AUSTIN, TEXAS — Locally based investment and development firm Rastegar Property Co. has broken ground on INF1NITY Park, a 600,000-square-foot industrial project in Austin. The property will be situated on 50 acres at 11708 McAngus Road near the Tesla Gigafactory and will be developed in phases. Phase I will comprise three buildings ranging in size from 90,000 to 168,000 square feet, one of which is already fully preleased. The second phase will feature a 241,920-square-foot building that will be marketed as a build-to-suit opportunity. The buildings will offer 32- to 36-foot clear heights and a total of 246 docks and 800 parking spaces.
AUSTIN, TEXAS — A partnership between Stream Realty Partners and Charlotte-based investment firm Barings will develop 1400 East, a six-story office building in East Austin. The square footage of the project is still being determined. Amenities will include private patios on each floor, a ground-floor paseo and onsite restaurant space, as well as a fitness center and bike valet services. HKS is the project architect. Construction is scheduled to begin in early 2023 and to be complete in late 2024.
DALLAS — Northmarq has arranged the sale of Verge Apartments, a 217-unit multifamily property in North Dallas. Built in 1980, the complex houses studio, one- and two-bedroom units with an average size of 700 square feet. Amenities include two pools, outdoor grilling and dining areas, a fitness center, business center and onsite laundry facilities. Taylor Snoddy, Charles Hubbard, Eric Stockley and Philip Wiegand represented the seller in the transaction. Patrick Elliott and Lauren Bresky, also with Northmarq, originated Freddie Mac acquisition financing on behalf of the buyer. Both parties requested anonymity.
HOUSTON — Dallas-based investment firm Apricus Realty Capital has purchased three outdoor industrial storage sites totaling approximately 70,000 square feet in Houston. The sites comprise five buildings on a combined four acres in the city’s Northwest Inner Loop submarket. Apricus Realty Capital acquired the assets in a joint venture with institutional investment firm Alex Brown Realty. The seller and sales price were not disclosed.
HOUSTON — Houston Cardiovascular Associates has signed a 40,000-square-foot medical office lease at the Museo Institute for Medical Arts Building, a development located north of Texas Medical Center by Testa Rossa Properties. Andrew Zeplain of CBRE represented the tenant, which will occupy the entire eighth floor and part of the first floor, in the lease negotiations. Brandy Bellow Spinks, also with CBRE, represented the landlord, an entity doing business as Sculptura MOB LP.
NEW JERSEY — French investment bank Natixis has provided an $89.1 million loan for the refinancing of the Crossings Industrial Portfolio, a collection of 25 buildings totaling roughly 1.2 million square feet that are located throughout Southern New Jersey and Bucks County, Pennsylvania. Specifically, the properties are located in Delran, Bridgeport, Evesham, Cinnaminson and Mount Laurel, New Jersey, and Bristol, Pennsylvania. John Alascio, Chuck Kohaut and T.J. Sullivan of Cushman & Wakefield arranged the debt. The borrower was Camber Real Estate Partners, an investment firm based in Northern New Jersey.
NEW YORK CITY — Locally based investment firm Regal Ventures has acquired a 37,165-square-foot retail and parking condo located at 897 Eighth Ave. in Manhattan’s Hell’s Kitchen neighborhood. The sales price was $35.2 million. The property’s retail component is 15,893 square feet, and the parking space spans 21,272 square feet. Regal Ventures acquired the property in partnership with Morrison Street Capital from Prudential Financial.
SUFFIELD, CONN. — Locally based brokerage firm Chozick Realty has negotiated the $13 million sale of Suffield West, an 84-unit multifamily property located in Hartford County. The property was built on 10 acres in 1968. Tess Cullen and Jordan Pinto of Chozick Realty represented the seller, an entity doing business as Suffield West Apartments LLC, in the transaction, and procured the undisclosed buyer.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $5.7 million sale of a 35-unit apartment building located in the Bay Ridge area of Brooklyn. The four-story building houses four studios, 30 one-bedroom units and one three-bedroom residence. Stephen Vorvolakos, Sean Kelly and Lawrence Sarn of Ariel Property Advisors brokered the deal. Both the buyer and seller requested anonymity.
CLIFTON, N.J. — H Global Commerce Inc., a commercial glass distributor, has signed a 28,700-square-foot industrial lease in the Northern New Jersey community of Clifton. Josh Krantz, Michael Schaible and Troy Wisse of Lee & Associates represented the landlord, Boston-based Longpoint Realty Partners, in the lease negotiations. David Simon of Prominent Properties represented the tenant.