PASADENA, TEXAS — JLL has negotiated the sale of a 601,261-square-foot industrial building located near Port Houston in Pasadena. The rail-served building is situated on 31 acres and features 32-foot clear heights, 62 dock-high doors, outside storage and trailer parking and ESFR sprinkler systems. Rusty Tamlyn, Trent Agnew and Charles Strauss of JLL brokered the transaction between the seller, Link Logistics Real Estate, and the buyer, Illinois-based CenterPoint Properties.
CYPRESS, TEXAS — California-based investment firm The Bascom Group has acquired Cantera at Towne Lake, a 350-unit apartment community in Cypress, part of the Houston MSA. Built in 2006, the 13-acre property’s unit mix comprises 52 one-bedroom units, 266 two-bedroom units and 32 three-bedroom units averaging 1,015 square feet. Community amenities include a leasing office, two-story clubhouse, networking center, fitness center and two pools. Cantera at Town Lake is located within Caldwell Cos.’ Towne Lake master-planned community, which is also the home of Lone Star College. Brian Eisendrath, Annie Rice, and Samantha Jay with CBRE Capital Markets sourced Freddie Mac acquisition financing for the deal, which was brokered by David Mitchell of Newmark along with James D’Argenio and Chang Liu of Bascom Group.
HEATH, TEXAS — The newly launched retail investment division of Dallas-based Younger Partners has purchased Heath Town Center, a 77,669-square-foot, grocery-anchored shopping center in Heath, located northeast of Dallas. Tom Thumb is the grocery anchor at the center, which was 98 percent leased at the time of sale. Micah Ashford, Moody Younger and Kathy Permenter negotiated the deal internally for Younger Partners. Adam Howells and Barry Brown of JLL represented the seller, Malouf Interests Inc.
EL PASO, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of SunRidge of Cambria, Cielo Vista and Desert Springs, three seniors housing communities in El Paso totaling 167 units. The assisted living and memory care communities were built in 1995, 1998 and 2000 and maintained 89 percent, 87 percent and 90 percent occupancy, respectively, at the onset of the COVID-19 pandemic. The seller is a debt and equity capital provider looking to divest of a non-core market, while the buyer is a local owner-operator. Ryan Saul and Matthew Alley of SLIB represented the seller in the deal.
BLOOMFIELD, N.J. — JLL has brokered the sale of a 128,715-square-foot, single-tenant retail building in the Northern New Jersey community of Bloomfield that is triple-net leased to The Home Depot (NYSE: HD) on a long-term basis. Home Depot has occupied the property, which sits on an 11-acre tract adjacent to the Garden State Parkway, since 1994. Benderson Development purchased the asset from New York-based Acadia Realty Trust for $16.4 million. Jose Cruz, J.B. Bruno, Kevin O’Hearn, Michael Oliver, Steve Simonelli and Jordan Altman of JLL brokered the deal
NEW PALTZ, N.Y. — Kempner Properties, an investment firm based in metro New York City, has acquired Paltz Commons, a 36-unit multifamily property in New Paltz, located roughly midway between Albany and New York City. Built in 1966, the garden-style property consists of three buildings and was fully occupied at the time of sale. The new ownership plans to implement a value-add program focused on improving the unit interiors, common areas, building exteriors and landscaping.
CAMBRIDGE, MASS. — Cornerstone Realty Capital has arranged a $6.5 million loan for the refinancing of a 26-unit apartment building in Cambridge. Originally built in 1903, the property consists of 25 three-bedroom units and one two-bedroom unit that have been renovated in phases over the last several years. Cornerstone arranged the nonrecourse loan, which was structured with a 10-year term, fixed interest rate and 24 months of interest-only payments. The borrower was locally based management firm The Micozzi Companies.
NEW YORK CITY — Locally based firm Ariel Property Advisors has placed a $6 million loan for the refinancing of a 93-unit multifamily portfolio that comprises three rent-stabilized properties in Manhattan’s Washington Heights area. Matt Dzbanek of Ariel Property Advisors originated the financing, which allowed the undisclosed borrower to receive $3 million cash back to address capital expenditures. The exact locations of the properties were also undisclosed. The borrower, a family office, has owned the portfolio since 1971.The lender is a privately held entity that provides bridge and construction loans off of its fully discretionary balance sheet.
ST. LOUIS — The St. Louis Board of Aldermen has approved the $104 million project to transform the historic Jefferson Arms building in downtown St. Louis into a residential and commercial development. Construction is expected to begin in 2022 and be completed in mid-2025. Alterra Worldwide is the developer. The project has received $20 million in tax-increment financing to assist with environmental remediation and rehabilitation costs. Constructed in 1904 in anticipation of the first World’s Fair, the Jefferson Arms building is located within walking distance of the Cardinals Busch Stadium, America’s Center Convention Complex, Kiener Plaza and Arch Grounds. The building has been vacant since 2006. St. Louis-based Kwame Building Group is serving as construction manager. Merriman Anderson Architects Inc. is the project architect. When the transformation is complete, the development will feature historic elements such as exposed brick and original flooring. Amenities will include a fitness and yoga studio, business center, game room, media room, music room and art room. The project now has complete approval.
SCHILLER PARK, ILL. — Bridge Development Partners LLC has acquired two existing industrial buildings in Schiller Park with plans to develop the sites into Bridge Point Schiller Park III and IV. Bridge purchased the buildings from Duravant, an equipment and automation solutions provider for the food processing, packaging and material handling sectors. Bridge will demolish the outdated structures and develop two buildings totaling 62,038 square feet and 54,080 square feet, respectively. Each facility will feature a clear height of 32 feet, 125-foot truck courts and five exterior docks. Completion is slated for the fourth quarter of this year. Bridge completed buildings I and II in 2016 and leased them to five different tenants. Steve Stone and David Friedland of Cushman & Wakefield represented Duravant in the transaction. Duravant is relocating its headquarters to one of Bridge’s facilities in Wood Dale.