CYPRESS, TEXAS — The Waller Independent School District (ISD) has acquired 19 acres within Bridgeland, a master-planned development in the northwestern Houston suburb of Cypress, with plans to build a new elementary school. A construction timeline for the school, which will serve about 850 students, has yet to be established. The Howard Hughes Corp. (NYSE: HHC) is the master developer of Bridgeland and sold the land to Waller ISD. A general contractor has not yet been appointed.
MELROSE PARK, ILL. — Interra Realty has negotiated the sale of a 29-unit multifamily property located at 1123 N. 33rd Ave. in the Chicago suburb of Melrose Park for $2 million. Built in 1970, the building comprises three studio, 22 one-bedroom and four two-bedroom units. Patrick Kennelly and Paul Waterloo of Interra represented the buyer, a local private investor completing a 1031 exchange. The buyer plans to make improvements to apartments as needed and address deferred maintenance. The seller was undisclosed.
TOMBALL, TEXAS — New York-based investment firm Castle Lanterra Properties has purchased Laurel at Vintage Park, a 120-unit active adult community located in the northwestern Houston suburb of Tomball. Built on 5.5 acres in 2014, Laurel at Vintage Park features one- and two-bedroom units and amenities such as a clubhouse and a fitness center. John Sweeny, Aron Will, Scott Bray, Garrett Sacco, Clint Duncan, Matthew Phillips, Jock Naponic and Nolan Mainguy of CBRE represented the seller, Coastal Ridge, in the deal.
FORT WORTH, TEXAS — Swiss chocolate maker Läderach has signed a 42,282-square-foot industrial lease at AllianceTexas, Hillwood’s 27,000-acre master-planned development in North Fort Worth. Jeff Feste, Fred Ragsdale, Blake Rogers and J.M. Priddy of JLL represented Läderach in the lease negotiations. Reid Goetz and Samuel Rhea represented Hillwood on an internal basis.
COLLEYVILLE, TEXAS — Colliers has brokered the sale of Colleyville Square Business Park, a 23,980-square-foot office complex located on the northeastern outskirts of Fort Worth. The property comprises four buildings at 6211 Colleyville Blvd. Cody Payne of Colliers represented the seller, a private investor, in the off-market transaction. The buyer was also a private investor who requested anonymity.
AUSTIN, TEXAS — Locally based investment firm Door Capital Partners has acquired a 6,991-square-foot retail strip center located at 3701 Guadalupe St. near the University of Texas at Austin. Built in 1976, the property was fully leased at the time of sale to Domino’s, Walgreens, Smile Haus, Body Brite and Evo Performance. C.W. Sheehan, Kaitlin Kane and Hunt Wood of JLL arranged acquisition financing on behalf of Door Capital Partners. Chris Gerard and Jack Copher, also with JLL, represented the undisclosed seller in the disposition.
WILMINGTON, DEL. — Delle Donne & Associates has broken ground on Tower at Avenue North, a 150,000-square-foot office building that will be located within the 79-acre Avenue North mixed-use development in Wilmington. A third of the space at the 12-story building will be dedicated to retail and restaurant usage. Office users will also have access to outdoor amenity spaces and electric vehicle charging stations. Construction is slated for a March 2024 completion. JLL will handle leasing of the building.
CHELSEA, MASS. — MassHousing has provided an $18.1 million loan for the refinancing of Admiral’s Tower, a 100-unit housing cooperative located in the northeastern Boston suburb of Chelsea. The six-story building was originally constructed in 1986 and houses 26 studios and 74 one-bedroom units. The borrower, CSI Support & Development Services, will use a portion of the proceeds to fund capital improvements and preserve the property’s affordability status. Renovations will include kitchen and bathroom refurbishments, masonry repairs, new doors and fencing and the addition of a fitness center and staff offices.
RAHWAY, N.J. — JLL has arranged an $11 million permanent loan for Rahway Plaza, a 288-unit apartment community in Northern New Jersey. The two-building property houses one- and two-bedroom units and amenities such as a pool, outdoor grilling and dining stations and a newly renovated children’s playground and recreation area. Michael Klein, Jon Mikula and Salvatore Buzzerio of JLL arranged the five-year, fixed-rate loan through Malvern Bank on behalf of the borrower, New Jersey-based Denholtz Properties.
MEDFORD, MASS. — Life Time Fitness has opened a 52,000-square-foot gym in Medford, located on the northern outskirts of Boston. Life Time Wellington Station will be a three-story, transit-served facility that will house a 16,000-square-foot floor for personal and group training sessions, a four-lane indoor lap pool, spa and a café. A ribbon-cutting ceremony was held this morning.