DALLAS — Austin-based investment firm Long View Equity has acquired Preston Grove, a 111,286-square-foot office park in Dallas. The three-building complex is situated on a seven-acre site on the city’s north side. Steve Simon, Steve Rowland and Chris Lipscomb of Transwestern represented the seller, Reserve Capital Partners, in the transaction. Additional terms of sale were not disclosed.
STAMFORD, CONN. — CBRE has brokered the $72 million sale of 400 Atlantic Street, a 508,043-square-foot office building in the downtown area of Stamford, about 40 miles outside of New York City. At the time of sale, 400 Atlantic Street was 30 percent leased. Jeffrey Dunne, Steven Bardsley, Jeremy Neuer and Travis Langer of CBRE, in collaboration with Meredith LaPier of Advisory and Transaction Services, represented the seller, an affiliate of Charter Communications Inc., in the transaction. Charter Communications also previously used the 14-story building as its global headquarters but has since relocated to an 875,000-square-foot campus at 400 Washington Blvd. CBRE also procured the buyer, a partnership between George Comfort & Sons and AVG Partners, which plans to implement a value-add program.
WALLKILL, N.Y. — Long Island-based developer Eliviat Group, in partnership with Pyramid Management Group, will develop The Galleria Residences, a 224-unit multifamily project that will be located about 80 miles north of Manhattan in Wallkill. The site spans five acres and sits directly across from the Galleria Mall at Crystal Run. CT Male & Associates is designing the community, which will feature 122 one-bedroom units, 96 two-bedroom residences and six three-bedroom units. Amenities will include a rooftop lounge, dog park and office-style conference rooms. Construction is scheduled to begin in September and to be complete in June 2024.
SPARTA, N.J. — JLL has arranged a $21.5 million loan for the refinancing of Sparta Town Center, an 87,984-square-foot shopping center in Northern New Jersey. Anchored by grocer Stop & Shop, Sparta Town Center was fully leased at the time of the loan closing. Other tenants include Lakeland Bank, Supercuts, Sports Care Institute, Spavia, Mathnasium and Anthony Franco’s Pizza. Thomas Didio, Thomas Didio Jr. and Salvatore Buzzerio of JLL arranged the 10-year, fixed-rate loan through Aegon Asset Management on behalf of the borrower, an affiliate of locally based developer Hekemian & Co. Inc.
CHICAGO — Marcus & Millichap has brokered the sale of 7100 South Shore Drive, a 164-unit multifamily property in Chicago’s South Shore neighborhood. The sales price was undisclosed. Originally constructed in 1923, the building has received updates in recent years such as the addition of Amazon Hub lockers, gated parking and a fitness center. Ryan Engle, Andrean Angelov and Zack Mahoney of Marcus & Millichap represented the seller, Morgan Properties, and procured the buyer, James Oppenheimer of New City Property Management. The buyer plans to update common areas, including renovating and repurposing the building’s vacant ballroom.
LISLE, ILL. — NAI Hiffman has negotiated five new leases totaling nearly 30,000 square feet at 2200 Cabot Drive, an office building in the Corporate Lakes office park in Lisle, a western suburb of Chicago. Patrick Kiefer and Jim Adler of NAI Hiffman represented ownership, RE Development Solutions. The tenants included CAGE Civil Engineering, Capitas Financial Midwest, NSA Media, TD Synnex and Mathieson, Moyski, Austin & Co. LLP. Brokers representing the tenants included Patrick Elwood of CBRE, William Main of CBIZ Gibraltar, Diana Riekse of CBRE, Kevin Rogers of JLL and Scott Fedyski and Jay Scholten of Capital Real Estate Partners. Built in 1990 and previously renovated in 2002, 2200 Cabot rises five stories and spans 132,000 rentable square feet. RE Development Solutions has been renovating the property since its acquisition in November 2019. Approximately 70,000 square feet of the building remains available for lease.
ELIZABETH, N.J. — Elberon Development Group has completed a 140,000-square-foot cold storage facility in the Northern New Jersey city of Elizabeth that is a build-to-suit for New Jersey-based FreezPak Logistics. The facility features clear heights of 66 to 80 feet, 18 loading docks and 30,000 pallet positions. Trailer parking is available both on site and across the street. California-based Ware Malcomb designed the project, with Industrial Building Group serving as the general contractor.
KANSAS CITY, MO. — Northmarq has arranged a $3 million loan for the refinancing of the Shops at Shoal Creek in Kansas City. The 14,238-square-foot retail center, built in 2015, is located at 8250-8260 N. Booth Ave. The property is situated near a larger shopping center that is home to Target, Sam’s Club, Walmart Supercenter and The Home Depot. Bob Harrington of Northmarq arranged the fixed-rate loan, which features a 10-year term, two years of interest-only payments and a 30-year amortization schedule. A life insurance company provided the loan for the undisclosed borrower.
NEW BALTIMORE, MICH. — Dominion Real Estate Advisors has brokered the sale of a 14,500-square-foot industrial building in New Baltimore, about 37 miles northeast of Detroit. The sales price was undisclosed. The property, located at 51528 Industrial Drive, previously served as the corporate home of Flood and Fire Solutions Inc. Andrew Boncore of Dominion represented the seller, 2CM Investments LLC. Mathew Cole of L. Mason Capitani CORFAC International represented the buyer, Jennifer Bethany LLC, which will use the facility to expand its health and beauty skincare products business.
NEW YORK CITY — Cadre, a technology-driven real estate investment platform, has signed a 17,000-square-foot office lease at 315 Park Avenue South in Midtown Manhattan. Columbia Property Trust owns the 20-story, 331,000-square-foot building, which is now 97 percent leased. Steven Rotter and Justin Haber of JLL represented Cadre in the lease negotiations. Newmark represented building ownership.