TOMBALL, TEXAS — E.E. Reed Construction has completed the Suez WTS USA Water & Process Technologies Laboratory project, which delivered a 44,000-square-foot industrial facility in Tomball, a northern suburb of Houston. Designed by SmithGroup, an integrated design firm with 13 offices in the United States, the tilt-wall facility includes office space. The facility houses 80 employees.
HAZLETON, PENN. — An affiliate of Endurance Real Estate Group LLC has acquired a 242,960-square-foot industrial building in Hazleton, about 100 miles north of Philadelphia. The property, which is located about a mile from Interstate 81, currently serves as a warehouse/distribution facility with a clear height of 32 feet. Endurance, which is headquartered in metro Philadelphia, acquired the asset from Wisconsin-based printing company Quad Graphics, which is also the building’s former occupant. Endurance plans to implement a capital improvement program that will deliver as new roof, 13 new dock doors, an ESFR sprinkler system, new LED lighting throughout the space and landscaping improvements. John Plower, Chuck Rosien, Kim Jacobsen and Ryan Cottone of JLL brokered the deal on behalf of Quad Graphics.
SMITHFIELD, R.I. — High Purity New England Inc., a manufacturer and distributor of products for the pharmaceutical industry, has signed a 32,025-square-foot flex lease at Smithfield Office Center, about 15 miles northwest of Providence. Dan Cregan of CBRE represented High Purity New England in the lease negotiations. Alden Anderson, also of CBRE, represented the landlord, Thurber Properties LLC. Smithfield Office Center is a 38-acre, 180,000-square-foot campus located off Route 7 at the junction of Interstate 295.
FORT COLLINS, COLO. — Phoenix Realty Group (PRG), through an affiliated entity and with a third-party partner, has expanded its presence in Colorado with the purchase of Argyle at Willow Springs, a Class B apartment community in Fort Collins, approximately 65 miles north of Denver. Terms of the acquisition were not released. PRG will operate the community and plans to renovate, upgrade and modernize the property. Argyle at Willow Springs will be rebranded as Alvista Harmony. Built in 1999 on 18.7 acres, the asset comprises 16 three-story buildings offers a total of 280 apartment units. Units feature one-, two- and three-bedroom floorplans with washers/dryers and fully-equipped kitchens. On-site community amenities include a leasing center, newly remodeled clubhouse, business center, 24-hour fitness center with separate yoga/exercise room, pool and sundeck with built-in gas grills, dog park, playground, carports and garage parking.
CHANDLER, ARIZ. — Dallas-based Jackson-Shaw and Las Vegas-based LaPour Partners have broken ground for Parc Germann, a two-building urban industrial development in Chandler. Totaling 224,471 square feet, Parc Germann will feature flexible industrial space broken down into a 92,261-square-foot Building A, located at 2215 E. Germann Road, and 132,210-square-foot Building B, located at 2225 E. Germann Road. Each building will feature modern, flexible industrial space designed to accommodate office, showroom, manufacturing, distribution, assembly and a variety of other industrial uses. The project will include front-loaded buildings featuring true dock-high space, a full concrete truck court and the ability to have outside storage. Pat Harlan and Kyle Westfall of JLL’s Phoenix office will manage the leasing assignment for the development.
LOMA LINDA AND RIVERSIDE, CALIF. — Capital One has funded a total of $56.7 million in Fannie Mae fixed-rate loans for the refinancing of two age-restricted apartments communities in Southern California. The transactions consist of a $36.7 million loan for Loma Linda Springs, a 444-unit community in Loma Linda, and a $20 million loan for Victoria Springs, a 240-unit property in Riverside. Spruce Grove, the sponsor, was founded in 1964 and has built and managed a diversified commercial real estate portfolio. Chuck Christensen of Capital One Multifamily Finance’s office in Newport Beach, Calif., originated the interest-only loans, which both have a term of 15 years. Both communities feature fitness centers and swimming pools. A portion of the residents at the communities have Section 8 vouchers. Additionally, 17 furnished units at Loma Linda Springs are rented on the short-term leases to cancer patients being treated at nearby Proton Therapy Treatment and Research, part of Loma Linda University Medical Center.
COMMACK, N.Y. — The commercial real estate group of community bank Washington Trust has provided a $13.5 million loan for the refinancing of a 143-room Hampton Inn hotel located in Commack, a city on Long Island. The five-story hotel, which was built in 1988, is situated near the Long Island Expressway and offers standard amenities such as a pool, fitness center, a business center and meeting space. The borrower, an affiliate of hospitality owner-operator Chartwell Hotels, will use part of the proceeds to upgrade the lobby, refurnish the guestrooms and expand the exercise room. Specific loan terms were not disclosed.
SAN DIEGO — Voit Real Estate Services has negotiated the purchase of Cornerstone Office Center, located at 6020 Cornerstone Court West in San Diego’s Sorrento Mesa submarket. A private investor acquired the property from Newport Beach, Calif.-based MIG Real Estate for $9.5 million. Todd Holley of Voit Real Estate Services represented the buyer, while Louay Alsadek and Hunter Rowe of CBRE represented the seller in the deal. At the time of sale, Cornerstone Office Center was 100 percent leased. The three-story property features 43,210 square feet of Class B office space. Tenants include Motive Interactive, Rohm Semiconductor and Microchip Technologies.
NEW YORK CITY — JLL has negotiated the sale of a 12,452-square-foot mixed-use building in Manhattan for $11.5 million. The property, which includes residential and retail space, is situated between the Empire State Building and the Flatiron Building in the borough’s Midtown area and offers proximity to several subway stations. Brendan Maddigan, Stephen Palmese, Winfield Clifford, Ethan Stanton, Michael Mazzara and Clint Olsen of JLL represented the seller, local investment firm, Tsoumpas 157 Group LLC, in the sale. The buyer was private investor Shaun Ajodan.
LAWRENCEVILLE, N.J. — Marcus & Millichap has arranged the sale of Princeton Plaza, a 29,600-square-foot retail center in Lawrenceville, located roughly midway between New York City and Philadelphia. The asset, which was fully occupied at the time of sale, fetched a sales price of $2.9 million. Shannon Bona led the Marcus & Millichap team in marketing the property on behalf of the seller, a private investor, with help from Mark Taylor and Derrick Dougherty of Marcus & Millichap. Brian Hosey of Marcus & Millichap acted as the broker of record. Additional terms of the sale were not disclosed.