WESTCHESTER COUNTY, N.Y. — Starwood Property Trust has provided $500 million in financing for a portfolio of 42 industrial buildings totaling approximately 2.4 million square feet in Westchester County, located north of New York City. The buildings are housed within three industrial parks and ae collectively known as the Westchester Industrial Portfolio. Peter Rotchford, Christopher Peck, Andrew Scandalios, Tyler Peck and Christopher Pratt of JLL arranged the debt on behalf of the owner, a partnership between affiliates of Dune Real Estate Partners and Robert Martin Co.
BILLERICA, MASS. — Newmark has arranged the recapitalization of Axis Park North, a 450,000-square-foot industrial and life sciences campus located north of Boston in Billerica. The owner, a partnership between Camber Development and Wheelock Street Capital, sold a stake in the property to GEM Realty Capital for $79 million. The percentage was not disclosed. The six-building campus can support manufacturing and research-and-development uses and is currently home to tenants such as ASMPT AEi, Generac Power Systems and SuperConducting Systems. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell, William Sleeper, Tony Coskren and Brian Pinch of Newmark represented both sides in the transaction.
WEST HARTFORD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of a 200-unit apartment complex in West Hartford. Built in 1971, Cove West Hartford offers one- and two-bedroom units with average sizes of 803 and 1,103 square feet, respectively. Amenities include a clubhouse with a community room, an outdoor patio, pergola and a firepit. Eric Pentore, Victor Nolletti, Wes Klockner and Ross Friedel of IPA represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
MCDONOUGH, GA. — Bridge Logistics Properties, a subsidiary of publicly traded Bridge Investment Group Holdings Inc., has acquired a two-property industrial portfolio in McDonough spanning nearly 1.6 million square feet. Situated south of Atlanta via I-75, the properties in the portfolio include 150 Distribution Drive (760,256 square feet) and 201 Greenwood Court (800,000 square feet). Eastdil Secured brokered the sale. The seller and sales price were not disclosed. The properties were fully leased at the time of sale to four creditworthy tenants, including DHL Supply Chain (Exel Inc.), Caterpillar and Pregis. Each building features 30-foot clear heights, 184-foot truck courts, trailer and car parking, LED lighting and ESFR sprinkler systems.
ALEXANDRIA, VA. — American Real Estate Partners (AREP) has launched leasing at CityHouse Old Town, an adaptive reuse development located at 1101 King St. in Alexandria’s Old Town district. The seven-story, 199-unit apartment community was originally built as an office building in 1983. AREP and property manager Bozzuto plan to welcome first residents in November. Monthly rental rates at CityHouse Old Town range from $2,730 to $11,815, according to the property website. Amenities include a 24-hour fitness center with instructor-led classes, coworking spaces, library lounge, six-story atrium/courtyard, onsite garage parking, dedicated dog grooming station, bike storage and 65 private storage units for residents. The property also includes ground-level retail space leased to tenants including Fresh Baguette, Orangetheory Fitness and a wine boutique. About 75 percent of units at CityHouse Old Town feature private terraces. The design-build team for the office-to-residential conversion project includes architect Cooper Carry and general contractor Hoar Construction.
ATLANTA — A joint venture between LV Collective, Kayne Anderson Real Estate, Pacific Life and JE Dunn Capital Partners has delivered Rambler Atlanta, a 798-bed student housing community located at 736 Peachtree St. NE in Midtown Atlanta. The 467,000-square-foot development offers 215 units in studio through six-bedroom configurations for students attending the Georgia Institute of Technology (Georgia Tech). The community rises 19 stories and features shared amenities, including an active lobby with a Daydreamer coffee shop; private study rooms and six conference rooms; a kitchenette with an outdoor terrace; a rooftop deck with a pool, hot tub and lounge seating; and a fitness center, sauna and yoga studio. The development team included Niles Bolton Associates, JE Dunn Construction, Archie Bolden, Michael Hsu Office of Architecture and Ironwood DDG.
MIAMI — Madison Newbond, a lending platform of Madison Realty Capital and Newbond Holdings, has originated a $79.3 million loan for the refinancing of JW Marriott Marquis Miami, a 41-story hotel located at 255 Biscayne Blvd. Way in downtown Miami. Paul Stasaitis, Kevin Davis, Mark Fisher and Henry Winchester of JLL arranged the three-year, floating-rate loan. The 357-room hotel was built in 2010 by the borrowers, MetLife Investment Management and MDM Group, and is part of the four-building Met Square mixed-use complex. The hotel comprises 313 JW Marriot Marquis-branded rooms and 44 Hotel Beaux Arts-branded rooms, which are part of the Marriott’s Autograph Collection and operates as a hotel within a hotel. Amenities include an infinity pool, NBA-sized indoor basketball court, lounge, spa, fitness center, meeting space, ballroom and food-and-beverage outlets. In 2023, MetLife and MDM Group finished a $16 million renovation to upgrade the hotel’s guestrooms, public areas and amenities. The duo plans to make more upgrades beginning next year.
NEW YORK CITY — Marcus & Millichap has brokered the $4.2 million sale of a 14,110-square-foot medical office building in The Bronx. The facility at 1615 Eastchester Road has been leased to DaVita Dialysis, which has more than four years remaining on its current deal, since 1995. Daniel Chumbley, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a family office, in the transaction and procured the buyer, a New York-based investment group. Both parties requested anonymity.
CHARLOTTE, N.C. — CBRE has negotiated the $70 million sale of Charlotte Plaza, a 27-story office tower located at 201 S. College St. in Uptown Charlotte. Morning Calm Management and Praelium Commercial Real Estate purchased the 643,638-square-foot office building from an entity doing business as South College Street LLC. Patrick Gildea and Matt Smith of CBRE represented the seller in the transaction. Built in 1982, Charlotte Plaza was 32 percent leased at the time of sale. The property features modern common areas, 13-foot ceiling heights, proximity to a Lynx Blue Line station, direct access to the Overstreet Mall, onsite structured parking and retail space anchored by STK Steakhouse.
CULVER CITY, CALIF. — Helio Group has received $58 million in refinancing for Arya Apartments, a Class A multifamily property in Culver City. Jeff Sause, Chad Morgan, Jacob Michael and Danny Ryan of JLL represented the borrower in arranging the floating-rate loan with Canyon Partners Real Estate. Arya Apartments features 38 studio units, 36 one-bedroom units and 45 two-bedroom units with luxury finishes and smart home technology. The community includes a fitness center with Technogym equipment, a rooftop lounge with barbecue areas, a coworking lounge with conference room, electric vehicle charging stations and a future rooftop pool.