LAWRENCEVILLE, N.J. — Vision Real Estate Partners has negotiated an 89,000-square-foot office lease at 1009 Lenox Drive in Lawrenceville, New Jersey, for software company Billtrust and 14,000 square feet for law firm Pelletieri at 989 Lenox Drive. The two properties are part of the 817,000-square-foot Class A Princeton Pike Corporate Center. Billtrust, a payment cycle management software company founded in 2001, has established its new headquarters at the campus.
NEW CANAAN, CONN. — Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance Group has provided a $35 million Freddie Mac refinancing for Brightview on New Canaan. The 90-unit seniors housing community is located in New Canaan, a suburb of Norwalk approximately 35 miles northeast of New York City. The permanent, fixed-rate financing features a 10-year term and 30-year amortization. Richard Thomas and Meredith Davis originated the loan.
HOUSTON — Right Move Storage LLC, a Houston-based self-storage firm, is developing a 345-unit self-storage facility at 12121 Westheimer Road in west Houston. The property will span 44,000 square feet and consist entirely of climate-controlled units. The project involves converting an unfinished, two-story medical office building into a self-storage facility, which is scheduled to open this summer. Construction is slated to begin in April.
HOUSTON — CBRE has arranged a $10 million acquisition loan for North Park Apartments, a 192-unit multifamily community in Houston. The property offers one- and two-bedroom units and amenities such as a pool, laundry services and playground. Andrew Behrens and Jesse Weber of CBRE arranged the 10-year, fixed-rate loan on behalf of Clear Sky Capital, a Phoenix-based private equity firm. Goldman Sachs originated the funds.
PLANO, TEXAS — MYCON General Contractors has completed the $7.2 million renovation and expansion of the natatorium (a room that houses a pool) of Carpenter Park Recreation Center in Plano. The project, which began in August 2016, added 14,864 square feet to the natatorium. Dallas-based SmithGroupJJR served as project architect.
OKLAHOMA CITY — Tulsa-based investment firm Admiral Square Inc. has sold a 41,000-square-foot industrial building located at 4601 SW 36th St. in Oklahoma City. Jason Hammock, Caitlin Mazaheri and John Lenochan of CBRE represented Admiral Square in the sale. Brett Price and Kris Davis of Newmark Grubb Levy Strange Beffort represented the buyer, 857 Traction Avenue LP, which purchased the property for roughly $2.2 million.
FORT WORTH, TEXAS — The Silver Group has brokered the sale of a 3,900-square-foot retail property leased to Jack in the Box in Fort Worth. The property is located at 3459 Altamesa Blvd. on the southern outskirts of town. The buyer, seller and sales price were not disclosed.
BRADENTON, FLA. — HFF has arranged the $110.5 million sale of Carlton Arms of Bradenton, a 900-unit apartment community located at 5200 Riverfront Drive in the Tampa Bay community of Bradenton. The property is located on a peninsula overlooking the Braden and Manatee rivers. Matt Mitchell and Zach Nolan of HFF arranged the transaction on behalf of the seller, a joint venture between The Mahaffey Apartment Co. and Brighthouse Life Insurance Co. MetLife Investment Management advised Brighthouse on the acquisition. Elliott Thorne of HFF arranged a $76 million, 10-year, fixed-rate acquisition loan through Freddie Mac’s Capital Markets Execution (CME) program on behalf of the buyer, FLF Holdings. Constructed in 1980, Carlton Arms of Bradenton includes a mix of studio to three-bedroom units averaging 880 square feet. The property is also home to 12,519 square feet of fully leased retail space. Community amenities include two waterfront pools, two lighted tennis courts, two basketball courts, two clubhouses, a fitness center, dog park, guest suites, covered parking and five boat docks. The community was 99.7 percent occupied at the time of sale.
EDWARDSVILLE, ILL. — Contegra Construction Co. has broken ground on a 486-bed student housing property to serve Southern Illinois University-Edwardsville (SIUE). Richland Residential is developing the project, known as The Reserve. The property will comprise nine buildings with two-, three- and four-bedroom units. Amenities will include a workout room, study area, gaming room and a pool. Completion is slated for summer 2019.
DETROIT — Bagley Forest Properties plans to redevelop the former B. Siegal department store building in Detroit into retail and multifamily space. The property is located at the intersection of Livernois Avenue and 7 Mile Road. Construction of the 29,000-square-foot project is expected to begin in the next 45 days with completion slated for early 2019. Matt Hessler of Bagley Forest Properties owns the property. Arthur Itkis and Aaron Moore of JLL will market the property for lease.