RICHARDSON, TEXAS — Dallas-based Restaurant Properties Group has negotiated the sale of Atrium at North Creek, an 85,000-square-foot office building located at 2929 N. Central Expressway in the northeastern Dallas suburb of Richardson. According to LoopNet Inc., the property was built in 1983 and renovated in 2001. Andy Anderson of Restaurant Properties Group represented the buyer, a limited liability company, in the transaction. Tom Strohbehn of Younger Partners represented the seller, a limited partnership.
IRVING, TEXAS — Locally based brokerage firm Structure Commercial has arranged the sale of Imperial Square, a 68,492-square-foot retail center in Irving. At the time of sale, the center was fully leased to a tenant roster that includes FedEx-Kinkos. Allegiance Staffing and Mint Mobile. Eric Deuillet and Jake Burns of Structure Commercial represented the seller in the transaction. Greg Nelson and Brent Bosworth of Paladin Partners represented the buyer, Global Unique Logistics Corp.
BRIDGEWATER, N.J. — CBRE has negotiated the $260.6 million sale of a 675,000-square-foot office complex in the Northern New Jersey community of Bridgewater. The property houses the North American headquarters of French pharmaceutical giant Sanofi, which has committed to the building through 2032. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer, Zach McHale and Michael Monahan of CBRE represented the seller, American Finance Trust, in the transaction. The team also procured the buyer, California-based AVG Partners.
NEW YORK CITY — Locally based private lender S3 Capital Partners has provided a $105 million construction loan for a 447-unit multifamily project that will be located in the Mott Haven neighborhood of The Bronx. The developer, JCS Realty, has entered into a ground lease with the owners of the site, Montgomery Street Partners, which contributed $55 million for the acquisition and improvements to the land. Completion of the 12-story building, which will also house ground-floor commercial space, is slated for late 2023. Zaro’s Family Baker sold the land on which the project will be developed. Jason Gold, Victor Sozio and Daniel Mahfar of Ariel Property Advisors brokered the $35 million sale of the land.
PORTLAND, CONN. — Marcus & Millichap has brokered the sale of Stor U Self Storage, a 651-unit facility in Portland, located in Middlesex County in the central part of the state. The facility comprises 68,774 net rentable square feet across 528 climate-controlled units, 122 non-climate-controlled units and one commercial space. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction. Susan Bands of Marcus & Millichap assisted in closing the deal as the broker of record.
LONG BEACH, CALIF. — Gelt has purchased Volta on Pine, a multifamily community in downtown Long Beach, from a joint venture between Holland Partner Group and North America Sekisui House for $156 million. Located at 635 Pine Ave., Volta on Pine features 93 studios, 94 one-bedroom units, 66 two-bedroom units and 18 three-bedroom units with an average size of 849 square feet. Eleven of the units are designated as affordable housing. Apartments feature quartz countertops, stainless steel appliances, wood-style flooring, full-size washers/dryers, Nest thermostats and modern cabinetry. Community amenities include a rooftop terrace with barbecue grills; executive conference and meeting rooms; a courtyard with fire pit; resort-style pool and sundeck with spa; outdoor grilling areas with smart TVs; a fitness center; parcel lockers; bike storage; and a fully equipped catering kitchen. Blake Rogers, Hunter Combs, Alexandria Caniglia and Javier Rivera of Walker & Dunlop represented the seller, while Gelt was self-represented in the deal.
SYRACUSE, N.Y. — Illinois-based investment firm Inland Private Capital Corp. has sold a 124,980-square-foot industrial facility in Syracuse for $13.4 million. At the time of sale, the property was 100 percent leased to Niagara Mohawk Corp., an energy provider that also conducts business under the name National Grid. The company purchased the property in 2011 and sold it through a Delaware Statutory Trust (DST). The buyer was not disclosed.
PHOENIX — Los Angeles-based Pro Residential has completed the disposition of Cove on 44th, an apartment property located at 4030 44th Ave. in Phoenix. Tide Equities acquired the asset for $51 million. The buyer has rebranded the community to Tides on 44th. The 134,000-square-foot community features 10 studio and 246 one-bedroom apartments, ranging in size from 452 square feet to 598 square feet. Built in 1983, the two-story property offers two swimming pools, a spa, a clubhouse and multiple laundry facilities. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq represented the seller in the transaction. Jeff Erxleben, Lauren Bresky, Kevin Leamy and Loren Heikenfeld of Northmarq’s Dallas Debt & Equity team secured $46.2 million in acquisition financing for the buyer.
PORTLAND, ORE. — LRS Architects Inc has completed design work for Parkview at Terwilliger Plaza just south of downtown Portland. The 10-story, 370,000-square-foot building will bring 127 independent living apartments to the existing three-building senior living campus while providing space for up to 200 new residents. The project is designed to the Passive House standard with several sustainability goals, including sustainable energy use and improved air quality. “Features such as thermal bridge-free detailing, airtight construction, energy-efficient appliances, heat recovery ventilation and a green roof are central toward creating comfortable and energy-efficient spaces and establishing a level of sustainability other complexes cannot guarantee,” says Peter Houseknecht, LRS’s lead architect on the project. “Parkview at Terwilliger Plaza is the largest Passive House-certified project on the U.S. West Coast and largest in the senior living space.” Construction on the project began in the spring 2021 and is scheduled for completion in 2023.
ERIE, COLO. — Evergreen Devco has broken ground for three buildings at Nine Mile Corner, a mixed-use project in Erie. Located at the southwest corner of U.S. 287 and Arapahoe Road, Nine Mile Corner consists of approximately 26 acres of retail, 12 acres of multifamily and 10 acres of open space. The project is a public-private partnership between Evergreen, the Town of Erie and the Town of Erie Urban Renewal Authority. The under-construction properties are two multi-tenant buildings, totaling 18,000 square feet, and an 8,000-square-foot UCHealth medical office building. Waner Construction is the serving as general contractor and G3 Architecture is serving as architect for the three buildings. Completion is slated for third-quarter 2022.