SHEBOYGAN, WIS. — Founders 3 Real Estate Services has brokered the sale of a 23,220-square-foot office property in Sheboygan for $2.6 million. Built in 1989, the asset is located at 1441 N. Taylor Drive. BMO Harris Bank is the anchor tenant. Bob Flood and Andy Hess of Founders 3 represented the seller, BL-Branch Group One LLC. The buyer was JVL Ventures Real Estate I LLC.
AUSTIN, TEXAS — Accesso, a full-service investment manager, owner and operator, will expand a 129-acre site in Austin’s Parmer District that houses a 911,574-square-foot office complex with a variety of new uses. Plans for the expansion currently call for the development of 1,800 multifamily units, a 340-room hotel, 80,000 square feet of retail space and an additional 800,000 square feet of office space. The campus is located at 7700 Parmer Lane, adjacent to Apple’s future $1 billion campus, and currently houses a range of technology uses. Amenities include a 540-seat food hall, an onsite daycare and preschool, fitness center, running trails and outdoor volleyball and basketball courts. Accesso has received zoning approval for the project. Marc Bellet, Accesso’s national director of development, says the firm hopes to begin planning portions of the office, retail and multifamily components in the next 12 months and to begin preleasing office space in the first quarter of 2021. AQUILA Commercial is leasing the office portion of the project.
DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Hanover Midtown Park, a 422-unit multifamily community located in the Preston Hollow area of Dallas. The property was built on 11 acres in 2018 and features one-, two- and three-bedroom units with an average size of 895 square feet. Amenities include a pool, media center, clubhouse, conference room and a bocce ball court. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of IPA represented the seller, Houston-based Hanover Co., in the transaction. The IPA team also procured the buyer, Florida-based Waypoint Real Estate Investments.
AUSTIN, TEXAS — Newmark has brokered the sale of Elan Apartment Homes and Parmer Place, two multifamily communities in Austin totaling 560 units. Elan Apartment Homes was built in 2007 and totals 270 units, while Parmer Place was constructed in 2008 and consists of 290 units. The two properties, which were both 95 percent occupied at the time of sale, were sold as part of a portfolio deal that also included the disposition of a 266-unit community in Morrisville, N.C. Sean Wood and Patton Jones of Newmark represented the seller, New York-based Gamma Real Estate, in the transaction. The buyer was Bluerock, a New York-based institutional alternative asset manager.
MANSFIELD, TEXAS — Locally based investment firm MAG Capital Partners LLC has sold a 126,000-square-foot industrial complex at 601 Airport Drive in Mansfield, a southern suburb of Fort Worth. The six-building site spans 7.5 acres and includes a newly built 22,000-square-foot office building and land for future expansion. The buyer was NexPoint, a Dallas-based alternative investment firm. The tenant, Gamma Aerospace LLC, will continue to occupy the complex for the long term. Peter Bauman and Tivon Moffitt of the Scottsdale, Arizona, office of Institutional Property Advisors, a division of Marcus & Millichap, represented both MAG Capital Partners and the Wisconsin-based buyer in the transaction.
DEER PARK, TEXAS — Logistics firm S.I. Warehousing Co. Inc., a subsidiary of St. Louis-based Slay Industries, has signed a 252,203-square-foot industrial lease at Monument Business Park in Deer Park, an eastern suburb of Houston. Monument Business Park consists of a 414,900-square-foot cross-dock building and a 194,610-square-foot front-load building that were completed in the fourth quarter of 2019. The buildings feature 32- to 36-foot clear heights and ample trailer parking. David Munson of Boyd Commercial represented the owner and developer, Molto Properties, in the lease negotiations. Kelley Parker, Coe Parker and John Littman of Cushman & Wakefield represented the tenant.
OCEANSIDE, GARDEN CITY AND HEWLETT, N.Y. — Mortgage banking firm Talonvest Capital LLC has arranged a $59.5 million bridge loan for the refinancing of three self-storage facilities in New York. The newly constructed properties total 246,248 net rentable square feet and are located in the Long Island hamlets of Oceanside, Garden City and Hewlett. Utah-based REIT Extra Space Storage operates the properties. The nonrecourse loan featured a 48-month term with extension options and a loan-to-value ratio of 80 percent. The borrower was Illinois-based LSC Development. The direct lender was not disclosed.
BREWSTER, MASS. — Private equity firm Elevation Financial Group has purchased Wingate Residences at Brewster Place, a 121,000-square-foot seniors housing property in Brewster, located on Cape Cod. The sales price was $4 million. The property was originally built in 1973, expanded in 1995 and offered skilled nursing and assisted living services before it closed in 2019. Elevation will reposition the site to serve as an independent living community with affordable housing for adults age 55 and above that will be rebranded as Serenity Apartments at Brewster. The seller was not disclosed.
RIDLEY TOWNSHIP, PA. — A partnership between Pennrose, the Delaware County Housing Authority, the County of Delaware and the Pennsylvania Housing Finance Agency has closed on financing for the final phase of the Kinder Park redevelopment in Ridley Township. The project will add 96 units of affordable seniors housing to the Kinder Park site, located near Philadelphia International Airport. The site already features 160 existing affordable apartments for seniors and individuals with disabilities, 154 townhomes, a community building and several parks. This phase is slated for completion in spring 2022.
SPRINGFIELD, N.J. — NAI DiLeo-Bram has brokered the sale of a 22,542-square-foot office building located at 120 Mountain Ave. in the Northern New Jersey city of Springfield. The property sits on a one-acre site with proximity to the Morris Turnpike, State Route 24 and the Garden State Parkway. Robert DiLeo and Robert Dinner of NAI DiLeo-Bram represented the buyer in the transaction. Colliers International represented the seller. Additional terms of sale were not disclosed.