NEW YORK CITY — RDC Development has completed its redevelopment of Ocean Bay Apartments, a project valued at $560 million. Ocean Bay, which houses 1,395 units and nearly 4,000 residents, was damaged in a storm and forced to undergo a two-year rehabilitation project that featured renovated kitchens, bathrooms and bedrooms. The rehab project also saw the replacement of roofs, as well as upgrades to elevators, utility systems and public hallways. RDC financed the redevelopment through HUD’s Rental Assistance Demonstration (RAD) program, which stipulates that the refreshed units remain affordable to low-income households.
NEW YORK CITY — Justworks, a provider of payroll, HR and compliance software, has signed a 270,000-square-foot office lease at 55 Water St. in Manhattan. Beginning in the second quarter of 2020, the company will relocate to the 3.8 million-square-foot complex, more than doubling the size of its current space at 601 W. 26th St. Howard Fiddle, Evan Haskell, Brad Gerla, Dave Caperna and Mary Ann Tighe of CBRE represented the landlord, New Water Street Corp., a subsidiary of the Retirement Systems of Alabama, in the lease negotiations. Chris Helgesen, Peter Trivelas, Dirk Hrobsky and Gary Ceder of Cushman & Wakefield represented Justworks. The average asking rent at 55 Water St., which was recently repositioned, is $58 per square foot.
REHOBOTH BEACH, DEL. — Axilla Capital, a Michigan-based finance and advisory firm, has arranged a $12 million CMBS loan. The funds will refinance a Fairfield Inn & Suites hotel in the coastal Delaware city of Rehoboth Beach. Joel Mazur and Tom Fleming of Axilla arranged the loan, which carries a fixed interest rate below 5 percent and a 10-year term, on behalf of an undisclosed borrower. The lender was also undisclosed
KENOSHA, WIS. — Silgan Containers has inked a deal to lease 525,000 square feet at an industrial building in Kenosha. The facility, known as Zilber Industrial 1, is located within Kenosha Corporate Park and owned by Zilber Property Group. Silgan, a metal food packaging provider, is scheduled to begin operations at the facility this month. Scott Furmanski of CBRE represented Silgan in the lease transaction. Michael Kleber of Zilber, in partnership with Whit Heitman and Sam Badger of CBRE, represented Zilber.
ROSEMONT, ILL. — Syndicated Equities Group, in a joint venture with Nath Cos., has acquired the Hilton DoubleTree and Embassy Suites hotels in Rosemont for an undisclosed price. The separate hotels are located along River Road approximately one mile from Chicago O’Hare International Airport. The DoubleTree has 369 rooms while the Embassy Suites has 294 rooms. As part of the acquisition, new franchise agreements were secured with Hilton. Nath will serve as the manager.
CHICAGO — Essex Realty Group Inc. has brokered the sale of The Portage Park Theater Apartments in Chicago’s Portage Park neighborhood for $6.3 million. The property, located at 4044-4060 N. Milwaukee Ave., consists of 34 apartment units. It also features four fully leased commercial spaces totaling 5,460 square feet. All of the apartments and storefronts were fully renovated in 2017. Doug Imber, Kate Varde and Clay Maxfield of Essex brokered the transaction. The buyer and seller information was not disclosed.
DETROIT — Encore Real Estate Investment Services has arranged the sale of Redford Marketplace in Detroit for an undisclosed price. The two-building retail property serves as an outparcel to a Meijer store. The 12,046-square-foot center is home to eight tenants. Evan Lyons, Brandon Hanna and Deno Bistolarides of Encore represented the seller, development firm Lormax Stern. An East Coast-based private investor purchased the asset while completing a 1031 tax-deferred exchange.
BLUE SPRINGS, MO. — Comfort Dental has signed a 10-year lease at a building formerly occupied by Blockbuster in Blue Springs, 19 miles east of Kansas City. The 3,000-square-foot building is located at the intersection of Highway 7 and Highway 40. Marshal Blount and Phil Peck of Block & Co. Inc. Realtors represented the owner, MJP 40 Highway LLC. Mohammed Starks of Square State Realty represented Comfort Dental.
NEW YORK CITY — Global asset manager Investcorp, which is based in Bahrain and has its U.S. office in New York City, has acquired 11 multifamily properties totaling 2,615 units across the United States. The sales price was $370 million. The properties are located throughout six primary markets: Orlando, Tampa, Raleigh, Atlanta, Philadelphia and St. Louis. Madison Apartment Group, an affiliate of the seller, Philadelphia-based Equus Capital Partners, will continue to manage the communities after overseeing capital improvement programs at each property. The portfolio was approximately 95 percent leased at the time of sale with an average construction date of 1994 and an average unit size of 1,020 square feet. Equus acquired the properties between 2013 and 2015 and collectively spent about $20 million upgrading them. “The portfolio is positioned to deliver an attractive, stable and predictable cash flow for the new venture with Investcorp, while at the same time the markets continue to support further enhancement opportunities and ability to push rents higher,” says Christopher Locatell, senior vice president and director of dispositions for Equus. Investcorp executives noted that the deal marked the firm’s largest real estate acquisition in the United States in the last decade, and was appealing …
SOUTH FULTON, GA. — Adams & Co. Real Estate Inc. will break ground on a 48,387-square-foot Publix this fall within its Sandtown Crossing mixed-use project in South Fulton. The new Publix will be flanked by two 8,200-square-foot buildings and is scheduled to open in fall 2020. The grocer will join a CVS/pharmacy, 15,000 square feet of retail space and 18,000 square feet of office space. Sandtown Crossing is situated on the corner of Camp Creek Parkway and Campbellton Road, 15 miles west of downtown Atlanta.