PORTLAND, TEXAS — Northmarq has arranged the sale of Sun Valley Apartments, a 120-unit multifamily complex in Portland, located outside of Corpus Christi in South Texas. The property was originally built in 1968 and offers a pool and onsite laundry facilities. Zar Haro and Phil Grafe of Northmarq represented the seller, McGuire Family Properties, in the transaction. The undisclosed buyer plans to implement a value-add program.
CHICAGO — Crafty, a company that assists workplaces in managing food, beverages and supplies, has signed a 12,000-square-foot office lease at 205 W. Wacker in Chicago. Headquartered in downtown Chicago, Crafty is expanding its footprint. The firm previously occupied 3,500 square feet in the West Loop neighborhood. Brian McDonnell and Bill Sheehy of CBRE represented Crafty in the lease transaction.
ARLINGTON, TEXAS — California-based automotive parts manufacturer Prestige Autotech has signed a 49,280-square-foot industrial lease at 2001-2023 Exchange Drive in Arlington. According to LoopNet Inc. the property was built in 1972 and spans 187,840 square feet. Reed Parker and Mark Graybill of Lee & Associates represented the landlord, Link Logistics Real Estate, in the lease negotiations. Greg Nelson and Jimmy Holcomb of Paladin Partners represented the tenant.
CLEVELAND — The Cooper Commercial Investment Group has brokered the sale of a single-tenant medical office building in Cleveland for nearly $1.8 million. Cleveland Clinic occupies the property. Dan Cooper of Cooper Group represented the seller, a Florida-based private investor. The California-based buyer purchased the property at the full asking price, which represents a cap rate of 6.5 percent.
PHILADELPHIA — JLL has arranged a $56.3 million acquisition loan for the 306-room Sofitel Philadelphia Hotel, located in the city’s Rittenhouse Square area. The luxury hotel offers a variety of room plans, including suites, as well as multiple onsite dining options. Mark Fisher and Ryan Ade of JLL arranged the loan through Square Mile Capital Management on behalf of the borrower, a joint venture between funds managed by Oaktree Capital Management and Clearview Hotel Capital.
SANDY, ORE. — Spartan Investment Group has completed FreeUp Storage Sandy, its first ground-up self-storage development in Oregon and second ground-up facility to date. FreeUp Storage is Spartan’s brand of owned and managed self-storage facilities. Located at 16555 Champion Way in Sandy, FreeUp Sandy features 353 self-storage units spanning nearly 51,000 square feet with drive-up storage and heated interior units. The facility also features 24/7 surveillance and gated access. The Sandy location marks the 51st addition to the FreeUp portfolio of self-storage units across Arkansas, Colorado, Florida, Georgia, Kentucky, North Carolina, Tennessee, Texas, Washington and Wisconsin.
NEW YORK CITY — A partnership that includes Sunrise Senior Living and Welltower is underway on construction of The Apsley, a 156-unit assisted living and memory care facility that will be located at 2330 Broadway on Manhattan’s Upper West Side. Designed by SLCE Architects, The Apsley will offer studio, one- and two-bedroom units. Amenities will include a spa, care center, landscaped outdoor terraces, a dining bistro, art studio, theater and a library curated by a local bookseller. Construction on the 19-story building is underway, and the opening is slated for next spring.
NEW YORK CITY — Los Angeles-based Thorofare Capital has provided a $34.5 million construction loan for the redevelopment of a 62,428-square-foot office building located at 132 W. 14th St. in Manhattan’s Greenwich Village area. The borrower, KPG Funds, plans to update the building’s structure, façades, lobby, windows and mechanical systems and reposition the property as a boutique office building. Marvel Architects is designing the redevelopment. Aaron Niedermayer led a JLL team that arranged the loan on behalf of KPG Funds.
PHILADELPHIA — Ace American Insurance Co. has signed a 140,585-square-foot office lease renewal at The Washington, a historic building located within Philadelphia’s Independence Mall. The owner, Keystone Development + Investment, purchased the 880,000-square-foot building in 2016 and implemented an adaptive reuse program. Brian Young, Jack Meyers, Howard Traul and Dan Brogan of Cushman & Wakefield represented Keystone in the lease negotiations.
LINDEN, N.J. — Cushman & Wakefield has brokered the sale of a portfolio of two industrial buildings totaling 73,277 square feet in the Northern New Jersey community of Linden. The portfolio consists of a 46,674-square-foot industrial facility and a 26,603-square-foot industrial lab. The sale also included an adjacent 2.1-acre land site used as laydown yard. Gary Gabriel, Kyle Schmidt and Seth Zuidema of Cushman & Wakefield represented the seller, Hub Realty, in the transaction and procured the buyer, Modlo.