HOUSTON — Locally based advertising agency Decode has signed a 13,000-square-foot office lease at M-K-T, a mixed-use development in The Heights neighborhood of Houston. Triten Real Estate Partners, Radom Capital and Long Wharf Capital are the co-developers of M-K-T. Bubba Harkins and Jenny Mueller of JLL represented the development team in the lease negotiations. Joe Rambin of Cushman & Wakefield represented the tenant. With the closing of this deal, the office component of the project is 50 percent preleased.
PENNSAUKEN, N.J. — Colliers International has negotiated the sale of Twinbridge Industrial Park and Veterans Industrial Park, a pair of industrial developments totaling 32 buildings and approximately 1.1 million square feet in Pennsauken, located east of Philadelphia. The properties are situated immediately off State Highways Route 73 and 130 and were fully leased to 49 tenants at the time of sale. Ian Richman and Marc Isdaner of Colliers represented the seller, The Bloom Organization, in the transaction. The buyer was a joint venture between Wharton Industrial and Walton Street Capital.
ASTORIA, N.Y. — JLL has arranged $55 million in joint venture equity for a multifamily project in the Astoria neighborhood of Queens. The project will be constructed on a 2.5-acre site at 30-77 Vernon Blvd and will consist of 534 units across three buildings. Stephen Palmese, Rob Hinckley, Jeffrey Julien, Nicco Lupo and Steven Rutman of JLL worked on behalf of the developer, Cape Advisors, to secure the undisclosed equity partner.
MOUNT OLIVE, N.J. — Progress Capital has arranged an $18 million acquisition loan for a 132,000-square-foot industrial facility in Mount Olive, about 50 miles west of New York City. The property served as a warehouse for Sam’s Club until 2018 and will now be leased to Amazon as a fulfillment center. Kathy Anderson of Progress Capital arranged the loan through Lakeland Bank on behalf of the buyer, Asset Realty & Construction Group.
SECAUCUS, N.J. — Burlington has open a 47,000-square-foot store at a space formerly occupied by Sports Authority at Mill Creek at Harmon Meadow in Secaucus, located just across the Hudson River from Manhattan. New Jersey-based Levin Management Corp. represented the landlord in the lease negotiations. The representative of the tenant was not disclosed.
MERRICK, N.Y. — Marcus & Millichap has brokered the $2.1 million sale of a 2,431-square-foot retail asset net leased to Wendy’s in the Long Island city of Merrick. Michael Tuccillo and Matthew Klang of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction. Wendy’s has 14 years remaining on its lease.
DELRAY BEACH, FLA. — Cortland has purchased Delray Station, a 284-unit multifamily community in Delray Beach. The seller and price were not disclosed, but a person familiar with the transaction said Wood Partners sold the asset to Cortland for $73.9 million. The property, which was delivered in 2017, offers one-, two- and three-bedroom floor plans averaging 1,104 square feet. Communal amenities include a pool, cabanas, sundeck, 24-hour fitness center, clubhouse, grilling areas, putting green and walking trails. Delray Station is located at 1720 Depot Ave., less than two miles north of the Delray Beach Tri-Rail station and nine miles north of downtown Boca Raton. Avery Klann, Hampton Beebe, Tyler Minix and Jonathan Senn of Newmark Knight Frank (NKF) represented the seller in the transaction.
SPARTANBURG, S.C. — DMG Investments has completed construction on Auden Upstate, a 486-bed student housing community located near the University of South Carolina Upstate campus in Spartanburg. The development — which consists of seven buildings totaling 94,000 square feet — offers two-, four- and five-bedroom, fully furnished units with bed-to-bath parity. Communal amenities at the property include a fitness center, basketball court, clubhouse, yoga studio, business center and a pool. The community features the company’s clean-living program, which was developed to provide best practices in response to the COVID-19 pandemic. Leasing for the property is currently underway with move-in scheduled to begin this month. USC Upstate will begin its fall semester Aug. 20. Students will have the option to attend in-person classes or attend virtual classes.
ATLANTA — Strand Capital Group LLC will develop a 22-story, dual-branded hotel in downtown Atlanta. The Margaritaville Vacation Club by Wyndham and Club Wyndham hotel will overlook Centennial Olympic Park and will be situated within walking distance of the Georgia Aquarium, World of Coca-Cola, Mercedes-Benz Stadium and State Farm Arena. The hotel will offer 200 rooms and is expected to be delivered in early 2022. The property will offer one-bedroom standard and one-, two- and three-bedroom deluxe and presidential configurations. The rooms will feature living and dining areas, kitchenettes or fully equipped kitchens, and a Frozen Concoction Maker frozen drink machine in the Margaritaville suites. An undisclosed number of suites will be reserved for timeshares. Upon completion, Wyndham Destinations will acquire units at the property and manage the sales and marketing of the timeshares.
BROOKHAVEN, GA. — Anchor Health Properties has acquired Brookhaven Medical Center II, a new 51,429-square-foot medical office building in Brookhaven. The developers, G.H. Anderson & Co. and The Gipson Co., sold the property for $29.8 million, or $581 per square foot. Piedmont Healthcare’s Piedmont Physicians of Brookhaven fully occupies the property, which was delivered in early June. At the location, Piedmont Physicians of Brookhaven provides ENT, dermatology, orthopedic, ophthalmology and pulmonary services. The asset is situated at 3929 Peachtree Road NE, five miles from Piedmont Atlanta Hospital and 10 miles northeast of downtown Atlanta. Steve Hall and Kevin Markwordt of Transwestern Real Estate Services represented the sellers in the transaction.