HOUSTON — Metro Denver-based Spartan Investment Group has agreed to purchase a portfolio of seven self-storage facilities totaling 3,497 units in the Houston area. The portfolio totals 463,185 net rentable square feet and includes four properties in Houston proper, as well as facilities in Katy, Rosenberg and Sugar Land. The seller and sales price, as well as the names of the operating entities of the facilities, were not disclosed. Spartan says that the formal closing date is imminent.
LEWISVILLE, TEXAS — A partnership between Texas-based investment firm SPI Advisory and Maryland-based FCP has acquired Crest Manor Apartments, a 600-unit multifamily community in Lewisville, located about 25 miles north of Dallas. Crest Manor was developed in two phases between 2010 and 2016. Units come in one-, two- and three-bedroom floor plans. Amenities include two pools, a clubhouse, fitness center, tennis courts and walking trails. The joint venture plans to upgrade amenities and some unit interiors. The seller and sales price were not disclosed.
DALLAS — An affiliate of Bradford Cos. has acquired Uptown Tower, a 254,000-square-foot office building in Dallas. According to LoopNet Inc. the 12-story building at 4144 N. Central Expressway was originally constructed in 1982 and last renovated in 1994. The new ownership plans to implement a value-add program that will feature a redesigned lobby and a new fitness center and coworking lounge. The building was roughly 54 percent leased at the time of sale. Creighton Stark of Weitzman represented the seller, a private REIT, in the transaction. Richmond Collinsworth and Kevin Santaularia represented Bradford internally. HALL Structured Finance provided a $30.8 million acquisition loan for the deal that was arranged by Adam Hyman of Metropolis AMA Advisors.
MELISSA, TEXAS — A partnership between two California-based firms, developer Legacy Partners and investment manager The Resmark Cos., has begun leasing Harlow, a 133-unit build-to-rent residential project in Melissa, located in Collin County. Designed by UD Architects and built by Blackland Partners, the development offers one-, two- and three-bedroom homes that range in size from 780 to 1,500 square feet. Amenities include a pool, fitness center, coworking space, an outdoor kitchen and a dog park. Rents start in the mid-$1,600s for a one-bedroom home.
HOUSTON — Representative Materials Co. has signed a 119,355-square-foot industrial lease in northeast Houston. The manufacturer and distributor of conduit raceway systems is taking space within the building at 1055 W. Lake Houston Parkway, which is located within Generation Park Distribution Center. Jarret Venghaus, Jeff Venghaus and David Holland of JLL represented the owner, Outrigger Industrial, which recently bought the property, in the lease negotiations. Ryan Fuselier and David Buescher, also with JLL, represented the tenant. The deal brings the building to 46 percent occupancy.
CLIFTON AND NUTLEY, N.J. — Locally based development and investment firm Prism Capital Partners has received three redevelopment plan approvals from the City of Clifton and the Township of Nutley, both located in Northern New Jersey, for a mixed-use project. The project is part of Prism’s 116-acre ON3 campus, which is a redevelopment of the former North American headquarters campus of pharmaceutical company Hoffmann-La Roche. The approvals pave the way for the construction of up to 1,074 multifamily units, 90,000 square feet of retail and restaurant space and a 150,000-square-foot life sciences facility, as well as a potential data center. In Clifton, Prism’s newly approved Phase IV redevelopment plan includes the multifamily and retail elements, sited on acreage along Route 3 East. The July approval covers Prism’s plan to introduce new housing, restaurants and retail space. In Nutley, ON3’s Innovation Center tract fronting Kingsland Street is earmarked for the development of a research-and-development facility. Prism has secured an undisclosed, international consumer products company to lease the property and anticipates an imminent site plan approval filing. Construction could begin in the coming weeks. Additionally, Nutley has approved Prism’s plan to redevelop 11 acres at 275 Kingsland St., a site that can accommodate …
NEW YORK CITY — Affinius Capital has funded a $340 million loan for the refinancing of 313 Bond, a 603-unit apartment community that is under construction in the Gowanus area of Brooklyn. The borrower, locally based developer Sky Equity Group, will use the proceeds to retire existing debt, complete construction of the two-building development and lease the property to stabilization. Upon completion, 313 Bond will feature 149 studios, 313 one-bedroom units and 141 two-bedroom apartments, as well as 51,600 square feet of retail space. Amenities will include fitness centers, three rooftop terraces, a library, game lounge, coworking spaces and package lockers. Henry Bodek of Galaxy Capital arranged the loan.
MORRIS PLAINS, N.J. — CBRE has brokered the $85 million sale of Signature Place, a 197-unit apartment complex located in the Northern New Jersey community of Morris Plains. Built in 2018, the property offers one-, two- and three-bedroom units with an average size of approximately 1,000 square feet. Amenities include a pool, fitness center with a yoga studio, golf simulator, private movie theater, conference rooms, pet spa and a clubroom with a fireplace and game table. Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer, Roland Merchant and Tom Pryor of CBRE represented the seller, Veris Residential, in the transaction. The buyer was not disclosed.
PHILADELPHIA — Nuveen Green Capital has provided $11 million in Commercial Property Assessed Clean Energy (C-PACE) financing for a 138,157-square-foot healthcare facility in Philadelphia. The building at 3905 Ford Road is located in the Wynnefield Heights neighborhood on the city’s northwest side and is operated under the Malvern Treatment Centers brand. The borrower, BG Capital, plans to use the proceeds to fund capital improvements to the building envelope and heating, ventilation and air conditioning (HVAC) systems. Nuveen Green Capital originated the financing through the C-PACE administrator, the Philadelphia Energy Authority.
IRVINGTON, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $4.7 million sale of two apartment buildings totaling 47 units in the Northern New Jersey community of Irvington. The building at 15 Chester Ave. has 33 units, and the building at 628-630 Lyons Ave. has 14 units. Joni Sweetwood of Kislak represented the sellers, both of which were limited liability companies, in the transaction. Sweetwood also procured the buyer, CY Management LLC.