TEXARKANA, TEXAS — Defense contractor and aerospace firm Lockheed Martin has signed a 220,000-square-foot industrial lease at TexAmericas Center in Texarkana, located near the Texas-Arkansas border. Lockheed Martin will utilize a portion of the floor space at Building 333, which is currently leased to Red River Army Depot (RRAD), to support the Multiple Launch Rocket System (MLRS) Fleet Expansion Program. The contract with RRAD is valued at $77 million and runs from 2020 to 2024. The building will undergo improvements requested and paid for by Lockheed Martin as part of its public/private partnership with RRAD. TexAmericas Center is one of the largest owner-operators of industrial real estate in the country, with roughly 12,000 development-ready acres and about 3 million square feet of commercial and industrial product serving four states.
HOUSTON — Gulf Coast Commercial Group is nearing completion of the initial phase of Lower Heights, a 24-acre mixed-use project located just west of downtown Houston. The project is being developed on an assemblage of former industrial sites fronting Interstate 10. The most recent addition to Lower Heights is a 35,000-square-foot office building with street-level retail space that has been preleased to Central Bank and coworking operator SheSpace. The development also features a 375-unit apartment community that is branded Alexan Lower Heights. Move-ins are underway at the five-story property, which offers studio, one- and two-bedroom units and Class A amenities. Lastly, Lower Heights includes a 37,000-square-foot retail block that houses Total Wine and Ulta Beauty. Future phases call for additional retail, office and multifamily uses.
RICHARDSON, TEXAS — Texas Excavation Safety System has signed a 29,343-square-foot office lease at 1410 E. Renner Road in the northeastern Dallas suburb of Richardson. Dave Peterson, Mark Robertson and Jimmy Freeman of NAI Robert Lynn represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.
CYPRESS, TEXAS — NAI Partners has brokered the sale of a 6,000-square-foot industrial property located at 16643 Telge Road in the northwestern Houston suburb of Cypress. Travis Land and A.J. Williams of NAI Partners represented the seller, JDFM Telge LLC, in the transaction. Jared Clayton represented the buyer, GKCG Properties.
HOUSTON — Post Oak ER will open a 5,575-square-foot healthcare clinic at Tanglewood Shopping Center, a 48,306-square-foot property located in Houston’s Uptown neighborhood. Chadd Bolding of Colliers International represented the tenant, which expects to open in October, in the lease negotiations. Josh Friedlander of NewQuest Properties represented the landlord, RPI Management Co. LLC.
NEW YORK CITY — Locally based developer Bespoke Living has topped out 300 West, a 15-story condominium tower located at the corner of 122nd Street and Frederick Douglass Boulevard in South Harlem. Designed by Issac & Stern Architects, the property will feature 170 units in studio, one-, two-, three- and four-bedroom units. Amenities will include a pool, fitness center, a rooftop terrace with outdoor grilling stations, a children’s activity area, package lockers and bike storage space. The development team expects to begin closing sales by the end of the year. Prices start at roughly $500,000.
LINDENWOLD, N.J. — Greystone has provided a $15.3 million Fannie Mae loan for the refinancing of Kingsrow Apartment Homes, a 208-unit multifamily community in Lindenwold, a suburb of Philadelphia. The garden-style property was built in 1971 and features one- and two-bedroom units and amenities such as a pool, picnic areas and onsite laundry facilities. Dan Sacks of Greystone originated the transaction. The loan carries a 12-year term, 30-year amortization schedule and three years of interest-only payments. Jack Miller of Platinum Capital Group placed the financing on behalf of the borrower, Goldcrest Properties.
TOTOWA, N.J. — NAI James Hanson has brokered the sale of a 119,592-square-foot industrial building located at 922 Riverview Drive in Totowa, located northwest of New York City. The property features 20- to 26-foot clear heights, 120 automobile parking spaces and 17,000 square feet of office space. Scott Perkins and Christopher Todd of NAI James Hanson represented the seller, 922 Riverview Drive Associates, in the transaction. McBride Corporate Real Estate represented the buyer, Innovative Cosmetic Concepts.
ROCHESTER, N.Y. — Blueprint Healthcare Real Estate Advisors has arranged the sale of The Shire Senior Living, a community located in the Upstate New York city of Rochester. The community features 200 beds of assisted living, as well as 42 standard apartment units. Ardent Senior Living sold the property to a New York-based owner-operator for an undisclosed price.
HULL, MASS. — Cornerstone Realty Capital has arranged a $6.5 million construction loan for a 42-unit multifamily project in Hull, a town located on Nantasket Beach. The property will consist of studio and one-bedroom units, as well as 1,600 square feet of ground-floor retail space. Units will feature stainless steel appliances, granite countertops and living areas with a mix of vinyl-wood flooring and carpeting. The loan carried an 85 percent loan-to-value ratio, 24 months of interest-only payments and a 30-year amortization schedule. A contingent of community bankers provided the financing. The borrower was not disclosed.