NEW YORK CITY — Apparel manufacturer American Exchange Time has acquired an 18,000-square-foot office condominium in the Midtown South neighborhood of Manhattan. The company purchased the entire 15th floor office condo, which benefits from an open layout, full height windows on all four sides and 13-foot ceilings slab-to-slab. Located at 420 Fifth Ave., the building includes a three-story atrium lobby and a large plaza entry. John Ciraulo, Craig Waggner and Doug Blankrot of Cushman & Wakefield represented the seller, AM Property Holding & Quality Capital USA, in the transaction. American Exchange Time was represented by Wayne Siegel of Advisors Commercial Real Estate.
MARLBORO, N.J. — Cushman & Wakefield Senior Housing Capital Markets has arranged the sale of The Solana Marlboro, a newly constructed, 79-unit assisted living and memory community in Marlboro. A joint venture between affiliates of Capitol Seniors Housing, Formation Development Group and Shelbourne Capital sold the property for an undisclosed price. The buyer was Kayne Anderson Real Estate. Chelsea Senior Living, the current operator, will continue to manage the community. Located approximately 20 miles south of New York City, the community is within a quarter-mile of a variety of shopping and entertainment options. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner and Sam Dylag.
NEW YORK CITY — Coworking company WeWork has signed a 236,000-square-foot lease at 1440 Broadway, a 25-story, 747,000-square-foot office building in Manhattan. WeWork’s space will consist of a newly constructed private entrance and lobby. The company will occupy floors 14 through 21 at the building. New York-based owner and developer CIM Group acquired 1449 Broadway in December 2017 and is currently executing a capital improvement plan at the building. The plan includes the renovation of the existing street entrance and lobby as well as a new roof deck amenity that will offer views of Bryant Park, Times Square and the Hudson River.
FORT WORTH, TEXAS — Crow Holdings Capital-Real Estate, in partnership with Rob Riner Cos., will develop a four-building, 1.1 million-square-foot industrial park in south Fort Worth. The project represents Phase II of a larger development and will deliver a 394,000-square-foot cross-dock facility, 294,000-square-foot cross-dock facility and two 187,000-square-foot front-load facilities. Construction of all four buildings is expected to begin during the first quarter of 2019. Holt Lunsford Commercial will market the properties for lease.
FARMERS BRANCH, TEXAS — Irving-based JPI has broken ground on Jefferson East Branch, a 390-unit multifamily property in Farmers Branch, a northern suburb of Dallas. Units will feature 10-foot ceilings, balconies and washers and dryers, and amenities will include a pool, fitness center and yoga studio, a 2,400-square-foot sky lounge and dedicated office space. The first units are slated for a third-quarter 2020 delivery. Texas Capital Bank provided financing for the project. WDG Architecture, Dement Designs and Kimley-Horn and Associates collaborated as the design team.
ROSENBERG, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Dolce Living Rosenberg, a 324-unit multifamily community in Rosenberg, a southwestern suburb of Houston. Built in phases in 2012 and 2014, the property features one-, two- and three-bedroom units and amenities such as a pool, Wi-Fi café, a fitness center, indoor basketball court, dog park and a business center. Will Balthrope, Drew Kile and Jennifer Campbell of IPA represented the seller, Dolce Living, and procured the buyer, Houston-based Ilan Investments.
FORT WORTH, TEXAS — Panoramic Doors has signed a 127,545-square-foot industrial lease at 15050 Frye Road in Fort Worth. According to LoopNet Inc., the property was built in 1987 and features 30-foot clear heights and 13 dock-high doors. Seth Koschak and Forrest Cook of Stream Realty Partners represented the tenant in the lease negotiations. Steve Koldyke and Brian Gilcrest of CBRE represented the landlord, Stonelake Capital Partners.
HUMBLE, TEXAS — Local developer Reign Enterprise Inc. will build a 14,350-square-foot, multi-tenant retail center on Will Clayton Parkway in the northern Houston suburb of Humble. Adam McAlpine of McAlpine Interests represented Reign Enterprise in the acquisition of the 1.7 acres on which the property will be built. Tom Condon Jr. of Colliers International represented the seller. A timeline for construction was not disclosed.
MAPLE GROVE, MINN. — The Opus Group has broken ground on a 204,000-square-foot industrial building in Maple Grove. The project, known as Arbor Lakes Corporate Center, is a collaboration between Opus and Inland Development Partners. The 13-acre site will first undergo environmental remediation to fully remove existing landfill and environmental pollutants from the former disposal and waste transfer site. The building will feature a clear height of 28 feet, 32 docks and two drive-in doors. Construction is slated for completion in late 2019. Chris Hickok and Dan Larew of JLL will market the property for lease.
ROCHESTER, MINN. — Monarch Investment & Management LLC has acquired The Gates of Rochester, a 413-unit apartment property in Rochester. The purchase price was not disclosed. Built in 1973 and situated on 22 acres, the property features 42 buildings. Keith Collins, Abe Appert, Ted Abramson and Ike Hoffman of CBRE represented the seller, Rochester Village Investors LLC.