BOSTON — HFF has arranged a $250 million construction loan for the development of the first phase of Bulfinch Crossing, a 46-story residential property located at 100 Sudbury St. in downtown Boston. The borrower is a joint venture between National Real Estate Advisors and its Boston-based development partner, The HYM Investment Group. John Fowler, Riaz Cassum and Jennifer Keller of HFF secured the 15-year loan through Pacific Life Insurance Co. for the borrower. The first phase residential tower is part of a 4.8-acre, 2.9 million-square-foot redevelopment of Government Center Garage that will transform the above-grade parking garage into a mixed-use district in downtown Boston. Featuring 368 rental units and 55 condominiums, the residential tower will offer an outdoor pool, three roof decks, a fitness center, a yoga studio, a clubroom, a children’s playroom, a golf simulator, a full chef’s kitchen and an outdoor dog run and dog spa.
SHELTON, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Avalon Huntington, a 99-unit apartment complex located at 100 Avalon Drive in Shelton. AvalonBay Communities sold the property to Inland Real Estate Acquisitions for $33 million, or $333,333 per unit. Built in 2008, Avalon Huntington features 86 townhome-style units and 67 units with direct-entry garages. Victor Nolletti and Eric Pentore of IPA represented the seller and procured the buyer in the transaction.
HARWICH, MASS. — EXP Realty Advisors has arranged the acquisition of a retail property located at 18 Sisson Road in Harwich. A New York City-based real estate investor purchased the property from an undisclosed seller for $17 million in a 1031 exchange transaction. Star Market, a grocery store chain, occupies the 59,054-square-foot property on a net-lease basis. Andrew Greenberg of EXP Realty Advisors represented the buyer in the deal.
NEW YORK CITY — Ariel Property Advisors has negotiated the sale of a two-building multifamily portfolio located at 291 and 292 Lincoln Place in the Prospect Heights neighborhood in Brooklyn. An undisclosed buyer acquired the 49-unit package for $17.9 million, or $365,000 per unit. Totaling 41,000 square feet, the two four-story walk-up buildings offer a mix of 36 one-bedroom, 11 two-bedroom and two three-bedroom apartments. Additionally, between both properties there are 12,400 square feet of additional air rights. Jonathan Berman, Michael Tortorici, Shimon Shkury, Victor Sozio and Orry Michael of Ariel Property Advisors represented the undisclosed seller and secured the buyer in the transaction.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a retail property located at 42-31 Bell Blvd. in the Bayside neighborhood of Queens. Midwood Investment & Development sold the property to Hersel Solutions for $13.5 million. At the time of sale, the 10,092-square-foot property was fully occupied by three tenants. Bank of America anchors the property and occupies 5,376 square feet with a lease through March 2024. The remaining units are occupied by a dog daycare and a restaurant with lease through October 2019 and April 2024, respectively. Additionally, the building features a 20-space parking lot and approximately 22,814 square feet of air rights. James Nelson, Stephen Preuss and Carly Weinreb of Cushman & Wakefield represented the seller in the deal.
GRAPEVINE, TEXAS — JPI has begun construction on Jefferson Silverlake, a 371-unit apartment community located at State Highway 26 and Bass Pro Drive in Grapevine. Units will feature 10-foot ceilings, modern cabinetry and full-sized washers and dryers in all units. Community amenities will include a resort-style pool, Wi-Fi in common areas, concierge services and a fitness center with a yoga studio. Jefferson Silverlake will be situated near the future U.S. headquarters for Kubota Tractor and future TEX Rail Grapevine Main Street station.
DALLAS — Trammell Crow Co. and joint venture partner MetLife have signed international law firm Winston & Strawn LLP to a 56,000-square-foot lease at Park District in Uptown Dallas. Situated adjacent to Klyde Warren Park, Park District is a 916,000-square-foot mixed-use project that features a 20-story office tower and 34-story residential tower, both of which include ground-floor retail space. PwC is the anchor tenant of the office tower, dubbed PwC Tower at Park District. Upon completion the building will feature four levels of below-grade parking, an executive lounge, fitness facility, collaborative workspaces, on-site restaurants, outdoor amenity spaces and on-site banking and valet. HKS is the project architect and the development team is seeking LEED Gold-certification for the office tower. Dennis Barnes, Clay Gilbert and Shannon Brown with CBRE’s Dallas office represented Trammell Crow and MetLife in the lease transaction. Phil Puckett, Harlan Davis and Neal Puckett, also with CBRE’s Dallas office, and Nancy Pacher of CBRE’s Chicago office, represented Winston & Strawn, which will occupy floors eight and nine of the 500,000-square-foot tower in the second quarter.
HUMBLE, TEXAS — Archway Properties plans to develop Park Air 59, a 111-acre mixed-use project located along U.S. Highway 59 in Humble, roughly 20 miles northeast of Houston near George Bush International Airport. The project’s first build-to-suit is currently under construction on a 4.2-acre tract at the junction of U.S. Highway 59 and Will Clayton Parkway. Archway is developing a 65,000-square-foot, three-story medical office building for Vital Heart & Vein, a cardiology practice based in Houston. The clinic is set to open this summer. Austin Alvis of Houston-based NewQuest Properties and Preston Cunningham of Cunningham Ventures are marketing Park Air 59 and co-brokered the land sale to the cardiology group. Jeries Ganim of Commercial Regional Properties of Texas LLC represented the cardiology group in its site acquisition. Houston-based Archway has assembled the acreage over the last several years for Park Air 59, which upon completion will include medical, retail, restaurants, industrial and additional service-based tenants.
WILMER, TEXAS — Bob Moore Construction has completed Interpoint Distribution Center, a 350,000-square-foot industrial facility located at 3800 N. Interstate 45 in Wilmer, roughly 15 miles southwest of Dallas. The developer, Houston-based Skyhawk Partners, purchased the site along with J.A. Billip Co. Other members of the project team include leasing agent Colliers International and architect Alliance Architects. The facility is situated near the Union Pacific Intermodal and near facilities leased to FedEx, Procter & Gamble, Amazon and Shippers Warehouse.
CROWLEY, TEXAS — Marcus & Millichap has brokered the sale of Deer Creek Plaza, a 26,500-square-foot retail center located at 740 S. Crowley Road in Crowley, about 15 miles south of Fort Worth. Built in 2007, the shopping center was fully leased at the time of sale to tenants such as iFit Elite, Nails Plus, Diet Solutions, Bethel Management, iFit Elite Tanning, eRepair and Inspire Salon. Philip Levy and Matthew Bean of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Douglas Cole of Marcus & Millichap’s West Los Angeles office secured the buyer, also a limited liability company.