NEW YORK CITY — Rosewood Realty has brokered the $31.5 million sale of two apartment properties in Queens. A local investor purchased the contiguous properties, which are located at 71-05 and 71-11 37th Ave. in the Jackson Heights neighborhood. Benson Co. was the seller. The six-story buildings, which were built in 1920, include a combined 106 apartments and span 85,856 square feet. The average rent at the properties is $1,477 per month. Aaron Jungreis of Rosewood Realty Group represented both the buyer and seller in the transaction.
NEW YORK CITY — ABC Carpet & Home has leased 78,000 square feet in Industry City, the 16-building, 6 million-square-foot innovation and manufacturing complex located in the Sunset Park neighborhood in Brooklyn. ABC Carpet & Home, a New York-based seller of home goods, is consolidating its operations — currently located in Hackensack, N.J., and the Bronx — into the space at Industry City’s building 19. Industry City’s director of leasing, Kathe Chase, led the deal alongside Chase Welles of The Shopping Center Group, which was brought onto the project to lease the property’s ground-floor spaces. ABC Carpet was represented internally.
PHOENIX — McFarlin Group has acquired 6.9 acres of land in Phoenix for the development of an assisted living and memory care community. HealthSouth Corp. sold the plot for $2.7 million. Avison Young’s Julie Johnson and Alexandra Loye represented the seller in the transaction, while D.L. Slaughter Co. represented the buyer. The community, to be named Mariposa Point at Algodon Center, is slated for groundbreaking in late 2017 and completion in early 2018. Surpass Senior Living will operate the property once completed. The parcel is located within the Algodon Medical Center and across from Banner Estrella Medical Center. The property is expected to include more than 80 units of assisted living and memory care and will be licensed for approximately 120 residents.
AVONDALE, ARIZ. — Virtua Partners has announced plans to build a 130-room SpringHill Suites Hotel in Avondale. The hotel will be a part of a 58-acre mixed-use site that’s situated one half mile north of Interstate 10. Quyp Hospitality LLC, an affiliate of Virtua Partners, will develop the property. The firm has partnered with Marriott on the project.
VISTA, CALIF. — W Designed Developments has acquired a 2.6-acre plot in Southern California, with plans to develop a seniors housing community on the site. Irwin Dubinksy Living Trust and Kissinger Family Trust sold the property for $1 million. Al Apuzzo and Matt Weaver of Lee & Associates – North San Diego County represented sellers while Weston Harmer represented the buyer. The site is in Vista, located between San Diego and Los Angeles. Details on the proposed seniors housing facility were not released.
ALLEN, TEXAS — Kaizen Development Partners has broken ground on Phase I of One Bethany at Watters Creek, a Class A office park located at the corner of Bethany Drive and Watters Creek Boulevard in the Dallas-Fort Worth metro of Allen. Texas-based architecture firm BOKA Powell designed the initial phase of the project, which includes a 125,000-square-foot office building with a 570-space parking garage. Delivery of the building, which will feature a conference room, fitness center and tenant lounge, is expected within 12 months.
KATY, TEXAS — Amazon.com Inc. has announced plans to open a 1 million-square-foot fulfillment center in the west Houston suburb of Katy. Duke Realty will develop the center, which will be situated on approximately 87 acres near the intersection of U.S. Highway 90 and Woods Road, according to the Houston Business Journal. The project, which marks Amazon’s 10th fulfillment center in Texas, is expected to create about 1,000 full-time jobs in packaging and shipping.
NEW CANEY, TEXAS — Hobby Lobby has opened a new store in Valley Ranch Town Center, a 240-acre, 1.5 million-square-foot mixed-use development in New Caney, a city roughly 30 miles north of Houston. The Signorelli Co., a Houston-area builder, developed the property, which is situated within the 1,400-acre, master-planned community of Valley Ranch on Grand Parkway near Interstate 69. Valley Ranch Town Center, which also includes a 13,500-seat amphitheater and 1,000 multifamily residences, is the largest retail project currently underway in the Houston area.
DALLAS — Hunt Mortgage Group has arranged a $10 million Fannie Mae loan for the refinancing of Spanish Brook Apartments, a 248-unit, garden-style apartment complex located at 11511 Ferguson Road in east Dallas. The loan features a 12-year term, 25-year amortization schedule and an 11.5-year yield maintenance period. To date, the undisclosed, Texas-based borrower has invested $7 million in renovations to the unit interiors and building exteriors of the property.
DENTON, TEXAS — SHOP Cos. has brokered the sale of San Jacinto Plaza, a 61,853-square-foot retail center located at 2300 San Jacinto Blvd. near Interstate 35 in Denton, a city in north Texas equidistant from Dallas and Fort Worth. At the time of sale, the property was 87 percent leased to tenants such as Office Depot, Foot Spa and Mattress Firm. Tommy Tucker and Tim Axilrod of SHOP Cos. represented the seller, a Dallas-based limited partnership, in the transaction. An undisclosed limited liability company from Plano purchased the property.