BURLINGTON TOWNSHIP, N.J. — NAI Mertz has brokered the sale of a 46,000-square-foot warehouse in Burlington Township. The price was not disclosed. Located at 308 Connecticut Drive, the property features 21-foot clear heights and is situated alongside Interstate 295. Jonathan Klear of NAI Mertz represented the buyer, Burton Real Estate, in the transaction. The seller, Merchant & Evans Industries, will remain as a tenant in the building.
NEW YORK CITY — Marcus & Millichap has negotiated the $1.2 million sale of a 3,500-square-foot mixed-use building in Brooklyn. The property is located at 1001 39th St. John Brennan and Samuel Finkler of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
HOUSTON — Plano, Texas-based investment firm Granite Properties has purchased Eldridge Place, a three-building, 824,632-square-foot office complex in Houston’s Energy Corridor area, for $78.4 million. Granite Properties will invest $20.6 million in capital improvements to the lobbies, mechanical systems and amenity spaces, which include a conference center, fitness center and a café. Jeff Hollinden and Marty Hogan of HFF represented seller, TIER REIT Inc. (NYSE: TIER), in the transaction. Scott Martin and Paul Bennett represented Granite Properties internally.
HOUSTON — Wulfe & Co., a Houston-based full-service firm specializing in retail properties, has released its annual retail survey stating that approximately 2.5 million square feet of new shopping center space will open in the Houston area in 2019. The survey noted that average annual deliveries over the last decade were roughly 2.7 million square feet, and that overall retail occupancy should remain around 95 percent this year. The report also notes that according to the Greater Houston Partnership, the city added more than 111,000 new jobs in 2018 and is currently sitting at 3.9 percent unemployment.
TEXARKANA, TEXAS — Marcus & Millichap has brokered the sale of Payless Storage Inc., a 587-unit facility located at 927 N. Robison Road in Texarkana, located near the Arkansas border. Situated on 15 acres, the property spans two buildings offering 87,600 net rentable square feet. Brandon Karr and Danny Cunningham of Marcus & Millichap’s Karr Self Storage team represented the seller, a locally based limited liability company, and procured the buyer, a New York City-based private investor. Both parties requested anonymity.
DALLAS — Stream Realty Partners has acquired The Quadrangle, a 194,332-square-foot mixed-use building in Uptown Dallas. Originally built on four acres in 1966, the eight-story property features office and retail space and is located within walking distance of more than 75 restaurants and 55,000 multifamily units in various stages of development. HFF represented the seller, American Realty Advisors, in the transaction. HFF also represented Stream in securing acquisition financing. The sales price was not disclosed.
SAN ANTONIO — Newmark Knight Frank (NKF) has arranged a $27.8 million loan for the refinancing of Courtyard Marriott Riverwalk, a 220-room hotel in San Antonio. The 17-story hotel opened in 2009 and is located within walking distance of San Antonio River Walk, The Alamo, Rivercenter Mall and numerous other dining and shopping options. Amenities include a Starbucks, meeting space, pool, fitness center and a business center. Ben Greazel of NKF’s placed the 10-year loan through New York-based Benefit Street Partners on behalf of the borrower, Finvarb Group, which completed a renovation of the property in 2018.
ONTARIO, CALIF. — REDA, a Southern California-based opportunistic real estate investment and development firm, has started construction of the first building within Ontario Ranch Logistics Center. REDA acquired the 125 acres of land for logistics center between November 2017 and April 2018. Building 1 will feature 1.2 million square feet of speculative industrial space, 40-foot clearance heights, 185-foot truck courts, 182 dock-high loading doors, 220 additional trailer parking stalls, and concrete drive and parking areas. Upon complete build out, the logistics center will encompass 2.6 million square feet of industrial space.
RIVERSIDE, CALIF. — Newcastle Partners, in partnership with Sun Life Assurance Company of Canada, has completed the sale of a speculative industrial property nearing completion in Riverside. Situated on 13 acres at 21822 Opportunity Way, the 260,000-square-foot facility is situated within Meridian Business Park. The facility features 32-foot clear heights, an ESFR sprinkler system and a cross-docked design that includes up to 185-foot truck courts. The facility is the third and final phase of activity within Meridian Business Park, a 70-acre site with 1.37 million square feet of industrial space. Phil Lombardo and Chuck Beldon of Cushman & Wakefield represented Newcastle Partners in the transaction.
LOS ANGELES — Arbor Realty Trust has funded a $88 million refinancing for a multifamily portfolio in Los Angeles. The name of the borrower was not released. Spread across 26 properties, the portfolio features more than 660 multifamily units. The loan was provided through the Freddie Mac Small Balance Loan program.
