VENUS, TEXAS — MAG Capital Partners has completed a 48,000-square-foot industrial expansion project in Venus, located south of Fort Worth, for Hughes Tank Co., which manufactures fuel tanks for above-ground and underground storage facilities. The facility now totals 140,110 square feet, allowing Hughes Tank to increase its output and offer new product lines. MAG Capital Partners purchased Hughes Tank along with its existing 92,110-square-foot, 39-acre facility in June 2023.
HOUSTON — A partnership between two local developers, Radom Capital and MetroNational, will undertake a 35,000-square-foot retail redevelopment project in Houston. The project will convert a former warehouse located at 1085 Gessner Road in the Memorial City area into a facility with service retail and food-and-beverage spaces, as well as communal gathering areas. Michael Hsu Office of Architecture is designing the project, which will be known as Greenside. Construction is set to begin in the spring.
DALLAS — Compatriot Capital, THE real estate investment subsidiary of Dallas-based Sammons Enterprises Inc., has signed a 13,000-square-foot office lease in North Dallas. Compatriot will occupy an entire floor at The Douglas, a 13-story building within Preston Center, beginning later this year. Conor McCarthy, Scott Hage and Larry Toon of JLL represented the tenant in the lease negotiations. Burson Holman and Elizabeth Fortado represented the landlord, Granite Properties, on an internal basis.
NEW YORK CITY — JLL has arranged the $290 million recapitalization of 505 State Street, a 440-unit apartment building located in downtown Brooklyn. Completed earlier this year, the building offers one-, two- and three-bedroom apartments with an average size of 659 square feet, as well as 28,752 square feet of retail space. Amenities include a fitness center, yoga studio, rooftop pool, communal lounges, a screening room and dedicated workspaces. Details on any changes in the equity component of the capital stack were not disclosed, but the transaction did include the origination of a five-year, fixed-rate senior loan through insurance giant New York Life. Christopher Peck, Peter Rotchford and Nicco Lupo of JLL arranged the loan on behalf of the borrower, Alloy Development.
JERSEY CITY, N.J. — TYKO Capital has provided a $245 million construction loan for The Greyson, a 622-unit multifamily project in Jersey City. The Greyson will be a 28-story building in the city’s Journal Square neighborhood that will offer studio, one-, two- and three-bedroom units. The property will also house 44,551 square feet of office space and 2,965 square feet of retail space. Amenities will include a rooftop pool, fitness center, virtual reality and sports rooms and other communal gathering spaces. Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Jordan Casella and William Herring of Walker & Dunlop arranged the loan on behalf of the developer, Nasser Freres.
JERSEY CITY, N.J. — California-based brokerage firm Matthews Real Estate Investment Services has negotiated the $12.6 million sale of Lofts on Garfield, a 35-unit apartment building in Jersey City. Lofts on Garfield is a conversion of a former vacant warehouse that according to LoopNet Inc. was originally built in 1953. Information on floor plans and amenities was not disclosed. David Ferber and Jordan Anhalt of Matthews represented the buyer and seller, both of which requested anonymity, in the transaction.
EAST HAVEN, CONN. — Marcus & Millichap has brokered the $7.1 million sale a 210,314-square-foot industrial property in East Haven that serves as the headquarters of Town Fair Tire. The 38.5-acre property features 207,000-square-foot distribution center with 20,000 square feet of office space, a freestanding call center and a 176-stall trailer parking/storage area. Harrison Klein, Jim Koury and Alex Quinn of Marcus & Millichap represented the seller, Mellen East Haven Associates LLC, in the transaction and procured the undisclosed buyer.
NEW YORK CITY — Lincoln Market will open a 35,809-square-foot grocery store at 660 W. 42nd St. in Midtown Manhattan. The store will be located within the River Place apartment complex and will be the grocer’s ninth overall. Scott Sher of Katz & Associates represented Lincoln Market in the negotiations for the 20-year lease. Sean Moran, Steven Soutendijk, Alan Schmerzler, Michael O’Neill and Taylor Reynolds of Cushman & Wakefield represented the landlord, Silverstein Properties. The opening is slated for the fourth quarter.
DORAL, FLA. — Metro Seattle-based Terreno Realty Corp. has acquired Terreno Doral Air Logistics, an industrial park in the Miami suburb of Doral, for $195.6 million. The seller was not disclosed. Located at 7725-7785 N.W. 41st St., the facility is situated near the Palmetto Expressway and Miami International Airport. The property provides 110 dock-high loading positions, 36-foot clear heights, six grade-level loading positions, parking for 528 cars (including 11 electric vehicle charging stations) across three rear-load industrial distribution buildings that span approximately 496,000 square feet. The 23.4-acre property was 76 percent leased at the time of sale to six tenants.
MIAMI — A joint venture between Taubco and Landau Properties has secured a $74 million construction loan for One Kane Concourse, the only Class A office development on Bay Harbor Islands in Miami. The 125,000-square-foot project is also the only Miami office building that will offer private boat access and dockage. 3650 Capital provided the loan. Located at 9551 E. Bay Harbor Drive, the waterfront building will be situated adjacent to Bal Harbor Shops and feature a ground-floor restaurant, private outdoor space and a rooftop terrace. Miami-based architect Luis Revuelta designed the seven-story office project. Taubco and Landau have tapped Brian Gale, Andrew Trench, Ryan Holtzman and Edward Quinon of Cushman & Wakefield for the leasing assignment at One Kane Concourse. The developers plan to wrap up construction by late 2026.