PHOENIX — Cushman & Wakefield has arranged the sale of Fairmount Place, an 87,030-square-foot office property in Tucson. First & Center LLC sold the asset to Albuquerque SNF LLC for $11.5 million. Located at 4001 N. 3rd St., the four-story building is divided into 31 suites. At the time of sale, the property was 92 percent occupied by multiple tenants. Eric Wichterman and Chris Toci of Cushman & Wakefield represented the seller in the deal.
SAN GABRIEL, CALIF. — Chinatown Service Center, a nonprofit, has purchased an office building located at 526 W. Las Tunas Drive in San Gabriel from 211 LA for $8.2 million. Mark Shaffer, Anthony DeLorenzo and Dylan Rutigliano of CBRE represented the seller, while Natalie Bazarevitsch and Jackie Benavidez of CBRE represented the buyer in the deal. Originally developed in 1955 as a regional bank branch, the two-story, elevator-served building features 25,320 square feet of office space, as well as a basement and drive-around surface parking. The building has been consistently maintained and upgraded, including a new roof, a backup diesel generator, a three-stop hydraulic elevator installed in 2021 and lighting largely retrofitted to LED.
FRISCO, TEXAS — HALL Group will develop a 200,000-square-foot office building at its flagship campus in Frisco, located north of Dallas, that is in the midst of a $7 billion redevelopment. Terraces Hall Park will be a 10-story building with wellness-themed amenities, including a fitness center, as well as a 1,300-space parking garage. The Beck Group is the architect and general contractor for the project, construction of which is scheduled to begin this month and to be complete in 2028. HALL Group is simultaneously working with the City of Frisco on a $14 million expansion of Kaleidoscope Park that will deliver additional landscaped areas, an enhanced performance lawn, water features and an outdoor video screen and performance stage.
LUBBOCK, TEXAS — New York City-based Dwight Capital has provided a $27 million HUD-insured loan for a 104-unit multifamily project in the West Texas city of Lubbock. The 10-building project represents Phase II of a larger development known as La Ventana at Canyon West. The unit mix will comprise 54 one-bedroom residences, 46 two-bedroom apartments and four three-bedroom units, all of which will have private balconies/patios. Brandon Baksh and Tommy Ng of Dwight originated the loan through HUD’s 241(a) program on behalf of the borrower, Martin Inderman Development.
BAYTOWN, TEXAS — Eastern Union has arranged a $5.5 million equity investment in Raintree Apartments, a 248-unit multifamily property located in the eastern Houston suburb of Baytown. The property was built on 12 acres in 1985 and offers one-, two- and three-bedroom units with an average size of 819 square feet. Jonah Pinchot of Eastern Union secured the investment on behalf of the owner, Virginia-based Cohen Investment Group. The new equity partner was not disclosed.
NEW YORK CITY — Avison Young has arranged a $404 million Freddie Mac permanent loan for The Archive, a 479-unit historic apartment building located at 666 Greenwich St. in Manhattan’s West Village submarket. PNC Bank provided the loan to the borrower, an affiliate of Rockrose Development, and will also act as the loan servicer. The 11-story building occupies a full city block and offers amenities such as a zen room, rooftop terrace and a children’s playroom. Scott Singer, Andy Singer, Kevin Swartz and Kathleen McSharry led the transaction for Avison Young.
WORCESTER, MASS. — Washington Trust Co. has provided $47.6 million in financing for an office-to-residential conversion project in Worcester. The project will convert the former Fallon Community Health Plan headquarters at 10 Chestnut St. into a 198-unit, market-rate apartment complex. Units will come in studio, one- and two-bedroom floor plans, and amenities will include a pool, fitness center and a rooftop deck. Construction began last year and is expected to be complete this fall. MassDevelopment also provided $3.6 million in financing for the project.
CARLSTADT, N.J. — Cresa has negotiated a 249,640-square-foot data center lease in the Northern New Jersey community of Carlstadt. The tenant was not disclosed. The deal is for the entirety of the building at 600 Commerce Blvd., which was originally constructed in 2008 for a major banking institution. Michael Morris, Sumner Putnam, Kensey Gawne and Matt Deutsch of Cresa represented the landlord, local owner-operator Russo Development, in the lease negotiations.
BRISTOL, CONN. — Glory Tempering Glass has signed a 77,000-square-foot industrial lease in Bristol, located southwest of Hartford. The provider of specialty glass products and services will relocate from New York to the building at 575 Broad St., expanding its manufacturing capacity and footprint in the process. David Sherman and Sean Cahill of Avison Young represented the tenant in the lease negotiations. Ed Godin and Michael Grieder of Godin Property Group represented the undisclosed landlord.
BATON ROUGE, LA. — Atlanta-based multifamily investment firm Audubon is redeveloping Fairway View Apartments, a 446-unit complex in the Westdale Heights neighborhood of Baton Rouge. The complex, which Audubon is rebranding as Palmer Club Apartments, is undergoing renovations, including the addition of a fitness center and a centralized mail handling system. Each apartment will receive approximately $8,000 to $10,000 in capital improvements. Palmer Club offers one-, two- and three-bedroom units with rents ranging from $775 to $1,400.
