WESTMINSTER, COLO. — Vitalis Properties has purchased PAM Health Rehabilitation Hospital of Westminster for an undisclosed price. Located at 6500 W. 104th Ave. in the Denver suburb of Westminster, the freestanding, two-story, 37,130-square-foot hospital features 36 private rooms. CJ Kodani led the JLL Capital Markets team that represented the undisclosed seller and procured the buyer in the deal.
By Jake Ables, director of concrete promotion, Silvi Materials When choosing a pavement surface for large-scale industrial facilities, there are several different factors that developers may want to consider. Chief among those factors, in the context of our current construction economy, is sustainability. Current trends in the Mid-Atlantic warehouse markets, for example, are pushing developers, contractors and suppliers towards sustainable construction practices. We have seen evidence of this with the implementation of environmental product declarations (EPDs) that disclose the global warming potential (GWP) of building materials on various construction projects. The purpose of these documents is to quantify the environmental impacts of building materials. As the push for sustainability increases, it behooves developers to look for sustainable value when and where they can find it. Life Cycle Thinking As the push for sustainability intensifies over the coming years, property developers will see their priorities adjust to compensate for changing market conditions. While costs will always be at the forefront of concerns for developers, sustainability is becoming an ever-higher priority. So what does that mean for developers? We believe it means a shifting mindset toward sustainable value over costs. Concrete paving provides the life cycle value that developers are seeking …
ARLINGTON, TEXAS — Major League Baseball team the Texas Rangers and The Cordish Cos. have topped out One Rangers Way, a 300-unit apartment development in the Dallas suburb of Arlington. The community is the multifamily component of Cordish’s Arlington Entertainment District and is situated steps away from Globe Life Field, the home ballpark of the Rangers. One Rangers Way will offer a mix of studio, one- and two-bedroom apartments with rental rates starting at the $1,500s, as well as penthouses with rates starting in the $4,000s. Each apartment will feature high-end interior finishes and appliances, including in-unit washers and dryers, high ceilings and floor-to-ceiling windows. Each of the community’s 52 floor plans are named after Rangers players or significant events, including the team’s 2023 World Series title. “One Rangers Way will bring an upscale residential component to the Arlington Entertainment District, which has become one of the fastest-growing sports and entertainment destinations in the country,” says Ray Davis, managing partner and majority owner of the Rangers. “This project also reflects the tradition of the Rangers as many of the franchise’s legendary players are being incorporated into the branding of the building.” The property will feature 43,000 square feet of amenities, including an …
AUSTIN, TEXAS — Minneapolis-based developer Ryan Cos. has begun leasing Rivette Tower, a 345-unit apartment community located in Austin’s Mueller District. The project comprises two three- and five-story buildings with 2,500 square feet of retail space on the ground floor. Units feature one-, two- and three-bedroom floor plans, with 15 percent of the residences (about 50 units) reserved for renters earning up to 60 percent of the area median income. Amenities include a pool, rooftop deck, coworking space and outdoor gathering areas. Construction began in March 2022 and topped out in November 2023. Rents start at $1,900 per month for a one-bedroom apartment.
HOUSTON — Tigerhawk Logistics has signed a 328,048-square-foot industrial lease expansion at Portside Logistics Center, a 1 million-square-foot speculative development by Stream Realty Partners and Principal Asset Management that is located near Port Houston. After initially taking 135,285 square feet at Building 2 last winter, Tigerhawk is more than doubling its footprint at the property by taking space at Building 1. Grant Hortenstine and Pearce Martens of CBRE represented Tigerhawk in the lease negotiations. Tyler Maner and Jeremy Lumbreras of Stream represented ownership on an internal basis.
MESQUITE, TEXAS — Marcus & Millichap has brokered the sale of a 553-unit self-storage facility in the eastern Dallas suburb of Mesquite that is operated under the Storage King USA brand. The facility spans 73,999 net rentable square feet. Brandon Karr of Marcus & Millichap represented the seller, a New York-based investment firm, in the transaction. Karr also procured the buyer, a REIT. Both parties requested anonymity.
HOUSTON — Wolf Capital Partners is nearing completion of the renovation of a 120,000-square-foot medical office building in Houston. The project team has completed the refresh of the lobby and multiple common areas and is now underway on an overhaul of the façade and upgrades to vehicle access areas, outdoor patio spaces and additional interior floor renovations. Completion of the latest phase is slated for the fourth quarter. In addition, Wolf Capital has completed 38,253 square feet of new leasing activity at the building over the past year.
THE WOODLANDS, TEXAS — Locally based brokerage firm Cypressbrook Co. has negotiated an 8,343-square-foot healthcare lease renewal in The Woodlands, about 30 miles north of Houston. According to LoopNet Inc., the building at 4840 W. Panther Creek Drive was built in 1999 and totals 33,000 square feet. Kimberly DeVos of Cypressbrook represented the tenant in the lease negotiations. Eduardo Pages represented the landlord, Texican Realty, on an internal basis.
TOMS RIVER, N.J. — Developer DXD Capital has completed construction of a 761-unit self-storage facility in Toms River, located on the Jersey Shore. The four-story building spans 62,818 net rentable square feet and features multiple elevators and a drive-in loading area. DXD Capital acquired the site in summer 2022. Public Storage will operate the facility. Jayeff served as the general contractor on the project, and Century Bank was the construction lender.
PARAMUS, N.J. — HKS Real Estate Advisors has arranged a $46.5 million CMBS loan for the refinancing of a 140-unit multifamily property located in the Northern New Jersey community of Paramus. The newly built property consists of three buildings on a 35-acre site. According to Apartments.com, the property is named Soldier Hill Commons and exclusively houses two-bedroom units. John Harrington of HKS Real Estate arranged the loan through Citigroup on behalf of the undisclosed borrower.
