BRENHAM, TEXAS — SRS Real Estate Partners has brokered the $10.3 million sale of a 63,224-square-foot retail building in Brenham, about 75 miles northeast of Houston, that is leased to Academy Sports + Outdoors. The newly constructed building sits on a six-acre site at 1041 Nolan St. Matthew Mousavi and Patrick Luther of SRS represented the seller, a Texas-based developer, in the transaction and procured the buyer, a San Antonio-based private investor. Both parties requested anonymity.
SAN JOSE, CALIF. — Hines Global Income Trust (HCIT) has purchased Hanover Diridon, a Class A multifamily property in San Jose. The buyer plans to rebrand the asset at Diridon West. Located at 715 W. Julian St., the seven-story property features 249 apartments in a mix of studios, one-bedroom and two-bedroom layouts with luxury finishes. Community amenities include a pool with cabanas, rooftop sky deck with cityscape views, fitness center, dog spa, an indoor/outdoor clubhouse and below-grade parking. Developed in 2021, the property is currently 95 percent leased. Terms of the transaction were not released.
SAN BERNARDINO, CALIF. — Unilev Capital has completed the sale of Tri-City Center, a shopping center in San Bernardino, to DPI Retail for $24.3 million. Built in 1987, the 151,709-square-foot property was fully occupied at the time of sale. Current tenants include 24 Hour Fitness, Curacao, Pollo Campero, Poke Bar, Barber, Cantos Jewelers and Pet World. Bryan Ley and Tim Kuruzar of JLL Retail Capital Markets represented the seller in the transaction.
TEJON RANCH, CALIF. — Tejon Ranch Co. has begun construction on a distribution center for Nestlé USA Inc., the world’s largest food and beverage company. The development is located on 58 acres of Tejon Ranch Commerce Center (TRCC) in Tejon Ranch, approximately 100 miles northwest of Los Angeles. The multi-story, 700,000-square-foot building will be fully automated to serve Nestlé’s portfolio and designed to support future growth and expansion plans. No official opening date has been announced, but Nestlé is targeting 2025 for initial completion of construction and 2026 for commencement of operations. TRCC represents more than 2.5 million square feet of industrial space either under construction or completed. Mac Hewett, Mike McCrary and Brent Weirick of JLL represented Tejon Ranch Co. in the 58-acre land sale transaction.
RED OAK, TEXAS — Alabama-based general contractor Brasfield & Gorrie has topped out a 103,000-square-foot manufacturing facility in Red Oak, about 20 miles south of Dallas. The facility is a build-to-suit for Schneider Electric, and the site is located near the campus of one of the company’s partners, Compass Datacenters. Full completion is scheduled for the second quarter.
OREM, UTAH — Marcus & Millichap has negotiated the sale of a two-property Marriott portfolio in Orem, just north of Provo. A limited liability company acquired the asset. The name of the seller and acquisition price were not released. The sale included TownePlace Suites Provo Orem and Fairfield Inn & Suites Orem, two four-story hotels sharing a total of 190 guest rooms. Located at 879 N. 120 West, the TownePlace Suites Provo Orem offers 100 guest rooms, and Fairfield Inn & Suites Provo Orem, located at 901 N. 1200 West, features 90 guest rooms. Adam Lewis of Marcus & Millichap handled the transaction.
DALLAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 93-unit seniors housing complex in Dallas. The unnamed property is located in the Preston Hollow area and offers assisted living and memory care services. The buyer was the existing operator, Juniper Communities, and the seller was undisclosed. Alex Florea, Giancarlo Riso and Amy Sitzman handled the transaction for Blueprint.
HOUSTON — Keller Williams Metropolitan has signed a 20,656-square-foot office lease on the eighth floor at 4265 San Felipe Street, a 223,545-square-foot building in Houston’s River Oaks neighborhood. Ty Martin of McCann Commercial represented the tenant in the lease negotiations. Brad Fricks and Matt Asvestas of Stream Realty Partners represented the landlord, Woodbranch Management Inc. The building is now 90 percent leased.
COMPTON, CALIF. — Bridge Logistics Properties (BLP) has purchased an infill, last-mile logistics facility in Compton, just south of Los Angeles. Terms of the transaction were not released. Located at 1215 W. Walnut St., the 57,671-square-foot, rear-load warehouse features 25-foot clear heights, eight dock-high positions, a secured truck court and 83 parking spaces. The property is fully leased through June 2025. The asset is located adjacent to the 91 Freeway in Compton, with connectivity to the ports of Los Angeles and Long Beach, Los Angeles International Airport and downtown Los Angeles. Rob Flores and Brian Held of CBRE represented BLP in the deal.
BRIDGEPORT, CONN. — A partnership between two developers, Indianapolis-based Flaherty & Collins Properties and locally based firm RCI Group, has broken ground on The August at Steelpointe Harbor, a $190 million multifamily project in Bridgeport. The property will comprise 420 units in one-, two- and three-bedroom floor plans on a 6.5-acre site within the 52-acre Steelpointe Harbor master-planned community. Amenities will include a pool, fitness center, coworking lounge, pet park, outdoor kitchens and a pickleball court, as well as 10,000 square feet of retail space. Cupkovic Architecture designed the project, and KBE Building Corp. is serving as the general contractor. Old National Bank provided a $111 million senior construction loan for the project, with a myriad of private institutions and public agencies also contributing to the financing. Completion is slated for August 2025.