AUSTIN, TEXAS — An affiliate of California-based Stratus Development Partners has opened the 212-room Cambria Hotel Austin Downtown at 68 East Ave., adjacent to the historic Rainey Street District. The 16-story, 223,975-square-foot hotel offers a pool, fitness center, 24-hour market and 8,300 square feet of meeting and event space, as well as a fifth-floor restaurant and bar and a rooftop bar and lounge. San Diego-based Azul Hospitality Group will manage the hotel.
DALLAS — Locally based brokerage firm STRIVE has negotiated the sale of Gallery on the Parkway, a 146,612-square-foot shopping center in North Dallas. Bed, Bath & Beyond and Buy, Buy Baby most recently anchored the property, which was built on 12 acres in 1995. Other tenants include Nordstrom Rack and Cost Plus World Market. Chicago-based REIT Blue Owl Real Estate sold Gallery on the Parkway to Dallas-based investment firm Four Rivers Capital for an undisclosed price. Adam Gottschalk of STRIVE brokered the deal.
SAN MARCOS, TEXAS — Dallas-based brokerage firm Vanguard Real Estate Advisors has arranged the sale of a multifamily development site in the Central Texas city of San Marcos. The site spans 22.8 acres at the southwest corner of Staples Road and Old Bastrop Highway. Jordan Cortez, Mason John and Haley Birmingham of Vanguard represented the buyer, South Carolina-based Woodfield Development, which plans to develop a 360-unit project at the site that will be known as Addie’s Point.
FORT WORTH, TEXAS — North Texas Amusement, a provider of coin-operated jukeboxes, has signed a 16,000-square-foot industrial lease renewal at Riverbend Business Park in Fort Worth. The 32-building, 1.4 million-square-foot development is located on the city’s northeast side. William Wilson and George Jennings of Holt Lunsford Commercial represented the landlord, Riverbend Properties, in the lease negotiations. The tenant was self-represented.
CAROL STREAM, ILL. — Mainfreight has signed a build-to-suit lease for a 57,100-square-foot freight terminal in the Chicago suburb of Carol Stream. Chicago-based Timber Hill Group owns the property in a joint venture with Champion Realty Advisors. TH LLC, a special purpose entity managed by Timber Hill and Champion, acquired the site in May. Mainfreight’s new terminal will feature 81 dock doors and parking for 92 cars, 88 trailers and 44 tractors. There will also be a 70-foot-wide dock area and a 20,000-square-foot, two-story office space complete with a kitchen and locker rooms. The facility will serve as Mainfreight’s North American headquarters. Construction is scheduled to begin in November with completion slated for early 2025. Mainfreight is a New Zealand-based logistics company providing end-to-end freight service solutions, including warehousing, domestic distribution and international air and ocean services. The company operates in 26 countries with more than 11,000 employees. Mainfreight currently has an office in Franklin Park, Ill. The project in Carol Stream is the first of two terminal build-to-suits that Timber Hill and Champion are developing on behalf of Mainfreight.
PHILADELPHIA — A partnership between Ensemble Investments, Mosaic Development Partners and Korman Communities has broken ground on a 614-unit multifamily project at the Philadelphia Navy Yard. The development will have two buildings that house a mix of luxury, market-rate and affordable residences. A formal groundbreaking ceremony will be held on Tuesday, Oct. 24, and completion of the project is slated for 2025. CBRE arranged construction debt for the project, which is being financed by a $78 million loan from insurance company Ullico and a $95 million facility from M&T Bank and Israel Discount Bank of New York. In addition, New York City-based Basis Investment Group has contributed $100 million in equity to the capital stack.
ITASCA, ILL. — Skender has completed interior construction on the new 50,000-square-foot office for AIT Worldwide Logistics at Two Pierce Place within the Hamilton Lakes Business Park in Itasca. AIT, a global supply chain solutions company, occupies floors 20, 21 and 25 within the 25-story, 494,000-square-foot office tower. The build-out included 210 workstations, 43 enclosed offices, nine conference rooms, a boardroom, 2,000-square-foot café, dedicated reception area and game room, along with several collaboration areas throughout the floors. The project team included Partners by Design as architect, RLE as owner’s represtnative and Advance Consulting Group as engineer.
CHICAGO — Interra Realty has brokered the $4.1 million sale of a 35-unit apartment building in Chicago’s West Ridge neighborhood. Located at 2801 W. Lunt Ave., the property features 28 one-bedroom units, three two-bedroom units and four ground-level commercial spaces. The building was originally constructed in 1932. Patrick Kennelly and Paul Waterloo of Interra represented the buyer, Teko Menetti. Joe Smazal of Interra represented the seller, a local private investor.
CHICAGO — Marcus & Millichap has arranged the sale of a 7,466-square-foot medical property occupied by Oak Street Health in Chicago for $3.6 million. The net-leased building is located at 6918 W. Archer Ave. and recently received a new roof along with interior and exterior renovations. Oak Street Health signed a new 20-year lease for the location. Austin Weisenbeck, Sean Sharko and Daniel Chumbley of Marcus & Millichap represented the seller, a limited liability company. Jack Hopkins of Marcus & Millichap represented the buyer, a California-based private investor. Oak Street Health, which operates 170 locations in 21 states, was acquired by CVS earlier this year for $10.6 billion.
GRAND RAPIDS, MICH. — Radiant Smiles has opened a 2,489-square-foot dental office at 4650 Plainfield Ave. in Grand Rapids. Hillary Taatjes Woznick and Doug Taatjes of NAI Wisinski of West Michigan represented the landlord, Comprehensive Engineering, in the lease. Ryan Gillespie of CARR Realty represented the tenant. Comprehensive Engineering purchased the building in 2021 and also occupies space within it.
