SUGAR LAND, TEXAS — Texas-based investment firm Catalyst Equity Partners has purchased The Addison at Sugar Land, a 280-unit apartment community located on the southwestern fringe of Houston. According to Apartments.com, the property was built in 2004, features one-, two- and three-bedroom units and offers amenities such as a pool, fitness center, spa, business center, volleyball court and package handling services. The seller and sales price were not disclosed.
ROUND ROCK, TEXAS — Dallas-based RightQuest Residential has sold Siena Round Rock, a 198-unit apartment complex located on the northern outskirts of Austin. The property offers studio, one- and two-bedroom units ranging in size from 597 to 1,137 square feet. Most residences feature upgraded appliances, granite countertops, individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, clubhouse, business center, outdoor grilling stations and a dog park. CBRE brokered the sale of Siena Round Rock, which was 97 percent occupied at the time of sale. Judah Hammer and Daniel Neiss of Meridian Capital Group arranged $35.3 million in acquisition financing through NewPoint Real Estate Capital on behalf of the buyer, River Rock Capital.
NASHVILLE, TENN. — Subtext, a residential development firm, has broken ground on LOCAL Midtown, a 15-story apartment building located at 1904 Hayes St. in Nashville’s Midtown district. The property will comprise 307 apartments in a mix of studios, one-, two- and three-bedroom layouts. Designed by Dynamik Design, LOCAL Midtown will feature 10,000 square feet of amenity space, including a coffee bar and micro-market on the first floor, music studio and recording booth on the fifth floor and several spaces on the sixth floor, such as a media lounge, speakeasy, collaboration spaces, gaming room, fitness center with coach-led classes, library and outdoor amenity deck with a swimming pool. The 15th floor will feature a sky lounge and deck with views of downtown Nashville. A five-level covered parking garage will also be available to residents. The general contractor, Brinkmann Constructors, expects to deliver LOCAL Midtown in 2024. Subtext and Brinkmann recently completed LOCAL Boise in Idaho. The new venture is the first Nashville project for both St. Louis-based firms.
CONCORD, N.C. — Choate Construction has broken ground on a new broadcast facility for NASCAR in Concord, a northeast suburb of Charlotte. The racing organization is moving its live event productions operations from Charlotte to the new 58,000-square-foot facility, which is situated near NASCAR’s existing research-and-development property. The new tilt-wall concrete facility will house NASCAR’s TV and radio production studios, as well as a broadcast equipment room, mechanical system and chemical fire suppression systems. NASCAR’s live event production operation has more than doubled in size since 2018, according to the organization. The project team includes Redline Design Group, ACRO Development Services, Barrett Woodyard and Associates Inc. and Bennett & Pless Inc.
SHENANDOAH, TEXAS — Dallas-based private lender HALL Structured Finance (HSF) has provided a $15.3 million construction loan for a new Hampton Inn & Suites hotel in Shenandoah, about 40 miles north of Houston. The five-story, 106-room hotel will house a fitness center, lobby workstation, outdoor pool, dining area with a full bar and more than 1,000 square feet of meeting and event space. The borrower, Texas-based hospitality developer K&K Hotel Group, expects to complete construction in late 2023. Matt Mitchell of HSF originated the financing.
JACKSONVILLE, FLA. — Birmingham, Ala.-based Graham & Co. has purchased 21 acres in Jacksonville’s Westside submarket for the development of a two-building, 250,800-square-foot warehouse and distribution center project. Named after its location, W. 12th/Edgewood Logistics Center is slated to break ground in early 2023 and wrap up construction by the end of the year. Equity partners in the deal include private equity firm Graham Capital and a local investment group led by Sam Easton. The industrial facilities will feature 32-foot clear heights, ESFR sprinklers and a concrete tilt-wall construction and can accommodate tenants from 25,000 square feet to full-building occupiers, according to Graham & Co. The project team includes The Conlan Co. and Randall-Paulson Architects as the project’s design/build team, and England-Thims & Miller will serve as the civil engineer. SouthState Bank is providing construction financing. Mark Scott, John Cole and Andrew Hawkins of Foundry Commercial will market the property for lease. The land acquisition marks the third transaction by Graham & Co. in Jacksonville’s Westside submarket since 2021.
BAYTOWN, TEXAS — Los Angeles-based brokerage firm National Asset Services has arranged the sale of a 30,038-square-foot retail property in the eastern Houston suburb of Baytown. The property was built in 2005 and is fully leased to electronics retailer Best Buy. National Asset Services represented the buyer in the transaction. Mark Raines, Donna Kolias and Pierce Owens of JLL represented the seller. Both parties requested anonymity.
LOUISVILLE, KY. — Inxeption, a Silicon Valley-based industrial commerce and supply chain digitization firm, has opened its new offices at PNC Tower in downtown Louisville. The firm, which supports software and several apps for the logistics industry, is occupying 18,000 square feet on the 29th floor. Inxeption says the new regional headquarters space will be able to accommodate up to 200 employees over the next five years. Kentucky Gov. Andy Beshear and Louisville Mayor Greg Fischer are scheduled to appear at a ribbon-cutting ceremony for the office. Inxeption’s operations, sales and technology employees at PNC Tower will have immediate access to the nearby Fourth Street Live! and Louisville Slugger Field, home of the Louisville Bats Minor League Baseball team. “In the last two years, Inxeption has integrated itself into the business community in Louisville, a crucial logistics hub,” says Josh Allen, Inxeption’s chief compliance officer and first Louisville employee. “We continue to undergo substantial growth, so we have strategically renewed our commitment to the city by relocating to a space that can scale as we expand our supply chain operations in support of more industrial businesses.” The new offices come on the heels of Inxeption’s latest financing round at a …
NEW YORK CITY — Brookfield Real Estate Financial Partners has provided a $272.5 million construction loan for a project that will convert a 530,000-square-foot office building at 160 Water Street in Manhattan’s Financial District into a 588-unit apartment community. The redevelopment, a tentative completion date for which was not disclosed, will add six levels to the 24-story building. The new apartment building will feature units with stainless steel appliances, quartz countertops and individual washers and dryers, as well as amenities such as a lobby lounge, coffee bar, fitness center and rooftop deck. Gideon Gil, Adam Spies, Kempton Coady and Alex Lapidus of Cushman & Wakefield arranged the loan on behalf of the borrower, Vanbarton Group.
VINELAND, N.J. — California-based investment firm Provender Partners has purchased a 217,540-square-foot food production and distribution facility located in the Southern New Jersey community of Vineland for $22.5 million. Built in the mid-1990s, the facility features clear heights of 28 feet, 23 dock-high doors, ample trailer parking and both freezer and cooler space. The 18-acre site also has the potential to be expanded. Provender Partners acquired the facility from the tenant, Safeway, in a sale-leaseback. Ryan Guittare and Kurt Montagano of Newmark brokered the deal.