GARLAND, TEXAS — Marcus & Millichap has brokered the sale of Storage Fit, a 140-unit self-storage facility in Garland, a northeastern suburb of Dallas. The facility is located at 3701 Dividend Drive and features 47,539 net rentable square feet. A West Coast-based 1031 exchange investor sold the property to a private, locally based investment group for an undisclosed price. Danny Cunningham and Brandon Karr of Marcus & Millichap brokered the deal.
PARIS, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has arranged the sale of The Gardens Apartments, a 52-unit multifamily complex in Paris, about 115 miles northeast of Dallas. The property was built in 1970 and expanded in 2017, and unit interiors were recently upgraded. According to Apartments.com, residences come in one-, two- and three-bedroom units. Yonnic Land of TMG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
DALLAS — Holt Lunsford Commercial has negotiated a 46,000-square-foot industrial lease at 904 Regal Row in northwest Dallas. Sam Crain, Harrison Davis and Oliver Day of Holt Lunsford represented the tenant, Fresh from Texas LLC, in the lease negotiations. Kevin Griffiths and Michael Haggar with JLL represented the undisclosed landlord. Information on the property was not available via LoopNet.
NEW YORK CITY — A partnership between locally based developer Slate Property Group and RiseBoro Community Partnership has begun leasing a 318-unit affordable housing redevelopment project in Queens. The property, which is known as Baisley Pond Park Residences, is a conversion of the 350-room JFK Hilton Hotel in the borough’s Jamaica neighborhood, which was originally built in 1987 and is located about half a mile from JFK International Airport. The new complex houses studio, one- and two-bedroom units and amenities such as a fitness center, computer lounge and multiple common rooms. Monthly rents will range from $784 for a studio to $1,493 for a two-bedroom apartment. As part of the conversion, the development team replaced all major building and mechanical systems, including new all-electric heating and cooling systems to reduce emissions. Aufgang Architects designed the project, which had a total price tag of about $167 million.
NORTH BRUNSWICK, N.J. — Regional investment firm Taconic Partners has acquired a 360,000-square-foot industrial property in North Brunswick, located roughly midway between Trenton and Newark, for $74.3 million. The site at 1735 Jersey Ave. spans 17 acres, and the building offers a clear height of 24 feet and 24 loading positions. Tenants at the property, which was fully leased at the time of the loan closing, include pallet manufacturer and distributor Kamps Inc. and furniture rental company Luxe Living Design. Jordan Avanzato, Marc Duval, Nicholas Stefans and Jason Lundy of JLL brokered the deal. The seller was not disclosed. Evan Pariser and Aaron Niedermayer, also with JLL, arranged $46.6 million acquisition financing through J.P. Morgan for the deal on behalf of Taconic Partners.
NORWOOD, WOBURN AND BILLERICA, MASS. — JLL has brokered the recapitalization of a portfolio of four industrial flex properties totaling 217,217 square feet in the greater Boston area. The facilities are located in Norwood, Woburn and Billerica and were all fully leased at the time of sale to a combined seven tenants. A fund managed by Berkeley Real Estate Partners previously owned the portfolio and sold the assets to a new joint venture in which Berkeley is the managing member and Invesco Real Estate as an investment partner. Michael Restivo, Andrew Gray and David Coffman of JLL structured the recapitalization on behalf of Berkeley. Brett Paulsrud, Andrew Gray, Hugh Doherty and Ali Howard, also with JLL, arranged acquisition financing for the deal on behalf of Invesco.
CRANBURY, N.J. — Yahee Technologies Corp., a provider of home furniture, pet supplies and outdoor and garden products, has signed a 154,000-square-foot industrial lease within Prologis Cranbury Business Park in Central New Jersey. The building at 3 Security Drive, which according to LoopNet Inc. totals 201,093 square feet, features a clear height of 32 feet and 21 dock doors. Christopher Galiano of NAI DiLeo-Bram represented the tenant in the lease negotiations. KBC Advisors represented Prologis.
SADDLE RIVER, N.J. — General contractor March Construction has broken ground on a 32,000-square-foot academic project in the Northern New Jersey community of Saddle River. A tentative completion date was not disclosed. Designed by DIGroup Architecture, the Dr. Kristen Walsh Hall of Science & Entrepreneurship is part of Saddle River Day School and will feature 15 classrooms, four small-group instruction rooms, four science labs and flexible spaces. The facility will also house collaboration areas and a new admissions center.
LOS ANGELES — The Kroenke Organization, a Denver-based real estate and development firm founded by Stan Kroenke in 1983, has unveiled plans for the development of Rams Village at Warner Center, a 52-acre mixed-use development in Woodland Hills, a Los Angeles neighborhood in the San Fernando Valley. Stan Kroenke is the owner of the NFL’s Los Angeles Rams, which will occupy the development with both its new permanent headquarters and a state-of-the-art training facility. Rams Village is part of an 100-acre tract within the master-planned community of Warner Center that the Kroenke Organization purchased in 2022. That land currently includes the Rams’ temporary practice facility that opened last August and which the team will use during the construction of Rams Village at Warner Center. Kroenke and the Rams organization did not disclose construction costs, but the Los Angeles Times reports that the development could cost upwards of $10 billion to build. “Los Angeles is extremely proud to have the Rams announce their new home in the Valley along with new major plans and commitments that will benefit not only the San Fernando Valley, but our entire city,” says Los Angeles Mayor Karen Bass. “This proposed project will be transformative — …
By Jonathan Brown of JHP Architecture/Urban Design The essence of a thriving city lies in its diversity. Dynamic urban landscapes can achieve this effect by offering a robust mix of uses that cater to a wide range of people, keeping their streets and buildings lively and vibrant throughout the day and into the night. City administrators, architects and master planners have long sought the alchemical mixture for this success. However, zoning codes for various municipalities can often read like complex recipes: A cup of residential here, a few ounces of retail there, a pinch of municipal infrastructure all around, a dash of hidden parking and a sprinkling of community open space to really tie the flavors together! Successful placemaking is not simply the sum composition of all its parts; it requires thoughtful integration and balance. With today’s housing shortages, multifamily developments make sense, but integrating retail uses within those projects is challenging. This is despite the fact that many comprehensive plans and zoning codes mandate specific retail quotas, which may not be easily supported by the economics. Creating vibrant, engaging spaces requires more than just ticking boxes in the zoning code. Stakeholders want to avoid ending up with a …