AUSTIN, TEXAS — A partnership between two investment firms, Austin-based Fortum and Denver-based Quannah Partners, has purchased a roughly 6,000-square-foot retail building in Austin with plans to implement a redevelopment. According to LoopNet Inc., the building at 1612 S. Congress Ave., which is located just south of downtown, was originally constructed in 1935. Ownership plans to undertake both an adaptive reuse of the existing structure and an expansion to bring the building’s footprint to roughly 10,700 square feet.
RALEIGH, N.C. — Kane Realty Corp. has broken on Tributary, a multifamily community located within the North Hills Innovation District (NHID) in Raleigh’s North Hills neighborhood. Set to open in spring 2028, the mid-rise property will include 332 apartments, 6,000 square feet of ground-level retail space, two courtyards, a digital content creation studio, wellness center and new greenway connections. The design-build team includes architect Hickok Cole, general contractor John Moriarty & Associates and civil engineer McAdams. Kane Realty is working with the City of Raleigh for Tributary and future phases of NHID to integrate into the city’s road and greenway infrastructure. Additionally, Kane Realty has acquired 28 acres to expand NHID and recently brought in Los Angeles-based McCourt Partners as a development partner. Future projects within NHID will include a residential high-rise and a mixed-use building next to Tributary, as well as mixed-use development along I-440 and pop-up retail and programming. Hush Salon recently opened below Tower 5 at NHID, and upcoming openings include Benchwarmers Bagels and Standard Beer + Food.
NEW ORLEANS — JLL has arranged a $61 million loan for Energy Centre, a 757,257-square-foot office tower located at 1100 Poydras St. in New Orleans. Situated in city’s central business district, the Class A, 39-story building is the fourth-tallest property in New Orleans, according to JLL. Scott Aiese, Alex Staikos and Clayton Ross of JLL arranged the fixed-rate, five-year permanent loan on behalf of the borrower, Triangle Capital Group. Fully renovated in 2009, Energy Centre was 86.4 percent leased at the time of loan closing to a tenant mix that includes legal, finance, medical and other professional services, with a weighted average lease tenure (WALT) of nearly 18 years.
HUNTSVILLE, ALA. — A joint venture between Essex Capital and Ascend Property Group has begun leasing at The Residences at Front Row, a 545-unit multifamily community in downtown Huntsville. Move-ins for the first 190 apartments are targeted for June, according to the development team. The property is the first phase of Front Row, a $220 million mixed-use development that will feature residences, offices and 50,000 square feet of shops and restaurants surrounding a central green space, as well as art installations and outdoor patios. In addition to Essex Capital and Ascend, the development team of The Residences at Front Row includes affiliates of Silverstein Properties, Cantor Fitzgerald and Arctaris Impact Investors. Other project team members include Crunkleton Associates (retail broker), Torti Gallas + Partners and Matheny Goldmon (architects), Vida Design (interior designer), ARCO/Murray (general contractor) and The VOREA Group (construction oversight).
GLASTONBURY, CONN. — CBRE has brokered the $27.7 million sale of an office complex within the Somerset Square mixed-use development in Glastonbury, located just southeast of Hartford. The two-building, 185,000-square-foot complex was 95 percent leased at the time of sale to 38 tenants, including Wells Fargo, Merrill Lynch and RBC Capital Advisors. John McCormick, Anna Kocsondy, Jeffrey Dunne and Steve Bardsley of CBRE represented the undisclosed seller in the transaction. The buyer was a New York-based entity doing business as Unified Holdings of Glastonbury LLC.
LANCASTER, CALIF. — Jensen Infrastructure, a provider of construction and engineering solutions since 1968, has acquired a 100-acre site at the northeast corner of 30th Street and Avenue G in Lancaster from Northpoint for $46 million. Jensen has retained Proficiency Capital to develop a 400,000-square-foot regional manufacturing facility on the site. Jensen will use the facility to serve all of Southern California and portions of Nevada. Construction is slated to commence in first-quarter 2026 with completion scheduled for March 2027. Fullmer Construction is serving as general contractor for the development. Hunter McDonald of JLL represented Jensen Infrastructure in the acquisition.
CARLSBAD, CALIF. — Barker Pacific Group (BPG) has purchased The Quad, a Class A office campus in Carlsbad from Regent Properties for an undisclosed price. Aric Starck and Drew Dobbs of Cushman & Wakefield represented the seller in the deal. Matty Sundberg of CBRE provided leasing advisory support. Located at 5740, 5750, 5760 and 5770 Fleet St., The Quad features 179,537 square feet of office and R&D space spread across four two-story buildings with typical floor plates between 21,000 square feet and 24,500 square feet. At the time of sale, The Quad was 73 percent occupied. Current tenants include Jazz Pharmaceuticals, Arlo, Rueb Stoller Daniel and Islands Restaurants. BPG has assumed management of the property, which was built in 1999, and plans to enhance the campus with the addition of pickleball courts and a refreshed building aesthetic. Existing amenities include bike racks, electric vehicle charging stations, a fitness facility with locker rooms and showers, outdoor patio seating, a bocce ball court and table tennis, public Wi-Fi, ocean views, exterior balconies in select suites and onsite property management.
NEW YORK CITY — Resolution Real Estate, a member of NAI Global, has arranged the $9.4 million sale of an 18,500-square-foot office and retail building in Midtown Manhattan. The seven-story building at 5 E. 47th St. was completed in 1920 and was vacant at the time of sale. Jonata Dayan and Jeffrey Zund of Resolution Real Estate represented the buyer, Liberty Bagels, which plans to occupy about half the space, in the transaction. David Schectman, Abbe Kassin and Lipa Lieberman of Meridian Capital Group represented the seller, private investor Walter Samuels.
TUKWILA, WASH. — InSite Property Group has acquired Tukwila Self Storage, a 53,200-square-foot self-storage facility in Tukwila. Terms of the transaction were not disclosed. Located at 5950 Southcenter Blvd., Tukwila Self Storage features 621 climate-controlled units. Jacob Becher, Nat Fliflet, Dan Haddock and Harrison Cohen of Colliers represented InSite in the acquisition.
SAN DIEGO — PSRS has arranged the $5.7 million refinance of a two-property multifamily portfolio in San Diego. Totaling 24 units, the portfolio consists of an eight-unit building and a 16-unit complex, both of which have undergone interior and exterior renovations as recent as 2020. Trevan Swierczewski and Alexander Santulis of PSRS executed the internal refinance with the existing bank lender, negotiating a prepayment penalty reduction to capture a dip in Treasuries. The resulting nonrecourse loan features a five-year, fixed-rate term and competitive interest-only pricing.