PEACHTREE CITY, GA. — CBRE has arranged the sale of Arbor Terrace Peachtree City, a 146-unit independent living and assisted living community in Peachtree City, a suburb south of Atlanta. GEM Realty Capital purchased the asset for an undisclosed price. John Sweeny, Aron Will and Garrett Sacco of CBRE arranged the transaction on behalf of the undisclosed seller. Will and Michael Cregan, also with CBRE, secured a Freddie Mac acquisition loan on behalf of the buyer.
HOUSTON — Northwind Group, a Manhattan-based private equity firm and debt fund manager, has provided $111 million in financing for The Hawthorne, a 17-story multifamily building in Houston’s Tanglewood area. The borrower, a joint venture between Houston-based Pelican Builders and private developer Ember Group, will use the proceeds to complete construction and fund costs of selling the remaining units. The building, which will officially open in March, houses 67 residences and amenities such as a pool, fitness center, grilling stations, game room, catering kitchen, coffee bar and a dog run. Residents also have access to 24-hour concierge services, as well as dry cleaning, pet walking and floral care. John Fenoglio of CBRE arranged the loan. Construction began in September 2021, and more than half of the residences have already been sold.
LEANDER, TEXAS — Baltimore-based St. John Properties will develop Leander Tech Park, a 270,000-square-foot industrial project that will be located on the northern outskirts of Austin. Situated on 50 acres, Leander Tech Park will comprise eight buildings ranging in size from 31,560 to 50,639 square feet that will be developed in phases. The first phase will consist of two buildings totaling roughly 90,000 square feet. Construction of Phase I will start later this year and is expected to be complete in the third quarter of 2025. Leander Tech Park will also feature 18,850 square feet of inline retail space. Colin Tierney and Taylor Golden of Gold Tier Real Estate represented the seller, steel fabricator Zekelman Industries, in the disposition of the land.
HOUSTON — General contractor O’Donnell Snider has completed a $6 million renovation of the 55,718-square-foot office headquarters space of law firm Chamberlain Hrdlicka at Two Allen Center in downtown Houston. The two-story space features an internal connecting staircase, four conference rooms, a café-inspired breakroom and an open-air lobby. Gensler served as the project architect. Chamberlain Hrdlicka signed an office lease extension at Two Allen Center in 2022. Tim Relyea of Cushman & Wakefield represented the firm in that deal.
RICHARDSON, TEXAS — Lee & Associates has negotiated an 8,710-square-foot lease at Arapaho Place, a 151,728-square-foot industrial flex complex located in the northeastern Dallas suburb of Richardson. Jessica Reinhardt, George Tanghongs and Ally Tanghongs of Lee & Associates represented the landlord, an entity doing business as Dallas North Industrial LLC, in the lease negotiations. Nathaniel Barrett of White Rock Realty represented the tenant, Indian software developer Incresol Inc.
FORT WORTH, TEXAS — Single-family residential developer Highland Homes has signed an 8,500-square-foot office lease at Hillwood Commons II, a newly constructed office building located within the Alliance Town Center in North Fort Worth. The office will be the company’s fifth in Texas and will be able to support up to 175 employees. Scott Hobbs and Kim Lyon of Newmark represented Highland Homes, which plans to take occupancy this summer, in the lease negotiations.
CONCORD, N.C. — An affiliate of Yale Realty Services Corp., in partnership with an international family office, has acquired Afton Ridge, a 294,617-square-foot shopping center located in Concord, roughly 25 miles northeast of Charlotte. Mike Burkard and Steve Shields of CBRE represented the undisclosed seller in the $49.2 million sale. Robert Altman of Altman Warwick Inc. and Bat Barber of Medalist Capital arranged a $29.6 million acquisition loan through MetLife on behalf of the buyer. A Super Target anchors Afton Ridge, which was 97 percent leased at the time of sale. Other tenants at the center include HomeSense, Marshalls, Burlington, Haverty’s Furniture, PetSmart and a Dick’s Sporting Goods clearance store, operating under the Going Going Gone! brand.
NEW YORK CITY — Walker & Dunlop has arranged a $103 million CMBS loan for the refinancing of Casa Cipriani, a 47-room luxury hotel, private members club and event space located along the Lower Manhattan waterfront. The property was originally constructed in 1909 as the Battery Maritime Building to serve ferries traveling to Brooklyn. The sponsor, a partnership between Cipriani, Midtown Equities and Centaur Properties, completed the redevelopment in 2021. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Sean Bastian of Walker & Dunlop arranged the debt through Citigroup, J.P. Morgan and Argentic.
NEW YORK CITY — A partnership between locally based developer The Moinian Group and Bushburg has begun leasing a 320-unit multifamily redevelopment project in the Cypress Hills area of Brooklyn. The development team converted the former Empire State Dairy site at 2840 Atlantic Ave. into a 14-story multifamily building with market-rate and affordable housing units, as well as 21,000 square feet of commercial space and an onsite charter school. Units come in studio, one-, two- and three-bedroom formats, and amenities include a rooftop terrace, fitness center, coworking space, tenant lounge and children’s play area. Valley Bank and Cross Valley Bank provided $105 million in construction financing for the project. Information on starting rents was not disclosed.
WATCHUNG, N.J. — Urban Edge Properties has purchased Heritage Square, an 87,318-square-foot shopping center located in the Northern New Jersey community of Watchung. The center was built in 2019 and is home to tenants such as HomeSense, Sierra Trading Post, CityMD, Starbucks, Chick-fil-A, Ulta Beauty, Miller’s Ale House and David’s Bridal. The tenant roster has a weighted average remaining lease term of about eight years and no rollover until 2029. Jose Cruz, J.B. Bruno, Kevin O’Hearn and Austin Pierce of JLL represented the undisclosed seller in the transaction and procured Urban Edge as the buyer.
