BOSTON — The Arlington, an iconic Boston building that has been repurposed into 128 luxury apartments, has begun leasing. One-bedroom units start at $3,200 a month, and two-bedroom apartments start at $6,200 a month. The Arlington is a joint venture between Related Cos. and the Congress Group. Built in 1927, the building formerly served as the Boston Renaissance Charter Public School. Initial occupancy is slated for mid-April. The property is located at 100 Arlington St. Elkus Manfredi Architects served as the architect for the project. Units at the tower include natural white oak hardwood flooring in the living areas, polished marble countertops and custom wood cabinetry in the kitchens and bathrooms and stainless steel appliances.
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NEW YORK CITY AND VOORHEES, N.J. — Marcus & Millichap Capital Corp. (MMCC) has arranged $5.3 million in financing for the acquisition of two properties, an 8,992-square-foot, net-leased property in the Bronx and a 16,019-square-foot medical office building in Voorhees. Christopher Marks, an originator in MMCC’s Manhattan office, arranged both loans. Scott Plasky and Steve Siegel in Marcus & Millichap’s Manhattan office represented the borrower in the purchase of the 8,992-square-foot Bronx property. Russ Wachtler and Glen Kunofsky, also in the firm’s Manhattan office, represented the buyer in the medical office acquisition. The Bronx property closed with a 10-year, fixed-rate loan that amortizes over 30 years at 3.9 percent with a 70 percent loan-to-value ratio. The medical office closed with a seven-year, fixed-rate loan that amortizes over 25 years at 4.5 percent with a 72 percent loan-to-value ratio.
FAIRFIELD, CONN. —The real estate company for Tile America has purchased 515 Commerce Drive, a 19,830-square-foot industrial property in Fairfield, for $2.2 million. The sale price equates to $108.42 per square foot. The new owner will occupy half of the facility, while 5N Plus will remain in the other half. The property is situated on one acre and located about 23 miles south of Danbury, Conn. Bruce Wettenstein with Vidal/Wettenstein was the listing broker and negotiated the sale. Serving as counsel for the seller were Jennifer Egan and Keith Varian of the law firm of Murtha Cullina LLP. Counsel for the buyer was Jim Strub of Secor Cassidy & McPartland PC.
WATERTOWN, CONN. – O,R&L Commercial has arranged the $2 million sale of 856 Echo Lake Road, a 63,443-square-foot industrial building in Watertown, located about 35 miles southwest of Hartford, Conn. PPG Industries Inc. sold the property to Theraplant LLC. Theraplant LLC is one of four companies awarded a license to produce medical marijuana in Connecticut. The new owner plans to renovate the building. Toby Brimberg and Phil Marshall of O,R&L Commercial were the sole brokers in the transaction.
ALLENTOWN, PA. — NAI Summit has closed a five-year lease transaction for a 3,860-square-foot of office space in the Class A office building located at 1550 Pond Road in Allentown. Matt Dorman of NAI Summit represented the owner, Franklin Realty Development Corp., and Jay Haines, also of the firm, represented the tenant, Microphotonics Inc. Founded in 1992, Microphotonics Inc. is a source of advanced instrumentation for scientific and industrial research.
PEARLAND, TEXAS — HFF has arranged joint venture equity and construction financing for the Center at Pearland Parkway, a 165,000-square-foot retail development in the Houston suburb of Pearland. The property, a power center, will be located on a 27-acre site at the intersection of FM 518 and Pearland Parkway, in close proximity to a 146,000-square-foot Lowe’s and a new HEB grocery store set to open this spring. TJ Maxx and Ross Dress for Less have pre-leased space at the project, which is slated for completion in the fourth quarter of this year. Matt Kafka, Colby Mueck and Will Crawley of HFF worked on behalf of the developer, Stream Realty Partners, to both arrange a joint venture with Dallas-based Thackeray Partners and secure a construction loan through Bank of the Ozarks.
HOUSTON — NAI Houston has brokered the sale of a 72,000-square-foot industrial property in Houston’s North Inner Loop Industrial submarket. Located at 3919 Eastex Freeway, the warehouse property features 2,000 square feet of office space, clear heights ranging from 18 to 25 feet and a fenced outside storage area. Michael Keegan and Darren O’Conor of NAI Houston represented the seller, MKK Investment Properties LLC, in the transaction. Beto Tentori of CitiQuest Properties represented the buyer, Reforma Properties LTD.
HOUSTON — Full-service commercial real estate firm Finial Group has arranged a 13,000-square-foot industrial lease in Houston for Core Refractory Systems, a provider of refractory products and services. Located at 4555 Homestead Road, the property is in close proximity to I-610. Reed Vestal and Ross Thomas of Finial Group represented the tenant in the lease negotiations. Lee Paris internally represented the landlord, Warehouse Associates.
PHOENIX — One Agave Center, a 20,818-square-foot office project in Phoenix, has sold to a company formed by Griffin Partners for $9.8 million. The project is located at 8950 South 52nd Street. Eric Wichterman, Mike Coover, Mike Beall and Chris Walker of Cassidy Turley represented both the buyer and seller, One Agave LLC, in this transaction.
CHANDLER, ARIZ. – Sprint has signed a lease for 12,394 square feet at the Chandler Midway office building. The 189,000-square-foot building is located at 5710 West Chandler Blvd. in Chandler. It is situated near Chandler Regional Hospital. The building is currently 45 percent leased. Sprint was represented by CBRE’s Dave Barrett. The landlord, ViaWest Properties, was represented by Mark Stratz, Tyler Wilson and Scott Baumgarten of Cassidy Turley’s Office Group.