six-story, pet-friendly building was originally constructed in 1950 and spans 70,000 square feet. The deal traded off-market, and the seller and sales price were not disclosed. Stonehenge will also manage the property.
FAIR LAWN, N.J. — NAI James E. Hanson has brokered the sale of a two-story, 25,944-square-foot medical office building in the Northern New Jersey community of Fair Lawn. Darren Lizzack and Randy Horning of NAI Hanson represented both the buyer, TYH Acquisitions LLC, and the seller, an entity doing business as 2300 RT 208 LLC, in the transaction. Additional terms of sale were not disclosed.
BRENTWOOD, N.Y. — New Jersey-based investment firm Faropoint has acquired a 24,000-square-foot industrial building in the Long Island community of Brentwood. The sales price was $4.9 million. According to LoopNet Inc., the property at 180 Heartland Blvd. was built on two acres in 1986 and features a clear height of 18 feet and 1,000 square feet of office space. The seller was not disclosed.
LOGANSPORT, IND. — Chicago-based Park Development has unveiled plans to redevelop the vacant Logansport Mall in central Indiana into an open-air retail center named The Junction. Built in 1968, the mall has sat largely vacant for the past decade. Design plans by GEA Architects call for nearly 160,000 square feet of retail space along with three outlots. The Junction is shadow anchored by a Walmart Supercenter and Home Depot. Existing tenants Dollar Tree and Dunham’s Sports will also remain. Planet Fitness opened a new location last spring, Harbor Freight Tools is slated to open in January and a Home2 Suites hotel is scheduled to open this fall. Randall, Miller & Associates will serve as project engineer, and Lee & Associates will market the property for lease. A timeline for completion was not provided. Park Development also plans to build a single-family housing project less than a mile from The Junction. Dubbed Lexington Village, the community will consist of 52 homes ranging in size from 900 to 3,000 square feet.
CHICAGO — A joint venture between Evergreen Real Estate Group and Imagine Group has broken ground on Auburn Gresham Apartments, a $43 million affordable housing project in Chicago. Plans call for 58 units across two buildings. The project represents the first of more than 10 major construction projects to move forward through the city’s INVEST South/West initiative. This urban revitalization strategy being implemented by Mayor Lori Lightfoot is guiding $1.4 billion in public and private investment within 10 West and South Side community areas. Designed by Nia Architects and Ross Barney Architects, Auburn Gresham Apartments will include a three-story building at 838 W. 79th St. that will feature 28 units, 28 parking spaces and 5,200 square feet of retail space to be occupied by West African food purveyor AYO Foods. A five-story building at 757 W. 79th St. will feature 30 units, 14 parking spaces and 3,300 square feet of commercial space occupied by KLEO Community Center and The Park Supper Club. All the units will be priced at affordable levels, with monthly rates ranging from approximately $925 to $1,250. The Department of Planning and Development and the Chicago Department of Housing are supporting the project with $18 million in …
EVANSVILLE, IND. — Colliers Mortgage has secured a $9.9 million Fannie Mae loan for the acquisition of City Pointe Apartments and Townhomes in Evansville, a city in southern Indiana. Constructed in 1999, the property features 112 units spread across 23 buildings. The 10-year loan was arranged through a partnership with Old Capital Lending. The borrower was an entity doing business as CPE202 LLC.
MIAMISBURG, OHIO — Northmarq has arranged a $6.3 million loan for the refinancing of Miamisburg Estates in suburban Dayton. The apartment complex consists of 142 units across 13 buildings. Amenities include a media center, laundry facilities and trash pickup. Noah Juran of Northmarq arranged the seven-year loan, which features a 30-year amortization schedule. An agency lender provided the loan. The undisclosed borrower purchased the property in two phases in 2019 and 2021.
INDIANAPOLIS — BridgeCore Capital has provided a $2.5 million bridge loan for the acquisition of a vacant grocery store property in Indianapolis. The loan features a fixed interest rate of 8.5 percent and a 70 percent loan-to-purchase price. BridgeCore says that the loan’s 12-month term provides the borrower with breathing room to pursue a number of potential exit strategies. The options include refinancing the asset upon stabilization with new tenancy or selling the property. The borrower was undisclosed.
BOCA RATON, FLA. AND EL SEGUNDO, CALIF. — A consortium of investors led by South Florida-based Workspace Property Trust has purchased a majority interest in a national portfolio of suburban buildings for approximately $1.1 billion. The seller was Griffin Realty Trust, a nontraded REIT based in El Segundo, Calif., that will retain a minority stake in the portfolio. The percentage of the stake was not disclosed. The portfolio comprises 41 individual properties across eight states that house 53 buildings, the majority of which are single-tenant, net-leased properties. The assets span roughly 8 million square feet of leasable space. In discussing the decision to invest in suburban office properties, Roger Thomas, co-founder and COO of Workspace Property Trust, cited the demographic migratory patterns that emerged in recent years that favor suburban markets. “We know that in the last five years, millions of Americans have moved from the cities to the suburbs, and nearly one-third of all Americans today are considering moving away from cities,” says Thomas. “This important demographic shift is led by millennials, the largest workforce cohort in history, who appreciate the benefits of the suburbs and suburban offices.” Thomas identified several attributes — shorter commutes, lower crime, less need …
WAXAHACHIE, TEXAS — A joint venture between two locally based firms, 2GR Equity and Connell Realty Services Inc., is underway on construction of a 562-unit self-storage facility in the southern Dallas suburb of Waxahachie. Dallas-based Lone Star Self Storage will operate the facility, which will be located at the corner of State Highway 77 and Cardinal Road. Simmons Bank provided construction financing for the project, which is expected to be complete by the end of the year.