IRVING, TEXAS — A joint venture between Ridgeline Capital Partners and Harrison Street has acquired a 70,000-square-foot medical office building located at 6121 N. State Highway 161 in Irving. The property was built on 4.1 acres in 2019 and was 82 percent leased to five tenants at the time of sale. The undisclosed seller represented itself in the transaction.
RIVER OAKS, TEXAS — Marcus & Millichap has brokered the sale of River Oaks Shopping Center, a 23,380-square-foot retail property located on the western outskirts of Fort Worth in River Oaks. Dollar Tree and grocer La Michoacana anchor the center, which was fully leased at the time of sale. Philip Levy and Chris Gainey of Marcus & Millichap represented the seller, a developer, in the transaction. The duo also procured the buyer, a private investor.
AUSTIN, TEXAS — An undisclosed, locally based investment firm has purchased a 1,922-square-foot retail property in the South Lamar neighborhood of Austin that is occupied by Maria’s Taco Xpress. Brad Bailey and Adam Rabin of CBRE brokered the deal on behalf of Maria Corbalan, the owner of the restaurant, which has been open since 1997. Weitzman is working with the new ownership to re-tenant the building.
BOSTON — MassHousing has provided $78.8 million in financing for the third phase of the redevelopment of Old Colony, a federal housing development originally built in 1940 in South Boston. The borrower, Beacon Communities LLC, in partnership with the Boston Housing Authority, will demolish 135 older public housing units at the Anne M. Lynch Homes and construct 170 new affordable homes for lower-income families and senior citizens. The project is part of the larger redevelopment of Old Colony, which has thus far added 420 new apartments and townhomes to the local supply.
CORTLAND, N.Y. — JLL has negotiated the sale of Tops Plaza, a 133,849-square-foot, grocery-anchored shopping center in Cortland, located south of Syracuse in the Finger Lakes region. Regional grocer Tops anchors the center, which was 90 percent leased at the time of sale. Jose Cruz, J.B. Bruno, Kevin O’Hearn, Andrew Scandalios, Michael Oliver and Steve Simonelli of JLL represented the seller, an undisclosed CMBS trust. Jonathan Abda represented the buyer, Namdar Realty Group, on an internal basis. The property was built in 1994 and renovated in 1999.
STONEHAM, MASS. — Rockport Mortgage Corp. has arranged a $32.8 million HUD loan for the refinancing of Mountain View Terrace Apartments, a 194-unit community located in the northern Boston suburb of Stoneham. Built in 1981 and renovated in 2011, the property sits on 8.2 acres and offers one- and two-bedroom apartments as well as three- and four-bedroom townhomes. A portion of the proceeds will be used to fund capital improvements. The owner of the property is 7th AP Co. LP.
WEST ORANGE, N.J. — Prism Capital Partners has begun leasing the final phase of The Residences at Edison Lofts, a 300-unit apartment complex in West Orange, about 20 miles west of New York City. The property is part of the 21-acre Edison Village, which is a redevelopment of Thomas Edison’s historic Invention Factory and Commerce Center. Residential amenities include a 5,000-square-foot fitness center, heated indoor pool, 12,000-square-foot rooftop lounge, a café and concierge services.
FAIRFIELD, N.J. — The Stro Companies, a New Jersey-based investment firm, has acquired a 78,000-square-foot industrial building in Fairfield, about 25 miles west of New York City. The property was fully leased at the time of sale and features 21-foot ceiling heights, proximity to several interstates and additional land for trailer parking. Robert Nathin of Sheldon Gross Realty represented the undisclosed seller in the transaction.
CHICAGO — Weber-Stephen Products LLC has entered into a sale-leaseback for its 622,000-square-foot manufacturing facility near the Chicago O’Hare International Airport. W.P. Carey Inc. purchased the building for $40 million. Weber-Stephen, a manufacturer of barbecue grills, occupies the facility on a 15-year lease. The property serves as the tenant’s primary North American manufacturing facility. Since 2014, Weber-Stephen has made capital improvements totaling over $28 million at the site.
MINNEAPOLIS — JLL Capital Markets has brokered the sale of Stadium Village Apartments near the University of Minnesota for $25 million. Originally constructed in 1960, the 121-unit multifamily property is located at 1015 Essex St. within the Stadium Village neighborhood. Floor plans range from studios to two-bedroom units. Stewart Hayes, Josh Talberg, Dan Linnell, Mox Gunderson, Scott Clifton, Teddy Leatherman and Riley McChesney of JLL represented the seller. Buyer and seller information was not disclosed.