NORTH RICHLAND HILLS, TEXAS — Merlin Entertainments, an operator based in the United Kingdom, has opened a theme park in North Richland Hills, a suburb of Fort Worth, that is dedicated to children’s character Peppa Pig. The site formerly housed a Mountasia Family Fun Center, and the new park features multiple rides, interactive attractions, themed playscapes and shows. Merlin Entertainments, which also operates facilities for concepts including Legoland and Sea Life Aquariums, has a licensing agreement with toymaker Hasbro, which owns the intellectual property rights to Peppa Pig and associated characters. Merlin Entertainments announced the concept in spring 2023.
HOUSTON — CDC Houston, a subsidiary of Coventry Development Corp., has begun the renovation of the 128-room Residence Inn Houston City Place hotel. Built on 3.3 acres in 2015, the hotel is located within the 2,000-acre City Place master-planned community on the city’s north side. Suites feature full kitchens and separate living, working and sleeping areas. Amenities include an event space, a sport court, outdoor pool, onsite laundry facilities and a convenience store. Arkansas-based Julian Builders is leading design and construction of the project, which is expected to be complete in the second quarter.
AUSTIN, TEXAS — Marcus & Millichap has brokered the sale of an 86-room hotel in North Austin. The Best Western Plus Executive Residency Austin — Round Rock was built on 2.7 acres in 2019 and offers amenities such as a pool, fitness center and onsite laundry facilities. Chris Gomes of Marcus & Millichap represented the seller in the transaction and procured the buyer with support from Allan Miller of Marcus & Millichap. Both parties requested anonymity.
NEW YORK CITY — Merchants Capital has funded $316 million in financing for the second phase of Alafia, a project in the East New York area of Brooklyn that will add 634 affordable and supportive housing units to the local supply. The borrower is a partnership between RiseBoro Community Partnership Inc., L+M Development Partners and Apex Building Group. The financing package, which includes both construction and permanent debt as well as equity, comprises: Phase II of Alafia will consist of two 14-story residential buildings that will house studio, one-, two- and three-bedroom apartments that will be restricted for households earning between 40 and 70 percent of the area median income. A portion of those residences will be specifically reserved for individuals who were either formerly incarcerated or homeless. Amenities will include a fitness center, children’s playroom, community rooms and outdoor courtyards. Phase II will also feature 22,000 square feet of community and retail space. Construction began in December and is expected to be complete in summer 2027.
BROCKTON, MASS. — MassHousing has provided $29.7 million in financing for the construction of a 94-unit affordable housing project in Brockton, a southern suburb of Boston. The borrower, nonprofit owner-operator NeighborWorks Housing Solutions, is redeveloping a former industrial site at 1200 Monticello St. into a five-story building with 31 one-bedroom and 63 two-bedroom units. Of the 94 units, 14 will be restricted to households earning up to 30 percent of the area median income (AMI); 65 apartments will be earmarked for renters earning 60 percent or less of AMI; and 15 residences will be restricted to households earning 80 percent or less of AMI. Amenities will include a fitness center and a community room, and the building will also house 1,473 square feet of commercial space. Utile Inc. and NEI General Contracting are handling design and construction of the project, respectively. Completion is slated for fall 2026.
GREENVILLE, S.C. — Flournoy Development Group has broken ground on District South, a 365-unit apartment development located on a 21-acre site in Greenville. The property will include five four-story apartment buildings, 12 townhome buildings, three carriage home buildings and 13 retail spaces. Amenities will include a grab-and-go market, lounge, fitness and wellness center, resort-style swimming pool with a courtyard, outdoor entertainment areas, dog park and an indoor pet spa. The project team for District South includes architect Dynamik Design, general contractor McShane Construction and civil engineer Gray Engineering. Flournoy Properties Group will manage the apartment property. The construction timeline was not released.
CHARLOTTESVILLE, VA. — Advantage Capital has closed the financing for the second phase of Kindlewood, a $68 million affordable housing redevelopment and expansion in Charlottesville. Phase II, which broke ground last month, will add 100 new units, half of which are replacement units for existing residents and the rest are new affordable housing units. The second phase will also include a new learning center, community center and the headquarters for Piedmont Housing Alliance, a partner in Kindlewood’s development team. National Housing Trust is also a development partner for Kindlewood. The last tranche of financing was $9.6 million in state Low-Income Housing Tax Credits (LIHTCs) in connection with the Virginia Housing Opportunity Tax Credit (HOTC) program. The development team expects to deliver the second phase in fall 2026.
SPRING HILL, FLA. — SRS Real Estate Partners has brokered the $4.1 million sale of a new restaurant located at 10377 County Line Road in Spring Hill, about 50 miles north of Tampa. Chipotle Mexican Grill leases the 2,489-square-foot property on a 20-year, corporate-guaranteed lease. The restaurant is an outparcel to Seven Hills Center, a shopping center anchored by Publix, and is situated a half-mile from Tampa General Hospital Spring Hill. Patrick Nutt and William Wamble of SRS represented the seller, a developer based in Florida, in the transaction. A private investment firm based in Colorado purchased the restaurant at a 4.66 percent cap rate.
CORNELIUS, N.C. — One Alliance Cos. has fully leased Johnsbury Square, a mixed-use property located at 19901-19905 W. Catawba Ave. in Cornelius, about 20 miles north of Charlotte. RE/Max Executive leased the last remaining office suite at Johnsbury Square. Kasandra Brew Blum represented the landlord on an internal basis. Existing tenants include Fusion Bowl, FitFast20, Apotheca Canabis Dispensary and Coffee Republic & Bakery, among others.
WASHINGTON, D.C. — Easterly Government Properties (NYSE: DEA), an office REIT that owns assets leased to the U.S. government and affiliates, has released its fourth-quarter 2024 results. The company exceeded its initial full-year guidance and achieved results at the upper end of raised guidance, with a net income of $20.6 million. In 2024 alone, Easterly purchased 10 properties either solely or in joint venture arrangements totaling $230 million. The company also expanded its investment strategy to include office properties leased to private sector government contractors and reduced its total portfolio energy consumption by 4 percent year-over-year. “We are pleased with the position of our portfolio,” said Darrell Crate, president and CEO of Easterly. Easterly has been directly affected by the recent activities of the Department of Government Efficiency (DOGE), a newly created federal department championed by Elon Musk, owner of Tesla, X (formerly Twitter) and SpaceX. According to multiple media outlets, DOGE has announced that it has terminated 2.3 million square feet of federal office leases and saved $145 million. DOGE is now targeting the termination or consolidation of nearly 100 more leases at government offices in several markets, most notably in the nation’s capital, according to The Wall Street Journal. …