NEW YORK CITY — JLL has negotiated the $11.4 million sale of a multifamily and retail building located at 57 W. 86th St. on Manhattan’s Upper West Side. The property is located less than a block from Central Park and consists of 12 residential units and 6,300 square feet of retail space. Paul Smadbeck, Hall Oster, Teddy Galligan, Conrad Martin, Tim O’Brien and Braedon Gait of JLL represented the seller, Endeavor Guidance, in the transaction. The buyer was Michael Herzog LLC.
ATLANTA — The trend of working remotely swept the nation as a result of the COVID-19 pandemic this year. While some are relishing the opportunity to test drive their home offices, a large number of Americans are ready to return to the workplace. According to a recent survey of employed Americans commissioned by OfficeSpace Software, 71 percent of respondents currently working from home are eager to move back to the office once it is safe to do so. Over 70 percent indicated that they feel more engaged and more productive in the office, and 80 percent indicated that they miss in-person collaboration with their coworkers. The novelty of virtual meeting programs like Zoom — a boon for keeping colleagues connected during the pandemic — has also worn thin, with 57 percent of respondents indicating that they are tired of meeting through video. The survey, which was conducted online by The Harris Poll in early December, canvassed 1,206 employed U.S. adults above the age of 18. Fewer than half of the respondents indicated that they are going into the workplace each day, with 17 percent having returned to their offices on a staggered schedule. Safety First While many are ready to …
TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has negotiated the $90 million sale of a two-property, 560-unit multifamily portfolio in Tucson. The Equestrian is a 288-unit complex that sold for $47.7 million, or $165,625 per unit. Ridgeline is a 272-unit property that traded for $42.5 million, or $156,250 per unit. The Equestrian and Ridgeline were built in 2008 and 2002, respectively, and are located one mile apart from each other on West Linda Vista Boulevard on the city’s northwest side. Equestrian consists of 18 residential buildings housing one-, two- and three-bedroom apartments. Units feature an average size of 900 square feet, as well as individual washers and dryers and private balconies/patios. Amenities at Equestrian include a pool, grilling stations, fitness center, business center and a spa. Ridgeline consists of 17 residential buildings on a 13-acre site. Units also come in one-, two- and three-bedroom formats and have an average size of 821 square feet. Communal amenities include two pools and spas, a fitness center and a resident clubhouse. Hamid Panahi, Steve Gebing and Cliff David of IPA represented the seller, Bascom Arizona Ventures, in the transaction. The trio also procured the buyer, …
AUSTIN, TEXAS — A joint venture between San Francisco-based Legacy Partners and Bridge Investment Group has acquired 35.2 acres in northeast Austin for the development of Camber Ranch on Parmer, a 483-unit apartment community. Designed by Dallas-based Humphreys & Partners Architects, the property will be located at the corner of Parmer and Yager lanes and will consist of 22 two- and three-story buildings. Units will range in size from 438 to 1,500 square feet and will feature granite and quartz countertops, stainless steel appliances and LED lighting. Amenities will include multiple pools, a fitness center with a yoga/spin studio, outdoor kitchen with grilling stations, snookball court, dog park and a bike repair shop. Move-ins are expected to begin in late 2022.
HOUSTON — Locally based investment and development firm Barvin is underway on construction of a 281-unit multifamily project near the Texas Medical Center in Houston. Units will feature stainless steel appliances, custom cabinetry, quartz countertops and walk-in closets. Amenities with include a pool, outdoor kitchen, private conference rooms, business lounge, fitness center and a dog park. Dallas-based GFF is the project architect, and Austin-based Oden Hughes is the general contractor. Completion is slated for early 2022.
MESQUITE, TEXAS — Stream Realty Partners has negotiated a 203,040-square-foot industrial lease at Building 1 at Urban District 30, a roughly 1 million-square-foot industrial development located in the eastern Dallas suburb of Mesquite. Matt Dornak and Drew Feagin of Stream Realty Partners represented the landlord, Urban Logistics Realty, in the lease negotiations. Blake Kendrick and Seth Koschak, also with Stream Realty Partners, represented the tenant, online retailer 1000bulbs.com.
HOUSTON — PSS Industrial Group, a locally based supplier of equipment for the energy sector, has signed a 200,824-square-foot lease at Ella Logistics Center in north Houston for its new headquarters and distribution space. Jeff Venghaus and Richard Quarles of JLL negotiated the lease on behalf of PSS Industrial Group. Laura Denkler and Palmer Letzerich represented the landlord, Hines, on an internal basis.
CONROE, TEXAS — General contractor Cadence McShane has completed a 145,222-square-foot warehouse project in Conroe, about 40 miles north of Houston. The project is a build-to-suit for Illinois-based Buske Logistics. Designed by Powers Brown Architecture, the 18-acre property features a rear-load configuration, 39-foot clear heights, 133 car parking spaces and 2,500 square feet of office space.
BLOOMINGDALE, ILL. — Greystone has provided a $54.6 million HUD-insured 223(f) loan for the refinancing of Camden at Bloomingdale. The 360-unit apartment property is located in Bloomingdale, a northwest suburb of Chicago. Built in 1991, the property consists of 19 garden-style buildings. Amenities include a clubhouse, business center, fitness center, pool, outdoor sports courts, picnic grounds and playground areas. Clint Darby and Phiet Nguyen of Greystone originated the 35-year loan, which features a 35-year amortization and a fixed interest rate of 2.68 percent. The transaction qualified for HUD’s green financing, further reducing the interest rate on the loan. The borrower, Chern Camden, will use loan proceeds to refinance an existing Fannie Mae loan, continue with ongoing maintenance and monetize existing equity, according to Greystone.
CHICAGO — Associated Bank has arranged a $37.8 million loan for the renovation of an 18-story apartment tower located at 1926 W. Harrison St. in Chicago. The building is situated within the Illinois Medical District and near the Rush University Medical Center. The borrowers, Marquette Cos. and Kayne Anderson Real Estate, will renovate 272 units and make improvements to the fitness center, coworking space, rooftop deck and dog run. Completion is slated for August 2021. Associated Bank served as lead arranger and administrative agent, working with Wheaton Bank & Trust. Elizabeth Hozian of Associated Bank handled the loan arrangements and closing.