TULSA, OKLA. — Cushman & Wakefield has brokered the sale of Tulsa Hills Storage, a self-storage facility that consists of 71 climate-controlled units, 176 non-climate-controlled units and 19 parking spaces for a total of 266 storage options. Trey Hammond, Mike Mele and Luke Elliott of Cushman & Wakefield represented the sellers, Paul Korte, Brett Biery, Anthony Isler and McAuley Properties LLC, in the transaction. Attic @ Tulsa Hills LLC acquired the property for an undisclosed price.
SOUTHLAKE, TEXAS — Locally based brokerage firm Holt Lunsford Commercial has negotiated a 19,451-square-foot industrial lease at Southlake Business Park, located on the outskirts of Fort Worth. Matt Carthey, George Jennings and Hogan Harrison of Holt Lunsford represented the landlord in the lease negotiations. Joe Santaularia of Bradford Commercial represented the tenant, American Bear Logistics.
HOUSTON — NAI Partners has arranged the sale of a 7,168-square-foot industrial property located at 1515 Globe St. in southeast Houston. According to LoopNet Inc., the single-tenant property was built in 1980. Michael Keegan, Darren O’Conor and Andrew Laycock of NAI Partners represented the undisclosed seller in the transaction. Additional terms of sale were not disclosed.
SHERRILL, N.Y. — Briggs & Stratton, a Wisconsin-based manufacturer of gasoline engines, has signed a 566,706-square-foot industrial lease at Silver City Industrial Campus in Sherrill, an eastern suburb of Syracuse. Silver City Industrial Campus spans 90 acres and 864,668 square feet and includes 200,000 square feet of land for future expansion. A partnership between Florida-based firm Index Investment Group and OX Group owns the property.
MONTVILLE, N.J. — Mill Creek Residential has broken ground on Modera Montville, a 295-unit apartment community that will be located about 35 miles west of New York City. The community will offer one-, two- and three-bedroom units that will feature stainless steel appliances, quartz countertops, custom cabinetry and individual washers and dryers. Amenities will include a resident lounge, business center, fitness center, coffee bar, game room, outdoor grilling areas and a rooftop deck. The first move-ins are expected to begin in 2023.
STAMFORD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of eaves Stamford, a 238-unit apartment community in southern Connecticut. The property consists of three residential buildings and 3,600 square feet of commercial space within the city’s Glenbrook neighborhood. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, AvalonBay Communities, and the buyer, Cue Residential, in the transaction.
NORRISTOWN, PA. — Private equity investment firm Tryko Partners has acquired Regina Community Nursing Center, a 121-bed skilled nursing facility in Norristown, located about 12 miles northwest of Philadelphia. Built in 1980, the property is located within a 10-mile radius to nine short-term acute care hospitals. Tryko Partners plans to undertake a $3.5 million investment in physical plant renovations and specialty programming enhancements and to rebrand the property as Markley Rehabilitation & Healthcare Center.
NEW YORK CITY — Avison Young has brokered the sale of two four-story multifamily properties in Manhattan’s East Village neighborhood for a combined $7.5 million. The four-unit property at 349 E. 13th St. sold for $3.5 million, and the five-unit building at 405 E. 6th St. went for $4 million. Brandon Polakoff of Avison Young represented the undisclosed seller and the California-based 1031 exchange buyer in the transaction.
SIOUX FALLS AND RAPID CITY, S.D. — Tzadik Properties LLC has received more than $115 million in loans for the refinancing of portions of its multifamily portfolios in Sioux Falls and Rapid City. Tzadik’s Lucas Grassano handled the processing and Michael Davalos oversaw the lender sourcing. The refinancings are part of the company’s business plan to move from short-term loans to long-term, lower-cost debt. Greystone provided financing for a 707-unit portfolio and a 439-unit portfolio in Sioux Falls. Under the new terms, Tzadik replaced bridge loans that charged a 6 percent interest rate with long-term loans at a 3.17 percent interest rate. Additionally, Tzadik assigned $4.5 million of the proceeds for capital improvements. Merchants Bank provided financing for two more portfolios in Sioux Falls, including 459 units across four properties, as well as a 261-unit portfolio in Rapid City. Under these terms, Tzadik replaced bridge loans that carried a 6 percent interest rate with long-term loans at a 3.5 percent interest rate. Tzadik entered the South Dakota market in 2018 with 721 units and now owns and operates 2,206 units across the market.
ST. LOUIS — St. Louis-based general contractor McCarthy has relocated its headquarters to a new space that is nearly 30,000 square feet larger than its previous office. McCarthy Holdings Inc. will occupy the building’s third floor and staff members of the central region of McCarthy Building Cos. Inc. will occupy the second floor. The building is located at 12851 Manchester Road. McCarthy collaborated with building owner Franklin Partners to complete extensive interior and exterior renovations prior to its move-in. The buildout features a central staircase connecting the two floors as well as conference and training facilities, flex space, a fitness center and micro café. A construction technology suite features smart screens and three-dimensional virtual reality technology. In response to COVID-19, the building’s existing HVAC system was upgraded to an air treatment system designed to neutralize pathogens. Workspaces have been arranged to incorporate social distancing. Divider screens separate individuals and panel heights between workstations were increased by 16 inches. Christner Architects served as project architect. The building was originally constructed in 1996 for AT&T.