JERSEY CITY, N.J. — Ironstate Development and Panepinto Properties are developing the final tower at the team’s multi-phase Columbus Drive project in Jersey City. Located at 90 Columbus Drive, the 50-story, 539-unit luxury apartment tower will be the fourth tower in the development, which already features residential buildings at 50 and 70 Columbus Drive, a more than 900-space parking garage and an under-construction 152-room Marriott Residence Inn at 80 Columbus Drive. The joint venture broke ground on the final tower earlier this year and completion is slated for October 2018. Completion for the hotel is slated for this winter. Russell Bershad of Gibbons Real Property & Environmental department has represented the joint venture on the Columbus project since its inception. The Gibbons team has closed $170 million in permanent financing for 70 Columbus, $155 million in construction financing for 90 Columbus and completed a $16 million term loan for the 70 Columbus project. Additionally, Gibbons served as counsel in connection with the ED-5 equity investment component for 90 Columbus.
NEW YORK CITY — HFF has arranged $26.9 million in acquisition and construction financing for 314 Scholes Street, a three-building industrial complex located in Brooklyn’s Williamsburg neighborhood. HFF arranged the five-year, floating-rate loan through M&T Bank for the borrower, The Hudson Companies. The borrower plans to convert the 97,475-square-foot complex into 83,211 square feet of creative office space and 14,543 square feet of retail space. Designed by S9 Architects, the project is slated for completion in 2018. Christopher Peck and Rory Shepard of HFF secured the financing for the borrower.
NEW YORK CITY — Cignature Realty Associates has brokered the sale of a multifamily building located at 546 Isham St. in the Inwood section of Manhattan. Hillcrest Acquisitions acquired the five-story corner building from Geisinger Equities for $9.4 million, or $249 per square foot. Built in 1928, the 37,700-square-foot property features 49 apartments in a mix of studio, one-, two- and three-bedroom layouts. Lazer Sternhell and Peter Vanderpool of Cignature Realty represented the buyer and seller in the deal.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a three-unit townhome located at 426 W. 22nd St. in Manhattan’s West Chelsea neighborhood. A private investor acquired the residential rental property for $7.3 million, or more than $1,577 per square foot. The three-story property features a garden-level three-bedroom duplex with a private garden, a second-floor two-bedroom unit with terrace and a third-floor two-bedroom duplex with terrace. Peter Von Der Ahe, Joe Koicim and Josh Grossman of Marcus & Millichap represented the undisclosed seller and buyer in the deal.
LAS VEGAS — TruAmerica Multifamily has purchased three multifamily communities in Las Vegas. The purchase price was not disclosed. The Class B portfolio contains a total of 802 units. The properties include Oasis Gateway, Oasis Palms and Oasis Vinings. All three assets are situated within 2.5 miles of one another in the northwestern part of the valley. They were built between 1989 and 1997. TruAmerica will immediately implement a capital improvement program across all three properties. The assets were purchased in partnership with MSD Capital.
LAKEWOOD, COLO. — Jackson Square Properties has purchased the 300-unit Skye Crest apartments in Lakewood for $68.2 million. The community is located at 7846 W. Mansfield Parkway. It is situated immediately south of the intersection of Highway 285 and South Wadsworth Boulevard. HFF’s Jordan Robbins and Jeff Haag represented the seller, Fairfield Bentley LLC, in this transaction.
PHOENIX — CS1031 Crossroads Apartments has acquired the 316-unit Crossroads Apartments in Phoenix for $25.2 million. The Class B community is located at 2222 W. Beardsley Road in the Deer Valley submarket. It was built in 1982. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller, WW Crossroads Apartments LLC, in this transaction. CS1031 Crossroads Apartments purchased the community on behalf of Rincon Partners. The LLC sold the asset on behalf of Olympus Property.
NORTH LAS VEGAS — DC Building Group has completed the remodel of the Delta Liquid Energy propane distribution facility and offices in North Las Vegas. The project included a 5,300-square-foot office and warehouse remodel, in addition to the installation of 30,000-gallon fuel storage tanks. Construction began in late 2015. The facility is situated near the Apex industrial area. Andoscia Architecture served as the project’s architect.
CALEXICO, CALIF. — San Diego-based Canada Investments has acquired Emerson Plaza, a shopping center located at 724 Emerson Ave. in Calexico. Gastone and Maria Elena Lopez sold the property for $700,000. The 6,000-square-foot property features a gas station and four retail units. Rob Bloom of Duhs Commercial represented the buyer and seller in the transaction.
WICHITA, KAN. — Ferguson Property Group has acquired the former Winfield Wholesale Grocery Building, a warehouse building located at 701 E. Second St. in Wichita’s historic district. SBJ Properties sold the 50,000-square-foot building for an undisclosed price to Memphis, Tenn.-based Ferguson. The buyer has a $20 million renovation planned for the property to convert it into retail and office space. Built in 1910, the property features underground parking. Patrick Ahern of NAI Martens represented the seller, while Mike Marrara of First Commercial represented the buyer in the deal.