LACEY, WASH. — Marcus & Millichap has arranged the sale of Stowaway Mini Storage, a self-storage facility in Lacey. An undisclosed buyer acquired the property from limited liability company for $2.6 million, or $136 per rentable square foot. Stowaway Mini Storage consists of two non-contiguous parcels located at 927 Bowker St. SE and 5235 Lacey Blvd. The property features 19,100 square feet of self-storage spaces with units in a variety of sizes. Christopher Secreto of Marcus & Millichap’s Seattle office represented the seller, while Matt Gardner, also of Marcus & Millichap Seattle, represented the buyer in the transaction.
HOUSTON — GID Development Group has broken ground on Phase II of Regent Square, a mixed-use project located at West Dallas and Dunlavy streets near Buffalo Bayou Park in Houston. Designed by Boston-based architecture firm CBT, Phase II will consist of 50,000 square feet of retail space, a 600-unit apartment building and activated community space. The retail space is expected to be available for occupancy by the first quarter of 2021, and the residential component is slated to be complete by the third quarter of 2021. Phase I of the project was completed in 2014. Arch-Con is the general contractor, and JLL is handling leasing of the retail space.
TULSA, OKLA. — Covenant Living Communities and Services has acquired Inverness Village, a continuing care retirement community (CCRC) in Tulsa, for an undisclosed price. As part of the transition, the community will be rebranded as Covenant Living at Inverness. The community opened in 2003 and features 196 independent living apartments, 40 cottages, 20 garden homes, 31 assisted living apartments, 12 memory care units and 44 skilled nursing rooms. The property sits on 192 acres. Covenant Living also owns and operates a senior living rental independent and assisted living community in Bixby, Okla. Covenant Living at Bixby has been in operation for five years.
DALLAS AND FORT WORTH, TEXAS — New York-based Arbor Realty Trust Inc. has provided five loans totaling $68.6 million for the refinancing of a portfolio of multifamily properties in the Dallas-Fort Worth (DFW) metroplex. The portfolio spans approximately 1,100 units. Vincent Chiodo of Arbor Realty Trust provided the loans, all of which carried 12-year terms, fixed interest rates and six years of interest-only payments, through Fannie Mae. The property names and borrowers were not disclosed.
SAN ANTONIO — Locally based developer Worth & Associates has begun leasing Austin Highway Business Center, an 83,713-square-foot office conversion project situated on 10.5 acres in northeast San Antonio. Worth acquired the property, which formerly served as a data center for Frost Bank, in spring 2018 and upgraded its entrance, lobby, break room and outdoor recreational areas. Austin Highway Business Center, which is being marketed to call center and back-office users, also includes 162 covered parking spaces.
CARROLLTON, TEXAS — NAPCO Bag & Film, a provider of bags to a variety of industries, has signed an 81,535-square-foot industrial lease at 2908 Commodore Drive in the northern Dallas suburb of Carrollton. Greg Nelson of Paladin Partners represented the tenant in the lease negotiations. Michelle Hudson and Tom Hudson of Hudson Peters Commercial represented the landlord, ML Realty Partners.
ROSELAND, N.J. — JLL has arranged $117.8 million loan for the refinancing for Everly Roseland, a 360-unit apartment community located in Roseland, a western suburb of New York City. An international bank provided a $96.3 million senior loan while J.P. Morgan Asset Management provided a $21.5 million mezzanine loan to refinance the existing loan and complete unit renovations. The property offers a mix of one-, two- and three-bedroom floor plans with amenities including a newly constructed clubhouse, fitness center, pool and tennis court. Michael Klein and Matthew Pizzolato of JLL arranged the loan on behalf of the borrower, Novel Property Ventures.
NEW YORK CITY — A partnership between multifamily owner-operator Fairstead and investment firm Meadow Partners has acquired The Chocolate Factory Lofts, a 125-unit apartment building in Brooklyn, for $67.25 million. The converted Tootsie Roll factory at 275 Park Ave. is situated one block from the Brooklyn Navy Yard and the new Wegmans flagship grocery story. Daniel Parker, Paul Gillen and Kyle van Buitenen of Hodges Ward Elliott represented the sellers, HK Organization and Brickman Real Estate, in the transaction.
BOSTON — Kitchen remodeling firm Express Kitchens plans to significantly increase its Massachusetts footprint in 2020 by opening three new retail stores and five new showrooms in and around the Boston area. Express Kitchens will open stores in the suburbs of Lynn, Watertown, Dedham, Peabody, Reading, Medford, Brockton and Weymouth. Showrooms will display a range of kitchens, cabinets and countertops, which customers will be able to purchase for their homes in-store or from the company’s website.
LEXINGTON, MASS. — Newmark Knight Frank (NKF) has negotiated a 14,764-square-foot office lease for pharmaceutical company KabaFusion in Lexington, a northwestern suburb of Boston. The company is moving its headquarters from a 3,500-square-foot space in Waltham to 80 Hayden Avenue, a 43,208-square-foot, three-story office building primarily leased to life sciences tenants. Mark Roth, Matt Malatesta, Brendan Daly and Brianna Piacitelli of NKF represented the landlord, Marwick Associates, in the lease negotiations. Jack Whelan and Michael O’Leary represented KabaFusion.