FRISCO, TEXAS — Marcus & Millichap has arranged the sale of Witt Crossing, a 6,907-square-foot retail strip center located in the northern Dallas suburb of Frisco. The asset was fully occupied at the time of sale. Bill Jordan of Marcus & Millichap represented the seller/developer in the transaction. Additional terms of sale were not disclosed.
NEW YORK CITY — JLL has arranged a $47.5 million loan for the refinancing of The 80th Street Residence, an assisted living facility in Manhattan. The property specializes in enhanced memory care and comprises 61 units and 70 beds. IDB Bank, a New York-based private and commercial bank, provided the loan. Peter Rotchford, Zach Rigby, Jason Skalko and Dillon Donald of JLL arranged the loan on behalf of property owners Wayne Kaplan and Larry Morehead.
WASHINGTON, N.J. — Italian restaurant Jenaro’s and Bison Coffee Co. have signed two retail leases totaling 6,400 square feet at Washington Square Town Center, a mixed-use development in Washington, located approximately 65 miles west of New York City. Jenaro’s will occupy 4,600 square feet and Bison Coffee Co. will occupy 1,800 square feet. Both restaurants plan to open in spring 2020. Rothman Medical Building occupies 40,000 square feet of the development, which also comprises 330 apartments, 100 townhomes, 30,000 square feet of retail space and a seniors housing community. The developer is a joint venture between Atkins Co. and Woodmont Properties.
WASHINGTON, D.C. — The U.S. affiliate of Swedish construction and development company Skanska AB has sold the 99M office building in Washington, D.C., to Chevy Chase, Md.-based Polinger Development Co. for $163 million. The transfer of the property is expected to close in the first quarter of 2020. Located at 99 M St. SE in D.C.’s Navy Yard neighborhood, the 11-story office building spans 234,000 square feet and is LEED Gold-certified. Built in 2018, 99M is 87 percent leased to tenants including PYXERA Global, an international trade and development nonprofit organization, and GiveCampus, a digital fundraising and volunteer management platform for educational institutions. In addition to ground floor retail, the building offers a rooftop terrace, fitness facility and a secured bike room.
NEWARK, N.J. — The Kislak Co. Inc. has brokered the $5.8 million sale of a four-property multifamily portfolio totaling 69 units in Newark.. The portfolio comprises four three-story apartment buildings within close proximity of each other, including 12 units at 48 Millington Ave., 16 units at 51 Summit Ave., 21 units at 535 Hawthorne Ave. and 20 units with a developable lot at 291 Wainwright St. Collectively, the properties were 100 percent occupied at the time of the sale. Robert Squires and Michael Kossak of Kislak represented the undisclosed seller in the transaction. Jeff Squires of Kislak procured the undisclosed buyer.
RALEIGH, N.C. — Developer East West Partners and equity partner Northridge Capital LLC have opened Crabtree Terrace in the Brookside Village neighborhood of North Raleigh. Located at 4950 Creedmoor Road, the 173,468-square-foot office and retail project was completed earlier this month and tenants are expected to occupy the building in January 2020. The tenant roster includes coworking company Spaces, JLL, Longleaf Law Partners and Perry’s Steakhouse & Grille. Designed by Gensler and Kimley-Horn, Crabtree Terrace has floor-to-ceiling glass throughout, as well as covered parking. The building offers nearby access to U.S. Routes 50 and 70 and the Capital Area Greenway trail system. In addition to the ground-floor retail, a fitness facility with showers is planned in the building. Brasfield & Gorrie served as general contractor, and CBRE | Raleigh’s Advisory & Transaction Services | Investor Leasing group and Retail Services group are handling the office and retail leasing for Crabtree Terrace.
FORT LAUDERDALE, FLA. — JLL has arranged $127.5 million in financing for EON at Flagler Village, a two-phase multifamily complex in Fort Lauderdale. JLL worked on behalf of the developer and borrower, Alta Developers LLC, to secure the three-year, floating-rate loan through Mack Real Estate Credit Strategies LP. Loan proceeds will be used to pay the existing construction loan on Phase I and will fund the construction of Phase II. Brian Gaswirth and Reid Carleton of JLL’s Capital Markets team represented Alta in the transaction. EON at Flagler Village is within walking distance of the new Virgin (formerly Brightline) train station in Fort Lauderdale. Phase I of EON at Flagler Village was completed in May 2019 and consists of 206 residential units and 3,320 square feet of retail. Amenities include a pool, outdoor grilling stations, fitness center and yoga room, pet facilities, a game room and lounges. Phase II, which is currently under construction, will consist of 270 residential units and 2,400 square feet of retail space. The second phase is anticipated to open by spring 2021.
SANDY SPRINGS, GA. — Atlanta-based Cortland has purchased The Hill, a 287-unit multifamily complex in Sandy Springs, a suburb of Atlanta in the city’s Central Perimeter submarket. Cincinnati-based developer North American Properties Inc. (NAP) sold the property at 1160 Johnson Ferry Road NE to Cortland for an undisclosed amount. The complex, which will be rebranded as Cortland at the Hill, features a fitness center with free group fitness classes, a dog park, pool area, grilling stations and a fire pit. The apartment complex is adjacent to the MARTA Medical Center station and near to both Ga. Highway 400 and Interstate 285, as well as a cluster of hospitals giving the neighborhood the nickname of “Pill Hill.” The property was 81 percent occupied at the time of sale. With this acquisition, Cortland now owns 37 assets and more than 11,900 units in metro Atlanta.
JACKSON, TENN. — Gladstone Commercial Corp. has acquired a 241,000-square-foot industrial facility in Jackson, approximately 80 miles northeast of Memphis, for $9 million. The facility is a build-to-suit industrial warehouse that is 100 percent leased to Berry Global Inc, a plastic packaging manufacturer. Buchanan Realty Group assisted seller FirstcChoice Property & Development in the sale. Completed in August 2019, Berry utilizes the warehouse primarily for the storage and distribution of products manufactured at its adjacent production facility. The building is located near Interstate 40 and U.S. Highway 412.
CHARLOTTE, N.C. — Childress Klein and CGA Capital have partnered to purchase the Uptown Charlotte site for Duke Energy’s future office tower. Located at 525 S. Tryon St., the 40-story Charlotte Metro Tower project is set for a 2022 completion. Construction is currently underway. Charlotte-based Childress Klein and Baltimore County-based CGA Capital have agreed to fully fund the development and construction of the project, which could total up to $675 million as per the purchase agreement with seller and future tenant Duke Energy (NYSE: DUK), an energy holding company based in Charlotte. “We look forward to working with Childress Klein and its team to fund the creation of a dynamic office tower and a terrific new addition to the city skyline,” says Kyle Gore, managing director and principal of CGA Capital. As part of the sale-leaseback agreement, the new ownership will enter into a long-term lease with Duke Energy at the tower upon completion. The development will span 1 million square feet of office and retail space and include a 1,100-space parking garage. Nuveen, a TIAA Company, is leading a debt investment group to help fund the development. The project team includes general contractor Batson-Cook Co. and architect tvsdesign, which …