Property Type

RPM Living, DRA Advisors Acquire 372-Unit San Paloma Apartments in Houston’s Energy Corridor

by Taylor Williams August 11, 2022

HOUSTON — A joint venture between Austin-based RPM Living Investments and New York-based DRA Advisors has acquired San Paloma, a 372-unit apartment community in Houston’s Energy Corridor area. Developed by Sueba USA in 2006, San Paloma features one- and two-bedroom units with an average size of 1,050 square feet. The amenity package comprises a pool, fitness center, heated spa, playground, dog park, business center and outdoor lounge spaces. A partnership between Blackstone and Livcor sold the property for an undisclosed price. Amerant Bank provided acquisition financing for the deal.

August 11, 2022

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 300-Unit Timberwalk Apartments in Northwest Houston

by Taylor Williams August 11, 2022

HOUSTON — Berkadia has arranged the sale of Timberwalk, a 300-unit apartment community in northwest Houston. Built in 1983, Timberwalk offers one-, two- and three-bedroom units ranging in size from 501 to 1,088 square feet and amenities such as two pools, a fitness center, playground, outdoor grilling and dining areas and onsite laundry facilities. Chris Young, Joey Rippel, Kyle Whitney, Jeffrey Skipworth, Chris Curry and Todd Marix of Berkadia represented the seller, Dallas-based Performance Properties, in the transaction. Johnny King of Berkadia secured acquisition financing on behalf of the buyer, New York City-based Lone Star Capital.

August 11, 2022

Affordable Housing Development Loans Multifamily Texas

Colliers Mortgage Provides $7.3M Construction Loan for Fort Worth Affordable Housing Project

by Taylor Williams August 11, 2022

FORT WORTH, TEXAS — Colliers Mortgage has provided a $7.3 million HUD-insured construction loan for Avenue at Sycamore Park, a multifamily project in Fort Worth that will add 91 affordable housing units and 17 market-rate residences to the local supply. The project’s affordable component will include units for renters earning 30, 50 or 60 percent or less of the area median income. Jeff Rogers of Colliers Mortgage originated the financing through HUD’s 221(d)(4) program on behalf of the borrower, an entity doing business as CSH Avenue at Sycamore Park Ltd. A tentative completion date was not disclosed.

August 11, 2022

Industrial Leasing Activity Lee & Associates Texas

Incab America Signs 40,000 SF Industrial Lease in Arlington

by Taylor Williams August 11, 2022

ARLINGTON, TEXAS — Incab America, a manufacturer of fiber optic cables, has signed a 40,000-square-foot industrial lease in Arlington. According to LoopNet Inc., the single-tenant building at 2821 E. Randol Mill Road was constructed in 1968. Reed Parker and Mark Graybill of Lee & Associates represented the landlord, Arden Logistics Management LLC, in the lease negotiations. Riley Maxwell and John Brewer of Transwestern represented Incab America.

August 11, 2022

Development Multifamily New Jersey Northeast

Cypress Equity, Winter Properties Break Ground on 354-Unit Multifamily Project in Bayonne, New Jersey

by Taylor Williams August 11, 2022

BAYONNE, N.J. — A joint venture between Cypress Equity Investments and Winter Properties has broken ground on Avenue G, a 354-unit multifamily project that will be located in the Northern New Jersey community of Bayonne. Residences at the transit-oriented community will feature stainless steel appliances, quartz countertops, tile backsplashes, walk-in closets and individual washers and dryers. Amenities will include a fitness center, coworking areas, private courtyards and outdoor entertainment spaces. Minno & Wasko is the project architect, and ARC Building Partners is the general contractor. Completion is slated for the second half of 2024.

August 11, 2022

Development Industrial Loans New York Northeast

PCCP Provides $43.5M Construction Loan for Industrial Project in The Bronx

by Taylor Williams August 11, 2022

NEW YORK CITY — Los Angeles-based lender PCCP LLC has provided a $43.5 million senior construction loan for a 58,950-square-foot industrial project in The Bronx. The facility at 1100 Leggett Ave. in the Hunts Point neighborhood will be a build-to-suit for a subsidiary of Brambles, an Australian manufacturer of pallets, crates and containers. Chris Peck and Pete Rotchford of JLL placed the loan with PCCP on behalf of the borrower, Innovo Property Group.

August 11, 2022

Leasing Activity New York Northeast Office

Edelman Signs 173,618 SF Office Lease Renewal at 250 Hudson Street in Manhattan

by Taylor Williams August 11, 2022

NEW YORK CITY — Global communications firm Edelman has signed a 173,618-square-foot office lease renewal at 250 Hudson Street in Manhattan’s Hudson Square neighborhood. The company will continue to occupy six floors, as well as a penthouse level that includes private outdoor space, at the 400,000-square-foot building for the next 15 years. Mary Ann Tighe, Ken Meyerson, Todd Lippman and Adele Huang of CBRE represented Edelman in the lease negotiations. Adam Rappaport and Brett Greenberg represented the locally based landlord, Jack Resnick & Sons, on an internal basis.

August 11, 2022

Development Multifamily New York Northeast Seniors Housing

Benchmark Senior Living to Open 100-Unit Community in Mount Pleasant, New York

by Taylor Williams August 11, 2022

MOUNT PLEASANT, N.Y. — Benchmark Senior Living will open Benchmark at Mount Pleasant, a community that will be located 25 miles north of Manhattan in Mount Pleasant. The community, slated for completion in spring 2024, will feature 74 assisted living units and 26 memory care units. Benchmark is partnering with Shelbourne Healthcare Development Group LLC, a development and investment firm based in Wayne, Penn., on the project. Benchmark will serve as the sole operator.

August 11, 2022

Industrial Leasing Activity New York Northeast

Cushman & Wakefield Negotiates 115,184 SF Industrial Lease in Bay Shore, New York

by Taylor Williams August 11, 2022

BAY SHORE, N.Y. — Cushman & Wakefield has negotiated a 115,184-square-foot industrial lease at 158 Candlewood Road in the Long Island community of Bay Shore. Sean Duffy and Nicholas Gallipoli of Cushman & Wakefield represented the tenant, paper and packaging products supplier Lindenmeyr Munroe, which is expanding its Long Island presence, in the lease negotiations. Leslie Lanne, Doug Omstrom and Max Omstrom of JLL represented the landlord, Rockefeller Group.

August 11, 2022

Development Industrial Washington Western

Crow Holdings, Panattoni to Develop 2.3 MSF Spec Distribution Campus Near Seattle

by Amy Works August 11, 2022

FREDERICKSON, WASH. — A joint venture between a real estate fund advised by Crow Holdings Capital and Panattoni will develop four warehouse/distribution buildings totaling more than 2.3 million square feet in Frederickson. Located at Canyon Road East and E. 176th Street, the 310-acre FRED310 site has received its State Environmental Policy Act approval. Delivery of the new buildings is slated for no later than first-quarter 2024. The project’s Phase I will consist of four Class A buildings of 753,199 square feet, 437,360 square feet, 549,320 square feet and 614,020 square feet. The buildings will offer ample dock-high and grade loading, 36- to 40-foot clear heights, auto/trailer parking and large modern truck courts. The development team has executed a lease for 1.1 million square feet in the project’s Building C to a leading specialty retailer. Scott Alan, Patrick Mullin and Connor Cree of Cushman & Wakefield are marketing the properties for lease. Upon complete buildout, FRED310 will offer as much as 4 million square feet of Class A industrial product.

August 11, 2022

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