EL PASO, TEXAS — CBRE has brokered the sale of an 18,540-square-foot industrial building located at 1525 Magoffin Ave. in El Paso. According to LoopNet Inc., the single-tenant property was built in 1950. Chad McCleskey with CBRE’s El Paso represented the seller, Lanestone LLC, in the transaction. Ricardo Fernandez, also with CBRE, represented the buyer, Marivani LLC, which is expanding into a larger space for its commercial equipment sales business.
COPPELL, TEXAS — Business software developer Optym has signed a 17,327-square-foot office lease at Cypress Waters, a 1,000-acre mixed-use development by Billingsley Co. in Coppell, just outside DFW International Airport. Optym plans to relocate its headquarters from Gainesville, Fla., to the new space beginning in August. Marijke Lantz of Billingsley Co. represented the landlord internally in the lease negotiations. Christopher Fleeger of Morrow Hill represented Optym.
BERKLEY HEIGHTS, N.J. — EverWest Real Estate Investors, a Denver-based developer, has sold Mountain Heights Corporate Center, a Class A office complex totaling approximately 303,000 square feet in the western New York City suburb of Morristown. Located at 420 and 430 Mountain Ave., the two-building property offers convenient access to Manhattan and Newark Liberty Airport. The property was 80 percent leased at the time of sale. Jose Cruz and Kevin O’Hearn led a JLL team that represented EverWest in the transaction. The team also procured the undisclosed buyer. The sales price was undisclosed.
NEWARK, N.Y. — CBRE has brokered the $9.2 million sale of a 165,499-square-foot retail building in Newark, a western suburb of Rochester. Located at 6788 NY-31 East, the single-tenant property is fully leased to Walmart. Walmart has occupied the space since 1992 and expanded its original lease by 72,011 square feet in 2006. Nearby retailers include Save-a-Lot, Wegmans, Tractor Supply, Dollar Tree, AutoZone and Walgreens. Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE represented the seller, a private investor, in the transaction The team also procured an undisclosed institutional investor as the buyer.
SHREWSBURY, MASS. — Massachusetts-based Casa Builders and Developers is underway on construction of Wyman Farms, a 26-unit senior living community in Shrewsbury, an eastern suburb of Worcester. The property will feature 13 duplex-style residences with two bedrooms each that will be restricted to residents age 55 and older. The property is located near UMass Memorial Medical Center University Campus, multiple golf courses and retailers such as Wegmans, Walmart and Whole Foods Market. The project is slated for completion in 2022.
NEW YORK CITY — Greystone has provided two Fannie Mae loans totaling $30.8 million for the refinancing of two adjacent multifamily properties in the Ridgewood neighborhood of Queens. The first loan totaled $14.2 million loan and was used to refinance a 49-unit property at 1635 Putnam Ave. The second loan totaled $16.6 million loan and was used to refinance a 48-unit property at 1625 Putnam Ave. Both Fannie Mae loans carry 12-year terms with 30-year amortization periods. The borrower was Adar Holdings USA. Anthony Cristi of Greystone originated the loan.
CLARK, N.J. — Marcus & Millichap has arranged the $13 million sale of a 76,000-square-foot office building in Clark, a western suburb of New York City. The property is located at 67 Walnut Ave. near the Garden State Parkway. The building is primarily leased to medical tenants, including Summit Medical Group, and is located near Robert Wood Johnson Hospital Rahway and Kindred Hospital. Fahri Ozturk and Richard Gatto of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.
COLUMBUS, OHIO — Columbus Crew SC, a Major League Soccer organization, has released new renderings for its stadium, which is currently under construction downtown. Completion is slated for summer 2021. Situated in the city’s Arena District, the stadium will feature a beer garden and a “crewhouse.” Premium club members will have access to an exclusive covered entrance. Project costs of the 20,000-seat venue are estimated at $230 million. The larger Confluence Village development will feature nearly 1,000 residential units as well as office and commercial space. The Crew’s current stadium is expected to be repurposed into a community sports park.
COLUMBUS, OHIO — The Pizzuti Cos. and Capital University have formed a joint venture to redevelop an existing surface parking lot located along South Grant Avenue near the university’s law school in Columbus. Plans call for a six-story building with 145 apartment units, 7,000 square feet of rooftop amenity space and 3,500 square feet of ground-floor restaurant space. The third phase of Library Park, the project will feature a wellness center, cycle studio, coworking spaces and an onsite restaurant and bar serving both residents and the public. The rooftop will feature an outdoor courtyard complete with a pool and clubhouse. Pizzuti recently broke ground on Phases I and II of Library Park. Lupton Rausch Architects Inc. designed Phase III and Corna Kokosing will serve as general contractor. Construction will begin immediately with completion slated for fall 2021. Phase I is currently in lease-up and Phase II is scheduled for completion in October.
OMAHA, NEB. — R&R Realty Group has added several “healthy” features in its newest office building currently under development in Omaha. Known as the Waterford Building, the property spans 180,000 square feet at the intersection of 192nd Street and West Dodge Road. R&R has configured the HVAC system to use medical-grade air filters. The Waterford Building will feature touch-free entrances along with motion sensors for lighting. R&R is also installing germ-resistant flooring, wall coverings and seating surfaces. Screens will help visitors find their way in an effort to reduce unnecessary foot traffic. The property management team will receive data regarding air quality, circulation and other building health metrics. Completion of the building is slated for spring 2021.