NEW YORK CITY — Kassin Sabbagh Realty LLC has arranged the $17.1 million sale of a 67-unit multifamily building in the Bay Ridge neighborhood of Brooklyn. Located at 515 Ovington Ave., the 72,000-square-foot building was constructed in 1956 and offers studio, one-, two-, three- and four-bedroom floor plans. Jeffrey Znaty of Kassin Sabbagh represented the seller, Lang Development Corp., in the transaction. Znaty also represented the buyer, a locally based developer.
ALLENTOWN, PA. — The Kislak Company Inc. has brokered the sale of a 32,132-square-foot industrial property in Allentown. Located at 2330 26th St. SW, the single-story building was constructed in 1966 and features a clear height of 18.5 feet, four loading docks and one drive-in door. The property was fully leased at the time of sale. The property offers convenient access to Interstate 78, State Route 309 and the Pennsylvania Turnpike. Nearby airports include Lehigh Valley International Airport and the Trenton-Mercer Airport. Matt Weilheimer of Kislak Co. represented the undisclosed seller in the transaction. Davis Briones, also of Kislak Co., represented the buyer, Mitchell Partners Group LLC. The sales price was undisclosed.
MESQUITE, TEXAS — The City Council of Mesquite, located east of Dallas, has approved a proposal for a 280-acre industrial park, a project that is expected to generate about $200 million in capital investment in land, infrastructure and construction. Dallas-based Wynne/Jackson has been tapped to lead development of the project, preliminary plans for which call for six industrial buildings ranging in size from 120,000 to 1 million square feet. The site is located along the Interstate 20 corridor in an area of town known as Trinity Pointe Mesquite and will ultimately be able to accommodate as much as 3 million square feet of industrial space. The development team expects to break ground by early 2021, but notes that strong demand could necessitate an earlier start date.
SAN JOSE, CALIF. — A joint venture between Los Angeles-based AMCAL Equities and Northern California-based Swenson is developing The Grad, a student housing community in downtown San Jose. Situated within one block of San Jose State University, the 19-story, L-shaped building will feature 260 units totaling 1,039 beds. The top 17 floors will offer apartments, while building services and student amenities will occupy for first three levels, including double-height retail space on the ground floor. Interior, student-focused amenities will include a two-story lobby, yoga and spin studio, shared study rooms, computer center, multipurpose lounge area and leasing office/concierge desk. The property will feature an outdoor amenity deck with an exercise center with aerobic and weight equipment; a swimming pool with spa; sundeck; cabanas; barbeque grills; and picnic area. The amenity deck sits atop a three-story parking structure with a bicycle repair station and storage for 575 bicycles. Completion is slated for late summer 2020.
DALLAS — A partnership between Orlando-based ZOM Living and investment management firm Civitas Capital Group will develop Mezzo, a 378-unit multifamily project that will be located along the U.S. Highway 380 corridor in North Dallas. Designed by JHP Architecture, the garden-style property will consist of 13 three-story buildings with surface parking and attached garages, as well as Class A amenities. The first units are expected to be delivered in the third quarter of 2021, with preleasing beginning in summer 2021. Stanford Construction is the general contractor for the project. Synovus Bank provided construction financing.
MISSION, TEXAS — Bellomy & Co. has brokered the sale of A+ Storage, a 169-unit self-storage facility located in the Rio Grande Valley city of Mission. The property spans 24,100 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Harlingen, Texas-based seller and procured the Nebraska-based buyer in the transaction.
AUSTIN, TEXAS — Los Angeles-based developer CIM Group has completed a 44,000-square-foot creative office building located at 3601 S. Congress Ave. in Austin. The building is situated within Penn Field a 16-acre campus that was originally developed in 1918 as a U.S. Army air base and now houses tenants such as Deep Eddy Vodka, High Brew Coffee and Pandora. The new building can accommodate single or multiple users and features floor-to-ceiling windows and outdoor patios and terraces. AQUILA Commercial is handling leasing of the property.
LEWISVILLE, TEXAS — The Mansour Group, a division of Marcus & Millichap, has arranged the sale of an 80,038-square-foot office building in the northern Dallas suburb of Lewisville that serves as the headquarters of auto repair firm Caliber Collision. The property was built on 5.8 acres in 2006 and renovated in 2018. Alvin Mansour and Kevin Mansour of The Mansour Group represented the seller and buyer, both of which requested anonymity, in the transaction.
KT Urban Receives Approval for Westport Cupertino Seniors Housing, Multifamily Project in California
CUPERTINO, CALIF. — The City of Cupertino Planning Commission has approved the development of Westport Cupertino, a seniors housing and multifamily community in Cupertino. KT Urban is developing the property. The mixed-use project has now cleared all required approvals except the City Council, which plans to review the proposal in the next month. Located at 21267 Stevens Creek Blvd., Westport Cupertino will feature 206 senior living apartments, including 48 affordable units and 27 memory-care units, and 88 single-family units in a mix of row home and townhome styles. In addition, the development includes 20,000 square feet of retail. The site is located across the street from De Anza College and the Cupertino Senior Center. Community amenities will include an on-site library, theater, lounge, restaurant, café, roof deck and terrace, medical offices and exercise rooms providing a range of activities and support for senior residents. Additionally, the project will feature below-grade parking, electrical vehicle charging stations and bicycle parking. The project is a redevelopment of the former 71,254-square-foot Oaks Shopping Center, which sits on an 8.1-acre site. KT Urban’s original plan was rejected by the City Council in 2017, but the new proposal includes the addition of seniors housing and below-market-rate units. …
NORTH LAS VEGAS, NEV. — Northcap Commercial has directed the sale of Pair-A-Dice Mobile Home Park, located at 2067 N. Las Vegas Blvd. in North Las Vegas. An undisclosed buyer acquired the community from Pair-A-Dice Mobile Estates LLC for $5.4 million, or $39,781 per unit. Situated in an opportunity zone, the community features 137 mobile home units. Devin Lee, Jerad Roberts, Robin Willett and Jason Dittenber of Northcap Commercial represented the seller in the deal.