SOUTH JORDAN, UTAH — Olympus Property has acquired the 315-unit Crossing at Daybreak in South Jordan for an undisclosed sum. The community is located at 4950 W. Frogs Leap Drive. Olympus plans to rebrand the asset as Olympus at Daybreak. The Class A community features a mix of one- to three-bedroom units with an average unit size of 1,110 square feet. Community amenities include 25 parks with sport courts, pavilions, ball fields, playground equipment, and community gardens and 30 miles of walking and hiking trails throughout the community. Oquirrh Lake offers 70 acres of kayaking, canoeing, paddle boarding, sailing and fishing.
HOUSTON — MAN Diesel & Turbo, a German manufacturer of marine propulsion systems and machinery, will relocate its North American headquarters to Twinwood Business Park, a 650-acre development in Houston. The company, which will be combining its operations in Houston and nearby Deer Park, will occupy a 137,434-square-foot building consisting of 105,309 square feet of service shop space and 32,125 square feet of office space. The property is currently being developed by Houston-based Welcome Group and is slated to open during the second quarter of 2019. Approximately 140 workers will be employed at the new plant. Bob Berry and Jacob Bravo of Avison Young represented MAN Diesel & Turbo in the lease negotiations.
AUSTIN, TEXAS — Cambrian Development and Austin-based Bercy Chen Studios will develop Shady Lane Creative Studios, a mixed-use property in east Austin that will include 47,723 square feet of office space, 7,714 square feet of ground-floor retail space and a 9,000-square-foot central courtyard. The project carries a price tag of roughly $13 million, according to the Austin Business Journal. The property will connect to Govalle Park, as well as bike trails and a proposed commuter rail line. A timeline for construction has not yet been established.
HOUSTON — NAI Partners has arranged the sale of a 151,835-square-foot office building located at 13831 Northwest Freeway in the Fairbanks/Northwest Crossing area of Houston. Jon Silberman of NAI Partners represented the buyer, ManhattanLife, a parent company for several insurance firms, in the transaction. Jay Nowlin of Seller Boxer Properties represented the seller internally. NAI Partners will handle leasing and management of the building, which is the second office property in ManhattanLife’s real estate portfolio along with 10777 Northwest Freeway, the company’s headquarters.
KATY, TEXAS — Cushman & Wakefield has brokered the sale of Katy Medical Arts Center, a 61,082-square-foot medical office building in Katy. The property was 100 percent leased at the time of sale to local and national medical practices spanning a variety of disciplines. Katy Med-Arts Partners Ltd., a partnership of 20-plus physicians associated with practices in the building, sold the property to a private equity-backed investor for an undisclosed price. Gino Lollio and Scott Niedergang of Cushman & Wakefield brokered the transaction.
HOUSTON — Arundo Analytics, an analytics software startup with offices in Norway and California, has expanded its office footprint in Houston, leasing 5,400 square feet at 1600 Smith St. in the downtown area. The building was formerly known as Continental Center I and is owned and operated by Brookfield Properties. Bill Boyer of CBRE represented Arundo in the lease negotiations. The company previously occupied 1,250 square feet at 1301 Fannin St.
AVENEL, N.J. – Sitex Group has completed the disposition of a two-building industrial asset located at 191 and 215 Blair Road in Avenel. Barings Real Estate, on behalf of an institutional investor, acquired the assets for a combined total of $65 million. Located off Exit 12 of the New Jersey Turnpike/Interstate 95, the properties consist of a fully-renovated 175,182-square-foot building and a newly constructed 198,854-square-foot building. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Andrew MacDonald of Cushman & Wakefield represented the seller and procured the buyer.
NEW YORK CITY – Madison Realty Capital (MRC) has provided a $37.5 million first mortgage loan collateralized by a mixed-use development site and two adjacent commercial buildings in the Ridgewood neighborhood of Queens. The borrower, AB Capstone, used the loan proceeds to buy out an existing partner, complete the acquisition of the two commercial properties, pay off previous financing on the development site and fund construction of the new building’s foundation. Located along Myrtle Avenue, St. Nicholas Avenue and Palmetto Street, the proposed development will feature a 17-story, 234,623-square-foot mixed-use building containing 129 residential units, 90,000 square feet of commercial space, 3,300 square feet of community facility space and 352 parking spaces. The two adjacent commercial buildings, totaling 12,170 square feet of space, are currently occupied by retail, office and medical office users.
HAVERSTRAW, N.Y.- NorthMarq Capital has arranged $18.5 million in refinancing for The Rosman Center, a grocery-anchored retail center located in Haverstraw. A 60,453-square-foot ShopRite anchors the 123,073-square-foot property. Gary Cohen of NorthMarq secured the financing through NorthMarq’s correspondent relationship with a life insurance company for the undisclosed borrower.
NEW YORK CITY – Cushman & Wakefield has arranged the sale of a mixed-use property located at 217 E. Third St. in Manhattan’s East Village neighborhood. An undisclosed buyer acquired the property from the estate of Michael Mendez for $5.1 million. The mixed-use property consists of a vacant turn-key restaurant space on the ground floor and three free-market, floor-through apartments. The property is approximately 4,160 square feet above grade, not including a one-story structure situated at the rear of the site and separated by a small courtyard area. Additionally, the property includes 4,700 square feet of air rights and a useable basement that houses mechanicals and a storage area. Michael DeCheser of Cushman & Wakefield represented the seller in the transaction.