HOUSTON — JLL has brokered the sale of 63,550-square-foot flex/R&D building located at 5050 Westway Park Blvd. in Houston. Built in 2009, the property includes warehouse, office and lab space. Private investment firm GBP Industrial acquired the asset from Houston-based Vigavi for an undisclosed price. Dustin Volz, Kevin McConn, Rick Goings, Zane Marcell, Richard Quarles and Mark Nicholas of JLL brokered the deal.
MCKINNEY, TEXAS — New York-based Harborview Capital Partners has arranged an $8.7 million CMBS loan for an office/industrial asset located in the northern Dallas metro of McKinney. The non-recourse loan, which was provided by a New York-based lender, features a 10-year fixed-rate term and a 30-year amortization schedule. Jeffrey Fuchs of Harborview arranged the loan on behalf of an undisclosed, California-based borrower. The property was 100 percent occupied at the time of the loan closing.
WHITE PLAINS, N.Y. — Marcus & Millichap has brokered the $45 million sale of a 104-unit, three-building multifamily portfolio in White Plains. The portfolio includes The Dylan, a four-story apartment building located at 42 Waller Ave.; La Gianna, a five-story property located at 10 Dekalb Ave.; and The Reed, a three-story property located at 115 N. Broadway. Amenities at the recently built apartment communities include modern finishes, programmable thermostat control, hardwood floors and a washer and dryer in each unit. Marcus & Millichap represented the sellers, Manhattan-based residential development company the Daten Group and development partner Lighthouse Living. The buyer is a Westchester-based developer.
HUDSON, MASS. — CBRE has arranged the sale of Matrix Hudson, a 176-unit apartment community in Hudson. The property sold for $44.2 million. Matrix Hudson was completed in 2017 and consists of three five-story apartment buildings. Simon Butler and Biria St. John of CBRE/New England represented the seller, Madison Place Hudson LLC., in the transaction. The buyer was PP Hudson Investors LLC.
SYRACUSE, N.Y. — MLK Real Estate Capital has secured a $15 million bridge loan for the recapitalization of a 1 million-square-foot, 90-acre industrial property in Syracuse. Ryan Goldstein of MLK represented the borrower, a family office and local operator in securing funding through an undisclosed lender. The borrower intends to use the loan proceeds to recapitalize equity in the deal and fund additional capital improvements and tenant improvements. The improvements will enable the borrowers to restructure in-place leases, attract new tenants to the property and build new structures on undeveloped areas of the property.
NEW YORK CITY — HFF has negotiated the sale of the Hampton Inn NY-JFK, a 216-room hotel near John F. Kennedy Airport in New York. Completed in 2001, the 13-story hotel underwent renovations in 2015 and features 1,250 square feet of meeting space as well as a fitness center. HFF represented the undisclosed seller in the transaction and arranged a three-year, floating-rate acquisition loan for the buyer, which was also undisclosed.
EDISON, N.J. — Gordon Logistics has signed a 269,424-square-foot industrial lease at 180 Raritan Center Parkway in Edison. The logistics provider to food and beverage wholesalers and distributors will occupy the majority of the 354,000-square-foot warehouse facility. Scott Belfer, Lou Belfer and Nicholas Nitti of CBRE arranged the lease on behalf of building ownership, NJIND Raritan Center LLC.
WINTER PARK, FLA. — Sterling Organization has sold Center of Winter Park in suburban Orlando to AEW Capital Management for $72.8 million. The 244,977-square-foot shopping center is located at the southwest corner of Orlando Avenue and Lee Road in Winter Park, roughly eight miles northeast of Orlando. Sterling’s value-add institutional fund, Sterling Value Add Partners LP, originally acquired the asset in 2013 for $27.7 million and re-tenanted the property after Kmart shuttered its store at the center in 2014. Sterling backfilled the vacant box with a Marshalls/HomeGoods combination store, Ross Dress for Less and DSW. An adjacent Office Depot was downsized to its smaller prototype and Five Below opened in what was Kmart’s garden center. Sterling Organization also upgraded the property’s façades, lighting, parking lot, signage and landscaping. In addition, the firm signed leases with Petco, Zoës Kitchen, Blaze Pizza, Tropical Smoothie Café, Great Clips, MetroPCS and Stretch Zone, and negotiated lease extensions with existing anchors LA Fitness and Michaels. Center of Winter Park was 97 percent occupied at the time of sale. HFF arranged the transaction on behalf of Sterling Organization.
MORRISVILLE, N.C. — Dominion Realty Partners (DRP) has broken ground on The Residences at Shiloh Crossing, a $59 million apartment development in Morrisville, about 14 miles west of Raleigh. The 318-unit community will feature a resort-style swimming pool and a 5,000-square-foot clubhouse and community center. In addition, Shiloh Crossing will be designed to obtain a green designation from the National Association of Home Builders (NAHB). DRP expects to deliver the first units at Shiloh Crossing in mid-2020, and wrap up construction on the project in late 2020. Capital Bank — formerly First Tennessee Bank — is providing construction financing to DRP. Rule Joy Trammell + Rubio is the architect, Batson Cook Construction Co. is the general contractor and Priest Craven & Associates is the civil engineer. Justin Good of HFF brokered the land sale on behalf of the seller, as well as provided financial advisory services to DRP.
MORGANTOWN, W.VA. — Marcus & Millichap has arranged the $29.2 million sale of two multifamily communities in Morgantown. The sale included Bon Vista and The Villas, a 350-unit complex located on Stewartstown Road, and the 59-unit Barrington North, located roughly two miles away on Wedgewood Drive. Both properties are near West Virginia University and the 1,000-acre WestRidge Business Park development. Community amenities across the properties include basketball and tennis courts, covered parking, swimming pools and private balconies. The transaction was handled in partnership with Jane Scott of Old Spruce Realty. Scott is Marcus & Millichap’s broker of record in West Virginia. The names of the buyer and seller were not disclosed.
