NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $11.2 million sale of a 30-unit multifamily property located at 287-299 McGuinness Blvd. in the Greenpoint neighborhood of Brooklyn. The property consists of three adjacent five-story buildings that house 10 units apiece in a variety of floor plans. Benjamin Vago, Sean Kelly and Erik Moloney of Ariel brokered the deal. The buyer and seller were not disclosed.
BESSEMER, ALA. — First National Realty Partners (FNRP) has signed a lease with OneLife Fitness to bring Tannehill Promenade, a 347,151-square-foot shopping center located at 4889 Promenade Parkway in Bessemer, to 98 percent occupancy. OneLife Fitness will occupy the former 57,455-square-foot JC Penney space — which has been vacant at the shopping center since 2017. The regional fitness operator offers group fitness classes, personal training, spa-like recovery areas and upscale gym equipment. The new club is slated to open in December, marking the brand’s first location in the Birmingham market. Earlier this year, FNRP also signed a lease with Aqua Dermatology for over 2,300 square feet at Tannehill Promenade. Other tenants at the property include Publix, Target, Ross Dress for Less, T.J. Maxx and Burlington.
CHERRY HILL, N.J. — Dick’s Sporting Goods will open an approximately 120,000-square-foot store under its “House of Sport” brand at Cherry Hill Mall in metro Philadelphia. The store will feature a climbing wall, multiple golf bays with TrackMan simulators, an outdoor track and field and a multi-sport cage that can be used for baseball, softball, lacrosse and soccer. The opening is slated for some time next year. PREIT owns Cherry Hill Mall.
EAST POINT, GA. — Red Oak Capital Holdings has provided an $8.7 million bridge loan for the acquisition and renovation of Garden Courts Apartments, an 86-unit multifamily community in the southwestern Atlanta suburb of East Point within three miles of Hartsfield-Jackson Atlanta International Airport. Underwritten within Red Oak’s Opportunistic Bridge Loan Program, the nonrecourse, interest-only loan carries a two-year term with a 73.9 percent loan-to-value ratio. Dave Christensen, Thomas Gorsk and James Myatt of Red Oak originated the loan. Arden Gist of Gist Group LLC arranged the financing on behalf of the borrower, Atlanta-based Miller Capital Properties. The loan proceeds will fund the property’s acquisition and approximately $1.3 million in capital improvements, equating to roughly $15,350 per unit. Interior upgrades will include new appliances, flooring, paint, doors, cabinetry and bathroom fixtures. Exterior renovations will address roofing, siding, landscaping, asphalt and HVAC system repairs, among other common area enhancements. Situated at 4060 Janice Drive, Garden Courts Apartments sits on 5.5 acres and comprises six, two-story buildings. Built in 1983, the property features 24 one-bedroom, 60 two-bedroom and one three-bedroom apartments, as well as a single-family rental home. Amenities at the complex include a swimming pool, laundry facilities, basketball court and a …
DALLAS — Phoenix Development Group has begun construction on a 264-room, dual-branded hotel in Uptown Dallas. The building will rise 19 stories at 2910 N. Hall St. and will offer 110 rooms under the AC Hotel by Marriott brand and 154 rooms under the Moxy Hotel brand. Each hotel will have its own lobby and entrance but will share amenities such as a fitness center and a 261-stall parking garage. The signature Moxy Bar & Restaurant will be situated at street level, and a custom-branded bar and lounge will be located on the eighth floor of the building and will include an outdoor terrace deck and water features. Phoenix is developing the property in partnership with Atlanta-based hospitality operator Peachtree Group, which is also an equity investor in the project. Merriman Anderson Architects is designing the project, with interiors by The Society, and Moss Construction is serving as the general contractor. Completion is slated for summer 2026.
BEEVILLE, TEXAS — SpawGlass General Contractors has broken ground on a new elementary school for the Independent School District of Beeville, located near Corpus Christi in South Texas. The 108,100-square-foot campus, which will be able to support about 1,200 students, will replace the current Fadden-McKeown-Chambliss and R.A. Hall Elementary Schools. Both of those schools have served the community for over five decades and will be repurposed and demolished, respectively, following completion of the new school, which is slated for August 2026. In addition to indoor classrooms and collaboration spaces, the new campus will include 51,000 square feet of outdoor learning and natural play areas. Pfluger Architects is designing the project, which is being financed by a $62 million bond that was approved by voters last spring.
FORT WORTH, TEXAS — Locally based brokerage firm Holt Lunsford Commercial has negotiated a 27,000-square-foot industrial lease in North Fort Worth. The tenant is lithium-ion battery provider NuEnergy Storage Technologies, and the space is located within Northern Crossing, a four-building development that features 24-foot clear heights. Matt Carthey with Holt Lunsford represented the landlord, GID, in the lease negotiations. Jeff Jackson of NAI Robert Lynn represented the tenant.
DALLAS — General contractor Silver Lining Construction has completed the redevelopment the office headquarters of Moroch Partners, located at 147 Manufacturing St. in the Dallas Design District. The project saw the Dallas-based marketing agency reduce its footprint by about 50 percent to 24,000 square feet, and the revamped space features a conference room that can seat about 20 people, a 60-desk open office layout and various collaborative workspaces. The design team included locally based interior architecture firm Tangram, Studio Other and OTJ Architects.
HOUSTON — Locally based commercial developer Braun Enterprises has opened a 12,000-square-foot coworking space in Houston under its Urban Office brand. Designed by BwCollier Interior Design and built by Yellow Crown Construction, the space is located at 1500 Waugh Drive and offers private office suites ranging from 100 to 400 square feet. Additional features include conference rooms, complimentary beverages, a podcast studio, mother’s room and lounge space.
NEW YORK CITY — Locally based investment and development firm RFR has sold a 139,865-square-foot multifamily development site in the Gowanus area of Brooklyn for $160 million. The buyer was a partnership between two locally based firms, Tavros Capital and Charney Cos. RFR acquired the three-acre site at 175 Third St. for $115 million in 2018, more than three years before the city’s rezoning of the neighborhood to allow for more multifamily development. RFR subsequently collaborated with Bjarke Ingels Group on design schemes and worked over several years to secure an extension of the 421a tax abatement. Additionally during its holding period, RFR vacated the site, obtained excavation and foundation work permits, managed an environmental remediation program and qualified the site for tax incentives such as the Brownfield Credit Program. Ackman-Ziff Real Estate Group advised RFR, which sold the site as a fully entitled development opportunity, on the transaction. The new ownership has secured two acquisition/pre-development loans totaling $145 million in connection with the purchase of the site. Silver Point Capital provided $110 million as the senior lender and Brodsky/global alternative asset manager Tikehau Capital provided $35 million as the mezzanine lender. The partnership has also released development plans for the site, …