FORT WORTH, TEXAS — Greystone has provided a $45 million Freddie Mac loan for the refinancing of a 306-unit multifamily property in Fort Worth. Cary Tremper of Greystone originated the financing, which carried a 10-year term, fixed interest rate, 30-year amortization schedule and five years of interest-only payments. The borrower and name of the newly built property were not disclosed.
ARLINGTON, TEXAS — RealSource Group has brokered the sale of a 3,010-square-foot single-tenant retail property in Arlington that is triple-net leased to 7-Eleven. Austin Blodgett of RealSource, along with ParaSell Inc., represented the seller, a private developer based in Houston. Jeremy McChesney of Hanley Investment Group represented the buyer, a 1031 exchange investor based in Southern California. The asset traded at a cap rate of 4.7 percent. The 7-Eleven store, which includes a fuel station, opened on June 10 to mark the beginning of a new 15-year lease.
BOSTON — Shawmut Design & Construction has completed the renovation of the 312-room historic Langham hotel in Boston. The building was originally constructed in the early 1920s to house The Federal Reserve Bank of Boston and was designated as a historic landmark in 1978. Renovations included the addition of a new entrance canopy and awnings, a refurbished concierge and lounge area, a new staircase and upgraded finishes in guestroom corridors and other common areas. In addition, Shawmut renovated all of the hotel’s guestrooms, as well as the ballroom and the property’s multiple food and beverage spaces.
BRIDGEWATER, N.J. —Qualcomm has signed a 95,579-square-foot office lease extension at Somerset Corporate Center V in Bridgewater, located in the central part of the Garden State. The San Diego-based tech giant has been a tenant at the five-building, 1.2 million-square-foot campus since 2007. New York City-based SJP Properties owns Somerset Corporate Center. The campus includes a 170,000-square-foot athletic facility, a 31,000-square-foot coworking space, a 150-room AC Hotel by Marriott and multiple food and beverage options. Somerset Corporate Center is also located near both Newark International Airport and New York City and offers access to public transportation, including shuttle service to the Somerville train station just two miles from the property.
NEW HAVEN, CONN. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $8.6 million CMBS loan for a portfolio of eight multifamily properties totaling 99 units in New Haven. Robert Noeldechen arranged the nonrecourse loan, which includes five years of interest-only payments, on behalf of the locally based borrower, Pike International. The direct lender was not disclosed.
MAPLEWOOD, N.J. — The Kislak Co. Inc. has brokered the $7.6 million sale of The Alivia, a 20-unit apartment building in Maplewood, located in Essex County. All units feature walk-in closets and full-size washers and dryers, and select units offer balconies. Amenities include a fitness center, lounge, virtual concierge service and storage lockers. Joni Sweetwood of Woodbridge, N.J-based Kislak represented the seller and developer, 479 Valley Road LLC, in the transaction. Sweetwood also procured the buyer, Sunblossom Alivia 479, LLC.
MARLBOROUGH, MASS. — Avison Young has negotiated a 40,650-square-foot lease at an industrial flex property located at 753 Forest St. in Marlborough, a western suburb of Boston. Built in 1986, the 75,000-square-foot property can accommodate office, storage, distribution and technical training uses. Bill Sullivan and Jon Pezzoni of Avison Young represented the tenant, Richardson Electronics, and the landlord, True Associates of Westwood, in the lease negotiations.
GREENFIELD, IND. — Colliers International has brokered the sale of IFCO 70/Connect Distribution Center, a 281,888-square-foot facility in Greenfield, an eastern suburb of Indianapolis. IFCO, a provider of reusable packaging solutions for fresh foods, fully occupies the newly built property. Located immediately off I-70, the facility features a clear height of 32 feet, 28 docks and ample car and trailer parking. Alex Cantu of the Colliers Indianapolis office, as well as Jeff Devine and Steve Disse of Colliers Chicago, represented the seller, Carmel-based Lauth Group. The buyer and sales price were undisclosed.
MAPLE GROVE, MINN. — Davis will develop Maple Grove Specialty Center, a 44,000-square-foot medical office building in Maple Grove, a northwest suburb of the Twin Cities. Construction of the two-story project is scheduled to begin in late July. MNGI Digestive Health has signed a lease to occupy the entire 22,000-square-foot second floor. Davis will own the building and provide property management and leasing services. Completion is slated for August 2022. The project team includes Plymouth-based Timco Construction Inc. and Minneapolis-based Synergy Architecture Studio. Davis is a national healthcare real estate firm.
CHICAGO — U.S. Xpress Enterprises Inc. (NYSE: USX) has signed a long-term lease for approximately 40,000 square feet of office space encompassing three floors at 306 West Erie in Chicago’s River North. The building, owned by North Wells Capital and Urban Innovations, has now reached full occupancy. Xpress, a truckload carrier that is expanding and relocating its offices from within the same area, is slated to begin occupying the new space in the first quarter of 2022. Xpress Technologies, the company’s digitally enabled freight brokerage division, will occupy the bulk of the new space. The division has more than doubled the size of its workforce nationwide since mid-2020. Part of a three-building collection known as Verso, 306 West Erie recently underwent a renovation and expansion following North Wells’ acquisition of the property in 2017. New amenities include a sixth-floor tenant lounge and gaming area as well as an outdoor terrace. JLL is the leasing agent for the entire Verso portfolio. Melissa Rubenstein, Annie Nicolau and Anna Panici of JLL represented ownership in the lease transaction with Xpress. Dan Persa of CBRE represented the tenant.