SAN ANTONIO — Northmarq has brokered the sale of Brooks Townhomes, a 135-unit multifamily property in San Antonio. Built in 1974 on the city’s south side, the property offers one- and two-bedroom units and amenities such as a pool, playground, basketball court, outdoor grilling and dining areas and onsite laundry facilities. Zar Haro, Moses Siller, Bryan VanCura and Phil Grafe of Northmarq represented the seller, Austin-based Achieve Investment Group, in the transaction. The team also procured the buyer, Los Angeles-based Convergence Capital Management, which plans to implement a value-add program.
NEW YORK CITY — JLL has arranged the $387.5 million sale of 685 1st Avenue, a 408-unit multifamily property in Manhattan’s Murray Hill neighborhood. Built in 2018, the property rises 43 stories and houses 408 market-rate residential units, 148 condominiums and 9,693 square feet of commercial space. Amenities include a pool, fitness center, coworking lounge, media room and a children’s play area. Rob Hinckley, Jeff Julien, Scott Panzer, Andrew Scandalios, Steve Rutman, John Taylor, Jon Faxon and Joy Ryoo of JLL represented the seller, Solow Building Co., in the transaction. The team also procured the buyer, GO Partners, which is a joint venture between two private investors.
ELIZABETHTOWN, PA. — Chicago-based First Industrial Realty Trust has inked a 1.1 million-square-foot lease with boohoo, an online fashion retailer based in the United Kingdom, at First Logistics Center @ 283 in Elizabethtown, a southeastern suburb of Harrisburg. Jeff Lockard, Paul Torosian, Ryan Barros and Kyle Lockard of JLL represented the landlord in the lease negotiations. First Industrial has also broken ground on a 700,000-square-foot building at the site that will feature a clear height of 40 feet, 143 loading doors, 194 trailer parking stalls and 318 car parking spaces. Completion of that building is scheduled for the second quarter of 2023.
CONSHOHOCKEN, PA. — A partnership between locally based firm Keystone Development + Investment and Concord Hospitality has completed Hotel West & Main, a 127-room project in Conshohocken, a northern suburb of Philadelphia. The hotel, which will be operated under the Tapestry Collection by Hilton brand, is located within the $340 million SORA West mixed-use development. The property houses two food and beverage options and is the first new hotel to open in Conshohocken in 22 years, according to the development team. SORA West is also home to AmerisourceBergen’s corporate headquarters campus.
JERSEY CITY, N.J. — A partnership between two developers, Park Stone Management and Fields Grade, has begun leasing Le Léo, a 99-unit apartment building in Jersey City’s Journal Square district. Designed by Marchetto Higgins Stieve, the property offers one- and two-bedroom units with stainless steel appliances and quartz countertops. Amenities include a fitness center, resident lounge, coworking space and a rooftop terrace. Le Léo also houses ground-floor retail space. Rents start in the $2,500s for a one-bedroom apartment.
BEVERLY, MASS. — Marcus & Millichap has brokered the $3.8 million sale of a seven-unit apartment building in Beverly, a northeastern suburb of Boston. The unit mix comprises four one-bedroom apartments, one two-bedroom residence and two three-bedroom units, as well as two commercial spaces. Evan Griffith, Tony Pepdjonovic and Will Sanborn of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies that requested anonymity, in the transaction.
VAN BUREN TOWNSHIP, MICH. — Our Next Energy (ONE), a Michigan-based energy storage technology company, has unveiled plans to invest $1.6 billion in a new battery cell manufacturing plant in Van Buren Township, about 28 miles southwest of Detroit. The recently constructed facility will be named ONE Circle and is expected to create 2,112 jobs when operating at full capacity by the end of 2027. The 659,589-square-foot facility will produce 200,000 electric vehicle battery packs annually. ONE will begin upgrades and equipment installation at the property in January 2023. Production at the plant is slated to begin in 2024. Ashley Capital owns the property, which is located at 42060 Ecorse Road within the Crossroads Distribution Center.
COLUMBUS, OHIO — Colliers Mortgage has arranged a $102.3 million bridge loan for the acquisition of a three-property multifamily portfolio in Columbus. The portfolio totals 744 units, but the names and addresses of the properties were not disclosed. A debt fund provided the three-year loan, which features interest-only payments. Troon Dowds, Zach Shope and Murray Kornberg of Colliers Mortgage arranged the loan on behalf of the undisclosed borrower.
KANSAS CITY, MO. — CBRE has brokered the sale of Wild Oak in Kansas City for an undisclosed price. The 348-unit multifamily property is located at 7987 NE Flintlock Road. Amenities include two pools, a recently renovated clubhouse and a fitness center. Jeff Stingley and Max Helgeson of CBRE represented the seller, Missouri-based Maxus. Florida-based Stoneweg US was the buyer.
KANSAS CITY, KAN. — Rau Construction has completed a significant renovation of Town House in downtown Kansas City. Formerly known as Cross Lines Tower, the property is now home to 130 units for seniors age 55 and older who earn between 30 and 60 percent of the area median income. The building originally opened in 1951 as a hotel and was converted into affordable housing in 1981. Amenities include a meeting room, tenant lounge, outdoor patio and garden area, community room and laundry facilities. UMB Bank provided $25.5 million in construction and equity bridge loans and, through Hunt Capital Partners, a $17.4 million low-income housing tax credit equity investment to fund and finance the $42 million project. KeyBank provided permanent financing. Additional financing partners included Commerce Bank, Kansas Housing Resource Corp., Kansas Development Finance Authority and the North East Economic Development Corp. The development team included Foutch Brothers as the architect, Hughes Development Co. and Tier 1 Development Group LLC as co-developers and Universal Management Inc. as property manager.