NORWOOD, MASS. — Organogenesis, which provides regenerative medicine for the surgical and sports medicine fields, has leased 43,850 square feet of lab and manufacturing space at 333 Providence Highway in the Boston suburb of Norwood. The single-story building consists of 86,450 square feet of office, lab and flex space. Rob Byrne, Paul Leone, Ryan Romano, George O’Connor and Philip Verre of Cushman & Wakefield represented the landlord, The Davis Companies, in the lease negotiations. Landmark Real Estate Advisors represented the tenant.
HENDERSON, NEV. — MAXX Properties has purchased Villas at Green Valley, a multifamily property located in Henderson, for an undisclosed price. The name of the seller was not released. Developed in 1984 and 1986, Villas at Green Valley features 609 apartments spread across 38 buildings. The community offers one-, two- and three-bedroom floor plans with an average unit size of 781 square feet. Community amenities include two swimming pools, a spa, fitness center, playground, sports court, two dog parks, picnic pavilions with barbecue grills, parcel lockers, business center and resident lounge with game room. MAXX plans to complete a modernization program at the property, including improvements to the clubhouse, all common areas and unit interiors. The acquisition was partially capitalized through the sale of Cedar Run Apartments in Denver. Additionally, MAXX entered into a long-term, fixed-rate mortgage loan with Fannie Mae. KeyBank served as the originator and placement agent for the transaction.
MOUNTLAKE TERRACE, WASH. — A partnership between Security Properties and Rockwood Capital has acquired Taluswood, a multifamily property located in Mountlake Terrace. Neither the acquisition price nor the seller’s name were released. Originally built in 1987 and situated on 41 acres, the asset features 512 apartment units. The buyer plans to renovate the unit interiors, update the common areas and paint the exteriors. Security Properties Residential, an affiliate of Security Properties, will manage the community.
PORTLAND, ORE. — San Diego-based Pathfinder Partners has completed the disposition of Sienna Lofts, a multifamily property located in Portland’s Gresham neighborhood. San Diego-based Street Properties LLC and Street Properties Inc. acquired the asset for $14 million. Located at 22744 S.E. Stark St., Sienna Lofts features eight studio units, 63 one-bedroom units and four two-bedroom units, with an average unit size of 747 square feet. The apartments feature stainless steel appliances, modern-style laminate countertops, glass mosaic backsplash, upgraded plumbing and electrical fixtures, in-unit washers/dryers and new flooring. The property was built in 2004 as a for-sale condominium community. However, since Pathfinder’s acquisition in 2016, the property has been operated as a rental community.
FAIRFIELD, CALIF. — Capital Rivers Commercial has brokered the sale of Oakmont Plaza, a shopping center in Fairfield. San Diego-based The Niki Group acquired the property from a Fairfield-based private investor for $11.2 million. FoodMaxx anchors the 105,000-square-foot retail center, which also includes a freestanding Chase Bank and O’Reilly Auto Parts in addition to 35,000 square feet of in-line space. Additional tenants include Mountain Mikes Pizza and Check to Cash. Greg Aguirre and Frank Kozlowski of Capital Rivers Commercial represented the seller, while Brandon Norton of John Cumbelich & Associates represented the buyer in the deal.
CHEYENNE, WY. — Pinnacle Real Estate Advisors has arranged the sale of an apartment building, located at 4700 Mountain Road in Cheyenne. Mountain Elk Ridge sold the property to an undisclosed buyer for $7.5 million. The apartment building features 112 residential units. Jeff Johnson and Andrew Monette of Pinnacle Real Estate Advisors represented the seller in the transaction.
MONROE, GA. — Hitachi Automotive Systems Americas Inc., a global supplier of automotive parts, has announced a massive, multi-year expansion of its manufacturing plant in Monroe, approximately 45 miles east of Atlanta. Georgia Gov. Brian Kemp announced on Friday, May 17 that Hitachi will invest anywhere from $100 million to $330 million in expanding its existing facility. The project is expected to bring an additional 100 jobs to Walton County. The parent company of Hitachi Americas, Hitachi Automotive Systems Ltd., is headquartered in Tokyo and manufactures engine powertrain systems, electric powertrain systems and integrated vehicle control systems. The company opened its first facility in Georgia in 1997 and currently employs more than 900 people in the Peach State, making it the largest employer in Walton County. The expansion project will be unveiled in phases over the next five years, according to The Atlanta Journal-Constitution, and parts produced at the plant will continue to be sold to major automotive companies like Ford, General Motors, Honda and Nissan. Hitachi cited larger growth in the automotive industry and the strength of the local workforce as the key incentives behind the expansion project. “It’s our goal at the Georgia Department of Economic Development to …
Memphis continued its record-setting ways throughout 2018. Absorption was higher than 2017 by over 735,000 square feet for a total of 6.7 million square feet. Overall vacancy rates fell below 6 percent for the first time in recent history. As of Jan. 1, 2019, vacancy rates were at 5.8 percent. One would think this would come at the expense of rental rates, however, rental rates stayed constant at $2.77 per square foot until year-end. This represents a slight increase of 10 cents per square foot over 2017. With an industrial market exceeding 270 million square feet, it’s no wonder how Memphis got its name as “America’s Distribution Center.” Memphis International Airport is the second largest cargo airport in the world, home to 400 trucking companies, the third busiest trucking corridor (Interstate 40 to Little Rock), one of only four cities to be served by five long-haul Class 1 rail systems, the fourth largest inland port and the second largest stillwater port. Home to the FedEx World Hub, as well as UPS and USPS hubs all operating 24 hours a day, 365 days a week, Memphis provides the most cost-effective distribution and logistics operations in the country. While Memphis has been …
HOUSTON — Fort Worth-based Trademark Property Co. has been tapped by MetroNational, the owner of Memorial City Mall in Houston, to redevelop the 1.7 million-square-foot shopping center. Redevelopment plans include reimagining the south side of the mall, which recently saw its anchor tenant Sears close its doors, as well as creating additional public spaces and adding more entertainment uses. The mall is located along the Interstate 10 corridor, just inside Beltway 8, and is part of the 265-acre Memorial City mixed-use development. A timeline for construction has not yet been established.
DALLAS — HFF has negotiated the sale of several office and retail buildings totaling 421,617 square feet within Victory Park, a 75-acre mixed-use development in Dallas. Ryan Shore, Barry Brown and Chris Gerard of HFF represented the seller, Orlando-based investment firm Estein USA. Charlotte-based Asana Partners purchased the properties for an undisclosed price in an off-market transaction. The Victory Park area, located where Uptown and downtown Dallas converge, houses approximately 3,500 apartments, 1.5 million square feet of office space, the W Dallas Hotel and American Airlines Center, home of the Dallas Mavericks and Stars.