DALLAS — The Greysteel Co. has arranged the sale of Las Brisas, a 244-unit apartment complex in Dallas. The property is located at 9911 Whitehurst Drive. Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss of Greysteel’s multifamily investment sales team arranged the transaction on behalf of the seller, Exponential Property Group 1 LLC, and the buyer, Whitehurst 9911 Partners LLC.
FORT WORTH — Marcus & Millichap has arranged the sale of Pollo Tropical, a 3,722-square-foot net-leased property located in Fort Worth. Jason Vitorino and Jared Aubrey of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Another agent based in the firm’s San Diego office procured the buyer, a private investor. Pollo Tropical is located at 8900 Tehama Ridge Pkwy., off I-35 West and North Tarrant Parkway. Built in 2014, the asset has 20-year ground lease on a pad site in front of Costco Wholesale.
PLANO, TEXAS — Junction 15, a mixed-use development in Plano, is now open. Junction 15 is a five-story development with 279 units in studio, one-, two- and three-bedroom layout. Amenities include walk-in utility rooms in select units, hardwood-like flooring and chef-inspired kitchens great for entertaining. The apartments sit above 8,000 square feet of retail space anchored by a 7-Eleven convenience store. Other retailers include Paws Dog Barkery, The Day Spa, Amazeballz and Sweet as Sugar Children’s Boutique. Plano Mayor Harry LaRosiliere and other Plano city officials joined developer Southern Land Co. on Jan. 27 at a grand opening ceremony for the project. Located at 930 E. 15th St. in Plano, the community was developed under a public-private partnership between Southern Land and the city of Plano. Dallas Area Rapid Transit (DART) and the North Central Council of Governments (NCTCOG) also contributed to the development of the project, which is designed to help revitalize of downtown Plano.
FORT WORTH, TEXAS — Hillwood Properties has secured a new lease from Title Source, an independent provider of title insurance, property valuations and settlement services in the nation. The company is the first tenant at the new Hillwood Commons I office complex at Alliance Town Center, and will lease more than 10,000 square feet at the facility. The property is located on the north side of Heritage Trace Parkway.
CHICAGO — Akara Partners plans to develop a two-building, 270,202-square-foot apartment complex at 500 N. Milwaukee in Chicago’s River West Neighborhood Fulton River District near the West Loop. Following demolition of an existing vacant building on the site, Akara will proceed with construction of 227 apartment units, 14,000 square feet of street-level retail space and 102 parking spaces at the northwest corner of Milwaukee and Grand avenues. The design by Pappageorge Haymes Ltd. includes a four-story building on the corner totaling 55,074 square feet and a 14-story building on the other side of Green Street totaling 215,128 square feet. BMO Harris Bank is providing construction financing for the development and Goldman Sachs serves as the equity partner. CA Residential is Akara’s development partner and Tishman Construction is the general contractor. The development is scheduled for completion in 2016.
MARLBOROUGH, MASS. — IPG Photonics has acquired three buildings, totaling 269,000 square feet, in Marlborough. The total purchase price for the properties was $32.4 million. The acquisitions include 156,630 square feet at 377 Simarano Dr. for $25.6 million and a two-building campus located at 257 and 259 Cedar Hill St. for $6.8 million. IPG immediately occupied 12,000 square feet at 377 Simarano Dr. and plans to expand into the balance of the property as space becomes available. IPG is retrofitting the facility at 257 and 259 Cedar Hill St. and plans to move into the property in the second quarter of 2015. IPG Photonics currently occupies approximately 500,000 square feet in nearby Oxford, Mass., and needs additional space to expand its operations. David Stubblebine and James Stubblebine of The Subblebine Company/CORFAC International represented IPG in the transaction.
NEW YORK CITY — Meridian Capital Group has negotiated a $22.5 million loan for the acquisition of an office condominium in Brooklyn. The three-year, interest-only loan, which was provided by a regional balance sheet lender, features a floating rate and two one-year extension options. The loan is for the acquisition of the top four floor, totaling 76,500 square feet, of Montague Pavilion Condominium. Built in 1960, the 14-story office building is located at 195 Montague St. in Brooklyn. Tal Bar-Or of Meridian’s New York City headquarters brokered the acquisition loan on behalf of the sponsor.
RIDGEWOOD, N.J. — Marcus & Millichap has brokered the sale The Lincoln Building, an office property at 45 N. Broad St. in Ridgewood. The 24,000-square-foot multi-tenant property sold for $3.9 million. David Thurston of Marcus & Millichap’s New Jersey office represented the seller, a partnership, and secured the buyer, a local limited liability company, in the transaction. Additionally, Bruce Whitaker of Ramsey, N.J.-based McDonnel Whitaker served as legal counsel for the seller, while Michael Ochs of Hasbrouck Heights, N.J.-based Bertone Piccini provided legal representation for the buyer.
WOLCOTT, CONN. — Sequel Special Products has acquired an industrial facility located at 1 Hillside Dr. in Wolcott. Silversword Property LLC sold the 37,000-square-foot property for $2.4 million. The medical device manufacturing company will relocate operations from 122 Avenue of Industry in Waterbury, Conn. The former tenant, Alden Manufacturing, is relocating to its sister facility in Wolcott. Gerry Matthews of Matthews Commercial Properties was the sole broker in the deal.
NEW YORK CITY — Avison Young has brokered a 10-year lease for Trolman, Glaser & Lichtman P.C. at 747 Third Ave. in Manhattan. The law firm will occupy the entire 23rd floor, totaling 9,310 square feet, of the Class A office building. The law firm is currently located at 777 Third Ave. and is expected to relocate in second quarter 2015. Michael Gottlieb, Anthony Lopresti and Jason Meister of Avison Young represented the tenant, while Michael Lenchner of Sage Realty Corp. provided in-house representation for the landlord, William Kaufman Organization.
