NEW YORK CITY — Cushman & Wakefield has negotiated a 7,263-square-foot office lease for portfolio management firm Axium Infrastructure Inc. in the Plaza District of Manhattan. Axium leased the entire 21st floor of 527 Madison Avenue, an approximately 240,000-square-foot office building. The 26-story building was constructed in 1986. Jim Frederick and Gordon Hough of Cushman & Wakefield represented the landlord, Mitsui Fudosan America Inc., in the lease negotiations. CBRE represented Axium.
HOUSTON — Locally based firm Tema Development has begun renovating The Parklane, a 35-story residential tower located at 1701 Hermann Drive, just south of downtown Houston. Upon completion, the project will feature 195 residences that may be purchased or rented. Mirador Group is the architect, interior designer and landscape designer for the project. Construction of a new fitness center, amenity deck and lobby will begin in the fourth quarter, and completion of the entire project is slated for December 2021.
TULSA, OKLA. — New York-based private equity firm Wynmor Management has acquired London Square Apartments, a 173-unit multifamily community in Tulsa. The property was built in 1967 and spans approximately 150,000 square feet. Michael Sullivan of Berkadia represented the seller, a partnership between two California-based firms, National Holdings LLC and London Square-MBD LLC, in the transaction. The new ownership will implement a value-add program. Wynmor partnered with MD2 Property Group, a New York City-based property management firm to acquire and manage the property. Arbor Realty Trust provided acquisition financing.
ARLINGTON, TEXAS — QFC Industries, a Texas-based hardware supplier, has signed a 26,250-square-foot industrial lease at Forum 303 Crossing in Arlington. The company will occupy space at Building A, which spans 172,632 square feet, according to LoopNet Inc. Michael Stanzel of NAI Robert Lynn represented the tenant in the lease negotiations. Steve Koldyke of CBRE represented the undisclosed landlord.
IRVING, TEXAS — Stream Realty Partners has negotiated an 18,898-square-foot industrial lease at Jetstar Service Center, a 98,000-square-foot building located at 8181 Jetstar Drive in Irving. Ryan Boozer and Mac Hall of Stream Realty Partners represented the tenant, e-commerce firm Fulfillment by Eagle LLC, in the lease negotiations. Transwestern represented the landlord, Denver Third Creek LLC.
HOUSTON — NAI Partners has arranged the sale of a 10,656-square-foot industrial building located at 6921 Homestead Road in Houston. Zane Carman and Clay Pritchett of NAI Partners represented the buyer, TNT Equipment Co., an Ohio-based provider of scaffolding and construction rental equipment, in the transaction. Zack Taylor and Lawton Anderson of Moody Rambin represented the undisclosed seller.
WEST POINT, GA. — CIG Capital has provided a $125 million construction loan for The Villages at West Point, a planned 624-unit affordable housing community in West Point. The Villages will sit on 70 acres within one mile from West Point Lake and Campground. CIG Capital provided the loan to the development team, which includes Utah-based American Development Corp., which specializes in developing multifamily charter schools. The Villages will offer onsite parking facilities for residents’ boats, recreational vehicles and camp trailers. The developers plan to hold a ribbon-cutting ceremony in late August. West Point is situated near the Georgia-Alabama border along Interstate 85.
PLANTATION, FLA. — Newmark Knight Frank (NKF) has negotiated the $53.5 million sale of a two-property, 398-unit multifamily portfolio in Plantation. The communities, Hamlet Plantation and The Continental Apartments, are located less than one mile from each other and six miles west of downtown Fort Lauderdale. Each property offers one- and two-bedroom floor plans, and each was recently renovated to include new roofs, paint and impact glass windows. Tal Frydman, Avery Klann, Hampton Beebe, Tyler Minix and Jonathan Senn of NKF represented the seller, Jenco Properties, in the transaction. Canadian investment firm Prism Multifamily Group acquired the assets.
ELKRIDGE, MD. — Merritt Properties has acquired The Lyndwood Executive Center, a two-building, 165,000-square-foot office campus in Elkridge. BentallGreenOak’s U.S. Core Fund sold the buildings for an undisclosed amount. The assets were 98 percent leased at the time of sale to 14 tenants. The Lyndwood Executive Center is located at 6085-6095 Marshalee Drive, 14 miles southwest of downtown Baltimore. Jonathan Carpenter and Graham Savage of Cushman & Wakefield represented the seller in the transaction.
BUFORD, GA. — Olympic Steel Inc. has opened a 120,000-square-foot metal processing facility in Buford. Olympic Steel will use the facility as its flat rolled fabrication hub. From the Buford facility, the metal will be moved to a property in Winder, Ga., where it will undergo first-stage metal processing and distribution. The Buford property is located at 3525 Gravel Springs Road, two miles from Interstate 85 and 37 miles northeast of downtown Atlanta. Olympic Steel plans to host an opening event and offer tours of the new facility later this year.
