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Leasing ActivityMidwestMinnesotaOffice

The Social Lights Signs 11,000 SF Office Lease at Steelman Exchange in Minneapolis

by Kristin Harlow

MINNEAPOLIS — The Social Lights, a marketing agency, has signed an 11,000-square-foot office lease at Steelman Exchange in the North Loop of Minneapolis. Tom Tracy, Katie Tufford and Harrison Rust of Cushman & Wakefield represented ownership, while CBRE’s John Lorence represented the tenant. Studio BV is the designer for the tenant’s new workspace. Located at 241 N. Fifth Ave., Steelman Exchange is a newly constructed creative office property that totals 220,000 square feet and features a tenant lounge with rooftop space, fitness center and podium parking garage. The Social Lights joins other tenants Grant Thornton, Calabrio and a global financial institution at the building, which has 75,000 square feet available for lease.

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AcquisitionsMichiganMidwestRetail

Dominion Negotiates Sale of Retail Redevelopment Site in Shelby Township, Michigan

by Kristin Harlow

SHELBY TOWNSHIP, MICH. — Dominion Real Estate Advisors LLC has negotiated the sale of a 0.78-acre retail development site located at 56166 Van Dyke Road in Shelby Township for an undisclosed price. Andrew Boncore of Dominion represented the seller. Steven Murphy of Century 21 Campbell Realty represented the buyer, a local business owner who plans on redeveloping the site into a retail center to expand his existing business.

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DevelopmentLoansMixed-UseTexas

Rastegar Property Co. Unveils Plans for 318-Acre Master-Planned Development in Kyle, Texas

by Taylor Williams

KYLE, TEXAS — Locally based developer Rastegar Property Co. has unveiled plans for Inf1nity Square, a 318-acre master-planned development that will be located in the southern Austin suburb of Kyle. The development will feature roughly 1,000 single-family homes and 1,400 multifamily units as well as 185,000 square feet of commercial space. The commercial component will include retail space, an amenity center and an elementary school, all centered around a town square. In addition, Inf1nity Square will feature 61 acres of open green space that will connect to The Vybe, Kyle’s citywide trail network. CastleRock Communities and Brightland Homes will lead the development of first phase of single-family home development. Trez Capital has provided $31.7 million in construction financing for that phase of the project, which will encompass 329 lots.

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Epic-1-Dallas
LoansMultifamilyOfficeTexas

Westdale Receives $115M Loan for Refinancing of Texas Office, Multifamily Portfolio

by Taylor Williams

DALLAS — Dallas-based Westdale Real Estate Investment & Management has received a $115 million loan for the refinancing of a portfolio of three commercial properties in Texas. The portfolio comprises Epic I, a 282,873-square-foot office building located in the Deep Ellum district of Dallas; Colonnade, a 168,255-square-foot office building located on the north side of San Antonio; and Woodmeade, a 304-unit multifamily property in Irving. The five-year loan carried a fixed interest rate of 7.11 percent and a 70 percent loan-to-value ratio. Giryes Capital Group, an intermediary that connects American borrowers and Israeli lenders, sourced the debt through Pando Cos., a Dallas-based company that is also owned and managed by Giryes founder and CEO Amir Giryes.

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Buckley-Plano
DevelopmentMultifamilyTexas

Rosewood Property Co. Breaks Ground on 338-Unit Buckley Apartments in Plano

by Taylor Williams

PLANO, TEXAS — Dallas-based Rosewood Property Co. has broken ground on The Buckley, a 338-unit apartment community in Plano. The Buckley is the sister property of The Ludlow, both of which are located within the 156-acre Heritage Creekside master-planned development. The Buckley will feature studio, one-, two- and three-bedroom apartments and amenities such as a pool, multiple lounge areas, a club and card room, fitness center, coworking areas and a dog park. MetLife Investment Management is the equity partner for the project, and Broadway Bank provided construction financing. Provident General Contractors will build the property, which was designed by Hensley, Lamkin, Rachel Inc. Completion is slated for summer 2026.

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IndustrialLoansTexas

JLL Arranges Acquisition Financing for 250,000 SF Warehouse in Laredo, Texas

by Taylor Williams

LAREDO, TEXAS — JLL has arranged an undisclosed amount of acquisition financing for a 250,000-square-foot warehouse located on an 18-acre site in the Rio Grande Valley city of Laredo. Completed in late 2023, the property was fully leased at the time of the loan closing. Building features include 30-foot clear heights, 48 docks, 3,000 square feet of office space and parking for 272 cars and 233 trailers. Peter Rotchford, David Sitt, Jarrod McCabe, Foster Huggins and Jordan Buck of JLL arranged the floating-rate loan through Connecticut-based Shelter Growth Capital Partners. The borrower is New York City-based Thor Equities.

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IndustrialLeasing ActivityLee & AssociatesTexas

Xtera Ltd. Signs 21,192 SF Industrial Lease in Allen, Texas

by Taylor Williams

ALLEN, TEXAS — Xtera Ltd. has signed a 21,192-square-foot industrial lease in Allen, a northeastern suburb of Dallas. The provider of underwater cable systems is taking space at 121 Technology Park, a 735,000-square-foot development by Stillwater Capital. Christopher Schafer of Cresa represented the tenant in the lease negotiations. Ken Wesson of Lee & Associates represented the landlord.

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3ELEVEN-Manhattan
LoansMultifamilyNew YorkNortheast

Newmark, Greystone Arrange $560M Refinancing of Manhattan Apartment Tower

by Taylor Williams

NEW YORK CITY — Newmark and Greystone have jointly arranged $560 million in floating-rate debt for the refinancing of 3ELEVEN, a 60-story, 938-unit apartment tower in Manhattan. The site at the corner of 11th Avenue and West 29th Street lies at the intersection of the borough’s Hudson Yards and West Chelsea neighborhoods. Units come in studio, one-, two- and three-bedroom floor plans. Amenities include a pool with cabanas, fitness center with a yoga studio, theater, coworking spaces with conference rooms, music practice rooms and multiple outdoor gathering areas, including a 42nd-floor terrace and dedicated dog runs. Jordan Roeschlaub, Nick Scribani and Jonathan Firestone of Newmark collaborated with Drew Fletcher, Paul Fried and Bryan Grover of Greystone to originate the debt, which retires a senior construction loan provided by HSBC. The borrower, a partnership between Ares Corp. and Douglaston Development, originally announced the project in summer 2019 and completed construction in summer 2023. At the time of the loan closing, 3ELEVEN was 99 percent occupied.

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The-Bold-Queens
DevelopmentMultifamilyNew YorkNortheast

American Lions Begins Leasing 164-Unit Apartment Building in Queens

by Taylor Williams

NEW YORK CITY — American Lions, which is a joint venture between locally based developers Fetner Properties and Lions Group, has begun leasing The Bold, a 164-unit apartment building in Queens. Designed by SLCE Architects, the 28-story building is located at 2701 Jackson Ave. in the borough’s Long Island City area and includes 50 affordable housing residences. Units come in studio, one-, two- and three-bedroom floor plans. The amenity package consists of a coworking lounge, gym with a climbing wall, party room with a bar and kitchen, clubhouse lounge, media room and a golf simulator room. Rents start at roughly $3,600 per month for a studio apartment.

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