PISCATAWAY, N.J. — Colliers International has negotiated the $10 million partial sale-leaseback of 1 Corporate Place South, a multi-tenant office building in Piscataway that spans 88,780 rentable square feet. Jacklene Chesler, Patrick Norris, Matthew Brown and Angelo Vitale of Colliers represented the seller, Princeton Equities LLC, in the transaction. The buyer was a private New Jersey-based investor. The property, which is situated on a 5.5-acre site, was built in 1981 and upgraded in 1997. Additional lobby and façade renovations were completed in 2009. The building is fully occupied by four tenants including Marlabs, a technology firm that is the properties’ anchor tenant.
NEW YORK CITY — Marcus & Millichap has brokered the sale of 1975 Adam Clayton Powell Jr. Blvd, a 20-unit apartment community located in Harlem. The property sold for $5.2 million at a cap rate of 3.7 percent. Peter Von Der Ahe, Joe Koicim, Seth Glasser and Jacob Kahn of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was Le Vian Properties. The 13,943-square-foot building features 37 feet of frontage on Adam Clayton Powell Jr. Blvd.
NEW YORK CITY — Meridian Capital Group has arranged a $4.5 million refinancing for a 40-unit multifamily property in the Jackson Heights neighborhood of Queens. The 10-year loan, which was provided by a balance sheet lender, features a 4 percent interest rate with two years of interest-only payments followed by a 30-year amortization schedule. The borrower was undisclosed. Michael Homapour of Meridian arranged the financing. The four-story property is located on 88th Street in northwestern Queens.
AUSTIN, TEXAS — San Francisco-based financial services firm Charles Schwab Corp. has opened a new 50-acre campus within the Gracy Farms community in north Austin. According to the Austin Business Journal, the campus is valued at approximately $200 million. The property spans 469,000 square feet and feature two five-story office buildings. Amenities include walking trails, on-site yoga classes, a cafeteria, 275-seat auditorium and a Schwab bank branch for employees. The campus will house about 1,900 of the firm’s Austin employees. Construction of an additional office building and second parking garage is slated to begin this summer. Charles Schwab first came to Austin in 2000.
MCKINNEY, TEXAS — Virginia-based development and management firm Weinstein Properties has acquired Bexley Lake Forest, a 334-unit multifamily community located in the northern Dallas metro of McKinney. The Class A property was formerly branded Century Lake Forest. Amenities include a pool, coffee bar, fitness center, outdoor grilling areas, business center and both trash valet and dry cleaning services. Charles DuBose of Phillips Realty Capital arranged a $40 million fixed-rate loan through New York Life Insurance Co. on behalf of Weinstein Properties for the acquisition.
AUSTIN, TEXAS — San Antonio-based multifamily lender Mason Joseph Co. Inc. has closed a $40.4 million HUD loan for the construction and permanent financing of McKinney Falls, a 312-unit affordable apartment community in south Austin. The non-recourse loan was secured through HUD’s 221(d)(4) program and features a fixed interest rate for the 22-month construction period and subsequent 40-year term. McKinney Falls will offer amenities such as a fitness center, business center, conference room and children’s activity center. The project is a collaboration between the borrowers, the Travis County Housing Finance Corp. and California-based affordable housing developer AMTEX Multi-Housing LLC.
LEWISVILLE, TEXAS — Toyota Motor Sales USA LLC, the North American sales and marketing arm of the Japanese automaker, has signed a 121,188-square-foot industrial lease at 121 Riverview Crossing in Lewisville, a northern suburb of Dallas. The developer, ML Realty Partners, recently completed the Class A, freestanding distribution center, which features a rear-load configuration. Dan Spika and Jim Breitenfeld of Henry S. Miller Brokerage Co. (HSM) represented ML Realty Partners in the lease negotiations.
AUSTIN, TEXAS — AQUILA Commercial has negotiated the sale of Quarry Lake Business Center, a 117,000-square-foot office building in northwest Austin. The Class A space will serve as the new corporate headquarters for the buyer, Velocity Credit Union. The Florida-based not-for-profit financial institution plans to move into the building by May 2019. Michael Murphy, Jay Lamy and Andrew Reue of AQUILA represented Velocity Credit Union in the transaction. Jeremy Smitheal and Win Smith internally represented the seller, Riverside Resources.
MEMPHIS, TENN. — HFF has brokered the $50 million sale of Memphis Depot, a 43-building industrial portfolio located one mile from Memphis International Airport. Adam Herrin, Stephen Bailey and Jason Nettles of HFF arranged the transaction on behalf of the seller, Mayfield Properties LP. Brian Carlton, David Wheless and Nielsen Keopfgen of HFF arranged a seven-year, $32.5 million acquisition loan through Allegiant Real Estate Capital on behalf of the buyer, a partnership between Diamond Properties and funds managed by Ares Management LP. The industrial property was originally constructed in 1942 as a military supply base for use in World War II. The military used the buildings until 1997, when it was redeveloped into an industrial park by the City of Memphis and Shelby County. The portfolio is 91 percent leased and totals 4.2 million square feet of distribution and warehouse facilities. The buildings are divided into three groups: North Park, which includes 25 buildings with clear heights ranging from 14 to 16 feet; South Park, which comprises 14 buildings with an average clear height of 20 feet; and Interior Park, which includes four buildings with an average clear height of 25 feet.
LAKELAND, FLA. — Dallas-based developer Xebec has acquired 60 acres in the Central Florida community of Lakeland with plans to develop a $39.3 million regional bulk logistics facility. The 533,000-square-foot building will be designed to meet demand from retailers, distributors and third-party logistics providers. Users will be able to reach 19 million consumers within a 200-mile radius of the project and be within an hour drive from three international airports. The facility will feature 40-foot clear heights, a 185-foot truck court with 114 docks, 367 car parking spaces and 102 container parking spaces. Xebec plans to break ground on the building in the fourth quarter, and wrap up construction in the third quarter of 2019.