OKLAHOMA CITY — CBRE has negotiated a 10,800-square-foot lease at 1845 W. Reno Ave. in Oklahoma City. Randy Lacey and Austin Lacey of CBRE represented the landlord, John R. Colbert Real Estate Holdings LLC. Irmon Gray of NAI Sullivan Group represented the tenant, Giant Oil Tools Ltd.
KINGWOOD, TEXAS — NAI Partners has secured an 8,297-square-foot office lease expansion at 900 Rockmead Drive in Kingwood, a master-planned community located about 30 miles northeast of Houston. Zach Leger and Jacob Aldridge of NAI Partners represented the landlord, C-III Asset Management, in the lease negotiations. The representative of the tenant, Humble ISD, was not disclosed.
PHILADELPHIA — HFF has arranged the $160 million sale and financing of 1600 Market Street, a 39-story office tower located in Philadelphia’s central business district. An affiliate of American Real Estate Partners acquired the 825,968-square-foot building from Equity Commonwealth for $160 million. Ryan Ade and Cary Abod of HFF secured a three-year, floating-rate loan for the buyer for the acquisition of the property. Doug Rodio and Brett Segal of HFF represented the seller and procured the buyer in the transaction.
CRANBERRY TOWNSHIP, PA. — M&J Wilkow, along with ALTO Real Estate Funds, has acquired Cranberry Square, a retail center located in Cranberry Township, outside of Pittsburgh. The property was acquired for $23.5 million. At the time of sale, the 195,165-square-foot property was fully occupied by a variety of tenants, including Field & Stream, Best Buy and Barnes & Noble. The name of the seller was not released.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of an apartment building located at 31 Ocean Parkway in Brooklyn’s Windsor Terrace neighborhood. Steven Frey of Frey Management acquired the property from Sentinel Real Estate Corp. for $33.7 million. Built in 1928, the 90,900-square-foot building features 84 apartment units. Aaron Jungreis of Rosewood Realty represented the buyer and seller in the deal.
PHOENIX — Optima Inc., the developer and one of the original owners of the 592-unit Optima Sonoran Village, has acquired the luxury apartment community through a new partnership with Principal Real Estate Investors. The partnership acquired Optima Sonoran Village Phases I and II for $200 million from an existing Optima-sponsored venture. This new partnership also will develop Phase III of Optima Sonoran Village. Phase III, the final part of Optima’s vision for Sonoran Village, features a 176-apartment homes in a seven-story tower with a roof-deck amenity. Existing amenities include outdoor pools and spas, a dog park, walking paths and a 19,000-square-foot residents’ club that includes a fitness center, indoor pool and spa, steam rooms and saunas, indoor basketball court, racquetball court, party room and business center. Optima Sonoran Village also features floor-to-ceiling windows and outdoor terraces for each residence, as well as a vertical landscaping system.
SARATOGA SPRINGS AND ILION, N.Y. — Hunt Mortgage Group utilized HUD’s 223(f) loan program to finance the acquisition and rehabilitation of two affordable multifamily properties in Saratoga Springs and Ilion. Riverside Charitable Corp. received a total of $20.9 million in financing for the two properties. The borrower received a $13.9 million loan for the 112-unit age-restricted Raymond Watkins Apartments, located at 57 Ballston Ave. in Saratoga Springs, and a $7 million loan for John Guy Prindle Apartments, a 112-unit age-restricted property located at 80 E. North St. in Ilion.
TOMS RIVER, N.J. — Progress Capital has secured a $6.5 million construction loan for the development of a retail and office center located near the intersection of Hooper Avenue and Yorktown Boulevard in Toms River. The 40,000-square-foot property will also feature an adjoining 4,140-square-foot pad site. David Cappello of Progress Capital arranged the financing for the undisclosed borrower. The 18-month loan was funded by Procida’s 100 Mile Fund and represents 67 percent of the project’s total cost. The property is currently pre-leased to Ocean Cuts LLC, Buy-Rite Liquors and a Keller Williams Brokerage office. The development is slated for completion this summer.
VALENCIA, CALIF. — A joint venture between Goldman Sachs Asset Management Private Real Estate (GSAM) and Harbor Associates has purchased Commons at Valencia Gateway, a 157,000-square-foot office building in the Santa Clarita submarket of Valencia. The Class A asset is situated directly off the I-5 freeway. The price was not disclosed. The partnership intends to implement a capital improvement program to refresh vacant suites and upgrade the overall appeal of the property for tenants. It will also introduce environmental initiatives that can improve the property’s brand.
LOS ALTOS, CALIF. — Briggs Development Corp. has purchased a two-story office building in the Silicon Valley submarket of Los Altos. Though the price and square footage were not disclosed, Colliers, which executed the sale, notes the asset sold for nearly $600 per square foot. The building is located at 4410 El Camino Real, near companies like Facebook, Google, Netflix, Apple and Stanford University. Briggs plans to revitalize the Class A project and improve the building and lot. Jason Allen, Dan Bergen and Doug Marks of Colliers represented the seller, a large wealth management client.