IRVING, TEXAS — A joint venture between Reserve Street Property Co. and BC2 Capital is underway on construction of a 58,280-square-foot industrial project in Irving. The 4.5-acre site at 1900 Hurd Drive is proximate to Dallas-Fort Worth International Airport. The new building will feature 28-foot clear heights and a one-acre outdoor laydown yard. Riley Maxwell and John Brewer of Transwestern represented the joint venture in its purchase of the land. JLL represented the seller, Hollman Inc. GSR Andrade is the project architect, and Bratjen Construction is the general contractor. Completion is slated for mid-2025.
EL PASO, TEXAS — Healing Realty Trust, a Florida-based REIT focused on healthcare assets, has purchased a 50,000-square-foot medical office building in El Paso for $7.1 million. The four-story building is situated on a 2.2-acre site at 1810 Murchison Drive within the Pill Hill Medical District. According to LoopNet Inc., the property was originally built in 1978 and subsequently renovated in 2020. Tenants include WellMed, Quest Diagnostics, Optum and Universal Health Services. The seller was not disclosed.
SAUGUS, MASS. — Chicago-based investment firm Waterton has purchased Residences at Stevens Pond, a 326-unit community in Saugus, approximately 10 miles north of Boston. Constructed in 2003, Residences at Stevens Pond consists of 25 three-story residential buildings and a clubhouse building. The community features one-, two- and three-bedroom units, including apartments, lofts and townhomes. Amenities include a pool and spa, outdoor pavilion with fireplace, fitness center, arcade, indoor half-basketball court and a golf simulator. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, Los Angeles-based investment firm JRK Property Holdings, in the transaction and procured Waterton as the buyer. The new ownership plans to renovate the unit interiors and common areas at the community. Planned updates include new quartz countertops, backsplashes and cabinets, as well as lighting and plumbing fixtures throughout.
NEW YORK CITY — Locally based brokerage firm GFI Realty Services has arranged the $5.6 million sale of a 49-unit apartment building at 100 Fort Washington Ave. in Manhattan’s Washington Heights neighborhood. Constructed in 1930, the six-story building houses a mix of one-, two-, three-, four- and five-bedroom units. Zachary Fuchs and Matthew Sparks of GFI Realty represented the seller in the transaction, while Sparks also procured the buyer. Both parties were private investors.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $3.2 million sale of an industrial property in Brooklyn. The site at 193-199 Varet St. comprises a two-story, 3,783-square-foot building and a 7,500-square-foot vacant lot. According to LoopNet Inc. the building was constructed in 1975 and features a clear height of 15 feet. Sean Kelly and Benjamin Vago of Ariel represented the seller, the Armel Family, in the transaction. The buyer was not disclosed.
KING OF PRUSSIA, PA. — Defense contractor Arcfield has signed a 36,000-square-foot office lease in King of Prussia, a northern suburb of Philadelphia. The space spans the entire third floor and partial first floor at 1400 Morris Drive, a newly renovated building within the 1.1 million-square-foot Chesterbrook development. Doug Newbert, Mike MacCrory and Whitney Hunter of JLL represented the landlord, Rubenstein Partners, in the lease negotiations. John Shelly and Gina Brennan of Cushman & Wakefield represented Arcfield.
NEW YORK CITY — La Pecora Bianca Restaurant Group will open an 11,300-square-foot Italian restaurant at 200 Park Avenue in Midtown Manhattan. Known as Giulietta, the restaurant will feature 250 indoor seats and an additional 200 seats across an outside dining and bar area. Hospitality advisory firm Friend of Chef represented the operator in the negotiations for the 15-year lease. Irvine Co. Office Properties owns 200 Park Avenue, which is known locally as The Metlife Building. The opening is slated for spring 2026
ATLANTA — CBRE has arranged a $171.4 million loan for the refinancing of an eight-property portfolio of grocery-anchored shopping centers in the Southeast. The portfolio totals nearly 1.2 million square feet and was 96.6 percent leased at the time of financing to 194 tenants, including Kroger, Publix and Whole Foods Market. PGIM provided the loan to the borrowers, Branch Properties and Corebridge Real Estate Investors (formerly AIG Global Real Estate). Richard Henry, Mike Ryan, Brian Linnihan and Taylor Crowder of CBRE arranged the loan, which refinanced the mortgages for shopping centers in Bradenton, Sarasota, Melbourne and Palm Coast, Fla.; Atlanta and Gainesville, Ga.; Lexington, Ky.; and Memphis and Knoxville, Tenn.
HAPPY VALLEY, ORE. — Cobalt has completed the disposition of Sonder Fields, a multifamily property located at 14798 SE Parkland Drive in Happy Valley. An undisclosed buyer acquired the asset for $58.2 million. Built in 2023, Sonder Fields offers 180 one-, two- and three-bedroom apartments with stainless steel appliances, Shaker cabinets, luxury vinyl plank flooring, Calcutta quartz countertops, deep basin kitchen sinks, under cabinet lighting, large kitchen islands, nine-foot ceilings and LATCH keyless entry. Onsite amenities include a 24-hour fitness center, dog park, clubhouse lounge, saltwater pool, hot tub, barbecue picnic areas and private coworking spaces. Ira Virden, Carrie Kahn and Frank Solorzano of JLL Capital Market’s Investment and Sales Advisory team represented the seller in the transaction.
SALT LAKE CITY and WEST VALLEY CITY, UTAH — A partnership between Hyde Development and Mortenson Properties has acquired the Salt Lake City Industrial Portfolio, a nine-building infill portfolio located just south of the Salt Lake City International Airport near the convergence of interstates 15 and 80. Terms of the transaction were not released. The portfolio is comprised of five single-tenant and four multi-tenant buildings totaling 787,000 square feet. At the time of sale, the asset was 96 percent leased to 13 blue-chip tenants. The portfolio includes 3595 W. Technology Drive and two buildings at 2323 S. 3600 West in West Valley City, and 2555-2595 W. Custer Road, 2525 W. 1700 South, 2534 W. Bridger Road, 2415-2435 E. Custer Road, 1765 Fremont Drive and 1855 Fremont Drive in Salt Lake City. Jeremy Ballenger, Tyler Carner, Rebecca Perlmutter and Brett Hartzell of CBRE National Partners represented the undisclosed seller in the deal.