NEW YORK CITY — The Durst Organization has signed xAd Inc., a location-focused mobile advertising company, to a 10-year lease at One World Trade Center in Lower Manhattan. The company will occupy the entire 60th floor — 43,849 square feet — at the 3 million-square-foot office tower. xAd will relocate to the new space from 401 Park Avenue South in summer 2015. One World Trade Center is at 72 percent of projected stabilized net operating income, totaling 1.9 million square feet in the building. Jon Mayeske and Jamie Katcher of Cushman & Wakefield represented the tenant in the transaction. The ownership was represented by Eric Engelhardt of The Durst Organization; Cushman & Wakefield’s Tara Stacom, Alan Stein, James Searl and Justin Royce; and Jodi Pulice of JRT Realty.
CHICAGO — Marcus & Millichap has brokered the $8.1 million sale of a five-story, 40,000-square foot, timber loft office property in the River North neighborhood of Chicago. The Class-B property is located at 153-157 W. Ohio St. near the intersection of LaSalle Street and Ohio Street. Stephen Lieberman of Marcus & Millichap’s Chicago Downtown office represented the undisclosed seller. A New Jersey-based private investor purchased the property.
CLARKSVILLE, IND. — Friedman Integrated Real Estate Solutions has arranged the sale of Veterans Parkway Plaza, a 39,835-square-foot retail center in Clarksville. The shopping center is located at the intersection of Veterans Parkway and I-65, and serves the Louisville metro area north of the Ohio River. Constructed in 2005 on a three-acre site, the asset is located across the street from a Walmart and Sam’s Club, and is adjacent to a Lowe’s. Barry Swatsenbarg and Richard Deptula of Friedman represented both the undisclosed seller and buyer.
GROVE CITY, OHIO — RED Mortgage Capital LLC has provided a $2.3 million, FHA insured 221(d)(4) mortgage loan for the rehabilitation of Harrisburg Station Apartments in Grove City. RED Mortgage Capital provided the loan for Colonial American Development Corp. as part of a complex financing package. The package included 9 percent Low Income Housing Tax Credits (LIHTCs) along with Flex and Housing Development Assistance Program (HDAP) loans provided by the Ohio Housing Financing Agency (OHFA). Harrisburg Station is a 60-unit, fully occupied Section-8 apartment complex that was originally built in 1972. More than $44,000 per unit will be spent on repairs and improvements. These improvements will include replacement of windows, doors, flooring, kitchen cabinets, countertops, vanities and appliances, as well as the installation of new Energy Star split-system heat pumps.
LAUREL AND GLEN BURNIE, MD. — Urban Investment Partners (UIP) and Criterion Holdings have acquired two apartment communities in Maryland totaling 385 units for $39.3 million. The properties include the 235-unit Laurel Pines at 14601 Bowie Road in Laurel and the 150-unit Country Club Apartments at 7491 E. Furnace Branch Road in Glen Burnie. An affiliate of Starr Cos. provided equity for the transaction, making Starr Cos. a part of the new ownership group. CBRE’s Mid-Atlantic multifamily investment sales team represented the seller, a partnership between Boston-based Intercontinental Real Estate and Sawyer Realty Holdings, in the transactions. UIP Property Management Inc. will manage the day-to-day operations at both communities, and UIP Asset Management will oversee capital improvements at both properties.
MORRISVILLE, N.C. — ARA has brokered the $33.7 million sale of The Bristol Apartments, a 260-unit multifamily community located in Morrisville in the Triangle submarket. The property is located within Park West Village, a 100-acre mixed-use development that includes a town center district, community center, Super Target, Earth Fare, upscale restaurants and a movie theater. Built in 2014, The Bristol is currently 92 percent occupied. Richmond, Va.-based Weinstein Properties purchased the asset from the developer, Wood Partners, and its undisclosed equity partner. Blake Okland, Dean Smith, John Heimburger and Sean Wood of ARA represented both sellers in the transaction.
DALLAS — Boxer Property has arranged the lease of a 5,403-square-foot office space for First American Payment Systems in Dallas. The company, which provides payment solutions for small and mid-sized businesses, will occupy space in Executive Center II, located at 8330 Lyndon B Johnson Freeway in Dallas. The new space is an increase of more than 4,461 square feet from the company’s former suite. Gloria Medlock and Gil Engelhardt of Boxer negotiated the lease. Executive Center II is a Class A office space with amenities including an auditorium, two conference rooms, newly renovated lobbies, a loading dock, gym and full-service café. The property is located near North Park Mall, Park Lane and the Galleria.
ORLANDO, FLA. — CBRE has brokered the $22.2 million sale of Vista Verde Apartments located at 1659 Hiawassee Road in Orlando. The 200-unit apartment community was 97 percent occupied at the time of sale. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller, Los Angeles-based Karlin Real Estate, in the transaction. The property features a resort-style swimming pool and sundeck, private garages and washer and dryers in every unit.
DALLAS — Olympus Property has acquired The Mosaic, a 440-unit high-rise apartment building in downtown Dallas. The Mosaic consists of two connected residential towers of 21 and 32 stories along with a nine-story parking garage. The buildings were originally home to the Fidelity Union Life Insurance Co. The buildings were constructed in 1951 and 1962 and were redeveloped into apartments in 2007. Amenities include a swimming pool and spa, outdoor movie theater, gas fire pit, outdoor kitchen, gym, lounge, billiards area and a cigar lounge/poker room. The Mosaic contains 285 one-bedroom and 148 two-bedroom units.
DALLAS — JLL has negotiated a 157,568-square-foot office lease at One Arts Plaza on behalf of EnLink Midstream Partners LP and EnLink Midstream LLC. One Arts Plaza is located at 1722 Routh St. in the Dallas arts district. The company plans to relocate in 2016. Steve Thelen, Jeff Staubach and Torrey Littlejohn of JLL negotiated the lease on behalf of the tenant. Dallas-based architecture firm Corgan will design the new space.