SOUTHLAKE, TEXAS — A joint venture between two Dallas-based investment firms, Pillar Commercial and OliveMill Holdings, has purchased Pinnacle Point, an 81,259-square-foot flex property in Southlake, located in the northern-central region of the metroplex. Built in 2020, Pinnacle Point consists of three single-story buildings on a seven-acre site. Parker McCormack of JLL represented the undisclosed seller in the transaction. Security National Bank provided acquisition financing to the joint venture.
NORTH RICHLAND HILLS, TEXAS — Houston-based NewQuest Properties has secured a 27,941-square-foot retail lease at Rufe Snow Village in North Richland Hills, a northeastern suburb of Fort Worth. Austen Baldridge and Bob Conwell of NewQuest represented the tenant, an entity doing business as TX Thrift LLC, in the lease negotiations. Stone Beyer and Taylor Marks of Woodcrest Capital represented the undisclosed landlord.
NEW YORK CITY — Hawkins Way Capital, a California-based private equity firm, has completed a 1,355-bed student housing redevelopment project at 525 Lexington Ave. in Manhattan’s Midtown East neighborhood. Designed by Empire State Building architect Arthur Loomis Harmon, the 34-story building was originally constructed in 1923. Hawkins Way purchased the building in 2020, at which time it housed a Marriott-branded hotel that had recently ceased operations. The student housing community now offers 30,000 square feet of amenities, including a fitness center, laundry room, game room, performing arts studio, study rooms, community kitchen and lounges. FOUND Study, an affiliate of Hawkins Way Capital, operates the property as FOUND Study Turtle Bay. BDB Construction Enterprise served as a project partner on this conversion.
PHOENIX — LPC Desert West, Lincoln Property’s Co.’s (LPC) Southwest division, has completed the sale of 3131 and 3133 Camelback office buildings in Phoenix to an entity of Presson Corp., led by local investor Daryl Burton, for $72.1 million. Barry Gabel, Chris Marchildon and C.J. Osbrink of Newmark represented the seller in the deal. LPC will retain leasing and management duties for the Class A buildings. Totaling 295,401 square feet, the project spans two adjacent multi-story office buildings at 3131 and 3133 E. Camelback Road. 3131 Camelback is a four-story, 196,332-square-foot building, and 3133 Camelback is a three-story, 99,069-square-foot facility. The property also features an onsite parking garage.
CHESHIRE, CONN. — Chicago-based investment firm Blue Vista Capital Management has acquired a multifamily development site in Cheshire, about 15 miles north of New Haven, that is fully approved for the construction of 300 units. The garden-style development, which is situated within the Stone Bridge Crossing master-planned community, will consist of eight three-story and one four-story building. Units will come in studio, one-, two- and three-bedroom floor plans, and amenities will include a pool, clubhouse, fitness center, coworking spaces, dog park and a guest suite. Construction is set to begin by the end of the month. A tentative completion date was not disclosed.
BROOMFIELD, COLO. — St. John Properties has started construction of Simms Technology Park, an 81-acre mixed-use business community in Broomfield. Upon completion, the project will feature nearly 600,000 square feet of single-story and multi-story office and flex/research-and-development (R&D) space, as well as complementary retail amenities. The first phase of the park includes a single-story 41,000-square-foot office building and two flex/R&D buildings offering a total of nearly 70,000 square feet of space. Totaling just over 110,000 square feet, the three buildings are designed to achieve LEED certification. Completion of the three buildings is slated for summer 2024. In summer 2022, Broomfield City Council granted approval for St. John Properties to begin development activities on Simms Technology Park, a $125 million project at the intersection of North Simms Street and West 112th Avenue in Broomfield County, approximately 20 miles northwest of Denver. The Baltimore-based developer acquired the development site from Brocade Communications Systems LLC in 2020. In addition to the initial three buildings, St. John Properties is currently marketing the sale or ground lease of four pad sites, ranging from 1.5 acres to two acres, that can support various uses, including restaurants, convenient stores/gas stations and fast food. The final development is expected …
NEW YORK CITY — Locally based development and construction management firm New Empire Corp. has broken ground on a 12-story apartment building at 58-01 Queens Blvd. Designed by Tang Studio Architect and Whitehall Interiors, the building will offer amenities such as a children’s playroom, indoor lounge, outdoor terrace and a fitness center. The number of units, types of floor plans and expected completion date were not disclosed.
BELLINGHAM, WASH. — 11 Capital has completed the sale of WWU – Living Portfolio and The U, two student housing communities near Western Washington University (WVU) in Bellingham. PTLA Corp. acquired the assets for a total of $35.4 million. Kevin Larimer and Brandon Buell of Berkadia Student Housing, along with Steven Chattin, Mitchell Belcher, Jay Timpani, Chad Blenz and Brandon Lawler of Berkadia’s Seattle office, represented the seller in both transactions. The WWU – Living Portfolio sold for $29.2 million and consists of 145 units spread across three student housing properties that were 87 percent occupied at the time of sale: — University Heights, a 78-unit/114-bed community at 2110 Bill McDonald Parkway — Taylor Heights, a 16-unit/64-bed property at 2115 Taylor Ave. — Viking Gardens Apartments, a 33-unit/132-bed community at 2300 Bill McDonald Parkway The U, which sold for $6.2 million, features 18 units/61 beds. The property was 97 percent occupied at the time of sale.
FULLERTON, CALIF. — Irvine, Calif.-based Shopoff Realty Investment has completed the disposition of the hard corner of the current Sunrise Village Shopping Center in Fullerton. Dream ERE: Real Estate, a local Orange County, Calif.-based investor, acquired the asset for an undisclosed price. The sold property includes the Del Taco drive-thru ground lease and a 6,355-square-foot, three-tenant pad that is currently occupied by Papa John’s Pizza, Sunrise Optometry and Coffee Code. In January 2023, Shopoff received unanimous approval for the mixed-use redevelopment of Sunrise Village. Dubbed The Pines at Fullerton, the project will include 49 small-lot detached homes, 64 townhouses and 23,000 square feet of neighborhood retail uses. With the sale of the corner retail, 2.7 acres of retail pads remain for sale.
EAST FARMINGDALE, N.Y. — New Jersey-based financial intermediary G.S. Wilcox has arranged a $10.6 million loan for the refinancing of a 34,877-square-foot retail property located in the Long Island community of East Farmingdale. The property consists of four buildings on a 6.9-acre site. David Fryer of G.S. Wilcox arranged the loan, which carried a 15-year term and a 30-year amortization schedule. The borrower and direct lender were not disclosed.