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RoyOMartin-Corrigan-Texas
DevelopmentIndustrialTexas

RoyOMartin Underway on $115M Manufacturing Expansion Project in Corrigan, Texas

by Taylor Williams

CORRIGAN, TEXAS — RoyOMartin, a provider of plywoods, timbers and boards, is underway on $115 million manufacturing expansion project in Corrigan, about 100 miles northeast of Houston. The project involves the construction of a 370,400-square-foot facility that will complement RoyOMartin’s existing, 407,125-square-foot plant. The new facility is expected to account for the creation of about 120 new jobs and to increase RoyOMartin’s total production capacity across its 150-acre campus by 70 percent.

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Affordable HousingDevelopmentMultifamilyTexas

Partnership Opens $24.3M Affordable Housing Complex in South Austin

by Taylor Williams

AUSTIN, TEXAS — A partnership between SGI Ventures and the Austin Housing Finance Corp. has opened The Roz, a $24.3 million affordable housing complex on the city’s south side. The four-story building houses 100 units that are reserved for households earning between 30 and 60 percent of the area median income, with select units earmarked for formerly homeless individuals. The Federal Home Loan Bank of Dallas provided a $2 million grant as part of the financing package for The Roz.

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AcquisitionsHospitalityTexas

Marcus & Millichap Brokers Sale of 204-Site RV Park in Midland, Texas

by Taylor Williams

MIDLAND, TEXAS — Marcus & Millichap has brokered the sale of a 204-site RV park in the West Texas city of Midland. RV Midland was built on a seven-acre site in 2018 and includes nine acres for future expansion. Skyler Henderson and Brad Dorsey of Marcus & Millichap represented the Louisiana-based seller and procured the California-based buyer, both of which requested anonymity, in the transaction.

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AcquisitionsIndustrialTexas

Stream Realty Negotiates Sale of 33,280 SF Industrial Building in West Houston

by Taylor Williams

HOUSTON — Stream Realty Partners has negotiated the sale of a 33,280-square-foot industrial building in West Houston. The building at 1045 Heritage West Drive was completed earlier this year and features 28-foot clear heights. Tyler Maner and Will Mason of Stream represented the buyer, SWI Valve International, in the transaction. The seller was a partnership between Urban Cos. and Insite Realty Partners.

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Ridge275-Wethersfield-Connecticut
AcquisitionsConnecticutMultifamilyNortheast

Avison Young Negotiates $19.1M Sale of Apartment Building in Wethersfield, Connecticut

by Taylor Williams

WETHERSFIELD, CONN. — Avison Young has negotiated the $19.1 million sale of Ridge275, a 64-unit apartment building in Wethersfield, located just south of Hartford, that was built in 2019. According to Apartments.com, Ridge275 offers one- and two-bedroom units that range in size from 850 to 1,230 square feet and amenities such as a pool, fitness center, business center and a resident clubhouse. The name of both the seller and the buyer, a Long Island-based developer, were not disclosed.

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HospitalityLoansNortheastPennsylvania

Cronheim Arranges $17.6M Loan for Refinancing of Downtown Philadelphia Hotel

by Taylor Williams

PHILADELPHIA — The hotel affiliate of New Jersey-based financial intermediary Cronheim Mortgage has arranged a $17.6 million loan for the refinancing of the Fairfield Inn & Suites Center City Philadelphia hotel in the city’s downtown area. The number of rooms was not disclosed. The loan carried a floating interest rate and a five-year term with no prepayment penalty. An unnamed regional bank provided the loan to the sponsor, which also requested anonymity.

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AcquisitionsNew JerseyNortheastOffice

Colliers Brokers $5.2M Sale of Vacant Office Building in Parsippany, New Jersey

by Taylor Williams

PARSIPPANY, N.J. — Colliers has brokered the $5.2 million sale of a vacant office building in the Northern New Jersey community of Parsippany. Automotive insurance company DOWC previously occupied the three-story building at 199 Pomeroy Road, which according to LoopNet Inc. was constructed in 1985 and renovated last year. Jacklene Chesler, Patrick Norris and Brittany Leventoff of Colliers represented the buyer and seller, both of which requested anonymity, in the transaction.

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Leasing ActivityNew YorkNortheastOffice

Hunter Point Capital Signs 46,000 SF Office Lease in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Hunter Point Capital has signed a 46,000-square-foot office lease in Midtown Manhattan. The independent investment firm is taking the entire 15th and 16th floors at 360 Park Avenue South, a 450,000-square-foot building. Peter Turchin, Gregg Rothkin, Hayden Pascal, Arkady Smolyansky, Ross Zimbalist and Trevor Larkin of CBRE, along with internal agents Andrew Levin and Will Stark, represented the landlord, BXP, in the lease negotiations.

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AcquisitionsFloridaRetailSoutheast

Second Horizon Capital Purchases 710,000 SF Retail Center in Melbourne, Florida

by Abby Cox

MELBOURNE, FLA. — Second Horizon Capital has acquired Melbourne Square, a 710,000-square-foot retail center in Melbourne, a city on Florida’s Space Coast. A joint venture between Neuberger Berman and Cross Ocean Partners arranged the sale. According to the Orlando Business Journal, the shopping center sold for $56.3 million on March 2. Second Horizon Capital has implemented a capital improvement program, which will comprise supporting community engagement, center operations, building upgrades and expanding programming and partnerships with local organizations and businesses. CBRE will handle leasing and property management at the center. Tenants at Melbourne Square include American Eagle, ALMA Med Spa, Aleena Diamonds, Bath & Body Works, Candle Cart, Dick’s Sporting Goods, Dillard’s, EoS Fitness, Foot Locker, Hollister, Macy’s and Pandora, among others.

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The-Pinnacle
AcquisitionsDistrict of ColumbiaLoansMultifamilySoutheast

IPA Arranges $27M Acquisition Loan for Apartment Community in D.C’s NoMa District

by Abby Cox

WASHINGTON, D.C. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $27 million in financing for the acquisition of The Pinnacle, a newly constructed, 115-unit luxury apartment complex located in the NoMa district of Washington, D.C. Max Hulsh of IPA arranged the loan through Prime Finance on behalf of the borrower, New York City-based July Residential Group, a multifamily investment and management firm. IPA also arranged an undisclosed amount of joint venture equity for the acquisition through an unnamed capital partner. The Pinnacle offers studios and one- to four-bedroom apartments ranging in size from 398 to 1,779 square feet. Amenities include a fitness center, clubhouse, lounge, business center and a rooftop terrace, as well as bike storage and concierge services, according to Apartments.com. Monthly rental rates begin at $1,700.

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