WASHINGTON, D.C. — JLL has negotiated the $32.5 million sale of 1301-1317 Connecticut Avenue, a three-story, 66,000-square-foot office and retail building in downtown Washington, D.C. The seller, Shorenstein Co. LLC, acquired the asset in 2011 and renovated the lobby, fitness center, common area, elevators and restrooms. The building, which was originally built in 1917, offers 7,700-square-foot floor plates. The buyer was not disclosed. JLL represented the seller in the transaction.
NEW YORK CITY — Pennsylvania based self-storage REIT CubeSmart (NYSE: CUBE) has entered into an agreement to acquire a portfolio of eight properties in New York City from locally based developer Storage Deluxe for $540 million. The portfolio totals 780,425 net rentable square feet and consists of properties in Brooklyn, Queens and The Bronx that are already managed by CubeSmart. The deal is expected to close during the fourth quarter. CubeSmart will finance approximately 28 percent ($154.6 million) of the sales price with fixed-rate debt.
FORT WORTH, TEXAS — Locally based firm VanTrust Real Estate LLC has broken ground on Phase I of the 1.3 million-square-foot Fort Worth Logistics Hub, a project that will add 670,941 square feet of Class A industrial space to the local supply. Designed by Alliance Architects, Fort Worth Logistics Hub spans 75 acres on the city’s south side near Interstates 20 and 35. Phase I of the project is expected to be complete in July 2021, with construction of the 606,480-square-foot Phase II beginning shortly thereafter. Arlington, Texas-based Bob Moore Construction is the general contractor for the project, and Pacheco Koch is the civil engineer. CBRE is handling leasing.
NEW YORK CITY — The Home Depot Inc. (NYSE: HD) will open a 120,000-square-foot store at 410 E. 61st St. on Manhattan’s Upper East Side, a deal that represents the largest retail lease executed in the borough in the last several years. The company signed a 20-year lease for a four-story space that is currently occupied by Bed Bath & Beyond, which will vacate the space when its lease expires in 2021. Home Depot will relocate its store at 732 Lexington Avenue to the new space some time over the next few years. Peter Ripka of Ripco Real Estate represented the tenant and the landlord, Gazit-Globe, in the lease negotiations.
GEORGETOWN, TEXAS — MedCore Partners and The National Realty Group (TNRG) have begun construction of The Hacienda at Georgetown, a 230-unit seniors housing community in metro Austin. The community sits on a 13.2-acre tract at the south entrance to Sun City Texas, a master-planned active adult community. The resort-style senior living campus will offer 125 independent living residences, 81 assisted living apartments and 24 memory care units. Watermark Retirement Communities will manage the property, which is slated to open in late 2022. BOK Financial is providing construction financing, while ACRON USA is providing equity for the project. REES Architects provided the architectural and engineering services.
PHOENIXVILLE, PA. — JLL has provided a Freddie Mac loan of an undisclosed amount for the refinancing of Westridge Gardens, a 136-unit multifamily asset in Phoenixville, a northwestern suburb of Philadelphia. Renovated in 2017, the property consists of 15 buildings housing one-, two- and three-bedroom units on a 13-acre site. The average unit size is 986 square feet, and each residence offers in-unit washers and dryers and outdoor patio space. Communal amenities include a pool, sport court and a playground. Ryan Ade, Jamie Leachman and Travis Hess originated a 10-year, fixed-rate loan for the acquisition on behalf of the borrower, Relative Properties LLC.
HOUSTON — Stream Realty Partners has completed Benchmark Northwest Distribution Center, a 157,887-square-foot speculative industrial project located at 5215 Campbell Road in northwest Houston. The side-load building features 32-foot clear heights, 33 dock-high doors, an ESFR sprinkler system, 33 trailer parking spaces and 125 automobile parking spaces (expandable to 202). Ware Malcomb served as the project architect, and Rosenberg Construction served as the general contractor.
FLORHAM PARK, N.J. — A partnership between developer Rockefeller Group, Bergen County’s United Way and Madeline Corp. has completed Independence Way at The Green, a 62-unit affordable housing community in the northern New Jersey city of Florham Park. The property consists of eight buildings on an eight-acre site within Rockefeller’s 268-acre Green at Florham Park mixed-use development and will serve 102 residents with developmental disabilities. Z+ Architects LLC designed the project, and Sharp Management served as the general contractor.
AUBREY, TEXAS — Weitzman has negotiated the sale of Navo Shopping Center, a 15,282-square-foot retail center in Aubrey, located north of Dallas. The property was fully leased at the time of sale to tenants such as Smoothie King, It’s-A-Burger, Farmers Insurance, Sushibachi, a nail salon and a dental practice. A limited liability company based in the Dallas area sold the asset to a Florida-based limited liability company for an undisclosed price. Kevin Butkus and Derek Schuster of Weitzman brokered the deal. Weitzman also handled leasing at the center, bringing it to full occupancy prior to the sale.
WESTBURY, N.Y. — Austin-based Whole Foods Market will open a 57,000-square-foot grocery store at 867 E. Gate Blvd. in the Long Island city of Westbury on Thursday, Nov. 5. The new store will offer a coffee bar with cold brew and iced tea on tap, as well as juice bar with smoothies, a full-service butcher, in-house bakery, prepared foods section and a selection of more than 350 beers. The store will also offer curbside pickup and two-hour delivery for Amazon Prime members in select cities and towns.
