LA HABRA, CALIF. — SBH Real Estate Group has completed the disposition of a single-tenant retail property located on 1.9 acres at 250 N. Harbor Blvd. in La Habra. Engineering Model Associates acquired the building for $6.5 million. Harbor Freight Tools, a discount tool and equipment retailer, occupies the 22,297-square-foot property on a long-term, triple-net lease. Daniel Tyner and Adam Friedlander of JLL Retail Capital Markets represented the seller in the deal.
NORWALK, CONN. — JLL has negotiated the $53 million sale of Sheffield SoNo, a 136-unit waterfront apartment community in Norwalk that includes ground-floor office space. Built in 2007, the property features one- and two-bedroom units with stainless steel appliances, quartz countertops, individual washers and dryers and private balconies in select units. Amenities include a heated pool, 24-hour fitness center, outdoor grilling area, resident clubhouse and concierge services. Jose Cruz, Michael Oliver, Steve Simonelli, Michael Oliver, Kevin O’Hearn, Drew Saunders and Nicholas Stefans of JLL represented the seller, a partnership between Avenue Realty Capital and Spirit Investment Partners. The buyer was not disclosed.
FLEMINGTON, N.J. — Local developer Jack Cust will undertake a project in Flemington, about 60 miles west of New York City, that will convert the historic Courthouse Square into a 206-unit multifamily building with 20,000 square feet of retail and restaurant space. The project is part of a larger effort to redevelop and revitalize the town’s business districts and improve walkability via new zoning ordinances and promotion of shovel-ready development sites. Cust will also renovate and expand the Union Hotel, which has been in operation since 1814, with an additional 85 rooms. Redevelopment of Liberty Village, the 162,000-square-foot outlet mall, is also expected to be part of the long-term plan. Global design firm Stantec is currently compiling visual recommendations for the design of the revitalized downtown area. Their conceptual work utilizes stakeholder feedback, and the firm will offer visual recommendations in early 2021. Completion of the separate multifamily redevelopment project is slated for 2022.
WOBURN, MASS. — CBRE has brokered the sale of Washington Crossing, a 205-unit apartment community in Woburn, a northern suburb of Boston. Built in 2003, the property consists of four residential buildings, a clubhouse and multiple freestanding carports. Units average 1,063 square feet, and amenities include a heated pool, fitness center, business center and a theater room. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an institutional investor advised by J.P. Morgan Asset Management, in the transaction. The team also procured the buyer, CWMA Baystate LLC.
NUTLEY, N.J. — Prism Capital Partners has sold 111 Ideation Way, a 157,000-square-foot life sciences building in the Northern New Jersey city of Nutley. The building, which was fully leased at the time of sale, is part of Prism’s 116-acre ON3 campus that is a redevelopment of the former North American headquarters site of Swiss pharmaceutical company Hoffman-La Roche. Prism Capital sold the asset to Chicago-based Harrison Street for an undisclosed price. Andrew Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso Kyle Schmidt, John Alascio and Sridhar Vankayala of Cushman & Wakefield brokered the deal.
PITTSBURGH — The Urban Redevelopment Authority of Pittsburgh has tapped New Jersey-based Tryko Partners to redevelop the former Fairywood School into a 46-unit affordable housing community for seniors age 62 and older. The majority of the units (39) will be reserved for renters earning 60 percent or less of the area median income. The new community will feature one-bedroom units surrounded by walkable green space. A community building will allow residents to take advantage of financial literacy, nutrition and exercise programs, health screenings and other support services. The Pennsylvania Housing Finance Agency provided 9 percent low-income housing tax credits for the project. A construction timeline was not disclosed.
OKLAHOMA CITY — Gardner Tanenbaum and Robinson Park Investments have unveiled plans to develop a 400,000-square-foot mixed-use project within Oklahoma City’s Innovation District. The developers secured 2.7 acres of land for the project and expect to break ground in late 2021. Plans call for research labs, office space, a hotel, retail space and a public area. FSB Architects designed the project. Expected development costs were undisclosed. According to the developers, the goal is to “build an environment that promotes cross-sector collaboration among Oklahoma’s key industries, including aviation, aerospace, bioscience and energy.” The facilities will feature shared technology for 3D imaging and printing, as well as biomedical research and laboratories. Wheeler Labs, the first portfolio company of Echo Investment Capital’s venture capital fund in biotech, is slated to be the project’s anchor tenant. Wheeler is a clinical laboratory with plans to expand into the bio-manufacturing industry. In addition, the University of Oklahoma is committed as an educational and research partner. “This project ushers in a new era for our ever-growing city,” says Richard Tanenbaum, CEO of Gardner Tanenbaum. “Researchers, engineers, universities and industry leaders are pioneering Oklahoma-born advances in bioscience, aerospace, energy and health.” The Oklahoma City Innovation District encompasses 1.3 …
ATLANTA — Nuveen Real Estate has provided a $114 million refinancing loan for Pennant Park, a six-building office park in northwest Atlanta’s Cumberland-Galleria submarket. The borrower, Rubenstein Partners LP, owns the 760,000-square-foot campus, which is situated near Truist Park, Battery Atlanta and the intersection of Interstates 75 and 285. Rubenstein acquired the property in 2016 and implemented $17 million in renovations to enhance the walkability of the park, as well as introduce an outdoor courtyard dubbed The Quad. Since Rubenstein acquired the park, new tenants and expansions include thyssenkrupp Elevator Americas, Arco Design Build, Artera Services, Juneau Construction and Oversight Systems. Mike Ryan, Brian Linnihan, Richard Henry and Blake Cohen of Cushman & Wakefield arranged the loan on behalf of the borrower.
MEMPHIS, TENN. — A fund sponsored by CBRE Global Investors has acquired Memphis Global Crossing, a 421,470-square-foot logistics facility in Memphis. DHL leases a majority of the asset, which is situated on 24 acres at 6200 Global Drive, 12 miles southeast of Memphis International Airport. The property features 32-foot clear heights, 125 dock doors, two drive-in doors, ESFR sprinklers and 119 trailer spaces. The seller was not disclosed, though Atlanta-based Robinson Weeks Partners delivered the facility in 2019. The sales price was also not disclosed.
MANASSAS, VA. — Berkadia has arranged a $75 million refinancing loan for Arcadia Run, a 616-unit multifamily community in Manassas. Allianz Real Estate of America provided the 20-year loan, which features a fixed interest rate below 2.5 percent. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, fitness center, clubhouse and a firepit. The asset is situated at 11775 Boltania Drive, 37 miles southwest of downtown Washington, D.C. Andy Ahlers of Berkadia arranged the loan on behalf of the borrower, California-based Arcadia Run LLC.
