ANN ARBOR, MICH. — Colliers International has arranged the lease of a 5,812-square-foot property in Ann Arbor for FarmLogs Inc. The farm management software company will occupy space on the second floor of a building located at 410 N. Fourth Ave. in the Kerrytown Market and Shops retail center. FarmLogs is expanding and relocating its Ann Arbor office to the new space. Brendan Cavender and Jim Chaconas of Colliers International Ann Arbor represented FarmLogs in the transaction.
Property Type
CAMBRIDGE, MASS. — Brookwood Financial Partners has completed the disposition of One Alewife Center, which is located at the intersection of Routes 2 and 16 in Cambridge. James Campbell Company LLC purchased the four-story, 89,875-square-foot office building for $21.6 million. Brookwood originally acquired the office building in June 2012 and since then increased the property’s occupancy from 53 to 91 percent. The Boston office of Colony Realty Partners advised the buyer, while Robert Griffith, Edward Maher and Matt Pullen of Cushman & Wakefield represented the seller in the transaction.
PITTSBURGH, PA. — Village Green is breaking ground for the development of Morrow Park City Apartments, an apartment community in Pittsburgh’s Bloomfield neighborhood. The $40 million community will feature 213 apartment units, a hotel-style lobby with a two-sided movie screen, Zen garden, courtyard, indoor/outdoor pool, 24-hour fitness center, business conference center, heated, underground parking and a club room with a bar, fireplace and gourmet kitchen.
NEW YORK CITY — Meridian Capital Group has arranged an $18 million mortgage for the refinancing of an office building in New York. The 12-story, 95,500-square-foot office property is located at 114 West 26th Street at the intersection of the NoMad, Flatiron and Chelsea neighborhoods. The property offers 88,000 square feet of office space and 7,500 square feet of retail space. The 7-year loan, which was provided by a regional balance sheet lender, features a 4.25 percent fixed rate and a flexible prepayment penalty. David Zlotnick of Meridian Capital Group negotiated the transaction.
ERIE, PA. — Hilton Worldwide has opened its 32nd Home2 Suites by Hilton. Located near interstates 90 and 79 in Erie, the four-story, 79-suite hotel features an Oasis lobby area, Home2 MKT, Spin2 Cycle and complimentary continental breakfast. Additionally, the hotel features an indoor pool and gas grills for guests’ use. Chase Hotel Group owns the property.
FAIRFIELD, N.J. —Bussel Realty Corp. (BRC) has brokered the sale of an industrial flex facility located at 25 Dwight Place in Fairfield. Smart-MNLS LLC purchased the 33,484-square-foot property for $2.6 million from Ented Associates. Situated on 2.2 acres of land, the property features 4,000 square feet of office space, 20-foot ceiling heights, a loading dock and drive-in, 1,600 amps of power and parking for 90 cars. James Hodgkins of BRC represented the buyer in the transaction.
DALLAS — RED Development will develop Akard Place, an 800,000-square-foot mixed-use project in the Uptown submarket of Dallas. To be located at the intersection of Field Street and Cedar Springs Road, the complex will include a 20-story multifamily tower with approximately 300 units, a 16-story office tower and 75,000 square feet of street-level retail and restaurant space. RED is partnering with locally based StreetLights Residential on the development of the multifamily component. Seattle-based Graphite Design Group is serving as design architect on the project, while Houston-based The Office of James Burnett is working as landscape designer. Burson Holman and Shannon Brown of CBRE will lease the office space. Akard Place is scheduled to open in 2017.
MISSOURI CITY, TEXAS — ICO Commercial has broken ground on Beltway Exchange at Colony Crossing, a 90,000-square-foot flex building in the Houston suburb of Missouri City. Located on Sam Houston Parkway near Beltway 8, Houston’s outer loop, the project is suited for one or multiple tenants. The tilt-wall facility will feature a rear-load truck court, 28-foot ceiling clear heights and numerous loading doors and ramps. Delivery is slated for August.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Amberwood Apartments, a 60-unit multifamily property in Fort Worth. Constructed in 1969, the garden-style complex is located at 800 Hamsted St., in proximity to I-20, I-35 and the Fort Worth central business district. The community offers studio and one- to three-bedroom floor plans, as well as a swimming pool and laundry facility. Mark Allen and John Barker of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Mason Green, also of Marcus & Millichap, secured the buyer in the all-cash transaction.
GRAPEVINE, TEXAS — A new 25,000-square-foot location of retailer Bealls has opened at Grapevine Towne Center in the Dallas/Fort Worth suburb of Grapevine. The apparel, accessory, cosmetic and footwear store relocated from a site along Northwest Highway. Grapevine Towne Center, located at the intersection of SH 114 and William D. Tate Avenue, also houses Target, World Market, Office Depot, Ross Dress for Less, eatZi’s Market & Bakery, Big Lots and Sprint. The Weitzman Group arranged Bealls’ lease, and Cencor Realty Services manages the property.