Thursday, August 27, 2026
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MultifamilyNortheast

CHINESE DEVELOPER BUYS LARGE DEVELOPMENT SITE IN WILLIAMSBURG

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NEW YORK CITY — Beijing-based developer, Xinyuan Real Estate, has acquired a full-block development site at 421 Kent Ave. in Williamsburg for $54 million. The deal represents one of the largest development site transactions in all of the outer boroughs this year. The site is two blocks south of the Williamsburg Bridge and accommodates 400,000 square feet of buildable residential development. The new owner has rights to build 216 condominium units, and plans approved for the site include the construction of 12 individual buildings.

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IndustrialNortheast

WOODMONT ACQUIRES 179,000 SF WAREHOUSE, PLANS RENOVATIONS

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NEW KINGSTOWN, PA. — Woodmont Industrial Partners has acquired a 179,000-square-foot warehouse at 34 E. Main St. in New Kingstown from Lexmain Realty Ventures. Built in 1981, the rail-serviced property includes 20 loading docks, 10 rail doors, a 24-foot clear ceiling height and 40 parking spaces. Woodmont plans to invest $500,000 for renovations before returning the currently vacant building to the market in early 2013. Gerard Blinebury, Pat McBride and Adam Campbell of Cushman & Wakefield represented both parties in the transaction.

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MultifamilyNortheast

FANTINI & GORGA ARRANGES $20M LOAN ON GROTON APARTMENTS

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GROTON, CONN. — Fantini & Gorga has arranged $20 million in permanent financing on Country Glen Apartments, a 324-unit multifamily property in Groton. The property is located at 600 Meridian St. and was constructed in 1989 by the current owner. Amenities include a swimming pool, spa fitness center and saunas. Eastern Mortgage Capital financed the 35-year loan.

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NortheastOffice

15,504 SF OFFICE BUILDING TRADES IN NATICK

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NATICK, MASS. — Maric Strathmore Inc. has sold a 15,504-square-foot office building at 21 Strathmore Road in Natick for $3 million. The building is located within the Natick Business Park near Route 9. Scott Hughes of New Dover Associates represented the seller in the transaction. He also procured the buyer, GMG 21 Strathmore Road, an affiliate of Genesis Management Group.

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MultifamilyNortheast

SPRINGHOUSE ACQUIRES $16M BROOKLYN APARTMENT BUILDING

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NEW YORK CITY — Springhouse Partners has acquired 105 Grand Ave., a 36-unit apartment building in Brooklyn's Clinton Hill neighborhood, for $16 million. The seven-story elevator building is located across the street from the Pratt Institute, and amenities include a gym and a rooftop deck with views of Manhattan. Peter Von Der Ahe, Joe Koicim and Scott Edelstein of Marcus & Millichap represented the seller, a Brooklyn-based investment group. They also represented the buyer.

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OfficeTexas

PARKWAY TO BUY PHOENIX TOWER FOR $124.5M

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HOUSTON — Parkway Properties has signed a contract agreement to acquire the 626,000-square-foot Phoenix Tower, a 26-story Class A office building located in the Greenway Plaza submarket of Houston, for $124.5 million. The office tower is LEED Gold certified and is 84.5 percent leased. Parkway has plans to place a secured first mortgage on the property after closing that will equate to 65 percent of the purchase price, approximately $80.6 million.

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Mixed-UseTexas

JV ACQUIRES WATTERS CREEK IN ALLEN

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ALLEN — A joint venture between Fort Worth-based Trademark Property Co., New York-based Coventry Real Estate Advisors, Tennessee-based Southern Land Co. and Los Angeles-based PCCP has acquired Watters Creek at Montgomery Farm, a Class A mixed-use project in Allen. Watters Creek is a 706,000-square-foot development that consists of 100,000 square feet of office space, 356,000 square feet of retail space and the 233-unit Lofts at Watters Creek. The joint venture acquired the note on the property from a multi-bank syndicate led by PNC Bank. PCCP provided the capital through its PCCP Equity VI fund. Trademark has also signed leases at Watters Creek with Z Gallerie for 8,500 square feet and Texas Health Resources for 6,000 square feet.

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RetailTexas

AUTONATION TO PURCHASE SIX CAR DEALERSHIPS

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DALLAS AND HOUSTON — AutoNation has signed agreements to acquire Audi, Porsche and three Volkswagen dealerships in the Dallas area, along with Spring Chrysler Jeep Dodge Ram in Houston. The six dealerships are projected to sell 14,000 new and used vehicles in 2012. At the end of this deal, AutoNation will have 50 franchises in Texas. The Boardwalk Audi and Boardwalk Porsche are located in Plano and the Boardwalk Volkswagen stores are located in Dallas, Richardson and McKinney.

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CivicTexas

BANKRUPT COLLEGE TO BE SOLD IN AUCTION

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JACKSONVILLE — Lon Morris College, a 168-year-old junior college in Jacksonville, will be sold at auction following filing for bankruptcy. AmeriBid will conduct the auction at 300 Crescent Court on the 12th floor in Dallas. The 112-acre campus features a library, chapel, administration building, classroom facilities, student center, dormitories and intramural fields. The former United Methodist college was formerly the state's oldest two-year college.

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