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IndustrialNorth CarolinaSoutheast

Trinity Capital, SilverCap Sell 272,282 SF Industrial Building in Durham

by Camren Skelton

DURHAM, N.C. — Trinity Capital Advisors, in a joint venture with SilverCap Partners, has sold 3508 Tricenter Blvd., a 272,282-square-foot industrial building in Durham. Dalfen America Corp. acquired the asset for an undisclosed price. Chris Norvell and Patrick Nally of HFF arranged the transaction on behalf of the joint venture, which originally acquired the asset in 2016 at 53 percent occupancy. Trinity and SilverCap implemented capital improvements during their ownership, including additional docks and storefront space, bringing the property to full occupancy. The building features 31 dock-high loading doors, 22-foot clear heights, a 150-foot truck court and parking space for 24 trailers. At the time of sale, the building was home to tenants such as Amcor Rigid Plastics and HatchBeauty Laboratories.

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Affordable HousingGeorgiaLoansMultifamilySoutheast

Hunt Provides $5.4M Freddie Mac Loan for New Affordable Housing Project in Metro Atlanta

by Camren Skelton

MABLETON, GA. — Hunt Mortgage Group has provided a $5.4 million Freddie Mac loan for the development of Wisteria Place at Mableton, a 104-unit affordable housing community in Mableton, roughly 15 miles northwest of Atlanta. The loan is an 18-month Unfunded Forward Commitment that will include two six-month extension options. Following the construction phase, the loan will convert to a 16-year permanent loan with a 35-year amortization schedule. The loan was arranged on behalf of the borrower, BJS Floyd Wisteria LP. The Unfunded Forward Commitment loan provides construction-to-permanent financing for multifamily properties that are eligible for 9 percent low income housing tax credits (LIHTC). Wisteria Place of Mableton will be an age-restricted (55 and older) community with 21 of the units reserved for those earning 50 percent of the area median income (AMI), 62 reserved for those earning 61 percent of the AMI and 21 units at market rate. Missouri-based Sterling Bank is providing construction financing for the project. The community will feature a picnic area, koi pond, vegetable gardens, butterfly garden, gas grill area, covered gazebo, computer lab, theater, beauty salon and a classroom.

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LoansMultifamilyNew YorkNortheast

Madison Realty Capital Provides $91M in Construction Financing for Condo Project in Manhattan

by Amy Works

NEW YORK CITY — Madison Realty Capital has originated a $91 million first mortgage loan collateralized by The Fitzroy building, a nearly complete condominium project located at 514 W. 24th St. in the West Chelsea neighborhood of Manhattan. The borrower is a joint venture between JDS Development and Largo Investments. The financing will allow for the completion of the development. The 65,346-square-foot building will feature 14 units in a mix of two-bedroom units to four-bedroom units ranging from 2,300 square feet to 4,500 square feet. Completion is slated for this summer. The project team includes Roman and Williams, Severud Associates, BuroHappold and L’Observatoire International. Aaron Appel of JLL represented the borrower in the financing.

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70-Schermerhorn-St-NYC
LoansMultifamilyNew YorkNortheast

JLL Arranges $42.1M Construction Financing, JV Equity for Condo Development in Brooklyn

by Amy Works

NEW YORK CITY — JLL has arranged joint venture equity from a fund managed by The Davis Cos. for a mixed-use residential condominium project located at 70 Schermerhorn St. in Brooklyn’s Brooklyn Heights. A partnership between Lonicera Partners and Orange Management is developing the 12-story property. In addition to the equity, JLL secured $42.1 million in construction financing, which was provided by Bank of the Ozarks, for the project. The 85,000-square-foot property will feature 59 for-sale residential units and 3,000 square feet of rentable retail space. Jonathan Schwartz, Keith Kurland and Mark Fisher of JLL arranged the equity placement and financing.

