DALLAS — Locally based investment firm S2 Capital has acquired a portfolio of 14 multifamily properties totaling 4,455 units that are located in various cities throughout the Dallas-Fort Worth (DFW) metroplex as well as in Houston. The DFW component of the portfolio totals 3,399 units, and the Houston portion comprises 1,056 units. All properties were built between 1979 and 1987. Mark Brandenburg, Lauren Dow and Michael Cosby of JLL, along with Lauren Bresky and Loren Heikenfeld of Northmarq, arranged debt financing for the transaction. Roberto Casas, Rob Key, Matthew Lawton and Dustin Selzer with JLL, as well as Taylor Snoddy with Northmarq, brokered the sale. The seller was not disclosed. S2 Capital plans to extensively renovate and enhance the unit interiors, building exteriors and amenity spaces at all of the properties.
HOUSTON — Liberty Development Partners, a joint venture between locally based firms Connor Investment Real Estate and Logistics & Development Resources, has purchased Gulf Inland Logistics Park, a 1,158-acre industrial development site in Houston. The shovel-ready site is located at the intersection of the Grand Parkway and U.S. Highway 90 on the city’s east side. Liberty Development Partners also acquired CMC Railroad, a freight provider and service network within Gulf Inland Logistics Park that connects to the BNSF Railway and the Union Pacific Railroad. Prior to this deal, the joint venture acquired a 200-acre adjacent parcel to allow for expansion of the site. Construction plans and timelines for the existing Gulf Inland Logistics Park site and the adjacent tract have not yet been finalized. Trez Capital provided $66.5 million in acquisition financing for the joint venture’s purchase of CMC Railroad and an undisclosed portion of the land that will house the first phase of industrial development.
FRANKLIN PARK, ILL. — Cresa has brokered the sale-leaseback of a 58,000-square-foot industrial building in the Chicago suburb of Franklin Park for an undisclosed price. The property at 11058 Addison Ave. features a clear height of 20 feet, five docks and parking for 50 cars. Ed Lowenbaum of Cresa represented the seller, ConCan II, an affiliated party to the tenant, Alliance Paper and Foodservice Equipment. Clear Height Properties was the buyer. Alliance Paper, which has occupied the building since 2002, signed a lease for roughly 55 percent of the building. The remainder of the facility will become vacant effective Monday, Aug. 1.
COLLEGE STATION, TEXAS — Student housing developer Parallel has broken ground on a 750-bed project located at 401 First St. near the Texas A&M University campus in College Station. The community will offer a mix of studio, one- and two-bedroom units, as well as walk-up townhomes. Shared amenities will include a full-service smart market, influencer room, gaming lounge, dog park, pool, spa, yoga room, fitness center, indoor study areas and outdoor gaming stations. The project is scheduled for completion in fall 2024. The development team includes BOKA Partners, Rogers O‘Brien Construction, Alison Royal Interiors, RLG Engineers, Mitchell & Morgan Civil Engineering, V3 Engineers, Infinisys and SMR Landscape.
KATY, TEXAS — Locally based developer Sueba USA has opened San Tierra, a 303-unit apartment community located in the western Houston suburb of Katy. San Tierra offers one-, two- and three-bedroom units that range in size from 480 to 2,087 square feet. Residences are furnished with stainless steel appliances, granite countertops, individual washers and dryers and private balconies/patios. The amenity package consists of multiple pools, a spa, outdoor cabanas with grilling areas, a 24-hour fitness center and a coffee bar. Rents start at $1,150 per month.
AUSTIN, TEXAS — Berkadia has arranged a $52 million bridge loan for the refinancing of Iron Rock Ranch, a 300-unit multifamily property in Austin. Iron Rock Ranch consists of 84 townhomes and 216 apartments in one-, two- and three-bedroom formats. Amenities include two pools with outdoor lounging areas, a fitness center, pet park and a basketball court. Andy Hill and Tyler Nowlin of Berkadia arranged the four-year, nonrecourse loan through J.P. Morgan Asset Management on behalf of the borrower, Houston-based Domain Communities, which purchased the asset in late 2019.
NUTLEY, N.J. — Global investment firm Cantor Fitzgerald has acquired 200 Metro Boulevard, a 300,000-square-foot office building in the Northern New Jersey community of Nutley, for $131.7 million. The building is located within Prism Capital Partners’ 116-acre ON3 campus, which is a redevelopment of the former North American headquarters site of Swiss pharmaceutical company Hoffman-La Roche. The building also serves as the U.S headquarters of Japanese pharmaceutical giant Eisai Inc., which relocated some 1,200 employees to the ON3 campus in 2020. Eastdil Secured represented Prism Capital Partners in the sale. Other tenants at ON3 include Quest Diagnostics, Ralph Lauren Corp., the Hackensack-Meridian School of Medicine and Seton Hall University’s Graduate College of Nursing & School of Health & Medical Sciences.
FRANKLIN PARK, N.J. — Oklahoma-based brokerage firm Stan Johnson Co. has arranged the $56 million sale of Franklin Towne Center, a 138,000-square-foot shopping center in Central New Jersey. Grocer Stop & Shop anchors the center, which was built on 14 acres in 1990. Isaiah Harf of Stan Johnson Co. represented the seller, a New York-based developer, in the transaction. The buyer was a New Jersey-based investment firm. Both parties involved in the deal requested anonymity.
WEST HAVERSTRAW, N.Y. — An affiliate of locally based investment and management firm Northeast Capital Group has purchased Samsondale Plaza, a 156,185-square-foot shopping center in West Haverstraw, about 35 miles north of New York City, for $26.5 million. Anchored by grocer Stop & Shop, the property also houses tenants such as Dollar Tree, Advance Auto, Sports Clips and Sally Beauty Supply. Jose Cruz, J.B. Bruno, Steve Simonelli, Michael Oliver, Kevin O’Hearn, Austin Pierce and Andrew Scandalios of JLL represented the seller, a joint venture between investment and development firm Mark Holdings and Connecticut-based Paragon Realty Group, in the transaction.
NEW YORK CITY — JLL has negotiated a 60,000-square-foot office headquarters lease at 825 Seventh Ave. in Midtown Manhattan. Owned by a partnership between Edward J. Minskoff Equities and Vornado Realty Trust (NYSE: VNO), the building spans 196,616 square feet. Matthew Astrachan, Ellen Herman and Hale King of JLL represented the tenant, New Alternatives for Children, in the lease negotiations. Edward Riguardi of Vornado and Jeffrey Sussman of Edward J. Minskoff represented building ownership in conjunction with John Ryan III of Avison Young.