BOSTON — A partnership between Lendlease and Ivanhoe Cambridge has acquired land at 60 Guest St. within Boston Landing, a mixed-use destination in the Allston/Brighton area, for the development of a 320,000-square-foot life sciences building. The parcel sold for $67 million. The project will be situated on 1.1 acres, rise nine stories and offer traditional office space in addition to lab and research/development space. SGA Architects is designing the building, construction of which is targeted to begin in June 2022. Coleman Benedict and Kerry Hawkins of JLL represented the seller of the land, NB Development Group, and procured the partnership as the buyer.
SAYREVILLE, N.J. — New York City-based investment firm AMS Acquisitions has sold Gillette Towers, a two-building, 136-unit seniors housing facility in the Northern New Jersey community of Sayreville. In 2019, AMS purchased the property, which then consisted of a single 80-unit building, for $13 million. The company then developed a 56-unit building that is nearing completion, while the original building is now fully leased. The buyer was a partnership between A&RW Properties LLC and its affiliates JYW Holdings LLC and Nadlan Capital Inc.
FORT LEE, N.J. — Locally based developer Weiss Realty Co. is planning a 31-unit apartment project at 2130 Center Ave. in Fort Lee, located across the Hudson River from Upper Manhattan. Designed by architecture firm Bilow Garret Group, the 36,800-square-foot project will include parking for 51 vehicles and amenities such as a rooftop terrace, fitness center and coworking spaces. The site is located immediately adjacent to the I-95 thoroughfare leading up to the George Washington Bridge. Approval from the Fort Lee Planning Board is still pending. Weiss and his development firm have been honored by the Greater Fort Lee Chamber of Commerce in the past for their contributions to the evolving city.
BERGENFIELD, N.J. — A partnership between Diversified Properties and The Hampshire Cos. has acquired a 40,000-square-foot industrial property at 72 N. Washington Ave. in Bergenfield, located northwest of Manhattan. The two-story building was fully leased at the time of sale. Greg Sabato and Tom Consiglio of Resource Realty of Northern New Jersey represented the seller in the off-market transaction. Sabato and Consiglio also represented the partnership in its negotiations of a long-term lease modification and extension with the building’s only tenant, Cooper Electric, which occurred prior to acquisition.
STONECREST, GA. — Hallmark Venture Group Inc. has acquired The Mall at Stonecrest, a 1.2 million-square-foot regional mall in metro Atlanta. The seller and sales price were not disclosed, but The Atlanta Journal-Constitution reports that the mall was last appraised at $84 million. Hallmark Venture is planning to transform the 29-acre mall site into a mixed-use destination that will include apartments, a sports and entertainment complex, cosmetic superstore, aquarium, medical offices, transportation facilities and restaurants. No construction timeline for the redevelopment was disclosed. Situated in southeast DeKalb County, Stonecrest features more than 100 national and regional retail chains that include Macy’s, Dillard’s, J.C. Penney, H&M, Forever 21, Victoria’s Secret and Round One. The mall’s occupancy rate was more than 90 percent at the time of sale, according to Hallmark Venture. The Boca Raton, Fla.-based buyer is retaining Urban Retail Properties LLC to manage and lease Stonecrest. The Chicago-based firm has managed the mall since 2012 and will oversee the development of the mall’s next phase.
HOOVER, ALA. — Berkadia has brokered the $100.8 million sale of The Park at Hoover, a 1,060-unit, garden-style apartment community in suburban Birmingham. The Class B complex is the largest apartment community in Alabama, according to Berkadia. The buyer, Miami-based Westside Capital Group, split the acquisition into two separate transactions and financed each with floating-rate debt. David Oakley, David Wilson, Caleb Frizzell and Steve Nunnelley of Berkadia’s Birmingham office arranged the sale on behalf of the undisclosed seller. Charles Foschini and Chris Apone of Berkadia’s Miami office arranged two 10-year Freddie Mac loans on behalf of Westside Capital totaling $75.6 million. The 920-unit Phase I of The Park is located in Hoover and was built in 1988, while the newer 140-unit Phase II was built in 1996 and is located in unincorporated Jefferson County. Community amenities include four swimming pools, a large fitness center, four tennis courts, sports court, dog park, playground and a 6,685-square-foot clubhouse. Westside Capital plans to renovate the apartment community to improve its walkability and rebrand the complex into three separate properties. The buyer also plans to explore potential development opportunities on the 101-acre site. Westside Capital’s property management arm WS Living will operate the property …
ATLANTA — Newmark has arranged the $95 million sale of Signature West Midtown, a student housing community situated at 800 Marietta Street NW in Atlanta’s West Midtown district. The 525-bed property was completed in 2019 and primarily serves the student population at nearby Georgia Tech. Ryan Lang, Jack Brett and Bert Sanders of Newmark represented the sellers, Investcorp and Preiss Cos., in the transaction. Trent Houchin of Newmark arranged acquisition financing on behalf of the buyer, Ascott Residence Trust. This is the first investment in the U.S. student housing sector for Ascott, a hospitality trust based in Singapore. Signature West Midtown features studio and one- to five-bedroom units. Community amenities include a gym, pool, rooftop lounges and barbeque pits, a business center, study lounges, game room and delivery lockers.
WICHITA FALLS, TEXAS — Marcus & Millichap has brokered the sale of the Lantower Southwest Building, a 124,356-square-foot office property in Wichita Falls, located roughly midway between Dallas and Amarillo. The building is situated on 3.5 acres and was 81 percent leased at the time of sale to tenants such as Merrill Lynch, J.P. Morgan Chase, Wichita Home Health and Jacksboro National Bank. Joseph Jacques of Marcus & Millichap represented the seller, a partnership, and procured the buyer, a limited liability company. Both parties requested anonymity.
AUSTIN, TEXAS — A partnership between BLG Capital Advisors, Magellan Development Group, Geolo Capital and Wanxiang America Real Estate Group is nearing completion of Thompson Austin, a 212-room luxury hotel that will be located in the downtown area. The property is expected to open over the summer and will house several food and beverage concepts and amenities such as a pool, fitness center, game room and indoor and outdoor meeting spaces. Thompson, which is part of the Hyatt family of brands, also recently opened flagship hotels in Dallas and in San Antonio.
MESQUITE, TEXAS — Stream Realty Partners has negotiated a 91,200-square-foot industrial lease at 1851 Big Town Blvd. in Mesquite, an eastern suburb of Dallas. According to LoopNet Inc., the property was built on 8.4 acres in 2001 and features 24-foot clear heights. Ryan Wolcott and Adam Jones with Stream Realty Partners represented the landlord, Link Logistics, in the lease negotiations. Sam Devorris, Mike McElwee and Pride Snow of Avison Young represented the tenant, medical equipment manufacturer Strukmyer.