LUBBOCK, TEXAS — Indianapolis-based development and investment firm Birge & Held Asset Management and Pedcor Management Corp. have unveiled the $7 million renovation of Cantibury Pointe Apartments, a 144-unit affordable housing complex in the West Texas city of Lubbock. The property offers 74 three-bedroom and 70 four-bedroom townhomes. The project team upgraded the amenity spaces, which include a pool, fitness center, business center and a clubhouse. Specific information on income restrictions was not disclosed.
HOUSTON — The U.S. subsidiary of Australian firm Anton Paar USA, which provides laboratory instruments and measuring systems, will open a 30,000-square-foot regional headquarters in Houston. The site is located within East River, Midway’s 150-acre mixed-use development in the Historic Fifth Ward. The facility will consist of 12,500 square feet of office space, 12,599 square feet of lab and training space and 5,000 square feet of logistics space. Chad Bolling of Colliers represented Anton Paar USA in its site selection and purchase of the land. David Hightower represented Midway on an internal basis.
NEW YORK CITY — Bloomberg LP has signed a 946,815-square-foot office lease extension at 731 Lexington Avenue in Manhattan. The extension term is 11 years, and the business journalism organization will now keep its headquarters at the 56-story, 1.3 million-square-foot building through 2040. Developed by Vornado Realty Trust (NYSE: VNO) and owned by its affiliate, publicly traded REIT Alexander’s Inc., 731 Lexington Avenue also houses 250,000 square feet of retail and restaurant space and 105 condos. Bloomberg’s physical footprint in New York spans more than 2 million square feet across three buildings.
Adirondack Capital Partners Arranges $102.5M Sale of Multifamily Property in Westford, Massachusetts
WESTFORD, MASS. — Regional brokerage firm Adirondack Capital Partners has arranged the $102.5 million sale of Abbot Mill, a 234-unit multifamily property in Westford, a northwestern suburb of Boston. The property, which represents Phase I of a larger project, is a redevelopment of a historic mill that was originally constructed in 1875, according to Apartments.com. The website also reports that Abbot Mill offers one- and two-bedroom units and amenities such as a fitness center, business center, clubhouse and a lounge. New York-based investment firm Aker acquired the property from an undisclosed local developer. Michael Hunter Coghill and David Johnson of Adirondack brokered the deal.
WAKEFIELD, MASS. — A joint venture between locally based developer Cabot Cabot & Forbes (CC&F) and Equity Residential (NYSE: EQR) will develop 200 Quannapowitt, a 440-unit multifamily project in the northern Boston suburb of Wakefield. The property will offer one-, two- and three-bedroom units, 18 percent of which will be reserved as affordable housing. Amenities will include a pool, fitness center, clubhouse, outdoor grilling and dining stations, coworking space and nature trails. Brett Paulsrud, Andrew Gray and Mike Shepard of JLL structured the joint venture between the two firms.
WAYNE, N.J. — Regional operator Sportime Pickleball will open a 50,000-square-foot facility in the Northern New Jersey community of Wayne. The facility at 77 Willowbrook Blvd. will feature 18 courts. Neil Seth, Jennifer Konefsky, Kenji Ota and Kathryn Cruz of Cushman & Wakefield represented Sportime Pickleball in the lease negotiations. Curtis Nassau and Patrick Brake of RIPCO Real Estate represented the landlord, Kimco Realty. The opening is slated for the first quarter of 2025.
KING OF PRUSSIA, PA. — Simon Property Group has welcomed seven new retailers to King of Prussia mall in metro Philadelphia. Four new retailers — fashion chains Mango and Abercrombie Kids and jewelry concepts Grand Jewelers and Little Words Project — opened stores over the past three months. Three other lifestyle retailers — accessories provider Rothy’s, women’s clothing retailer Evereve and activewear brand Vuori — will open in the coming days.
HIGHLANDS RANCH, COLO. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Promenade at Highlands Ranch, a 136,521-square-foot community shopping center in Highlands Ranch, approximately 15 miles south of Denver. JCR Cos. acquired the asset from a California-based private seller for $26.6 million. Ryan Bowlby and Drew Isaac of IPA represented the seller and procured the buyer in the transaction.
CHANDLER, ARIZ. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of North Chandler Place, a 198-unit seniors housing property located in the Phoenix suburb of Chandler. Built in 1966 on 15.2 acres and expanded in 2002 and 2007, the property consists of 119 independent living units, 16 assisted living units, 28 memory care residences and 35 skilled nursing residences. The seller was a group of investors that will reinvest the proceeds in other core assets in the portfolios. The buyer is a national, publicly traded company that plans to implement capital improvements. Both parties requested anonymity. Jason Punzel, Nick Cacciabando, Ryan Saul and Brad Goodsell of SLIB handled the transaction.
OAK CREEK, WIS. — Illinois-based developer Heyday has opened Heyday Oak Creek, a 130-unit build-to-rent community in the Milwaukee suburb of Oak Creek. The property consists of single-family attached rental homes averaging 1,350 square feet. High-speed electric vehicle charging outlets are installed in every garage. Residents have access to outdoor spaces. Daniel Management Group will manage and market the property for lease.