HOUSTON — HRSS CPAs has signed a 19,569-square-foot office lease in Houston’s Westchase district. The accounting firm will relocate from the building at 6671 Southwest Freeway to a full floor within Millennium Tower, a 21-story, 362,849-square-foot building. Lucian Bukowski and Kylee Antweil of Stream Realty Partners represented HRSS in the lease negotiations. J.P. Hutcheson of Cushman & Wakefield represented the landlord, an entity doing business as Millennium Tower LLC.
NEWARK, N.J. — Los Angeles-based PCCP LLC has provided a $130 million senior construction loan for a 501-unit multifamily project in Newark. The project represents Phase II of a larger development known as Ballantine and will consist of 400 market-rate units and 101 affordable housing units, as well as a 57,500-square-foot Food Bazaar grocery store, within a seven-story building. Residences will come in studio, one-, and two-bedroom floor plans, and amenities will include a fitness center with a yoga studio, two courtyards, a pool, basketball court and coworking space. The borrower, a joint venture between Bogopa Enterprises and Shorewood Real Estate Group, expects to complete the project in late 2028.
NEW YORK CITY — JLL has negotiated the $58 million sale of a 13,707-square-foot multifamily development site in downtown Brooklyn. The site at 55 Smith St./160 Livingston St. can support between 137,000 and 164,000 buildable square feet of product and is eligible for the state’s 485-x affordable housing tax incentive. Mike Mazzara, Ethan Stanton, Brendan Maddigan and Drew Isaacson of JLL represented the seller, Edison Properties, in the transaction. The buyer, CW Realty Group, did not disclose specific development plans for the site.
ROCKLAND, MASS. — Marcus & Millichap has brokered the sale of Pleasant Storage, a 231-unit self-storage facility in Rockland, about 20 miles south of Boston. Built on 4.9 acres in 2003, the seven-building facility features 222 non-climate-controlled units and nine additional units across 45,160 net rentable square feet of space. Nathan Coe, Gabriel Coe, Brett Hatcher and Thomas Shihadeh of Marcus & Millichap represented the seller, a local father-son ownership group, in the transaction. The team also procured the buyer, a partnership between Patriot Holdings and All Purpose Self Storage.
NEW YORK CITY — JAMS, a provider of mediation and arbitration services for legal disputes, has signed an 11-year, 55,335-square-foot office headquarters lease in Midtown Manhattan. The space spans the top two floors at 3 Times Square, a 30-story, 925,000-square-foot tower. Ken Rapp, Brendan Herlihy and Ron Wade of CBRE represented JAMS in the lease negotiations. Ron LoRusso, Lou D’Avanzo, John Cefaly, Michael Burgio, Dan Organ and Paige Engeldrum of Cushman & Wakefield, along with internal agent Kevin Daly, represented the landlord, Rudin.
LONG BEACH, CALIF. — Truist has closed a $152 million construction loan for Marina Shores, an apartment community at 6615 E. Pacific Coast Highway in Long Beach. Carmel Properties is developing the asset. The six-story project will convert an office complex and surface lot into a mixed-income community with 390 apartments and approximately 5,400 square feet of ground-floor retail space. Construction began in October, with completion slated for March 2029. Truist served as administrative agent and sole bookrunner on the development loan. Jason Paxton and Walt Reece led the transaction.
SCOTTSDALE, ARIZ. — Origin Investments and Mill Creek Residential have unveiled plans to develop Modera Old Town, a multifamily property in Old Town Scottsdale. Construction on the 190-unit property will begin in October, with completion slated for mid-2029. The new development is the second venture between Origin and Mill Creek Residential and is an expansion of Mill Creek’s Modera brand. Situated on 2 acres at 7120 E. Indian School Road, Modera Old Town will feature 73 one-, 101 two- and 16 three-bedroom apartments averaging 1,076 square feet. Apartment interiors will include stainless steel appliances, quartz countertops, tile backsplashes, vinyl-plank flooring, premium cabinetry, kitchen islands, undermount sinks, under-cabinet lighting, full-size washers/dryers, private patios or balconies, roller shades and smart home features. Community amenities will include a resort-style pool, an outdoor kitchen, poolside cabanas, lounge seating, and outdoor grilling and entertainment areas with a fire feature. Additional amenities will include a resident clubhouse, entertainment lounge, modern dining and bar space, a fitness center, coworking spaces and private conferences rooms. For Origin, Modera Old Town represents the final investment in its Opportunity Zone Fund III and its 22nd overall opportunity zone development. Modera Old Town is Mill Creek’s 12th opportunity zone development.
LANCASTER, CALIF. — Gantry has secured a $31 million permanent refinance for the Valley Central Shoppes, located at 44410-44690 Valley Central Way in Lancaster. Tony Kaufmann, Jake Davis and Ramza Zeiter of Gantry represented the borrower, a private real estate investor. The 10-year, fixed-rate, nonrecourse loan was secured from one of Gantry’s insurance company correspondents. Gantry will service the loan for the lender. The 174,000-square-foot inline center is part of a master-planned retail power center cluster and shadow anchored by a Walmart Supercenter and a Food 4 Less. Additional tenants includes Boot Barn, Staples, Marshalls, Five Below, Planet Fitness, Starbucks Coffee, Jersey Mike’s Subs, Black Angus Steakhouse, Ulta, Sally Beauty Supply, Lenscrafters, Calidental, America’s Tire Co. and additional entertainment, restaurant and necessities retailers.
OCEANSIDE, CALIF. — William Roth Group of Lee & Associates has arranged the sale of 2620 Temple Heights Drive in Oceanside. Temple Heights Property Co. LLC sold the asset to 2620 Temple Heights LLC for $6.1 million. The owner-user buyer plans to expand its operations into the 34,168-square-foot industrial building that features 30 percent of office space and four grade-level loading doors. The property is situated on 2.1 acres. Rusty Williams, Chris Roth and Jake Rubendall of Williams Roth Group represented the seller, while Jim Benson of Kidder Mathews represented the buyer in the transaction.
LAWRENCE, KAN. — Northmarq has arranged the sale of Meadowbrook Apartments, a 627-unit community and adjacent 4.3-acre development tract in Lawrence. Casey Wilhm, Jeff Lamott and David Belpedio of Northmarq represented the sellers, Meadowbrook Investors LC and M-10 Holdings LC. The buyers were The Meadow KS LLC and The Lawn KS LLC. The property marks the largest multifamily sale in Lawrence history by unit count, bed count and total consideration, according to Northmarq. Meadowbrook offers a mix of studio, one-, two-, three- and four-bedroom units, as well as townhome and duplex-style residences. Amenities include a pool, fitness center, activity room and 24-hour emergency maintenance service. The community is located just west of the University of Kansas campus.