FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of The Villas at Cantamar, a 265-unit apartment community located on the west side of Fort Worth. The property features one-, two- and three-bedroom units and amenities such as two pools, a playground and onsite laundry facilities. Al Silva and Ford Braly of Marcus & Millichap represented the locally based buyer and seller, both of which requested anonymity, in the transaction.
PROSPER, TEXAS — Dallas-based Younger Partners has purchased The Shops at Prosper Trail, a 96,948-square-foot shopping center located northeast of Dallas. Shadow-anchored by Kroger, the property was built in 2016 and was 98 percent leased at the time of sale. Adam Howells and Zach Riebe of JLL represented the seller, MQ Development Co., in the transaction. Micah Ashford, Moody Younger and Kathy Permenter represented Younger Partners on an internal basis.
VALLEY, ALA. — SRS Real Estate Partners’ Investment Properties Group has brokered the $4.5 million sale of Shops at Valley, a 28,000-square-foot shopping center in Valley. Boris Shilkrot of SRS represented the seller, OSCI Properties, in the transaction. The buyer, Prudent Growth Partners LLC, was self-represented in the transaction. The shopping center is shadow-anchored by a Walmart Supercenter and fully occupied by tenants including Ace Hardware, Workout Anytime, H&R Block, T-Mobile and Advance America. Located along the Georgia and Alabama state lines, the property is situated 26 miles from Auburn, Ala., and 31.8 miles from Columbus, Ga.
WASHINGTON, D.C. — The National Retail Federation released a statement on Thursday, Jan. 13 saying the organization agreed with the U.S. Supreme Court’s decision about vaccine mandates. The Supreme Court on Thursday blocked the Biden administration from passing a bill that would require employees at large private companies to either get the vaccine or get tested regularly for COVID-19, as well as wear masks in the workplace. The Biden administration’s vaccine mandate would require vaccinations for those who worked at a company with 100 or more employees. In a separate ruling, the court allowed a vaccine-mandate for healthcare workers in a ruling of 5-4. NRF joined more than 26 other trade associations last week to present oral arguments before the court on the legality of the mandate. “While NRF has maintained a strong and consistent position related to the importance of vaccines in helping to overcome this pandemic, the Supreme Court’s decision to stay OSHA’s onerous and unprecedented [Emergency Temporary Standard] ETS is a significant victory for employers,” says David French, NRF’s senior vice president of government relations. Many were worried that with vaccine requirements, some employees may rather quit than get the vaccine, ultimately causing higher unemployment numbers. After …
NEWTON, MASS. — Boston-based Taurus Investment Holdings has acquired Wells Park, a 377,696-square-foot office complex located in the western Boston suburb of Newton, for $92 million. The three-building complex was 93 percent leased at the time of sale to tenants such as Sally Mae Corp., Newton-Wellesley Hospital, Karyopharm Therapeutics, Ascensus and Adviser Investments. Scott Dragos, Chris Skeffington, Doug Jacoby, Anthony Hayes, Roy Sandeman, Tim Mulhall and Dan Hines of CBRE represented the seller, New York-based Angelo Gordon, in the transaction. The new ownership plans to upgrade the buildings’ energy systems through its subsidiary, RENU Communities.
MARSHFIELD, MASS. — Newmark has brokered the sale of Modera Marshfield, a 248-unit apartment community located in the South Shore city of Marshfield. Built in 2021, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, multiple outdoor dining and lounge areas and shared workspaces. Michael Byrne, Thomas Greeley, Devlin Man and Casey Griffin of Newmark represented the seller, a partnership between Mill Creek Residential Trust and CrossHarbor Capital Partners, in the transaction. Boston-based TA Realty purchased Modera Marshfield, which was 90 percent occupied at the time of sale, for an undisclosed price.
JERSEY CITY, N.J. — Greystone has arranged a $30 million construction loan for 40 Center, a six-sttory, 80-unit multifamily project in Jersey City that will include 3,200 square feet of ground-floor commercial space. White Oak Real Estate Capital provided the loan to the developer, affiliates of The Manhattan Building Co. Drew Fletcher, Matthew Hirsch and Bryan Grover of Greystone arranged the debt. Completion is slated for 2024.
HARRISBURG, PA. — The Kislak Co. Inc., a New Jersey-based brokerage firm, has negotiated the $16 million sale of Olde Liberty Square, a 95,000-square-foot office building in Harrisburg. The property sits on 4.6 acres and features 310 parking spaces. Matt Wolf and Robert Holland of Kislak represented the seller, Room One Corp., in the transaction. Bo Mangam of Landmark Commercial represented the buyer, an entity doing business as Empire Liberty Square LLC.
LEVITTOWN, N.Y. — The Feil Organization has signed a quartet of new leases totaling approximately 12,000 square feet at 3601 Hempstead Turnpike, a, 95,450-square-foot office building in the Long Island hamlet of Levittown. The property was built in 1970 and renovated in 2008-2009. Timothy Parlante of The Feil Organization represented the landlord in the lease negotiations. The new tenants include private equity firm Phoenix Capital Partners, which inked a deal for 1,900 square feet, and Independent Physical Exam Referrals, which agreed to lease 2,892 square feet. In addition, City Property USA NY signed a lease for 5,829 square feet. Move-ins will occur later this year.
CHICAGO — The Habitat Co. and P3 Markets have broken ground on 43 Green, a $100 million mixed-income apartment community in Chicago’s Bronzeville neighborhood. The transit-oriented development will be located on a long-vacant, city-owned lot on the northeast corner of East 43rd Street and Calumet Avenue. Phase I will consist of a 10-story building with 99 units and 5,500 square feet of retail space. Half of the residences will be market-rate while the other half will be income-restricted to renters earning up to 60 percent of the area median income. Completion of Phase I is slated for February 2023. Later phases of 43 Green call for two more mixed-income buildings. All told, 43 Green will bring roughly 300 new units to the area. Bowa Construction and McHugh Construction are leading construction. Future retail tenants include Momentum Coffee and Super Cycle. Financing for 43 Green involved a multi-layered capital stack, including the use of the City of Chicago’s Low Income Housing Tax credit allocation, tax credit investor Richman Capital and HUD-insured debt provided by Fifth Third Bank.