POHATCONG, N.J. — Locally based developer Larken Associates has completed Monte View at Pohatcong, a 120-unit multifamily project located near the Pennsylvania-New Jersey border near Easton. The garden-style property consists of three multi-story buildings and one four-story building with a ground-floor clubhouse. Units come in one- and two-bedroom floor plans. Other amenities include a pool, fitness center and a dog run. Construction began in November 2023. Rents start at roughly $2,000 per month for a one-bedroom apartment.
MILFORD, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has arranged the $8.5 million sale of a 70,500-square-foot mixed-use building in the southern coastal Connecticut city of Milford. The building consists of 32 two-bedroom, townhouse-style apartments and 10 commercial spaces totaling 27,025 square feet. Brad Balletto, Jeff Wright and Rich Edwards of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
HOBOKEN, N.J. — LIPTON Teas & Infusions will open a 15,183-square-foot office at Waterfront Corporate Center in Hoboken. The beverage maker is taking a full floor at Building 2 of the 1.5 million-square-foot development, which is owned by New York City-based SJP Properties. SJP Project Solutions, an affiliate of the owner, recently completed the build-out of the space.
NEW YORK CITY — Healthcare provider NewYork-Presbyterian has signed a 10,189-square-foot lease in The Bronx. The space is located within the 60,000-square-foot building at 2510 Westchester Ave., which is also home to practitioners in specialty fields such as orthopedics and sports medicine, behavioral health and acupuncture. Both the tenant and the landlord, Simone Development, were self-represented in the lease negotiations.
CHICAGO — JLL’s Capital Markets group has arranged a $577.6 million CMBS loan for a national industrial portfolio owned by LBA Logistics, an industrial owner-operator based in Irvine, Calif. The portfolio comprises 25 properties in 10 states totaling a little more than 7 million square feet. The properties are located in infill submarkets across California, New Jersey, Utah, Washington, Florida, Georgia, Nevada, Ohio, Kentucky and Tennessee. The portfolio includes assets in core submarkets of major cities including Los Angeles and Orlando. The properties were fully leased at the time of sale to a tenant mix spanning various industries, including web services, food-and-beverage, building materials and logistics. Kevin MacKenzie, Brian Torp and Christopher Pratt of JLL secured the floating-rate loan with a five-year term through a syndicate led by J.P. Morgan. Bank of America and Wells Fargo served as joint bookrunners in the transaction. The final pricing for the loan was approximately 195 basis points over the secured overnight financing rate (SOFR). The date of the financing was not disclosed, but the SOFR rate closed on Monday, Sept. 30 at 4.96 percent. The loan falls under the single-asset, single-borrower (SASB) category of CMBS despite the financing involving multiple assets. “This is …
DAYTON, TEXAS — Liberty Development Partners has purchased 1,149 acres for an industrial expansion project in Dayton, about 40 miles northeast of Houston. The acreage represents the next phase of expansion of Gulf Inland Logistics Park, a rail-served, master-planned development. Tony Patronella of Read King Commercial Real Estate, along with Logan Havel and Charles Blaschke of Edge Realty Partners, represented the seller, private investor Sammi Damek, in the land transaction. John Littman, Kelley Parker and Coe Parker of Cushman & Wakefield represented Liberty Development Partners. Gulf Inland Logistics Park is ultimately planned for 3,800 acres across three phases of expansion.
HOUSTON — Lone Star PACE has provided $40 million in C-PACE financing for a 774,000-square-foot data center facility in Houston. The facility is located within ViVa Center, a 2.3 million-square-foot technology hub that originally housed the headquarters of Compaq Computer and was later acquired by Hewlett-Packard Enterprise. Lone Star PACE partnered with lender Nuveen Green Capital to administer the financing. Proceeds will be used to install sustainable building components to Phase I of the data center development, including energy-efficient windows, LED lighting, advanced HVAC systems and high-efficiency plumbing upgrades.
HOUSTON — Colliers has brokered the sale of Oaks of Kingwood, a 152-unit multifamily property in Kingwood, a master-planned community in northeast Houston. Oaks of Kingwood was originally built in two phases between 1984 and 1999 and offers one- and two-bedroom units with an average size of 876 square feet. Chip Nash, Bob Heard and Jaleel Adatia of Colliers represented the seller, an entity doing business as Kingwood Houston Oaks LP, in the deal. The buyer and sales price were not disclosed. Oaks of Kingwood was 99 percent occupied at the time of sale.
SEGUIN, TEXAS — A joint venture between Collett & Associates and the Alexander Family will develop Seguin Crossing, a 135,000-square-foot shopping center that will be located roughly 35 miles northeast of San Antonio. Valued at $25 million, the 14-acre development will be home to retailers such as Hobby Lobby, Five Below, James Avery and an undisclosed sporting goods provider, among others. Construction is scheduled to begin by the end of the year, with store openings scheduled for fall 2025.
SHENANDOAH, TEXAS — BRKTHROUGH, an interactive entertainment concept, will open a 20,000-square-foot venue in Shenandoah, roughly 40 miles north of Houston. Located within the Metropark Square mixed-use development, the facility will feature 40 challenge rooms with competition-focused games. The concept also includes a curated food and drink menu offered in a dedicated BRK ROOM space. Sam Moon Group manages Metropark Square.