RICHMOND, TEXAS — Costco will open a 154,648-square-foot store at The Grand at Aliana, a 400,000-square-foot, 80-acre mixed-used development in the southwestern Houston suburb of Richmond. The Washington-based discount retailer purchased the 20-acre site on which the store will be located. The opening is slated for next summer. The store will be Costco’s 39th in Texas and third in the Houston area. Locally based developer NewQuest Properties owns The Grand at Aliana.
DALLAS — An undisclosed electric vehicle (EV) company has signed a 15,110-square-foot industrial lease at The Archetype, an industrial redevelopment in West Dallas that was formerly known as Commonwealth Center. The deal brings The Archetype’s occupancy level to 86 percent. Chase Miller and Everett James of NAI Robert Lynn represented the landlord, North Texas-based developer M2G Ventures, in the lease negotiations. The tenant representative was not disclosed.
FORT WORTH, TEXAS — Holt Lunsford Commercial has negotiated a 10,800-square-foot industrial lease at Riverbend Business Park in Fort Worth. The 32-building, 1.4 million-square-foot development is located on the city’s east side. William Wilson and George Jennings with Holt Lunsford represented the landlord, Riverbend Properties, in the lease negotiations. The representative of the tenant, Worldwide Import Goods, was not disclosed.
NORTH LAS VEGAS, NEV. — Agora Realty & Management has received an undisclosed amount of financing for the development of Hylo Park, a 73-acre mixed-use project at the corner of Rancho Road and Lake Mead Boulevard in North Las Vegas. Construction is slated to begin in June 2024. The planned development includes entitlements for 1,300 residential units spanning a 37-acre residential component, a grocery-anchored retail center, restaurants and commercial services. The project will also include Champion Square, a sports village and public plaza. The sports-anchored center will serve the community and traveling teams. The center of Hylo Park will be a multi-purpose sports rink and separate field house. The development will anchor a community village featuring public space and an outdoor digital video screen for sports watch parties, as well as other local programming and events. The square will also include shops, restaurants and service-oriented retail in proximity to an extended-stay hotel. The city’s National Hockey League team, the Las Vegas Golden Knights, will provide management and programming for the existing ice arena at the property.
THOUSAND OAKS, CALIF. — FPA Multifamily, on behalf of its Core Plus Fund V, has acquired a two-property multifamily portfolio totaling 399 units in Thousand Oaks, a suburb west of Los Angeles. Decron Properties sold the assets for $171.2 million. The portfolio consists of Los Robles Apartments, a 253-unit asset built in 1972, and The Retreat at Thousand Oaks, a 146-unit property built in 1966. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Los Robles Apartments features studio, one- and two-bedroom apartments, averaging 882 square feet, spread across 32 residential buildings. Units have ductless heating and cooling systems, washers/dryers and new plank flooring. Community amenities include a new leasing office, resort-style pool, fitness center and outdoor lounge areas. The Retreat at Thousand Oaks offers a mix of one- and two-bedroom apartments, three-bedroom townhomes and four-bedroom flats, with an average unit size of 1,260 square feet. The property is within walking distance of Janss Marketplace, an outdoor retail center.
MESA, ARIZ., AND DENVER — StarPoint Properties is developing two Opportunity Zone projects totaling $115 million. StarPoint has started vertical construction on Lotus Point, a $79.2 million multifamily development in Mesa, and Point Central, a $36.7 million industrial project in Denver. Located at 139 N. Dobson Road, the four-story Lotus Point will offer 245 apartments. The community will benefit from a property tax abatement agreement with the City of Mesa for eight years after construction, which will generate significant property tax savings. Point Central, located at 1051 and 1161 E. 73rd Ave. in Denver, will offer 157,473 rentable square feet split across two industrial buildings with access to Denver’s major highways. Completion of both properties is slated for 2025. StarPoint expects Lotus Point to be stabilized by fourth-quarter 2025 and Point Central by the second quarter of 2025.
GARDEN GROVE, CALIF. — The City of Garden Grove, located in Orange County, has purchased Garden Grove Plaza, located at 12966 Euclid St. in Garden Grove. A private seller sold the asset for $12.12 million, or $188 per square foot. Anthony DeLorenzo, Bryan Johnson, Nick Williams and Peter Wells of CBRE represented the seller in the deal. Situated on two acres, the five-story glass-and-steel building offers approximately 64,468 square feet of office space. The property was recently renovated and is currently 77 percent occupied.
GLENWOOD SPRINGS, COLO. — NorthPeak Commercial Advisors has arranged the sale of a multifamily property located at 228 Auburn Ridge Lane in Glenwood Springs, a resort city approximately midway between Denver and the Utah border. The property traded for $8.2 million, or $171,875 per unit. The 30,376-square-foot asset features 48 apartments. Kevin Calame and Matt Lewallen of NorthPeak handled the transaction.
JERSEY CITY, N.J. — West Side Square Development Fund, which is a partnership between LanTree Developments, Altree Developments Inc., Lanterra Developments Inc. and Westdale Properties, has broken ground on a 477-unit multifamily project in Jersey City. West Side Square will be located in the Journal Square area and will house studio, one- and two-bedroom units, as well as 9,841 square feet of retail space. Amenities will include an outdoor deck with a pool and grilling stations, fitness center, coworking space, a community room and a dog run. Marchetto Higgins Stieve is the project architect, with Childs Dreyfus Group handling interior design. Completion is slated for summer 2026.
BOSTON — California-based owner-operator Kisco Senior Living will develop The Newbury at Brookline, a 159-unit complex that will be located on the west side of Boston. The site is located on the historic former Newbury College campus. The facility will ultimately comprise 81 independent living units, 38 assisted living residences and 40 memory care units via 190,000 square feet of new construction and 20,000 square feet of restoration to the historic Mitton House. The complex is scheduled to open next fall.