SOMERSET, KY. — NAI Isaac has signed Ace Hardware to a 14,000-square-foot lease at Tradewinds Shopping Center, a retail property located at 370 S. Highway 27 in Somerset, about 75 miles south of Lexington, Ky. According to LoopNet Inc., the 144,000-square-foot shopping center was built in 1966 and is located on a 15-acre site. Paul Ray Smith Jr. and Zach Smith of NAI Isaac represented Ace Hardware in the lease negotiations. The landlord was not disclosed.
DESERT HOT SPRINGS, CALIF. — Shopoff Realty Investments has acquired a 55-acre property in Desert Hot Springs, a city in the Inland Empire East region of Southern California, with plans to develop an industrial project at the site. Upon completion, the development will comprise 1.1 million square feet of distribution and warehouse space. The property, which is situated with proximity to the site of an Amazon warehouse and with direct access to I-10, will feature 167 docks, 498 trailer stalls and a clear height of 42 feet. “This Desert Hot Springs project represents a rare opportunity to acquire a property that is already entitled and ready for development, in an area with significant demand from e-commerce companies for logistics and warehouse space,” says William Shopoff, president and CEO of the firm. “With neighbors such as Amazon and FedEx, this location has the potential to provide a great investment for many years to come and will offer third-party logistics companies significant drayage savings compared to projects in Arizona and Las Vegas.” Construction on the project is scheduled to begin in the third quarter of this year, with an anticipated timeline of 12 months. Ian DeVries and Christ DeVries of Colliers, along …
ANNA, TEXAS — Texas-based investment firm HPI Real Estate has purchased an 840-unit self-storage facility in Anna, about 45 miles north of Dallas. Anna Self Storage was completed in 2023 and totals 103,000 net rentable square feet of climate-controlled space. Casey Wenzel, John Bauman and Luke Rogers of JLL arranged a five-year, floating-rate acquisition loan through Security National Bank on behalf of HPI Real Estate. Anna Self Storage was approximately 30 percent occupied at the time of the loan closing. Life Storage operates the property.
HOUSTON — Lone Star PACE has provided $31 million in C-PACE financing for The Thompson, a 172-room hotel located within The Allen mixed-use development near downtown Houston. The hotel includes 34 suites and multiple onsite food-and-beverage concepts. Locally based developer DC Partners owns The Allen. Lone Star PACE partnered with lender Nuveen Green Capital to administer the financing. C-PACE (commercial property-assessed clean energy) financing allows commercial borrowers to obtain favorable loan terms in exchange for implementing eco-friendly devices and initiatives at their properties.
MAGNOLIA, TEXAS — Lowe’s Home Improvement will open a 94,000-square-foot store in the northwestern Houston suburb of Magnolia. The North Carolina-based retailer acquired 10 acres at the corner of FM 1488 and Spur 149 for the store, which will be part of a larger 60-acre retail development known as Magnolia Village. Gulf Coast Commercial is the master developer of Magnolia Village. Construction of the store is scheduled to begin later this year and to be complete in 2025. Parkside Capital sold the land to Lowe’s for an undisclosed price.
AUSTIN, TEXAS — Sherman & Roylance has brokered the sale of an eight-acre seniors housing development site in Austin. The City of Austin had previously approved the site for the development of a two-story, 98-unit assisted living and memory care facility, but the project faced construction delays and ultimately ended up in foreclosure in September 2023. The lender, Woodforest Bank, sold the partially completed project to Novak Brothers, which may convert the project into a general multifamily development.
IRVING, TEXAS — Bradford Commercial Real Estate Services has negotiated a 3,527-square-foot lease at Skyview Centre Building 1, an industrial flex property in Irving. According to LoopNet Inc., the building was constructed in 1982 and spans 40,600 square feet. Leigh Richter of Bradford represented the tenant, High Value Signs, in the lease negotiations. Samantha Seelig Dewan and Troy Alexander Dewan of Harkinson Dewan Management LLC represented the landlord.
SARATOGA SPRINGS, N.Y. — Prime Group, an investment firm based in Saratoga Springs, N.Y., has acquired two self-storage portfolios totaling roughly 1 million net rentable square feet in New York and New Jersey. The number of units and exact locations were not disclosed. The first portfolio consists of 14 properties totaling roughly 800,000 net rentable square feet that are located in New York’s Hudson Valley region. The second portfolio comprises five properties totaling 245,000 net rentable square in Northern New Jersey. Prime Group acquired both sets of properties in conjunction with a third portfolio that totals 680,000 net rentable square feet across 11 properties that are scattered across the country. The new ownership will operate the facilities under its Prime Storage brand. The seller and sales price were also not disclosed.
JERSEY CITY, N.J. — Urby, a joint venture between Ironstate Development and Brookfield Properties, has begun leasing a 317-unit apartment building in Jersey City. Rising 265 feet and 25 stories, Journal Square Urby offers studio, one-, two- and three-bedroom floor plans. Amenities include a pool, fitness center with a yoga studio, rooftop garden, outdoor grilling and dining areas, a lobby café and a dog park. Dutch architecture firm Concrete and New York City-based HLW designed the project. Rents start at approximately $3,300 per month for a studio apartment.
NEWARK, N.J. — Locally based firm Russo Development has completed Vermella Broad Street, a 296-unit apartment community located at 355 Broad St. in downtown Newark. The property consists of two five-story buildings that house studio, one- and two-bedroom units. Residences are furnished with stainless steel appliances and quartz countertops, and select units offer private balconies. Vermella Broad Street also features 40,000 square feet of indoor and outdoor amenity space. Rents start at roughly $2,000 per month for a studio apartment. Leasing began last November.
