PHILADELPHIA — Newmark Grubb Knight Frank (NGKF) Capital Markets has arranged the sale of the SOKO Lofts development site, located at 1300-1354 N. Second St. in Philadelphia’s South Kensington neighborhood. Canus Corp. sold the property to The Klein Company for an undisclosed sum. Scheduled to begin construction later this year, the fully approved development will feature 320 apartments. Brett Segal, Mike Margolis, Dave Dolan and Jeff Mack of NGKF represented the seller in the transaction.
NEW YORK CITY — Eastern Consolidated has brokered the sale of a mixed-use property located at 86-90 Bushwick Ave., aka 811 Grand St., in Brooklyn’s East Williamsburg neighborhood. The property sold for $9 million, or $445 per square foot. The four-story building features 12 rent-regulated residential units and four retail units. The apartment units are a mix of one-, two- and three-bedroom layouts. Eskor Edem of Eastern Consolidated represented the seller, a longtime owner, while Jonathan Schwartz, also of Eastern Consolidated, represented the buyer, a local investor, in the transaction.
EL PASO, TEXAS — Hilton Worldwide has opened the Embassy Suites by Hilton El Paso. The 187-room hotel, formerly the El Paso Suites, debuts following a multimillion-dollar renovation. TRS El Paso Property LLC owns the hotel and has selected Spire Hospitality to manage it. Two-room suites include a separate living area, private bedroom, two televisions, wet bar, microwave and mini-fridge. Amenities include a free breakfast, heated indoor pool, fitness center, business center and free Wi-Fi. The hotel features more than 5,400 square feet of flexible meeting space and can accommodate events of up to 200 guests. Located less than three miles from El Paso International Airport at 6100 Gateway Blvd. East, Embassy Suites by Hilton provides a free shuttle for arriving and departing guests.
STAFFORD, TEXAS — Crow Holdings Industrial (CHI) has broken ground on Stafford Grove Industrial Park, a 351,960-square-foot business park located at the corner of West Airport Boulevard and Murphy Road in Stafford. The Class A development will consist of three buildings: a 95,400-square-foot rear-load building, a 165,000-square-foot cross-dock building and a 91,560-square-foot front-load building. The project is expected to be complete in the third quarter of 2016. Amenities include an ESFR sprinkler system, 24- to 30-foot clear heights and trailer storage. This is CHI’s second development in Houston’s metropolitan area. Stream’s Justin Robinson, Matteson Hamilton and Dane Petersen will handle leasing and management of the property. Rosenberger Construction is the general contractor on the project.
DENISON, TEXAS — Mason Joseph Co., a San Antonio-based FHA multifamily lender, has secured an $18.7 million loan for the construction and permanent financing of The Residence at Gateway Village. The property is a proposed 180-unit apartment community in Denison. The financing was secured through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. The borrower secured a non-recourse loan that is fixed for the initial 16-month construction period and a subsequent 40-year term. Residence at Gateway Village is being built as part of a master-planned development, Gateway Village, on the west side of US Highway 75 at Grayson Drive. The apartment will be spread over eight three-story buildings. Sherman, Texas-based Covenant Development Partners, a privately held regional multifamily development and investment firm, is developing the project. Parkcrest Builders will serve as the project’s general contractor, and Residence Property Co. will serve as the management agent.
AUSTIN, TEXAS — Dougherty Mortgage has secured a $9.9 million Fannie Mae loan for the acquisition financing of Las Colinas Apartments, a 177-unit apartment property located in Austin. Property amenities include two laundry facilities, courtyards with barbecue and picnic areas, a community room and a children’s playground. A partnership between Old Capital Lending and Dougherty’s Minneapolis office arranged the loan on behalf of the borrower, 1500 Reagan Hill LLC. The loan features a 12-year term and 30-year amortization schedule.
ARLINGTON, TEXAS — Americanstar Mattress LLC has entered the north Texas market, inking a 25,230-square-foot lease for showroom and distribution space in the Great Southwest Industrial District. The California-based company has leased as-is space at 1185 W. Corporate Drive in Arlington. Will Dillard of Dallas-based Bradford Commercial Real Estate Services represented the tenant, who also has a distribution center in Houston. Americanstar’s first location in the region is accessible to I-30 and TX 360. The rear-load structure has a 24-foot clear height and four loading docks. Bill Bexley of JSC Realty Investment Services Inc. represented Avenue J Partnership Ltd., landlord of the fully leased, 50,265-square-foot industrial building.
LAKELAND, FLA. — Seefried Industrial Properties has broken ground on a Class A, 275,226-square-foot spec industrial facility at Bridgewater Commerce Center in Lakeland. The property’s owner, USAA Real Estate Co., has tapped Clay Witherspoon of Avison Young’s Tampa office to lease the project, which is situated at the southwest quadrant of I-4 and Highway 33. Upon completion in the fourth quarter of 2016, the facility will feature 36-foot clear heights. Bridgewater Commerce Center’s existing tenants include JC Penney, Havertys, HD Supply, Empire, Southeastern Paper Group and TA Chen International Inc.
NASHVILLE AND HERMITAGE, TENN. — Spirit Bascom Ventures, an affiliate of Irvine, Calif.-based The Bascom Group, and funds managed by Oaktree Capital Management LP have closed on the purchase of two apartment communities in Nashville totaling 838 units. The portfolio includes the 560-unit Bellevue West at 100 Ridgelake Parkway and the 278-unit Highlands at the Lake at 100 Arbor Lake Blvd. in Hermitage, a suburb of Nashville. Vincent Lefler of JLL represented the seller in the transaction. Brian Eisendrath and Annie Rice of CBRE Capital Markets arranged acquisition financing through San Francisco-based ACORE Capital.
ST. PETERSBURG, FLA. — Colliers International has arranged the $16.1 million sale of Shoppes at the Royale, a 46,020-square-foot shopping center located at 1400-1500 66th St. North in St. Petersburg’s Tyrone neighborhood. Built in 2008, the property is fully leased to tenants such as Pei Wei Asian Diner, Massage Envy, Orangetheory Fitness and Verizon Wireless. In 2012, Atlanta-based Halpern Enterprises purchased the shopping center out of foreclosure at 52 percent occupancy. Halpern Enterprises sold the property to Sarall II LLC, a private investor that owns shopping centers in Sarasota and Fort Myers. Michael Milano, Ronald Schultz and Ben McLeish of Colliers International’s Tampa Bay office represented Halpern in the transaction. McLeish previously leased the property on behalf of Halpern.
