TUCSON, ARIZ. — Cushman & Wakefield|PICOR has brokered the sale of Colonia de Tucson, an apartment complex located at 1335 and 1351 W. Saint Mary’s Road in Tucson. The seller, 1335 W. Saint Mary’s LLC, sold the asset for $7.8 million. The community features 84 apartments. Allan Mendelsberg and Conrad Joey Martinez of Cushman & Wakefield|PICOR represented both parties in the transaction.
RICHARDSON, TEXAS — Vertical Cold Storage, a developer and operator of temperature-controlled industrial facilities, has acquired Lone Star Cold Storage, a 227,331-square-foot property located in the northeastern Dallas suburb of Richardson. The facility features 5.6 million cubic feet of storage space, 17,892 pallet positions and 40 dock doors. In addition, Lone Star Cold Storage offers seven rooms for various food processing and storage needs with temperatures ranging from -20 to 45 degrees Fahrenheit. The seller and sales price were not disclosed.
AUSTIN, TEXAS — Shorenstein Properties, an investment firm headquartered in San Francisco and New York City, has sold the Alpha Building, a 210,000-square-foot office property located within the 750-acre Mueller District in Austin. The Teacher Retirement System of Texas (TRS) purchased the six-story building, which was designed by Page Sutherland Page, for an undisclosed price. Troy Holme and Peter Jansen of CBRE represented TRS in the transaction. Shorenstein is developing two more office buildings at Mueller that will contain approximately 350,000 square feet and are slated for a 2024 delivery.
HOUSTON — California-based brokerage firm RealSource Group has negotiated the sale of a 37,030-square-foot single-tenant retail property in West Houston that is net leased to LA Fitness. Austin Blodgett of RealSource Group, in conjunction with ParaSell Inc., represented the seller, a Houston-based private developer, in the transaction. Roger Oser of Newmark represented the California-based buyer. Both parties requested anonymity. The deal traded at a cap rate of 6.12 percent.
ROCHESTER, PA. — Marcus & Millichap has brokered the sale of Madison Square Shopping Center, a 184,082-square-foot retail property in Rochester, located northwest of Pittsburgh. The sales price was $12 million. Grocer Giant Eagle anchors the property, which was originally constructed in 1967 as a Kaufmann’s Department Store. John Reehil of Marcus & Millichap represented the seller, a partnership, in the transaction. Additional terms of sale were not disclosed.
PAWTUCKET AND NORTH PROVIDENCE, R.I. — JLL has arranged two loans totaling $39.7 million for the refinancing of a pair of multifamily properties in Rhode Island. In the first deal, the firm arranged a $20.5 million loan for The Village Lofts, a 149-unit complex in Pawtucket. The property features an average unit size of 929 square feet and amenities such as a fitness center, game room and onsite laundry facilities. In the second transaction, JLL placed an $18.2 million loan for Greystone Lofts, a 150-unit community in North Providence that was built in 1900 and converted to multifamily in 2008. Peter Rotchford, Scott Aiese and Alex Staikos of JLL arranged both fixed-rate loans through J.P. Morgan on behalf of the borrower, Urban Smart Growth.
HOBOKEN, N.J. — Northmarq has provided a $32.5 million Freddie Mac loan for the refinancing of Westview Apartments, 116-unit affordable housing property in Hoboken, located outside of New York City. The property at 55-75 Bloomfield St. was originally built in 1905 and renovated in 1995. The unit mix consists of 63 one-bedroom apartments, 39 two-bedroom units and 14 three-bedroom residences. Gary Cohen of Northmarq originated the loan, which carried a 10-year term and a 30-year amortization schedule, on behalf of the borrower, an affiliate of Applied Housing Management Co.
NEW YORK CITY — Locally based firm ABS Partners Real Estate has completed the redevelopment of LX57, a 110,000-square-foot office building located at 695 Lexington Ave. in Manhattan’s Plaza District. The project included a lobby upgrade, renovated elevator cabs that feature touchless technology, a façade restoration and new furnishings of office suites. The 20-story building now also houses interior finishes that are designed for ease of cleaning and disinfection, and each floor now includes a dedicated air filtration system.
EWING, N.J. — CBRE has negotiated the sale of a 310,000-square-foot office and warehouse building in the Trenton suburb of Ewing for $18.7 million. The property was originally built in 1995 as a build-to-suit for the seller and occupant, Educational Testing Service (ETS). Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer, Zach McHale, Matthew Saker and Alec Monaghan of CBRE represented ETS in the transaction. The team also procured the undisclosed buyer, which will temporarily lease the space back to ETS.
CHICAGO — Chicago-based developer Sterling Bay has formed a joint venture with Ascentris, a Denver-based real estate private equity firm, for the development of 160 N Morgan, a 29-story apartment tower in Chicago’s Fulton Market. The project received approval from city council in October. The development will house 254 market-rate units, 28 affordable units, 89 parking spaces and 2,600 square feet of ground-floor retail space. Amenities will include an outdoor deck, fitness center and rooftop pool. The architecture firm is bKL Architecture. Construction is expected to begin this quarter, with completion slated for the fourth quarter of 2023. The project is Sterling Bay’s first-ever residential development in Fulton Market.