PALISADES PARK, N.J. — A Manhattan-based privately held real estate firm has acquired Madison House, a 48-unit luxury apartment building at 411 E. Brinkerhoff Ave. in Palisades Park. Madison House Holdings sold the property for $16.05 million or nearly $334,375 per unit. Built in 2011, the multifamily property features granite countertops, stainless steel appliances, hardwood floors and in-unit washers and dryers. The property, which was 96 percent occupied at the time of closing, offers a mix of one-, two- and three-bedroom units averaging 1,049 square feet, a two-level parking deck and 2,400 square feet of street-level retail. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Ryan Dowd of Cushman & Wakefield represented the seller and identified the buyer in the transaction.
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DALLAS — General contractor Hill & Wilkinson will break ground this month on the 165-unit Lincoln Knox apartment complex in Dallas. The contract is worth a reported $38.6 million. The new six-story community will be located at 4501 Cole Ave. and will feature a retail component, including a specialty grocer, in addition to residences. Sarofim Realty Advisors owns the construction site, Lincoln Property Co. is construction manager and developer, and Womack + Hampton Architects LLC is serving as project architect. Completion is slated for September 2015.
HALTOM CITY, TEXAS — Bradford Commercial Real Estate Services has brokered the sale of a 56,666-square-foot flex property and an adjacent 6.9-acre tract in the Fort Worth suburb of Haltom City. The building, the former headquarters of Progressive Concepts Inc., includes 24,000 square feet of office space, 3,000 square feet of retail/showroom space and approximately 30,000 square feet of warehouse space. Features include one acre of paved parking and two generators. The structure is located at 5718 Airport Freeway, and the undeveloped land is located at 5722 Airport Freeway, both in close proximity to Loop 820, Interstate 35 and the Fort Worth CBD. Nick Talley of Bradford marketed the property, while Leland Prowse and Alex Bryant of Transwestern represented the buyer, Blackmon Mooring, a property restoration company which will use the property as its new headquarters.
SAN ANTONIO — Ryan Cos. US Inc. has broken ground on a 58,000-square-foot office building in San Antonio. Avnet Technology Solutions, an IT division of Avnet Inc., will occupy the two-story, Class A structure. Located on five acres within RidgeWood Business Park, the property will be situated in proximity to the intersection of Loop 1604 and Highway 281. Ryan Cos. is partnering with RVK Architects, Big Red Dog Civil Engineering, Colliers International, Pruitt Realty and Travis Commercial Real Estate Services Ltd. on the project, which is slated for completion in August.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Willowick Apartments, a 53-unit multifamily community in Fort Worth. Built in 1963, the property offers one- and two-bedroom floor plans ranging from 852 to 1,145 square feet plus amenities including a laundry facility, swimming pool and community center. Located at 2323 Ridgmar Blvd., in close proximity to Ridgmar Mall, the complex was 98 percent occupied at the time of the sale. Mason Green of Marcus & Millichap marketed the property on behalf of the seller, a Fort Worth-based limited partnership, and also secured the buyer in the transaction, a Dallas-based limited liability company completing a 1031 tax-deferred exchange.
NORTH LAS VEGAS, NEV. — Craig Promenade, an 86,395-square-foot retail strip center in North Las Vegas, has received $7.2 million in financing. The center is located at 525-785 West Craig Road across from Craig Ranch Regional Park. It was built in 2005. The borrower was RREF II-KI, Promenade, LLC, a partnership between Kismat Investments and Rialto Capital. Financing was arranged by HFF’s John Chun and Sebastian Trujillo. The three-year, floating-rate loan was provided by RRA Capital Management. The borrower used the proceeds to acquire the property.
FRESNO, CALIF. – A 17,164-square-foot building in Fresno that is triple-net leased to Smart & Final has sold to a private San Pedro investor for $6.3 million. The building is located at 631 H. Street. The buyer purchased the property in a 1031 exchange and obtained third-party financing. It was represented by Sands Investment Group. The seller, a private San Diego investor, was represented by Eric P. Wohl and Edward B. Hanley of Hanley Investment Group.
PALO ALTO, CALIF. – Bill.com, a business bill pay company, has leased 22,683 square feet at Palo Alto Technology Center. The 259,157-square-foot center is located at 1800-1850 Embarcadero Road in Silicon Valley. Bill.com was represented by Chase Lyman, Mike Saign and Ben Stern of Cornish & Carey Commercial Newmark Knight Frank. The landlord, KBS Realty Advisors, was represented by Lyman, Randy Gabrielson and John McKenna of the same firm.
LOS ANGELES – A 15,053-square-foot industrial building within the Burbank Airport Commerce Center has sold to 7663 San Fernando, LLC, for an undisclosed sum. The center is located at 7663 N. San Fernando Road. It was built in 2006. David Young and Chad Gahr of NAI Capital’s Encino office represented both the buyer and the seller, Zero G Studios, LLC, in this transaction.
SCOTTSDALE, ARIZ. – Financial planning company LearnVest has leased 5,160 square feet at SkySong 2 in Scottsdale. The company is expanding and relocating from its original space in Tempe. It has signed a three-year lease at the property, which is also home to jobing.com, recruiting.com, Yodlee, ASU and Webfilings. LearnVest was represented by Matt Coxhead and Ryan Bartos of Cushman & Wakefield. The landlord, Holualoa Capital Management, was represented by Andrew Cheney of Lee & Associates Arizona.