NEW YORK CITY — TerraCRG has arranged the sale of a residential development site located at 172 Montrose Ave. in Brooklyn’s East Williamsburg neighborhood. An undisclosed buyer acquired the 17,000-square-foot site for $14.5 million. The site is zoned for 51,000 buildable square feet of residential space. Ofer Cohen, Dan Marks, Nicole Rabinowitsch and Mike Hernandez of TerraCRG brokered the transaction. The name of the buyer was not released.
FAIRFIELD, N.J. — Saddleback Real Estate Developers has purchased an industrial building located at 8 Kulick Road in Fairfield. The 23,200-square-foot property sold for an undisclosed price. Saddleback Real Estate plans to continue to expand its portfolio in New Jersey. The name of the seller was not released.
DALLAS — CMC/Commercial Realty Group has opened Modena, a 230-unit apartment complex located at 8275 Walnut Hill Lane in north Dallas. The five-story property features amenities such as indoor parking, a pool and a social lounge. Bob Moore Construction served as general contractor on the project, which represents CMC’s second multifamily development in Texas.
HOUSTON — Insite Commercial Real Estate has purchased Intellicenter, a 160,407-square-foot office property situated on 12.8 acres at 4650 Westway Park in Houston, for an undisclosed price. Completed in 2007, the three-story, Class A property is located within the 3 million-square-foot Westway Park office campus on the city’s northwestern side. Danny Miller and Trent Agnew of HFF represented the undisclosed seller in the transaction.
LEWISVILLE, TEXAS — Berkadia has secured a $51.4 million Fannie Mae loan for Discovery at the Realm, a 423-unit multifamily property located at 3600 Windhaven Parkway in Lewisville. Amenities include a business center and conference room, coffee bar and access to a lake with beaches and piers. Joe Hevey and Brady Meyer of Berkadia secured the 10-year loan, which features a 4.2 percent interest rate, on the behalf of the borrower, Dallas-based Bright Realty LLC.
DENTON, TEXAS — The Retail Connection has negotiated a 23,013-square-foot retail lease at 1400-1800 South Loop 288 in the North Texas city of Denton. David Levinson and Jack Weir of TRC represented the landlord, 3503 RP Denton Crossing LP, in the lease negotiations. Robert Aycock of CBRE represented the landlord, HomeGoods Inc., a Massachusetts-based home furnishings company and affiliate of the TJX Cos., which owns Marshalls and T.J. Maxx.
JACKSONVILLE, FLA. — The Praedium Group has acquired The Views at Harbortown, a 300-unit multifamily community located in Jacksonville, for $57 million. The property was built in 2015, offering a mix of one-, two- and three-bedroom units with kitchen islands, walk-in closets, granite countertops and in-unit washers and dryers. Community amenities include a clubhouse with lounge areas and a billiard room; sundeck with wi-fi; two resort-style swimming pools with cabanas; a cyber lounge and business center; fitness center; WellBeats virtual training system; bike rack; and picnic areas with grills. The community also offers three boat slips for residents, and access to the privately owned Harbortown Marina and the Intracoastal Waterway. The seller in the transaction was undisclosed. The Praedium Group notes that Jacksonville achieved 3.7 percent year-over-year growth in nonfarm jobs — per the Bureau of Labor Statistic’s report from March of this year — doubling the national average. “Reis expects Jacksonville’s population to grow by 9.6 percent over the next five years, compared to the national average of 5.1 percent,” says Lindsay Schuckman, associate of The Praedium Group. “This growth is driven by Jacksonville’s influx of jobs, affordability and attractive quality of life.” The Praedium Group is a privately …
Orange County’s innovative office economy continues to be supported by healthy underlying demand drivers. Tech, financial and business services companies continue to provide a strong employment base that was not readily present during the last cycle. Major colleges and universities such as Chapman and UC Irvine provide a steady pool of job-seeking professionals. The climate, lifestyle and general quality of life also continues to attract top employment talent from across the country. Office vacancy is trending downward with rental rates increasing beyond pre-recession levels. As the health of the office market solidifies, notable developers like the Irvine Company, Trammell Crow Co. and Lincoln Property have recently commenced or completed construction on formidable office projects. These new office projects are noteworthy in that they were started on a speculative basis. This is a new trend in the market that would have been unheard of less than three years ago. This is a strong indication of the increased confidence by lenders, equity sources and developers in the Orange County office market’s recovery. Irvine Company has become the dominant source of speculative development due to considerable new development. This company was ahead of the spec curve when it built the first sizeable inventory …
HONOLULU — Colliers International has arranged the $42.3 million sale of a flagship Walgreens store located across from Ala Moana Center in Honolulu. The single-tenant, net-leased property was sold by an entity affiliated with Salem Partners and Argosy Real Estate Partners. Tom Lagos of Colliers International spearheaded negotiations on behalf of the buyer, a Los Angeles-based Korean investment fund. The transaction was structured as a reverse 1031 exchange, which required the buyer to park a grocery-anchored property located in California with an Exchange Accommodation Titleholder (EAT). This enabled the buyer to purchase the Walgreens site now, and complete the sale of the grocery-anchored center — Hacienda Plaza — at a later date.
PORTLAND, ORE. — Granite Investment Group has acquired Tabor Crest, a two-property memory care company in East Portland, for an undisclosed price. One of the facilities was completed in 2016 and was leased up in six months. The second was acquired by the sellers in 2004 and underwent improvements to the facility and operations. Avalon Health Care Group will operate the 60-unit portfolio. Congressional Bank provided a bridge loan as part of the transaction. Housing and Healthcare Finance will process the permanent HUD loan. Based in Irvine, Calif., Granite is a privately held investment management firm.
