NAPLES, FLA. — Guitar Center has opened a 15,000-square-foot store at the Gateway Shoppes in Naples, marking the 300th location for the brand. The location will feature Guitar Center’s latest design, including a lessons facility, rental department and hands-on DJ experience. Owned by Benderson Development, Gateway Shoppes is located at 13585 Tamiami Trail N. Bruce Shepard of TSCG arranged the lease on behalf of Guitar Center.
GEORGETOWN, TEXAS — Locally based firm Novak Commercial Development has acquired a six-acre tract in the northern Austin suburb of Georgetown for the development of a 300-unit multifamily project. The site is located within The Commons at Rivery mixed-use development, which will include 45,000 square feet of retail space, as well as open green space. Alex Makris of Partners, the Houston-based investment and brokerage firm formerly known as NAI Partners, internally represented the seller in the land deal. Kevin Murphy of Partners represented Novak Commercial. Completion is slated for 2025.
HOUSTON — CBRE has negotiated the sale of The Village at River Oaks, a seniors housing community in the River Oaks neighborhood of Houston that offers independent living, assisted living and memory care services. A partnership between Harrison Street and Bridgewood Property Co. sold the asset to a fund affiliated with Blue Moon Capital Partners. The sales price and number of units were not disclosed. John Sweeny, Aron Will, Garrett Sacco and Scott Bray of CBRE brokered the deal. CBRE also arranged a seven-year, floating-rate acquisition loan that carried 48 months of interest-only payments through a regional bank.
FRISCO, TEXAS — Locally based firm Centergy Retail will develop Lexington Village, a 90,000-square-foot retail project that will be located on the northern outskirts of Dallas in Frisco. Grocer Tom Thumb has committed to anchoring the center with a 58,000-square-foot store that will include a pharmacy and a coffee bar. The store, which is scheduled to open in spring 2024, will be located within a larger, 600-acre master-planned development that will ultimately feature about 4,700 single-family and multifamily residences. Bobby Weinberg and Mason Brower of Northmarq arranged a $25.4 million construction loan through an undisclosed bank on behalf of Centergy Retail. The financing was structured with a five-year term with three years of interest-only payments followed by a 25-year amortization schedule.
IRVING, TEXAS — The University of St. Augustine for Health Sciences (USAHS) has opened a 55,050-square-foot academic and office facility in Irving’s Las Colinas district. The space is located within the former Zale Corp. headquarters building. William Quinby of Savills represented USAHS, which is also planning a 20,979-square-foot expansion in Irving, in its site selection and lease negotiations. Classes at the new facility began in early January, and a ribbon-cutting ceremony will be held on Wednesday, Jan. 25.
COPPELL, TEXAS — Metropolitan Hardwood Floors has signed a 23,778-square-foot industrial lease renewal at Park West Crossing in Coppell, a northeastern suburb of Fort Worth. According to LoopNet Inc., the building at 435 Southwestern Blvd. sits on 4.9 acres and totals 61,399 square feet. Chicago-based investment firm ML Realty Partners owns Park West Crossing and was internally represented in the lease negotiations. Mike McElwee of Avison Young and Brian Bruininks of The Andover Co. represented the tenant.
NEW YORK CITY — California-based investment firm Avanath Capital Management has purchased 7 Dekalb, a 251-unit apartment building in Brooklyn, for $101.2 million. The 18-story building, which features mix of market-rate and affordable housing units, is located within the City Point mixed-use development. Amenities include a fitness center, rooftop deck, children’s play area, tenant lounge and a cinema room. Newmark represented the seller, The Brodsky Organization, in the transaction. Avanath plans to introduce new social services programs for residents, including afterschool care, professional development workshops and health classes.
MANSFIELD, MASS. — Locally based investment firm Berkeley Partners has acquired a 215,575-square-foot warehouse in the southern Boston suburb of Mansfield. At the time of sale, the building was fully leased to an affiliate of global automotive manufacturer Stellantis, which also owned the facility and has agreed to lease back the space. Michael Restivo, Joe Fabiano, Dave MacDonald and Lenny Pierce of JLL negotiated the sale-leaseback. Brett Paulsrud, also with JLL, arranged acquisition financing for the deal.
SOMERSET, N.J. — San Francisco-based investment firm Terreno Realty Corp. has sold an 86,000-square-foot industrial property located in the Northern New Jersey community of Somerset for $25 million. The property at 70 Schoolhouse Road sits on seven acres and was fully leased to a single tenant at the time of sale. Dan Badenhausen and Andrew Stypa of Lee & Associates represented the seller and procured the undisclosed buyer in the transaction.
NEW YORK CITY — JLL has negotiated the sale of Mr. C Seaport, a 66-room boutique hotel in Manhattan’s Seaport District. The property reopened in 2018 following a renovation that converted the hotel from 72 rooms to 66. Jeffrey Davis, Stephany Chen and Harry Keeshan of JLL represented the seller, Atlantic Pearl Investments Inc., in the transaction. The buyer and sales price were not disclosed.