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35-South-St-Hopkinton-MA
IndustrialMassachusettsNortheast

Colliers Negotiates $4.5M Sale of Flex Building in Hopkinton, Massachusetts

by Amy Works

HOPKINTON, MASS. — Colliers International has brokered the sale of a flex building located at 35 South St. in Hopkinton. LakePharma, a U.S.-based biologics company, acquired the property from BCC Property I LLC, a subsidiary of Midway Corp., for $4.5 million. The buyer plans to repurpose much of the building’s existing 69,009 square feet of office, lab and manufacturing infrastructure and develop the space to allow for the performance of GMP biologics manufacturing for Phase 1 clinical trials. John Carroll III, Stephen Woelfel Jr. and Kevin Brawley of Colliers represented the seller, while Phil Desimone of JLL represented the buyer in the transaction.

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IndustrialNew YorkNortheast

Ariel Property Advisors Facilitates $3.7M Sale of Industrial Building in the Bronx

by Amy Works

NEW YORK CITY — Ariel Property Advisors has brokered the sale of an industrial property located at 4510 White Plains Road in the Wakefield neighborhood of the Bronx. An undisclosed buyer acquired the two-story building sold for $3.7 million. The 29,029-square-foot building features four curb cuts and entrances. Additionally, the property is zoned M1-1, which allows for manufacturing use. Marko Agbaba, Jason Gold, Victor Sozio and David Khukhashvilli of Ariel Property Advisors represented the undisclosed seller and secured the buyer in the deal.

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276-Old-New-Brunswick-Rd-Piscataway-NJ
IndustrialNew JerseyNortheast

Global Transport Logistics Leases 253,575 SF of Industrial Space in Piscataway, New Jersey

by Amy Works

PISCATAWAY, N.J. — Global Transport Logistics has leased 253,575 square feet of newly constructed warehouse and distribution space at 276 Old New Brunswick Road in Piscataway. The licensed air, ground and ocean freight forwarding company is relocating from Fair Lawn, New Jersey. The move will nearly double the third-party logistics company’s regional warehouse footprint. Noah Balanoff, Chuck Littell and Gregory Healy of Colliers International represented Global Transport, while JLL represented the landlord, Industrial Property Trust, in the transaction.

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IndustrialTexas

United States Cold Storage to Open $34M Warehouse in Denton

by Taylor Williams

DENTON, TEXAS — United States Cold Storage (USCS), an operator of frozen food warehouses with 38 facilities across 13 states, will open a $34 million cold storage facility in Denton. According to the Denton Chamber of Commerce, the property will be situated on a 40-acre site on Jim Christal Road and will facilitate the creation of 67 new jobs. USCS recently closed on the land for the site but has not yet released a timeline for construction.

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MultifamilyTexas

FourPoint Brokers Sale of Newly Built Apartment Community in Metro Austin

by Taylor Williams

PFLUGERVILLE, TEXAS — FourPoint Investments has brokered the sale of The Emerson Apartments, a 384-unit multifamily community located in the northern Austin metro of Pflugerville. Built in 2017, the property offers a mix of one-, two and three-bedroom units and amenities such as a resort-style pool, fitness center, putting green and coffee bar. Kevin Dufour, Chris Epp and Chris Bancroft of FourPoint represented the buyer and seller, both of whom requested anonymity, in the transaction.

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RetailTexas

JLL Arranges Sale of Three Retail Centers Totaling 35,414 SF in Austin Area

by Taylor Williams

CEDAR PARK AND AUSTIN, TEXAS — JLL has arranged the sale of three retail centers totaling 35,414 square feet in the Austin metropolitan area. The assets include the 19,994-square-foot Cypress Creek Plaza in Cedar Park; the 9,270-square-foot Shops at Silver Creek in the Parmer area of Austin; and the 6,150-square-foot Lamar Point Center on the city’s north side. Tim Allen of JLL represented the sellers in all three transactions. Travis Sawvell and Jon Switzer of JLL also represented the seller of Cypress Creek Plaza. The buyers were not disclosed.  

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