NEW YORK CITY — Investcorp has invested in two office buildings in Manhattan’s Garment District for a total purchase price of $156 million. Located at 229 W. 36th St. and 256 W. 38th St., the properties are fully leased to a diverse roster of more than 20 long-term tenants. Combined the properties offer approximately 267,000 square feet of office space. As part of the transaction, Investcorp has entered into a joint venture with Brickman, a New York-based owner/operator. Brickman maintains a joint venture investment in the properties and will serve as the leasing and management agent.
YORK, PA. — STAG York, a wholly owned subsidiary of STAG Industrial, has acquired an industrial facility located at 2925 E. Market St. in York. Alliance Partners HSP sold the property for $19 million. Stauffers Biscuit Co. occupies 255,000 square feet of the 390,000-square-foot facility. The buyer has engaged Cushman & Wakefield to market the remaining 135,000 square feet of the property, which is suited for warehousing and distribution. Prior to selling, Alliance completed capital improvements at the property including a new roof, upgraded loading docks and enhanced truck circulation. Gerard Blinebury, Joseph Hill Jr., Pat McBride and Robert Yoshimura of Cushman & Wakefield represented the seller in the deal.
NEW YORK CITY — CBRE has arranged the sale of a multifamily property located at 1654 Monroe Ave. in the Bronx. A private investment company sold the property to an undisclosed buyer for $7.7 million in a multi-faceted transaction. The six-story building features 50 apartment units. Fully occupied at the time of sale, the property recently underwent major renovations and rehabilitation as part of the New York City 8A program. Elli Klapper, Charles Berger and Jay Gelbtuch of the CBRE Tri-State Investment Properties team represented the seller in the transaction. The proceeds of the 1031 exchange sale were applied to the acquisition of two retail properties in Austin, Texas, and Wauchula, Fla.
NEW YORK CITY — Greystone Bassuk has secured a $217.5 million loan for an affiliate of The Gotham Organization for the refinancing of The Ashland, a 53-story multifamily tower located at 250 Ashland Place in Brooklyn. The 30-year, fixed-rate loan was originated by Wells Fargo Multifamily Capital and securitized through Fannie Mae’s multifamily Mortgage-Backed Securities program. Greystone Bassuk served as exclusive advisor on the transaction. Designed by SPAN Architects, the 547,000-square-foot property features 586 mixed-income apartment units, 11,500 square feet of cultural office space and 17,000 square feet of retail space, which is occupied by Gotham Market. On-site amenities include a fitness studio, outdoor fitness area, outdoor screening area, multiple indoor lounges, playroom and stroller/bicycle room.
MISSOURI CITY, TEXAS — Electronics retailer Best Buy will occupy a new 550,000-square-foot distribution center on a 36.4-acre tract along U.S. Highway 90A in Missouri City, a southwestern suburb of Houston. Seefried Industrial Properties and 4M Investments LLC will co-develop the property, which is scheduled to open prior to the 2018 holiday season, according to realtynewsreport.com. Best Buy currently operates about 130 stores throughout Texas, including 13 in Houston proper.
KATY, TEXAS — PGIM Real Estate, the real estate investment vehicle of Prudential Financial Inc., has acquired LaCenterra at Cinco Ranch, a 412,900-square-foot mixed-use property in Katy. The 34-acre, Class A lifestyle center features 273,522 square feet of retail space, which is anchored by Trader Joe’s, and 139,378 square feet of office space. Those components are 93 percent and 89 percent leased, respectively. The final phase of the development features an eight-screen Alamo Drafthouse Cinema location, which is currently slated for a 2018 completion. Mark Seedorff of PGIM led the transaction.
AUSTIN, TEXAS — Dallas-based design-build general contractor ARCO/Murray has completed construction of Lakeline Storage, a 736-unit self-storage facility located at 11000 Lakeline Blvd. in Austin. The three-story, climate-controlled property consists of 115,000 square feet of gross rentable storage space, with both drive-up and interior units currently available for rental. The Jenkins Organization, a Houston-based real estate firm specializing in self-storage assets, will operate the facility.
HOUSTON — HFF has arranged the sale of Norfolk Tower, a 207,562-square-foot office building located at 2211 Norfolk St. in Houston. The 11-story tower was 83 percent leased at the time of sale. Dan Miller and Martin Hogan of HFF represented the seller, Boston-based TA Realty, and procured the buyer, Houston-based Nitya Capital. Susan Hill and Kelly Layne of HFF secured an undisclosed amount of acquisition financing for Nitya, which plans to invest in capital improvements and rebrand the building as Nitya Tower.
RICHARDSON, TEXAS — NAI Robert Lynn has brokered the sale of an 82,960-square-foot industrial building located at 1301 Apollo Road in the northeastern Dallas metro of Richardson. Michael Stanzel of NAI Robert Lynn represented the undisclosed seller in the transaction. Craig Phelps of JLL represented the buyer, Baker Drywall Investments LLC.
EDWARDSVILLE, ILL. — TriStar Properties has sold two industrial warehouse and distribution centers at Gateway Commerce Center in Edwardsville, about 25 miles northeast of St. Louis, for $64 million. Dallas-based L&B Realty Advisors purchased the buildings, which total 1.1 million square feet. The properties are 100 percent leased to GEODIS and DB Schenker, which are international third-party logistics firms. TriStar teamed up with PCCP to develop the buildings at Gateway Commerce Center, a 2,300-acre logistics and bulk distribution park. Cushman & Wakefield is the leasing agent for the park.