MIDDLETOWN, PA. — Woodmont Industrial Partners, in a joint venture with AEW Capital Management (AEW), has acquired Capital Business Center, a six-building, 1.5-million-square-foot industrial complex in Middletown. The center was acquired from an institutional owner in a transaction arranged by Michael Hines, Brian Fiumara and Brad Ruppel of CBRE National Partners. AEW acquired the property on behalf of AEW Partners VI. The venture plans to demolish two 1950-vintage, Class C buildings and construct the site with two LEED-certified, Class A warehouse facilities totaling 530,000 square feet. They also intend to make capital improvements to the other buildings in order to bring them up to current institutional standards. The center will also be renamed Capital Logistics Center. The CBRE team of Michael Hess, Patrick Lafferty and Bart Anderson will serve as leasing agents of the property.
NORTHBOROUGH, MASS. — McKesson Medical-Surgical has signed a 203,662-square-foot lease renewal expansion at 55 Lyman St. in Northborough, a western suburb of Boston. The lease includes a 48,918-square-foot expansion to McKesson’s current space, bringing the building to full occupancy. Completed in 2005, 55 Lyman Street is a single-story distribution facility featuring 260,760 square feet of space. John Lashar, partner, and senior vice president Paul Leone of Richards Barry Joyce & Partners LLC represented the landlord in the transaction. Robert Gibson of CBRE/England represented McKesson Medical-Surgical.
NEW YORK CITY — TerraCRG has closed the $15.5 million sale of a 23,900-square-foot mixed-use property located at 76-82 St. Marks Ave. The sale price translates to a 3.6 percent capitalization rate and $627 per square foot. The property is located at the intersection of Flatbush Avenue, 6th Avenue and St. Marks Avenue in the Park Slope neighborhood for Brooklyn. Adam Hess, Ofer Cohen and Geoff Bailey represented the buyer and seller in the transaction. The fully occupied property includes 15 apartments, three commercial spaces and 24,000 square feet of air rights.
DALLAS — Compatriot Capital, along with JLB Partners, has commenced construction on a luxury 299-unit, Class A high-rise located at 2728 Cedar Springs in Uptown Dallas. The 18-story community will be situated on the Katy Trail. The high-rise will feature upscale amenities, including a private penthouse lounge, roof deck pool overlooking downtown Dallas, a wellness center with a yoga lawn and a private dog park and pet spa. The complex will offer one-, two- and three-bedroom units ranging in size from 622 to 3,717 square feet. Completion of the project is slated for spring 2015. GDA Architects will complete the design work, and Pacific Life Insurance Co. will provide construction and permanent financing for the development.
HOUSTON — A joint venture between Panattoni Development Co. Inc. and LaSalle Investment Management Inc. has acquired a 125-acre parcel of land for industrial development located on North Gessner Road in northwest Houston. The development, known as Beltway Crossing NorthWest, will be used to develop 2 million square feet of primarily warehouse and distribution buildings with both speculative and build-to-suit projects. Stephen Schneidau and Dave Cook of Cushman & Wakefield negotiated the transaction. Schneidau will partner with Jim Foreman and Beau Kaleel of Cushman & Wakefield to lease the product.
AUSTIN, TEXAS — Marcus & Millichap Real Estate Investment Services has brokered the sale of Raintree, a 34-unit apartment property located at 8806 Redfield Lane in Austin. Kent Myers, Joe James and Hector Granado of Marcus & Millichap’s Austin office represented the seller, a partnership, and secured the buyer, a limited liability company, in the transaction.
RICHARDSON, TEXAS — Axiom Manufacturing has renewed its lease of 14,730 square feet of flex space at 1226 Exchange Parkway in Richardson. Janice Peters of Hudson Peters Commercial represented the landlord, Park North Service Center Ltd., in the transaction. George Tanghongs and Brett Lewis of Lee & Associates represented the tenant.
LOS ANGELES – The 67-unit Universal Lofts in the Los Angeles submarket of Studio City has received $37.2 million in bridge and mezzanine debt. The live-work loft condominium community is located at 450 Cahuenga Blvd. W. The senior debt was funded by East West Bank and the mezzanine portion was funded by Pembrook Capital. The loans carry three-year terms and will allow the borrower to market and sell the units as condominiums. Financing was arranged by Dekel Capital.
TUSTIN, CALIF. – A 126,761-square-foot neighborhood shopping center in Tustin has received $34.5 million in permanent financing. The grocery-anchored center is located on a 13.6-acre site at Jamboree Road and Irvine Boulevard. The center is fully leased to tenants like Ralphs and Rite-Aid. The non-recourse loan has a 15-year term with an initial interest-only period, after which it amortizes on a 30-year schedule. It was provided by Prudential Mortgage Capital Corporation and arranged by Richard Caterina of Johnson Capital’s San Diego office.
BOTHELL, WASH. — Nexus Canyon Park Research Center, a 152,050-square-foot biotech and data center facility in the Seattle submarket of Bothell, has received a $21-million refinance. The facility is located within the Canyon Park Business Center. It is 97 percent leased to tenants like T-Mobile, Epoch Pharmaceuticals and Acucela. The interest-only, fixed-rate loan was arranged by HFF’s Tim Wright and Zack Holderman on behalf of Nexus Properties.