MONONA, WIS. — Berkadia has negotiated the $10.3 million sale of Fairway Glen in Monona near Madison. The 56-unit, garden-style apartment community was built in 2014. Amenities include a community room, fitness room and underground parking. Ralph DePasquale, Pete Evans, Jack Maloney and Richard Evans of Berkadia represented the seller, Madison-based developer 5001 Monona Drive LLC. Wisconsin-based Spaulding Group was the buyer. The property was 97 percent occupied at the time of sale.
DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Sylvan Thirty, a 201-unit apartment community in West Dallas. Built on six acres in 2015, the property offers studio, one-, two- and three-bedroom units with an average size of 856 square feet. Amenities include a pool, fitness center, clubhouse and a party lounge. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, Jeffrey Kindorf and Will Balthrope of IPA represented the seller, Los Angeles-based Arc Capital Partners, in the transaction. The team also procured the buyer, San Francisco-based Polaris Real Estate Partners.
HOUSTON — Coterra Energy Inc., a product of an October 2021 merger between Houston-based Cabot Oil & Gas and Denver-based Cimarex Energy, has signed a 122,000-square-foot office headquarters lease in Houston. The tenant will relocate to Memorial City Plazas, a 1 million-square-foot office campus in Houston. Owned by MetroNational, the three-building development is currently undergoing a $20 million renovation project that is slated for a fourth-quarter completion. Brad MacDougall and Warren Alexander represented MetroNational in the lease negotiations on an internal basis. Jim Bailey of Cushman & Wakefield and Lucian Bukowski of CBRE represented the tenant.
SEATTLE — Kennedy Wilson and the real estate business within Goldman Sachs Asset Management have purchased Coppins Well, a high-rise multifamily property in Seattle, for $106.5 million, excluding closing costs. Kennedy Wilson has a 30 percent ownership interest in the property, which the partnership acquired with a total equity investment of $44 million and a $66 million loan. The ownership team plans to roll out a value-add asset management plan, which includes investing $4 million to renovate unit interiors, refresh common areas and enhance amenities. Completed in 2012, the 17-story building features 236 apartments in a mix of studio, one- and two-bedroom layouts, a movie lounge, fitness center and dog runs. Ground-floor retail tenants include a coffee house, restaurant and bank.
SCOTTSDALE, ARIZ. — Sterling Real Estate Partners has purchased Suites on Scottsdale, a hotel property in Scottsdale, for an undisclosed price in an off-market transaction. The company plans to convert the 114-key extended-stay hotel, which was built in 1996, into an 85-unit apartment community. The conversion will consist of modifying the existing structure to conform to Scottsdale’s building codes, including new balconies for every unit, enhanced curb appeal and select rooms combined to improve unit mix. New resident amenities will include a large conference room with workspace-style offices; indoor/outdoor fitness center; yoga studio; movie theater; dog park with pet washing station; resort-style pool; automated package locker delivery system; and smart access system.
CHANDLER, ARIZ. — Lincoln Property Co. has purchased two buildings at AZ 202 Commerce Park in Chandler for $32.5 million. Will Strong, Mike Haenel, Andy Markham, Phil Haenel and Greer Oliver of Cushman & Wakefield represented the seller, ViaWest, in the deal. Located at 1600 S. Hamilton St. on 7.7 acres, the project features 140,372 square feet of fully leased industrial space — a 65,892-square-foot Building A and a 74,480-square-foot Building B. The buildings include 28-foot clear heights, 60-foot speed bays, gated and secured concrete truck courts and 38 rear-load doors offering dock-high and grade-level loading. Additional amenities include an ESFR sprinkler system, LED lighting, 2,000 amps of power per building and generous car and trailer parking. The project is adjacent to AZ 202 Commerce Park Phase I, a 106,000-square-foot, built-to-suit industrial project completed in 2018 that PODS Moving and Storage fully occupies. ViaWest Group developed all three buildings, delivering Building A and Building B in 2020.
LAS VEGAS — DG Design + Development, a Las Vegas-based hotel developer, has obtained a $44.8 million bridge loan to refinance the recently opened, dual-flagged Hampton Inn and Home2 Suites by Hilton – Las Vegas Convention Center. Dallas-based Hall Structured Finance provided the bridge loan for the borrower. The six-story, 250-room hotel offers both a select-service and extended-stay option, as well as a fitness center; business center; 1,000 square feet of meeting and event space; dining facilities; and an outdoor pool and spa. Jay Miller of BayBridge Real Estate Capital brokered the deal.
LAS VEGAS — Orange County, Calif.-based MCA Realty, through its MCA Realty Industrial Growth Fund, has acquired two industrial assets in Las Vegas for a total of $5.6 million. In the first transaction, MCA Realty purchased Windy Road Warehouse, a seven-building industrial project in Las Vegas, for $3.4 million in an off-market transaction. At the time of sale, the 19,901-square-foot campus was fully occupied. The asset includes seven separate parcels. MCA plans to implement capital upgrades to the property, including a new paint scheme, roofs, and upgraded parking lot and landscaping. The asset is located at 6460, 6466, 6472 and 6478 Windy Road. Kevin Higgins and Sean Zaher of CBRE represented the buyer and undisclosed seller in the deal. In the second transaction, MCA Realty acquired 3.6 acres of land at the northeast corner of Sunset Road and Warbonnet Way in Las Vegas. The firm plans to develop two single-tenant, 40,000-square-foot industrial buildings on the parcel. The two buildings will each feature approximately 1,500 square feet designated for office, 28-foot clear heights and ESFR sprinklers. Dan Doherty, Jerry Doty, Chris Lane and Paul Sweetland with Colliers International represented the buyer and undisclosed seller in the deal.
RONKONKOMA, N.Y. — Greystone has provided a $203.1 million Freddie Mac loan for the refinancing of Alston Station Square, a 489-unit apartment community located in the Long Island community of Ronkonkoma. The newly constructed, six-building community is located within The Hub at Ronkonkoma, a 2 million-square-foot mixed-use development. Drew Fletcher, Matthew Hirsch, Jesse Kopecky, and Tori Colledge of Greystone originated the financing, which was structured with a 10-year term and a fixed interest rate. Bank of America provided the original construction loan to the borrower, an affiliate of Tritec Real Estate Co.
BEDFORD, PA. — Organic Snack Co., the maker of Kate’s Real Food, has purchased 82 acres in Bedford, located in the southern-central part of the state, with plans to open a new warehouse and distribution center. At full build-out, the facility will span about 750,000 square feet. The investment represents a total capital commitment of $75 million and is expected to add about 500 jobs to the local economy. Dollar Bank provided predevelopment and acquisition financing for the land.