MEMPHIS, TENN. — NAI Saig and Avison Young have arranged the $33.1 million sale of a nine-property, 1.1 million-square-foot industrial portfolio located within Memphis International Airport Center (MIAC). Faropoint Ventures purchased the portfolio from Connecticut-based Greenfield Partners LLC. The portfolio was 93.1 percent leased at the time of sale to tenants such as FedEx, Kohler, United States Postal Service and DHL. Brian Califf of NAI Saig represented Faropoint in the transaction, and Shane Soefker and Jacob Biddle of Avison Young represented Greenfield Partners. Faropoint has retained Califf and Elliot Embry of NAI Saig to handle the portfolio’s leasing assignment.
LAKE JACKSON, TEXAS — NAPA Ventures, an Austin-based investment firm, has acquired Treasure Bay Apartments and Oyster Creek Apartments, two multifamily properties totaling 401 units in Lake Jackson, a city roughly 60 miles south of Houston. Both properties are located off Nolan Ryan Expressway and were purchased in partnership with a Dallas-based private equity firm. NAPA plans to upgrade both properties’ landscaping, parking areas, leasing offices and business centers, as well as the interiors of the units.
CARROLLTON, TEXAS — CBRE has brokered the sale of Estrada Apartments, a 244-unit multifamily community located at 1919 Walnut Plaza in the Dallas-Fort Worth metro of Carrollton. Estrada EP LP purchased the property from VTP Realty, an Irving-based firm, for an undisclosed price. The community was 96 percent occupied at the time of sale.
ST. LOUIS — McCarthy Building Cos. Inc. has broken ground on a multi-building project at the east end of Washington University’s Danforth Campus in St. Louis. McCarthy is constructing three new academic buildings, two multi-use pavilions and an underground parking facility. The project also includes a new landscape and an expansion of the Mildred Lane Kemper Art Museum. Notable components include Anabeth and John Weil Hall, an 82,100-square-foot interdisciplinary building that will serve as the new front door to the Sam Fox School of Design & Visual Arts. The majority of the construction is slated for completion prior to spring 2019 commencement.
SCHILLER PARK, ILL. — PREMIER Design + Build Group LLC will construct a 157,525-square-foot industrial property in Schiller Park near the Chicago O’Hare International Airport. The project will include demolition of a bakery in order to build two separate industrial buildings in its place. Easily accessible to I-294, the property will feature an 84,700-square-foot building and a 72,825-square-foot building. Both facilities will feature 32-foot clear heights, truck courts, loading docks, ESFR sprinklers and retention ponds. Each building will be able to accommodate multiple tenants. Mark Melone, Christopher Kiziak and Zach Gadomski of PREMIER are responsible for the project. Cornerstone will provide architectural services, and Swift Structural Design and Knight Engineering will provide engineering expertise. Bridge Development Partners is the developer. The project will be completed by the end of the second quarter this year.
GOSHEN, OHIO — Dougherty Mortgage LLC has arranged a $12 million HUD 223(f) loan for the refinancing of Meadow View Townhomes in Goshen, about 30 miles northeast of Cincinnati. The affordable housing property, built in 1994, consists of 128 units. Dominium Development & Acquisition took over ownership and management duties of the property in 2015. The loan features a 35-year term and amortization schedule. Dougherty’s Minneapolis office arranged the loan for the borrower, Goshen Leased Housing Associates I LLLP, a limited liability partnership based in Minnesota.
JANESVILLE, WIS. — Coldwell Banker Commercial has brokered the sale of a 26,029-square-foot airplane hangar located at 4618 S. Columbia Drive in Janesville, about 40 miles south of Madison. The hangar, previously used for Blackhawk Technical College’s aircraft maintenance program, was vacated when the program was discontinued in 2013. Meisner Aircraft Inc. purchased the property for an undisclosed price. Bill Mears of Coldwell Banker represented both parties in the transaction.
NEW YORK CITY — HFZ Capital Group, a Manhattan-based real estate development and investment company, has secured construction financing for The Eleventh, a mixed-use development located at 76 11th Ave. between 17th and 18th streets. A British financial institution provided HFZ Capital with construction financing for the development. HFZ’s John Shannon directed the firm’s negotiations to secure the financing. Situated on the Far West Side of Chelsea, The Eleventh is slated to open in 2019 featuring two towers between the High Line and the Hudson River. Bjarke Ingels Group designed the project. In addition to residences, Six Senses Hotels Resorts Spas will open its flagship North American hotel inside the project. HFZ originally secured $870 million in acquisition and pre-development financing in May 2015 from a consortium of lenders, including JPMorgan, BlackRock and SL Green Realty. Construction of The Eleventh has already begun, and sales of condominium residences will begin later this year.
NEWARK, N.J. — Edison Properties has begun construction at Ironside Newark, a mixed-use building in downtown Newark. Located at the corner of Edison Place and McCarter Highway (Route 21), Ironside Newark will transform the warehouse building into a commercial and retail destination. Designed by New York City-based Perkins Eastman, the project will include 456,000 square feet of offices across its six upper floors, with access to a rooftop featuring green space and views of Newark and Manhattan. Two floors of retail and restaurant space will front the newly announced Mulberry Commons Park, providing a link between Ironside Newark and Newark Penn Station, Prudential Center arena and downtown Newark. Hollister Construction Services will serve as the sole construction manager on the project. Construction on the building is expected to last 18 months, with opening tentatively scheduled for fall 2018.
MIDDLETOWN, N.J. — National Realty & Development Corp. (NRDC) has signed the first anchor tenants at The Shoppes at Middletown, a retail development in Middletown. A 130,000-square-foot Wegmans Food Markets store and a 26,530-square-foot, six-screen CMX, The VIP Cinema Experience will join the 340,000-square-foot development. When complete, The Shoppes at Middletown will include national, regional and local retailers and restaurants. The project is located on Route 35 at its intersection with Kings Highway East in eastern Monmouth County.