HUMBLE, TEXAS — Lee & Associates has negotiated a 112,021-square-foot industrial lease at 8575 Volta Road in Humble, a northern suburb of Houston. Thomas Leger, Robert McGee and Mike Spears of Lee & Associates represented the landlord, Cypressbrook Huntington Volta LLC, in the lease negotiations. Grady Tibbs of Brazos ML represented the tenant, Flexo Converters USA Inc., a manufacturer of custom-designed gift and shopping bags.
NEW YORK CITY — Hines and Welltower Inc. have broken ground for the construction of Sunrise at East 56th, a seniors housing property located at 139 E. 56th St. in Midtown Manhattan. As known as The Welltower, the 16-story tower will be the neighborhood’s first purpose-built assisted living and memory care community. Designed by SLCE, the property will feature complementary retail at the base and 151 assisted living and memory care units. Community amenities will include dining rooms, a salon, exercise facilities, medical examination rooms, an art studio and a theater. Slated for completion in early 2020, the development will be managed by Sunrise Senior Living. Champalimaud is serving as interior designer for the property.
WESTWOOD, MASS. — NKF Capital Markets has arranged the sale of an office asset located at 101 Station Drive in Westwood. National Development and Charles River Realty Investors sold the property to AEW Capital Management, on behalf of one of its institutional separate account clients, for $53.1 million. At the time of sale, the 208,134-square-foot property was fully occupied by eight tenants, including General Dynamics, Mott MacDonald, The Predictive Index, Boston Children’s Hospital and Honeywell. On-site amenities at the office property include a café, a fitness center, an outdoor fireplace/lounge, a bicycle rental station and a shuttle service to nearby shops, restaurants and an MBTA/Amtrak train station. Robert Griffin, Edward Maher, Matthew Pulled, James Tribble, Samantha Hallowell, Michael Frisoli and Peter Whoriskey of NKF represented the seller in the transaction.
NEWARK, N.J. — HFF has arranged $16.2 million in financing for the development of a speculative industrial project at 256 Vanderpool St. in Newark. The borrower is a joint venture between Penford Group and Penwood Real Estate Investment Management, through its fourth value-added investment vehicle, Penwood Select Industrial Partners IV. Situated on 14.8 acres, the 290,063-square-foot building will feature 40-foot clear heights, 64 loading docks, 79 trailer stalls and 8,702 square feet of office space. Michael Klein and Matthew Pizzolato of HFF worked on behalf of the borrower to place the construction loan with Principal Real Estate Investors.
NEW YORK CITY — BEB Capital has purchased a multifamily building located at 238 E. 106th St. in Manhattan’s East Harlem section. 106th Street Realty Development Corp. sold the eight-story property for $14.2 million. Constructed in 2016, the 18,860-square-foot building features 29 free-market apartments and nine parking spaces. On-site amenities include a virtual doorman with video intercom, central laundry and terraces on each unit. Abie Kassin and David Benharouch of Meridian Capital Group represented the seller and procured the buyer in the deal. Additionally, Bryan Kallenberg and Brian Flax, also of Meridian, negotiated $8.5 million in acquisition financing for the purchase.
DUNMORE, PA. — JLL has brokered the sale of Key Market Distribution Center, a two-building industrial portfolio located at 1026-28 Reeves St. in Dunmore. An affiliate of Equilibrium Equities sold the portfolio to The Silverman Group for $14.3 million. Situated on 21.1 acres, the 445,751-square-foot portfolio offers units ranging in size from 13,000 square feet to 210,000 square feet. At the time of sale, the property was fully occupied by a variety of tenants. John Plower, James Galbally, Brett Grifo, Chad Orcutt and Jeff Lockard of JLL represented the seller in the transaction.
WINTER SPRINGS, FLA. — TruAmerica Multifamily has purchased Astor Park, a 368-unit apartment community in Winter Springs, for $50 million. The community is located at 4545 Willa Creek Drive, roughly 16 miles north of Orlando. The name of the seller was not disclosed. Astor Park was built in two phases between 1987 and 1999 and features a mix of one-, two- and three-bedroom units. TruAmerica plans to invest $4 million to upgrade the property’s exteriors, common areas and unit interiors. Planned renovations will include new stainless steel appliances, stone countertops, new cabinet faces, upgraded lighting and plumbing fixtures, vinyl plank flooring, new landscaping throughout, exterior paint, fitness center upgrades and pool furnishings.
HANAHAN S.C. — West-Signal, a joint venture between an affiliate of North Signal Capital LLC and a fund managed by Westport Capital Partners LLC, has broken ground on a 340,000-square-foot industrial facility within North Pointe Commerce Park in Hanahan, roughly 15 miles northwest of Charleston. The partnership is developing the warehouse and production facility for Science Applications International Corp. (SAIC), a technology integrator in the engineering, technical and information technology markets. SAIC’s primary client is the U.S. federal government. The LEED-certified building will feature tilt-up concrete construction, 32-foot clear heights, an ESFR sprinkler system and LED lighting. The building will also have the capacity to expand an additional 74,000 square feet. Evans General Contractors will design and build the facility, and Bank of America is providing construction financing for the project. West-Signal expects to deliver the facility in the fourth quarter. The joint venture acquired three developable sites along North Pointe Industrial Boulevard — collectively referred to as North Pointe Commerce Park — in late 2017 and is developing each one. The project will ultimately add approximately 715,000 square feet of industrial space to the greater Charleston area. The first building within the park is slated for delivery in September. Peter Fennelly, …
CARY, N.C. — HFF has brokered the $18.4 million sale of 6501 Weston Parkway, a 93,130-square-foot office building in Cary, roughly 12 miles west of Raleigh. Scot Humphrey, Ryan Clutter and Chris Lingerfelt of HFF arranged the transaction on behalf of the seller, a joint venture between Childress Klein Properties and WHI Real Estate Partners, and procured the buyer, Albany Road Real Estate Partners. Originally constructed in 1996, 6501 Weston Parkway was fully renovated in 2016 and was 90.1 percent leased at the time of sale to tenants such as Charter Communications, Zift Solutions and Aerotek.
MIAMI BEACH, FLA. — Marcus & Millichap has arranged the $14.3 million sale of Park Terrace, a 32-unit apartment building located at 355 19th St. in Miami Beach. Florida-based Blue Road acquired the asset, according to the South Florida Business Journal. Joseph Thomas, Adam Duncan and Brett McMahon of Marcus & Millichap arranged the transaction on behalf of the undisclosed seller. Park Terrace was originally constructed in 1951 and features a swimming pool and a sundeck. Blue Road plans to convert the property into a boutique hotel, as well as increase the building height and add more rooms.