HOUSTON — Cresa has arranged the sale of a 124,480-square-foot office building in North Houston. The building sits on a 10-acre site at 785 Greens Parkway in the city’s Greenspoint neighborhood. According to LoopNet Inc., the building was originally constructed in 2002 and recently underwent capital improvements that upgraded select areas and systems, such as lighting and restrooms. Brandon Wuntch and Drew Altmann of Cresa represented the seller, GK Investments Group LLC, in the transaction and procured the buyer, Leva Patidar Samaj.
BROOKSHIRE, TEXAS — Stream Realty Partners has negotiated a 94,931-square-foot industrial lease in the western Houston suburb of Brookshire. The space is located within the 2.3 million-square-foot Empire West Business Park development. Jeremy Lumbreras, Heath Donica, Justin Robinson and Matteson Hamilton of Stream internally represented the landlord in the lease negotiations. Abraham Richardson and Grant Wisenbaker, also with Stream, represented the tenant, Pointsmith Point-of-Purchase Management Services LLC.
MCKINNEY, TEXAS — Locally based developer KDC has broken ground on a 13,500-square-foot headquarters and training facility in the northern Dallas suburb of McKinney. The project is a build-to-suit for Hugs Café, an organization dedicated to providing training and employment for adults with disabilities, and will feature a training kitchen, four classrooms, a rooftop deck and a patio. Corgan is the architect, and Brasfield & Gorrie is the general contractor. Completion is slated for next summer.
NEW YORK CITY — A joint venture between Metro Loft Management and David Werner Real Estate Investments (DWREI) has received $720 million in financing for an office-to-residential conversion project in Manhattan. The project will convert the 10-story, 290,000-square-foot office building at 219 E. 42nd St., which formerly served as the global headquarters for pharmaceutical giant Pfizer Inc., into a multifamily complex. When combined with the adjacent building at 235 E. 42nd St., the development will feature more than 1,600 apartments, 25 percent of which will be reserved as affordable housing, as well as 100,000 square feet of amenity space and 30,000 square feet of retail space. Max Herzog, Marko Kazanjian, Andrew Cohen and Max Hulsh of Institutional Property Advisors, a division of Marcus & Millichap, arranged the financing through Madison Realty Capital on behalf of the joint venture. Construction is slated for a late 2027 completion. The IPA team also arranged $75 million in bridge financing for the project last fall, with Northwind Group serving as the direct lender on that deal.
PARAMUS, N.J. — A joint venture partnership between Heidenberg Properties Group, Red Starr Investments, Norse Realty Group and DAG Paramus has purchased Paramus Park South, a 181,150-square-foot shopping center in Northern New Jersey. Anchored by a 100,223-square-foot Stew Leonard’s Supermarket, the center was 67 percent leased at the time of sale. CBRE brokered the sale of the property, the seller of which was not disclosed. Ackman-Ziff Real Estate Group structured the joint venture and arranged acquisition financing for the deal.
WYCKOFF, N.J. — City National Bank has provided a $14.5 million loan for the refinancing of a 115,084-square-foot industrial facility located at 500 W. Main St. in the Northern New Jersey community of Wyckoff. Built in 1966, the shallow-bay property features a clear height of 21 feet, six dock doors, nine drive-in doors and 115 parking spaces. Michael Klein, Max Custer and Christian Badalamenti of JLL arranged the five-year, fixed-rate loan on behalf of the borrower, The STRO Cos. At the time of the loan closing, the facility was fully leased to 12 tenants across manufacturing, distribution and service industries.
WETHERSFIELD, CONN. — New Jersey-based financial intermediary Cronheim Mortgage has arranged $6.2 million in financing for a 40,000-square-foot medical office building in Wethersfield, located just south of Hartford. The building at 1210 Silas Deane Highway was developed in 2022 as a build-to-suit for Starling Physicians, Connecticut’s largest physician-led multispecialty medical group. Brandon Szwalbenest, Dev Morris and Andrew Stewart of Cronheim arranged the 25-year loan through an undisclosed local bank. The sponsor is an affiliate of Connecticut-based Phoenix Realty Management.
CHANDLER, ARIZ. — PB Bell and PCCP have completed the sale of Zaterra, an apartment community in Chandler, to an undisclosed buyer for $137.5 million, or $350,765 per unit. Completed in 2023 on 22 acres, Zaterra features 392 apartments with walk-up layouts and garages spread across a two- and three-story garden-style property. Community amenities include two swimming pools with sundecks, a creative suite with a large conference room and individual workspaces, a 24-hour fitness center and yoga lawn. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the sellers and procured the buyer in the deal.
LOS ANGELES — Live Oak Bank has provided a $25 million bridge-to-sale loan to finance a community located near Los Angeles. An entity doing business as Harbert Seniors Housing Fund I LP is the borrower. The financing features a three-year initial term, 36 months of interest-only payments and $2.8 million in potential future earnout proceeds. The property totals 97 units, with independent, assisted living and memory care residences.
DALY CITY, CALIF. — MidPen Housing and partners have completed the construction of Midway Village I, which includes 147 affordable housing units in Daly City. MidPen also broke ground on Midway Village II, which will include 113 affordable units and a childcare facility. Midway Village I is reserved for renters earning between 30 and 80 percent of the area median income (AMI). The developer has earmarked 12 of the apartments for young adults aging out of foster care. Local teachers/members of the area’s education workforce will have priority for 27 of the units. When complete in 2027, Midway Village II will feature homes for families earning between 30 and 60 percent of AMI. Twenty-nine of the units will be reserved for individuals with supportive housing needs, provided through the Housing for a Healthy California program. This second phase will also feature a 15,000-square-foot childcare center where Peninsula Family Service will serve 109 children, including children from low-income families in the broader community. These are the first two phases of a four-phase revitalization and expansion effort that will ultimately transform an existing San Mateo County Housing Authority property from 150 outdated units into 555 new apartment homes. Residents of the original …