RESTON, VA. — CoreSite Realty Corp. has received final approval from the Fairfax County Board of Supervisors to expand the scope of its planned data center campus in Reston. With the approval, CoreSite can build an additional 289,000 square at the campus, bringing the total square footage to 900,000, or more than 100 megawatts. CoreSite acquired the 21.2-acre light industrial/office park in 2016. The data center provider already owns an existing facility in Reston. Upon full build-out of the expansion, its Northern Virginia data center footprint will span nearly 1.4 million square feet. CoreSite is one of the world’s largest data center providers, with 20 facilities under management across New York, Boston, Denver, Chicago, Miami, Silicon Valley, Los Angeles and Northern Virginia.
NEW YORK CITY — PCCP has provided a $168.5 million senior loan to refinance a 280-unit luxury apartment building in the Hell’s Kitchen submarket of Manhattan. The 14-story property is located at 535 W. 43rd St. The borrower, a joint venture between Patrinely Group, USAA Real Estate and DHA Capital, completed development of the property in mid-2016. The asset is currently 93 percent occupied. Steve Kohn, Gideon Gil, Chris Moyer and Noble Carpenter III of Cushman & Wakefield arranged the loan. The property comprises two towers with 218 market-rate units and 62 affordable housing units. A courtyard garden and glass-enclosed walkway bridge connect the two towers. Floor plans include a mix of studios, one- and two-bedroom units. More than 28,000 square feet of amenity space includes two rooftop gardens, a fitness center and yoga area, game room, media room, club lounge, communal kitchen and children’s playroom. Hell’s Kitchen, which has historically consisted of old warehouses and small multifamily properties, has experienced an influx of development in recent years. The activity has largely been led by the rezoning of the Hudson Rail Yards. Upon completion, the Hudson Yards redevelopment project will feature more than 18 million square feet of commercial and …
ATLANTA — The City of Atlanta and Atlanta BeltLine Inc. (ABI) have acquired 1.8 miles of former railroad corridor from freight rail operator CSX on Atlanta’s Westside to expand the city’s BeltLine urban trail. Upon full build-out in 2030, the 22-mile loop trail will connect 45 intown neighborhoods. The $6.3 million acquisition of the stretch of track formerly known as “the Kudzu Line” represents the final purchase of inactive rail corridor in the Atlanta BeltLine loop. The purchase will provide points of contact for potential spur trails that would connect the neighborhoods of Bankhead, English Avenue, Knight Park and Howell Station. In addition, the corridor will allow access to the Bankhead MARTA station, Maddox Park, the future Westside Park at Bellwood Quarry and the newly opened Proctor Creek Greenway. The funds to pay for the land came from TSPLOST, a transportation sales tax Atlanta voters approved in 2016. Under the purchase agreement, the City of Atlanta and ABI control approximately 80 percent of the corridor needed to construct the BeltLine trail and transit loop. The other 20 percent includes railroad and non-railroad properties. Over the next six months, CSX will remove the rails. ABI also recently acquired 2.5 acres at …
FORT WORTH, TEXAS — Stockyards Heritage Development Co., a partnership between California-based Majestic Realty Co. and Fort Worth-based The Hickman Cos., will develop Hotel Drover, a 200-room boutique hotel that will be located within the Fort Worth Stockyards redevelopment. Operating under Marriott International’s Autograph Collection, the hotel will include an event barn, 15,000 square feet of meeting space, swimming pool, lounge with a fireplace and library, courtyard and a restaurant called 97 West Kitchen and Bar. The $175 million Fort Worth Stockyards project has already delivered retail, restaurant and office space, with new tenants such as Shake Shack, Second Rodeo Brewing Co., MB Mercantile & Supply, RFD-TV’s headquarters and studios and American Paint Horse Association having been confirmed. Fort Worth Stockyards is a public-private partnership between Stockyards Heritage Development, the City of Fort Worth and Tarrant County.
BRYAN, TEXAS — ARA Newmark has arranged the sale of Z Islander, an 864-bed student housing community in Bryan that serves Texas A&M University and Blinn College. The community totals 380 units in one-, two-, three- and four-bedroom configurations. Amenities include a pool, fitness center, outdoor fire pits, spa and sauna, theater room, volleyball and basketball courts, game room and community car wash stations. Ryan Lang and Brandon Buell of ARA Newmark represented the seller, Virginia-based ILM Capital, in the transaction. Florida-based Waypoint Residential purchased the asset for an undisclosed price.
HOUSTON — Chicago-based Brennan Investment Group LLC has acquired Hempstead Business Park, a 12-building industrial property located at 10612-10616 Hempstead Highway in northwest Houston. The buildings total 133,850 square feet and were 92 percent occupied at the time of sale. The seller was not disclosed.
OKLAHOMA CITY — CBRE has negotiated a 153,130-square-foot industrial lease at 4200 SE 59th St. in Oklahoma City on behalf of Dex Heavy Duty Parts LLC, a North Carolina-based auto parts manufacturer. David Portman of CBRE represented the tenant in the lease negotiations. The property, which was built in 2002, is a distribution warehouse with 25-foot ceiling heights and 29 dock-high doors. The owner of the property is OKC 59th Street LLC.
FORT WORTH, TEXAS — JLL has secured a 77,000-square-foot office lease for local advertising firm Simpli.fi in Fort Worth. The space is situated within the historic Fort Worth Stockyards, which is currently being renovated by Stockyards Heritage Development Co., a partnership between California-based Majestic Realty Co. and Fort Worth-based The Hickman Cos. Simpli.fi is planning to bring more than 450 employees to its new offices. Ryan Matthews and Matt Montague of JLL represented the tenant in the lease negotiations. Seth Koschak and Tyler Maner of Stream Realty Partners represented Stockyards Heritage Development.
BOSTON — Colliers International has negotiated the $42.5 million sale of Trac 75, an 80-unit apartment community in Boston’s Allston neighborhood. Located at 75 Braintree St., the property consists of a mix of studio, one-, two- and three-bedroom units. Colliers represented the seller, a joint venture between affiliates of The Grossman Cos. and The Waypoint Cos. Coldwell Banker Residential Brokerage represented the buyer, a private family office. Dolben will continue to manage Trac 75.
NEW YORK CITY — Greystone has arranged a $54.8 million Freddie Mac loan for The Dean, a 120-unit multifamily community in the Crown Heights neighborhood of Brooklyn. Located at 1040 Dean St., the eight-story property features a roof deck, lounge, fitness center and onsite parking. Anthony Cristi of Greystone arranged the 10-year, fixed-rate Freddie Mac CME loan, which is designed for new construction assets nearing stabilization. Yoel Goldman of All Year Holdings owns the building.