NEW YORK CITY — JLL has brokered the $31.7 million sale of a 57,035-square-foot multifamily development site in the Forest Hills neighborhood of Queens. Stephen Palmese, Brendan Maddigan, Michael Mazzara, Winfield Clifford, Ethan Stanton and Patrick Madigan of JLL represented the seller, Jasper Venture Group, in the deal. The buyer, a partnership between Top Rock Holdings, RJ Capital Group and SYU Properties, plans to develop a 235,679-square-foot market-rate project and an 82,559-square-foot senior affordable living development on the site.
PHILADELPHIA — Mindspace, a provider of flexible workspace solutions, has opened a 42,000-square-foot space at the Wanamaker Building, a historic property in Philadelphia that was built in 1911 as one of America’s first department stores. Rubenstein Partners LP owns the building in partnership with Amerimar Enterprises. With this location, Mindspace now operates 31 spaces across 16 cities and seven countries.
SPARKS, NEV. — A joint venture between Foothill Partners and Belay Investment Group has purchased a vacant, 209,000-square-foot former Lowe’s Home Improvement Warehouse property in Sparks for an undisclosed price. The partnership plans to redevelop the site into an environmental, social and corporate governance, arts-based technology, flex and research and development campus named The Oddie District. Located at 2450 Oddie Blvd., the vacant property will be repurposed into creative office, flex-tech R&D, lab and maker spaces, as well as food and beverage tenant space and work-live studios for artists and entrepreneurs. Construction is slated to start later this year, with a planned opening date of the project’s first phase in August 2022. The partnership has already signed two tenants: The Generator and The Innovation Collective. The Generator, a nonprofit maker space that serves as a creative resource for Northern Nevada community members, will occupy 35,000 square feet of the project. The Innovative Collection, a Coeur d’Alene, Idaho-based business accelerator and collaborative co-working space for technology companies, will occupy 12,500 square feet at The Oddie District. Another 100,000 square feet of flex-tech space will be available to technology, research, engineering, software and design companies complemented by 16,000 square feet of restaurant …
HARTWELL, GA. — Industrial Properties Group Inc. has arranged the sale of a 143,590-square-foot speculative industrial building located at 2052 Knox Bridge Crossing Road in Hartwell. Developed in 2020 by Adams Hart Partners I LLC, the building is situated on 14.8 acres within Gateway Industrial Park, located one exit south of the Georgia-South Carolina border along Interstate 85. Industrial Properties Group represented the seller and Russell D. Dye of Avison Young (formerly The Simpson Co.) represented the buyer. Richard R. Holdings LLC, a regional manufacturer, bought the property for an undisclosed price. The seller plans to build a second 120,000-square-foot building within Gateway Industrial Park, which Industrial Properties Group will market.
SOUTH ORANGE, N.J. — New York City-based Invel Capital LLC has acquired a 22-unit multifamily property in South Orange, located outside of Newark. The property, which offers one- and two-bedroom units, also houses 2,500 square feet of commercial space, a 35-space enclosed parking garage and a 4,000-square-foot landscaped patio space. Invel purchased the asset from its original developer for $9.3 million.
OCEANSIDE, CALIF. — Keystone Mortgage has arranged a $21.3 million loan for the refinancing of SALT Oceanside, an apartment property located in downtown Oceanside. Pelican Communities is the borrower. PGIM Real Estate provided the three-year loan, which will be used to refinance the existing construction loan. The newly constructed SALT Oceanside features 52 apartments and 7,200 square feet of ground-floor retail space.
LAS VEGAS, NEV. — Northcap Commercial has brokered the sale of Skyline Villas Apartments, a multifamily property located at 3501 S. Maryland Parkway in Las Vegas. Dumont 94 LLC sold the asset for an undisclosed buyer for $11.4 million, or $121,809 per unit. Built in 1962, the community features 94 apartments. According to Northcap, the transaction is a record sales price for a property of its vintage. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of Northcap Commercial Multifamily represented the seller in the deal.
TEMPE, ARIZ. — Marcus & Millichap has arranged the sale of retail property located at 1727 W. Ranch Road in Tempe. MAR Group acquired the asset from a private preferred developer of EoS Fitness for $9.6 million. EoS Fitness occupies the 38,000-square-foot property under a net-lease agreement. Mark Thiel of Marcus & Millichap represented the seller and procured the buyer. Ryan Sarbinoff of Marcus & Millichap’s Phoenix office served as broker of record.
POOLER, GA. — Baltimore-based Continental Realty Corp. (CRC) has acquired Two Addison Place, a 325-unit multifamily community located at 2 Addison Place in Pooler, 10 miles from Savannah. The property was purchased via Continental Realty Fund V L.P., a $210.8 million private equity fund focused on acquiring retail and multifamily properties in the Mid-Atlantic and Southeast regions. The sales price and seller were not disclosed. Delivered in 2014, Two Addison Place offers one-, two- and three-bedroom floorplans ranging from 723 to 1,737 square feet. Thirty seven custom floor plans are available, with open space units featuring nine- to 14-foot ceiling heights, granite kitchen and bathroom countertops, ceiling fans throughout, wood-style and stained concrete flooring, washers and dryers, walk-in closets and balconies or porches. The garden-style community, which also features some cottage homes with attached garages, was 97 percent occupied at the time of the off-market sale. Community amenities include a clubhouse with conference center, cybercafé, fitness center, yoga room and a resort-style saltwater swimming pool with private cabanas, as well as two outdoor courtyards with fireplaces and grilling areas, a dog park, dog wash area and a car care center. With this acquisition, CRC now owns three properties in Georgia, …
TUCSON, ARIZ. — Taylor Street Advisors has arranged the sales of three apartment communities located in Tucson. In the first transaction, an out-of-state investor acquired Fort Lowell Casitas, a 13-unit low-rise apartment building, for $1.5 million, or $116,153 per unit. The property features one- and two-bedroom units. Evan Plonis of Taylor Street Advisors represented the undisclosed seller. In the second deal, The 7th Ave Apartments sold for $990,000, or $66,000 per unit. The 15-unit property was recently remodeled and units feature modern kitchens and bathrooms and tile floors throughout. Andy Burnett of Taylor Street Advisors represented the undisclosed buyer in the deal. In the third transaction, the eight-unit Eagle Ridge Apartment complex sold for $700,000, or $87,500 per unit. Austen Oakley of Taylor Street Advisors represented the undisclosed seller and undisclosed buyer in the deal.