LIBERTY HILL, TEXAS — Greysteel has arranged the sale of a 15-acre multifamily development site in Liberty Hill, about 40 miles north of Austin, that is approved for the construction of 345 units. The project, a construction timeline for which is still being finalized, will include a workforce housing component. J.R. Ellis of Greysteel brokered the deal. The buyer was a Dallas-based private investment group, and the seller was not disclosed.
PORTLAND, ORE. — A public-private partnership between USA Properties Fund, Northwest Housing Alternatives and Oregon Housing and Community Services (OHCS) has opened The Canopy Apartments at Powell, a multifamily property at 12475 S.E. Powell Blvd. in Portland. Situated 12 miles east of downtown Portland, The Canopy Apartments at Powell features 169 one-, two- and three-bedroom apartments for residents earning less than 60 percent of the area median income. Community amenities include elevators, laundry facilities on each floor, on-site parking, bike room, an after-school program for children, a courtyard with a tot lot, a dog wash and a donation pantry. The $63 million development is the first of two apartment communities in Oregon for USA Properties Fund. The public-private partnership, including $15.2 million from OHCS’ Local Innovation and Fast Track (LIFT) housing program, was critical in paving the way for the project, as well as The Portland Housing Bureau’s waiving of millions of dollars of development fees. Additional project partners included WNC & Associates and JP Morgan Chase as financial partners and WALSH Construction Co. as general contractor.
SAN ANTONIO — Architecture firm Corgan has signed a 5,000-square-foot office lease at Frost Tower, a 24-story building in downtown San Antonio that was completed in 2019. Corgan, which has had an office in San Antonio for 25 years, is relocating from the building at 1777 NE Loop 410. David Ballard and Parker LaBarge of CBRE represented Corgan in the lease negotiations. Christi Griggs, also with CBRE, represented the landlord, Weston Urban, which developed Frost Tower in partnership with Dallas-based KDC.
SCOTTSDALE, ARIZ. — Ziff Real Estate Partners (ZRP) has acquired Mercado at Scottsdale Ranch, a neighborhood retail center in the Phoenix suburb of Scottsdale. Whitestone REIT sold the asset for $26.5 million. This transaction marks ZRP’s first purchase in Arizona. Situated on more than 11 acres, Mercado at Scottsdale Ranch offers 118,751 square feet of retail space occupied by a blend of national, regional and local tenants, including Planet Fitness and Walgreens. The center serves Scottsdale Ranch, a 1,100-acre, master-planned community. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the seller, while Christian Chamblee and Kayla Meier provided self-representation for the buyer in the transaction.
GARDEN GROVE, CALIF. — Marcus & Millichap has arranged $5 million in refinancing for Larson Apartments at 8101 Larson Ave. in the Orange County city of Garden Grove. Constructed in 1980, the two-story building features 21 apartments in a mix of studio, one-, two- and three-bedroom layouts. Ron Balys of Marcus & Millichap Capital Corp. secured the bank financing on behalf of the private client. Terms of the 30-year loan include 65 percent loan-to-value ratio and a 6.3 percent interest rate with a 30-year amortization schedule.
AURORA, COLO. — NorthPeak Commercial Advisors has arranged the acquisition of an office building in Aurora, a suburb east of Denver. The asset traded for $1 million. The names of the seller and buyer were not released. Located at 14100 E. Evans Ave., the property features 5,092 square feet of office space. Steve Cummock and Drew Williams of NorthPeak Commercial Advisors represented the buyer in the deal.
MAPLE GROVE, MINN. — CBRE has brokered the sale of Avery Park, a 124-unit build-to-rent community in the Minneapolis suburb of Maple Grove. The sales price was undisclosed. The property consists of 42 detached homes averaging 2,262 square feet and 82 townhomes averaging 1,687 square feet. Avery Park was completed in 2023. Ted Abramson, Keith Collins and Abe Appert of CBRE represented the undisclosed seller. Curtis Capital Group was the buyer.
DETROIT — Brinkmann Constructors has completed Detroit Commerce Center, a 794,000-square-foot office and industrial development in Detroit. NorthPoint Development was the developer. Located on the site of the former American Motors Corp. headquarters, the project included eight office build-outs for an automotive parts supplier. studioNorth Architecture served as the project architect.
WEST CHESTER, OHIO — Stag Industrial Holdings LLC has acquired a 697,500-square-foot facility located on Le Saint Drive in West Chester, a city in eastern Ohio. The purchase price was $49.7 million. Brookfield Property Group sold the asset.
ANN ARBOR, MICH. — Edge Autonomy Energy Systems has signed a lease for an 85,000-square-foot industrial building located at 5775 Interface Drive in Ann Arbor. A producer of solid oxide fuel cells and ruggedized power solutions, Edge Autonomy Energy Systems and its legacy companies have operated in Ann Arbor for 20 years. The property on Interface Drive was originally a high-bay office building and will be converted to meet the tenant’s needs. Kyle Passage, Craig Herschel and Steve Langton of Cushman & Wakefield represented the tenant, while Matt Buslepp of Avison Young represented the landlord, Mansour Cos.