FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Woodway on the Green, a 176-unit multifamily complex in Fort Worth, for an undisclosed price. The property is located near Harris Hospital and Hulen Mall. Al Silva, Mark McCoy and Ford Braly of Marcus & Millichap represented the seller, a private investor who developed the property in 1979. Lubbock-based Madera Residential purchased the complex and will implement a capital improvement plan.
MEMORIAL CITY, TEXAS — NAI Partners has negotiated a 47,000-square-foot industrial sublease at 9811 Katy Freeway in the western Houston suburb of Memorial City. Jon Silberman, John Ferruzzo and Nick Peterson of NAI Partners represented the tenant, data processing firm Fairfield Nodal, in the sublease negotiations. The name and representative of the sub-landlord were not released.
PHILADELPHIA — Thor Equities has entered the Philadelphia market with the acquisition of a three-story office condominium, located at 907 Market St. in Philadelphia, for $41.8 million. Health Partners Plans, a not-for-profit health maintenance organization, occupies the 214,000-square-foot property. The newly purchased property is located above Fashion District Philadelphia, a retail, residential and office development slated to open in fourth quarter 2018. The name of the seller was not released.
NEW YORK CITY — Savanna, along with joint venture partner Atom Assets, has broken ground on the construction of a 25-story office property located at 106 W. 56th St. in Manhattan. Designed by Perkins Eastman and Gensler, the 90,000-square-foot property will feature a modern design, boutique floor plans and upscale amenities. Construction is slated for completion in fourth quarter 2019, with LEED certification targeted upon completion. United Overseas Bank and Canyon Partners Real Estate provided approximately $100 million to finance the development of the project.
MORRISTOWN, N.J. — HFF has secured $24.8 million in financing for the development of 30 Court, a condominium community located in downtown Morristown. The borrower is DRA 30 Court LLC, a joint venture between Diversified Realty Advisors and a private investor. Michael Klein and Jon Mikula of HFF arranged the 30-month construction loan with Investors Bank for the borrower. Slated for completion in 2019, the property will features for-sale two-bedroom homes ranging from 1,276 square feet to 1,939 square feet. Units will feature kitchens with granite countertops, wood cabinetry, central air conditioning, hardwood floors and in-house washers and dryers. Additionally, the property will feature a two-story, 131-space parking garage and a half-acre outdoor recreational space.
PHILADELPHIA — Marcus & Millichap has arranged the sale of Dynasty Court Apartments, an apartment building located at 1003-1011 Race St. in the Chinatown neighborhood of Philadelphia. A local partnership sold the property to a local development company for $16.6 million. The property features 56 apartments, five retail storefronts on Race Street and 21 parking spaces. Andrew Townsend, Ridge McLaren and Clarke Talone of Marcus & Millichap represented the seller, while Townsend, McLaren, Talone and Philip Sharrow, also of Marcus & Millichap, represented the buyer in the deal. Additionally, Matthew Rosenberg of Marcus & Millichap Capital Corp. arranged acquisition financing for the buyer.
NEW YORK CITY — Alpha Realty has arranged the sale of three contiguous apartment buildings, located at 1193, 1199 and 1205 Eastern Parkway in the Crown Heights section of Brooklyn. A New York-based multifamily operator acquired the properties from a local private investor for $11.3 million, or $205 per square foot. The properties, all four-story walk-up buildings, total 55,000 square feet and 50 units. Lev Mavashev of Alpha Realty negotiated the off-market deal.
CHICAGO — Developer Sterling Bay has received a $64 million bridge loan to refinance construction financing for the Ace Hotel Chicago. Opened in 2017, the 159-room hotel is located at 311 N. Morgan St. in Chicago’s Fulton Market district. The boutique property features a lobby restaurant and bar, outdoor terrace, rooftop bar, private dining area, fitness center and nearly 4,000 square feet of retail space. Timothy Joyce, Tony Malk, Jeff Bucaro and Nicole Aguiar of HFF arranged the five-year loan through LoanCore Capital and Ohana Real Estate Investors.
HOBART, IND. — Marcus & Millichap has brokered the sale of Lakeview Apartments in Hobart, a city in northwestern Indiana, for $1.5 million. The 28-unit apartment building is located at 136 Main St. in the Lakefront district. The property is within a recently approved redevelopment of approximately 750 feet of shoreline. Plans call for new boat launches for kayaks and canoes. The property features a mix of studio, one- and two-bedroom units. Scott Harris of Marcus & Millichap brokered the sale on behalf of the seller, a partnership. He also secured and represented the buyer, a limited liability company.
MADISON HEIGHTS, MICH. — Signature Associates has arranged the sale of a 29,991-square-foot industrial building in Madison Heights, a northern suburb of Detroit, for an undisclosed price. The property is located at 29370 Stephenson Highway. ZMS Holdings Inc. sold the property to 55 Investments LLC. Paul Hoge of Signature Associates represented the seller.