NEEDHAM AND NEWTON, MASS. — Avison Young Commercial Real Estate has brokered the $7 million sale of two retail properties in Needham and Newton, two western suburbs of Boston. The property in Needham, a 15,609-square-foot retail center located at 238 Highland Ave., is leased to Needham Montessori School, Mandarin Cuisine Restaurant and Needham Nail & Spa. The property in Newton, a 3,588-square-foot building located at 106 Needham St., is leased to fitness equipment distributor Gym Source. Brandon Dickinson of Avison Young represented the seller, Terrazzino Investment Trust, in the transaction. The buyer was not disclosed.
DALLAS — Locally based multifamily developer JPI has sold Jefferson Landmark, a 324-unit apartment community located near the Galleria area of North Dallas. Completed in 2018, the property features one- and two-bedroom units and amenities such as an infinity-edge pool, a 24-hour mini market and courtyards with cooking stations. The buyer was New York-based Beachwold Residential.
FORT WORTH, TEXAS — San Antonio-based developer Embrey Partners has purchased land in Fort Worth for a 293-unit apartment project. The community will be located southwest of downtown near The Shops at Clearfork and will feature one-, two- and three-bedroom units. Amenities will include a pool, fitness center, a dog park and bike storage space. The groundbreaking is scheduled for the end of January, and the first units are expected to be available for occupancy in summer 2021.
HOUSTON — Rhone Brittmoore Logistics LP has acquired a 111,530-square-foot complex of industrial flex and manufacturing buildings in northwest Houston. The complex spans 7.9 acres and formerly served as a campus for Nabors Drilling Technologies USA Inc. Clay Pritchett and Zane Carman of NAI Partners represented Rhone Brittmoore in the transaction. Jeff Peden, Scott Miller and David Cook of Cushman & Wakefield represented Nabors, which was both the seller and former occupant.
HOUSTON — Marcus & Millichap has brokered the sale of a 37,736-square-foot industrial building located at 7200 Wynnpark Drive in Houston. The property was built on 1.3 acres in 1971 and renovated in 1979 and 1982. Adam Abushagur and Cary Latham of Marcus & Millichap represented the seller, a private investor, in the transaction. Other terms of sale were not disclosed.
DALLAS — Holt Lunsford Commercial has negotiated a 73,580-square-foot industrial lease at 5200 E. Grand Ave in Dallas. According to LoopNet Inc., the property was built in 1952. Canon Shoults and Josh Barnes of Holt Lunsford represented the landlord, Frontier Equity, in the lease negotiations. The tenant was Regent Aerospace Corp.
TRACY, CALIF. — Seefried Industrial Properties, as developer partner for Clarion Partners, has acquired a 76-acre land site for the development of a speculative, multi-warehouse project within the Northeast Area Specific Plan in Tracy, approximately 70 miles east of San Francisco. Located at the northeast corner of Grant Line and Chrisman roads, the yet-to-be-named project will total 1.1 million square feet of office and warehouse space spread across three buildings of 260,000 square feet, 517,000 square feet and 353,000 square feet. The project will offer tenants the opportunity to occupy space ranging from 18,000 square feet to 1.13 million square feet. The buildings will feature tilt-up construction, clear heights ranging from 32 feet to 36 feet, 185-foot truck courts, 339 trailer spaces combined, ESFR sprinkler systems and ample parking. Construction is slated to begin in June, with completion scheduled for June 2021. HPA Architecture is serving as architect and K&W is serving as civil engineer for the project. Mike Goldstein and John Steinbuch of Colliers International will lead the leasing and marketing efforts for the new development.
SAN BERNARDINO, CALIF. — Newport Beach, Calif.-based Birtcher Development has acquired a 20-acre land parcel fully entitled for the development of a speculative regional fulfillment and distribution center. The seller, 6th Street LLC, sold the site for $17.6 million. Birtcher plans to break ground on the project this spring with completion slated for fourth-quarter 2021. Designed by Irvine, Calif.-based HPA Architecture, the 406,710-square-foot facility will feature an eight-inch slab and 40-foot clear heights, resulting in 16 to 20 percent more pallet positions than a typical 36-foot warehouse. Additionally, the building will include 65 dock-high doors, 167 designated trailer stalls in a secured concrete truck yard, 259 auto parking spaces and two grade-level loading doors. Power for the site includes 4,000 AMP service (2,000 AMPs installed), 2.5 percent parabolic skylights and 100,000 kW/h/year of solar power that will be ready for tenant use. Located within the Inland Empire, the parcel is located on Sixth Street between Lankershim and Sterling avenues, three blocks from the San Bernardino International Airport and accessible to interstates 10 and 215. Additionally, the property is two blocks form a planned $200 million air cargo logistics center that will house up to 16 aircraft and generate nearly 4,000 …
SEATTLE — Plymouth Housing has broken ground on an affordable housing development in downtown Seattle. Designed by SMR Architects, the 2nd & Mercer project will deliver 91 permanent housing apartments for adults who have previously experienced homelessness. The project will feature a ground-floor space for Path with Art, a local organization that utilizes art as a means to assist people recovering from homelessness, addiction or other trauma. In addition to operating out of 2nd & Mercer, Path with Art will offer classes and community arts space. The 2nd & Mercer property is slated to open in 2021. Plymouth Housing, a nonprofit developer, received low income tax credits early last year as part of an expansion to the Affordable Housing Tax Credit program. The project closed on financing in December. The City of Seattle is providing major funding for the project, with the city’s Office of Housing and Office of Arts and Culture making a first-time joint investment in an affordable housing and arts space. The site is the second of eight new buildings planned by Plymouth Housing to meet the need for housing for those experiencing chronic homelessness in King County.
SANTA CLARA AND LA MIRADA, CALIF. — PS Business Parks (PSB) has completed the acquisition of two business parks in California for a total consideration of $30.3 million. The purchases will qualify as 1031 exchanges for tax purposes. On Dec. 20, 2019, PSB purchased San Tomas Business Center in Santa Clara for $16.6 million. Totaling 79,400 square feet, the park features nine buildings offering suites ranging from 200 square feet to 3,500 square feet. At the time of closing, the property was 96 percent occupied. Additionally, PSB acquired La Mirada Commerce Center in La Mirada on Jan. 10 for $13.7 million. The five-building park offers a total of 73,400 square feet, with suites ranging from 1,200 square feet to 3,000 square feet. At the time of closing, the property was 100 percent occupied. The names of the sellers were not released.