HOUSTON — Locally based brokerage firm Cypressbrook Co. has negotiated a 41,274-square-foot industrial sublease in North Houston. According to LoopNet Inc., the building at 16420 W. Hardy Road was constructed in 1983 and totals 77,499 square feet. John Hornbuckle of Cypressbrook represented the subtenant, third-party logistics firm EN Group Corp., in the lease negotiations. Cape Bell of CBRE represented the sublandlord, Atosa Catering Equipment Inc.
PARAMUS, N.J. — Cushman & Wakefield has brokered the $36.8 million sale of Paramus Plaza, a 153,494-square-foot shopping center in Northern New Jersey. The center was fully leased at the time of sale to tenants such as Hobby Lobby, Marshalls, Ashley, Skechers and Chipotle Mexican Grill. Frank DiTommaso, Gary Gabriel, David Bernhaut, Andy Merin, Max Helfman and Mark Gilbert of Cushman & Wakefield represented the seller, a partnership between Acadia Realty Trust and Fortress Investment Group, in the transaction. Brad Domenico of Cushman & Wakefield arranged acquisition financing through Bank United on behalf of the buyer, a partnership between DRA Advisors and an affiliate of Crown Acquisitions.
PHILADELPHIA — Locally based developer NewCourtland has completed a 178-unit mixed-income adaptive reuse project in Philadelphia’s East Falls neighborhood. The project converted the former Eastern Pennsylvania Psychiatric Institution, which originally opened in 1956 and has been vacant since 2013, into a 12-story residential complex that includes 40 affordable housing units for seniors. NewCourtland won a bid for the 14-acre site in 2015 and subsequently brought in architecture firm Looney Ricks Kiss to facilitate the transition of the site into a mixed-income property.
PITTSBURGH — An affiliate of New Jersey-based intermediary Cronheim Mortgage has arranged a $10 million loan for the refinancing of the 98-room Fairfield Inn & Suites hotel in downtown Pittsburgh. The hotel was built in 2019. The nonrecourse loan features a floating interest rate and flexible prepayment options. David Turley of Cronheim Mortgage arranged the loan through an undisclosed bridge lender based on the West Coast. The borrower was a joint venture partnership between Blue Vista Capital, Woodmont Lodging and Milestone Hospitality Management.
EDISON, N.J. — NAI DiLeo-Bram has brokered the $5.5 million sale of a 21,929-square-foot retail center in Edison, located roughly midway between Newark and Trenton. The center at 1825 Route 27 consists of a 13,769-square-foot plus vacant basement space and an 8,160-square-foot building whose three units are fully leased. Marc Shein and Robert DiLeo of NAI DiLeo-Bram represented the seller, Sam Ash Properties Corp., in the transaction. Remax represented the buyer, an undisclosed, out-of-state grocer that also plans to occupy the building.
NEW YORK CITY — GrowthCurve Capital LP has signed a 13,350-square-foot office lease in Midtown Manhattan. The private equity firm is relocating from 1301 Avenue of the Americas to the 33rd floor of the 990,000-square-foot building at 250 W. 55th St. Peter Turchin, Caroline Merck, Arkady Smolyansky and Ali Gordon of CBRE represented the landlord, Boston Properties, in the lease negotiations. Jonathan Luttwak and James Cassidy of DHC Real Estate Services, along with Louis D’Avanzo of Cushman & Wakefield, represented the tenant.
COLUMBUS, OHIO — CASTO has begun development of Westrich, a $70 million multifamily project that is an expansion of the River & Rich apartment community in the Franklinton neighborhood of Columbus. This second phase of development includes 234 units on vacant land adjacent to River & Rich. Completion is slated for 2026. Westrich will be marketed as a separate entity from River & Rich. In addition to CASTO and the Columbus Metropolitan Housing Authority (CMHA), funding partners include The Robert Weiler Co., The Kelley Cos. and Mark Cain of S. Cain Development and Construction. CMHA provided the majority of the construction financing through the issuance of $47.2 million in CMHA general revenue bonds. The project team includes CK Construction, Dimit Architects, landscape architect REALM Collaborative and civil engineer EMH&T. Plans for Westrich include a four-story building with 114 units and a five-story building with 120 units atop 8,000 square feet of first-floor commercial spaces. There will be 229 parking spaces in a garage and adjacent surface lot. A private pedestrian walkway will connect the two buildings and provide access to the amenity deck. The majority of the new units at Westrich will be designated for households earning below 100 percent …
WEST LAFAYETTE, IND. — Subtext has completed VERVE West Lafayette, a 751-bed student housing community located two blocks from Purdue University in West Lafayette. The project at 150 S. Chauncey Ave. rises seven stories with 235 units across studio, one-, two-, three- and four-bedroom layouts. VERVE West Lafayette includes two restaurants and a high-end bodega fronting Chauncey Street. The property is fully preleased for the coming school year. Amenities include a fitness center, clubhouse, study spaces, Zen courtyards, a pool, multipurpose lawn, dog park and year-round hut tub. The project team included WDG Architecture, interior designer Ankrom Moisan, Brinkmann Constructors and civil engineer TBIRD Design Services. PNC was the lender.
TRAVERSE CITY, MICH. — Greystone has provided a $28.2 million HUD-insured 221(d)(4) loan for the construction of Corners Crossing in Traverse City. Wallick Communities and Homestretch Nonprofit Housing Corp. are co-developing the 192-unit, $45 million multifamily community. Plans call for 96 one bedrooms, 78 two bedrooms and 18 three-bedroom units across eight buildings. Units will be designated for those earning between 80 and 120 percent of the area median income. Corners Crossing will also feature a clubhouse with an onsite management office and resident amenities, including a fitness center, computer center and patio. Construction is expected to take approximately 24 months and be completed in the second quarter of 2026. Brian Jones of Greystone originated the loan on behalf of JHT Wallick Holdings LLC. In addition to the loan from Greystone, the property will be financed with funds from the American Rescue Plan Act awarded by Grand Traverse County and the Michigan State Housing Development Authority. Additionally, Blair Township passed its first-ever Payment in Lieu of Taxes ordinance for the project, creating a fixed rate for the development’s real estate taxes.
BARTLETT, ILL. — Brown Commercial Group has negotiated a land sale that will bring a new 166,573-square-foot industrial building to Bartlett in suburban Chicago. The project on the southeast corner of Kenyon Road and Illinois Route 25 will support warehousing, distribution or e-commerce tenants. Dan Brown of Brown Commercial Group represented Cratos Industrial in the acquisition. The project team includes Cornerstone Architects and DSI Group. The project will be divisible by three units of 45,000 to 65,000 square feet. Plans call for a clear height of 32 feet, 36 exterior truck docks, three-drive in doors and 202 parking spaces. Occupancy is slated for 2025.