RANDOLPH, N.J. — Third-party logistics firm Armstrong Relocation Co. has signed a 124,000-square-foot industrial lease renewal and expansion in Randolph, about 40 miles west of New York City. The company renewed its 84,000-square-foot lease at 9 Aspen Drive and also committed to an additional 40,000 square feet at the adjacent building. The company’s new space at 5 Aspen Drive features 46-foot clear heights, 12 loading docks and ample trailer parking space. Brian Wilson of Resource Realty represented Armstrong and the landlord, North Jersey Development, in the lease negotiations.
FREEHOLD, N.J. — Sheldon Gross Realty has negotiated a 71,922-square-foot industrial lease at 225 Willow Brook Road in Freehold, about 30 miles east of Trenton. The property was built in 1961 and totals 180,000 square feet, according to LoopNet Inc. Glenn Jaffe of Sheldon Gross represented the tenant, EUS Imports, a locally based luggage and travel accessory dealer, in the lease negotiations. Douglas Sitar and Robert JanTausch of Sitar Realty Co. represented the undisclosed landlord.
HOUSTON — California-based investment firm AmCal Equities has acquired Circuit Apartments, a 311-unit multifamily located near Minute Maid Park in downtown Houston. Built in 2015, the property features one- and two-bedroom units and amenities such as a pool, fitness center, outdoor grilling areas, resident clubhouse and a business center. Lane Kommer of Henry S. Miller Brokerage represented AmCal Equities in the transaction. A Dallas-based developer sold the asset for an undisclosed price.
HOUSTON — LMI Capital has arranged a $23 million loan for the refinancing of a 270-unit apartment community located on the southwest side of Houston. Brandon Brown of LMI Capital arranged the loan, which was structured with a fixed 3.13 percent interest rate and five years of interest-only payments, on behalf of the undisclosed borrower.
PFLUGERVILLE, TEXAS — Colliers has negotiated the sale of Private Warehouse Mini Storage, a 207-unit facility located in the northern Austin suburb of Pflugerville. Built in 1995 and expanded in 1997 and 2002, the property now spans 24,000 net rentable square feet. Kyle Newswanger of Colliers represented the seller in the transaction. The buyer was an out-of-state investor. Both parties requested anonymity.
HOUSTON — Marcus & Millichap has brokered the sale of Sierra Ranch Storage, a 179-unit self-storage facility in Houston. The property was built in 2017 and spans 15,050 square feet of net rentable, climate-controlled space. Dave Knobler and Casey Kral of Marcus & Millichap represented the seller, a private investor, in the transaction. The duo also procured the buyer, a limited liability company. Both parties requested anonymity.
SAN ANTONIO — Chicago-based JDI Realty has provided a $6.6 million bridge loan for The Granary at Briggs Ranch, an 865-acre mixed-use project in San Antonio. The nonrecourse loan will be used to pay off the current first mortgage, fund an interest reserve and cover other pre-development costs before the property’s eventual sale. Current plans for the project include roughly 2,500 single-family homes, 1,900 apartments and a central town square. The borrower was Convergence Brass LLC.
CHICAGO — TLC Management has purchased Ravenswood Terrace Apartments, a multifamily property located at 1801 W. Argyle St. on Chicago’s North Side, for $46 million. Built in 2014 by Chicago-based Belgravia Group, the 150-unit property was recapitalized in 2016 when Washington, D.C.-based The Carlyle Group acquired a majority interest in the asset. The community features a clubhouse, fitness center, rooftop deck, community garden and courtyards. The property is 7.5 miles north of downtown Chicago and approximately 2.5 miles north of Wrigley Field. Bill Baumann of Monarch Realty Partners represented the buyer in the deal, which represents the highest value multifamily transaction in the Ravenswood neighborhood, according to CoStar.
MINNEAPOLIS — Minneapolis-based Magid HTL Forecast Tracker has released its predictions for the upcoming 12 months for the hotel industry. The forecast suggests the impact of the COVID-19 pandemic will lead to a 29 percent decline in annual hotel occupancy. The results will be a projected approximately $75 billion revenue loss for the industry. The estimate is according to the Magid HTL Forecast Tracker and Horwath HTL, a global hotel, tourism and leisure consulting brand. The forecasted decline is driven by the disappearance of business and leisure travel coupled with a projected 22 percent decline in consumer sentiment for attending meetings or conferences over the next 12 months. “The forecast shows the continuing significant impact COVID is having on hotel occupancy,” says Rich Garlick, vice president and strategy consultant for Magid. “Currently, the forecast suggests a 39 percent decline in occupancy for the next month. If the average occupancy at this time of the year (summer) is 70 percent, this would put current occupancy around 43 percent.” The most recent wave of research, conducted July 29 to August 2, shows that 71 percent of consumers expect to next stay in a hotel 24 months from now — a result that …
CINCINNATI — Asia Capital Realty Estate (ACRE) has provided $68.5 million of floating-rate debt to refinance City Club Apartments. The loan, which was underwritten with a loan-to-value ratio of 63.4 percent, has a two-year term and two single-year extension options. Located at 309 Vine St. in Cincinnati, City Club Apartments is a mixed-use property featuring 294 apartments and penthouses, 31,928 square feet of office space and 17,498 square feet of retail space. The sponsor acquired the property in 2016 as a vacant office building and recently repositioned the asset into a Class A mixed-use apartment community. At the time the financing closed, 90 percent of the multifamily units were leased, 100 percent of the retail space was leased and 67 percent of the office space was occupied. Chicago-based Draper and Kramer brokered the transaction.