MORRISTOWN, N.J. — HFF has negotiated the sale of a 538,107-square-foot, three-building medical office complex in Morristown. The sales price was not disclosed. The three buildings are located at 435, 465 and 475 South St. and are currently 93 percent leased to Atlantic Health System. HFF represented the seller, National Business Parks Inc., in the transaction. The buyer was Harrison Street Real Estate Capital.
MILLBURN, N.J. — Marcus & Millichap has brokered the $8.5 million sale of a 21,830-square-foot office building in Millburn. Located at 90 Millburn Ave., the two-story office building is fully occupied by 11 tenants. Fahri Ozturk of Marcus & Millichap represented the buyer and seller, both private investors, in the transaction. The property is located less than one mile from downtown Millburn.
HOUSTON — KeyBank Real Estate Capital has secured a $59.4 million acquisition loan for The Westmore at Bellaire, a 580-unit apartment complex in Houston. Built in 1990, the Class A property comprises 19 three-story buildings. Caleb Marten of KeyBank secured the non-recourse, fixed-rate loan through Fannie Mae’s Green Rewards program. The 10-year loan also includes five years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed.
AUSTIN, TEXAS — Dallas-based Leon Capital has broken ground on Society, a 262-unit multifamily community located at 6001 S. Congress Ave. in Austin. The property will offer creative office space with a tech lounge, fitness center, pool and outdoor TV lounge. Preleasing is expected to begin in summer 2019, and the first units are slated a fall 2019 delivery. Austin-based Rhode Partners is serving as project architect, and LG Wade Construction is the general contractor.
IRVING, TEXAS — SVN has negotiated the sale of Rock Island Apartments, a 154-unit multifamily property in Irving. The property was built in 1973 and was 98 percent occupied at the time of sale. Byron Griffith of SVN brokered the sale. The Arlington-based buyer will implement a value-add program to the unit interiors and amenities. Other terms of sale and the seller were not disclosed.
ORANGE, TEXAS — Hunt Real Estate Capital has provided a $5.1 million Freddie Mac loan for the refinancing of Terrace Vines Apartments, a 104-unit multifamily asset in Orange, a city in southeast Texas. The seven-year loan features a fixed interest rate and a 30-year amortization schedule. The borrower is QRH Prop One LLC, which purchased the asset in early 2016. The property, which includes amenities such as a pool, playground, business center and dog park, was 99 percent occupied at the time of loan closing.
BEAUMONT, ROCKPORT AND HONDO, TEXAS — Marcus & Millichap has arranged the $5 million sale of a trio of manufactured housing communities totaling 241 homes in Texas. The properties are Wenwood, a 53-home community in Beaumont; Rockport Village, a 73-home asset in the Gulf Coast city of Rockport; and Hondo Villages—Jackson & Sunset, a 115-home property in the San Antonio suburb of Hondo. Jeff Taylor, Douglas Danny and Braeden Jehle of Marcus & Millichap represented the seller and procured the buyer, a partnership and limited liability company, respectively. Both parties requested anonymity.
NEW YORK CITY — Creative workspace provider Spaces has signed a 15-year, 110,989-square-foot lease at the Chrysler Building in New York City. Jim Wenk and Kirill Azovtsev of JLL represented Spaces in the transaction. Building owner Tishman Speyer was represented in-house by Gregory Conen and Robert Weller. Spaces will occupy the seventh through the ninth floors at the 1.2 million-square-foot Chrysler Building, which is located at 405 Lexington Ave. in Midtown Manhattan. The company currently operates three workspaces in New York with three more set to open by the end of this year.
ATLANTA — Brasfield & Gorrie has broken ground on a 104,100-square-foot expansion of the Georgia Aquarium in Atlanta. Dubbed Expansion 2020, the project costs will total $100 million, according to the Atlanta Business Chronicle. A 1 million-gallon “interactive and immersive” shark tank exhibit will be the focal point of the expansion. The project will also include a new entrance and exit, office spaces, retail spaces, loading dock and new ticketing services. Since the aquarium’s 2005 opening, Brasfield & Gorrie has completed multiple expansions, including the ballroom renovation, dolphin expansion, multiple marine life holding projects, sea lion exhibit and the café renovation. Birmingham, Ala.-based Brasfield & Gorrie is collaborating with Peckham, Guyton, Alberts & Viets Architects on the project, which is slated for completion in late 2020. The aquarium will remain open during construction.
JACKSONVILLE, FLA. — Berkadia has arranged a $25 million loan for the acquisition of Summit at Southpoint, a 260,664-square-foot office complex located at 6410 Southpoint Parkway in Jacksonville. Charles Foschini and Christopher Apone of Berkadia arranged the three-year loan through NXT Capital on behalf of the borrower, Rose & Berg Realty Group. Transwestern arranged the acquisition on behalf of the seller, Blue Rock Real Estate LLC, which sold the complex for $29.6 million. Summit at Southpoint includes four, three-story office buildings constructed between 1988 and 1998. The complex was 82 percent leased at the time of sale to tenants such as U.S. Bank/FSV Payment Systems, Chicago Title Insurance Co., BB&T, Windstream, Occenture and Keiser University.
