HOUSTON — Hoar Construction, a general contractor with nine offices across the country, has broken ground on Town Centre II, a 167,141-square-foot office project in West Houston. Designed by Kirksey Architecture and developed by Moody Rambin, the eight-story building will be located within the Town Centre complex and will house a 220-seat conference room. Construction of the project, which also includes a 1,390-space parking garage, is slated for a September 2023 completion.
GARLAND, TEXAS — Locally based developer Palladium USA has completed a 122-unit mixed-income seniors housing project in Garland, a northeastern suburb of Dallas. Designed by HEDK Architects, the development will consist of 92 units that will be reserved for renters aged 62 and above who earn 60 percent or less of the area median income. The remaining 30 units will be rented at market rates. Amenities will include a fitness center, computer lab, library and a theater. A grand opening ceremony will take place on Nov. 10.
FARMERS BRANCH, TEXAS — Colliers has brokered the sale of Valley View Centre, a 64,000-square-foot office building located in the northern Dallas suburb of Farmers Branch. The four-story building was 84 percent leased at the time of sale. Cody Payne and Michael Tran of Colliers represented the seller, a private investor, in the transaction. The buyer was an undisclosed 1031 exchange investor that acquired the asset in an all-cash deal.
HOUSTON — Partners, the brokerage and investment firm formerly known as NAI Partners, has arranged the sale of a 50,000-square-foot industrial property in North Houston. Cary Latham and Hunter Stockard of Partners represented the seller, an entity doing business as Isham Interests Ltd., in the transaction. Fort Worth-based investment firm Fort Capital purchased the asset for an undisclosed price.
DANVILLE, KY. — Campari Group, a global spirits distributor based in Milan, has agreed to purchase Wilderness Trail Distillery, a bourbon and rye whiskey distiller based in Danville. Campari purchased an initial 70 percent stake in the company for $420 million, and in 2031 will have the option to purchase the remaining 30 percent interest for $180 million. Wilderness Trail was founded in 2012 and in 2018 launched two new whiskey brands: Wilderness Trail Bourbon and Wilderness Trail Rye Whiskey. The company operates a 168-acre campus in Danville and has approximately 100,000 barrels aging in its six rickhouses, according to the company’s website. This is the second largest acquisition for Campari, with its 2016 purchase of Grand Marnier being the largest, according to Reuters. The Wilderness Trail transaction, which is subject to customary closing conditions, is expected to close before the end of 2022. Wilderness Trail will continue to operate independently until the transaction closes. William Blair & Co. acted as exclusive financial advisor to Wilderness Trail, and Benesch, Friedlander, Coplan and Aronoff LLP acted as its legal advisor. McDermott Will & Emery LLP acted as tax and legal advisor to Campari Group, whose other whiskey labels include Wild Turkey …
CAMBRIDGE, MASS. — San Diego-based REIT BioMed Realty has broken ground on 585 Kendall, a 600,000-square-foot life sciences facility in the Kendall Square area of Cambridge that will be a build-to-suit for Japanese pharmaceutical giant Takeda. CBT Architects designed the facility, which will include a 30,000-square-foot performing arts center with a 400-seat theater that will be open to the public. Completion of the project is slated for 2026.
BUFORD, GA. — McShane Construction has completed Enzo at Ariston, a 265-unit apartment community that TPA Residential is developing in Buford, a northeast suburb of Atlanta. The property is one of the multifamily components within Ariston, a mixed-use development taking shape near the Mall of Georgia. Situated on eight acres, Enzo at Ariston features two four- and five-story wood-frame apartment buildings with a brick façade, as well as a precast concrete parking garage. Amenities include a heated saltwater swimming pool, outdoor grilling area and lounge, 24-hour fitness studio and power gym, enclosed dog park and a community lounge with a demonstration kitchen. Niles Bolton Associates designed Enzo at Ariston, which features one-, two- and three-bedroom floor plans with rental rates ranging from $1,593 to $3,313 per unit, according to the property website.
SNELLVILLE, GA. — Atlantic Capital Partners has arranged the sale of Snellville Pavilion, a 311,093-square-foot shopping center located in the Atlanta suburb of Snellville in Gwinnett County. Fred Victor, Justin Smith and Chris Peterson of Atlantic Capital represented the seller, Kimco Realty, and procured the New York-based buyer, United Properties, in the $38.3 million deal. Snellville Pavilion was 99 percent leased at the time of sale to tenants including Kohl’s and Belk, both of which have anchored the center since 2000.
LOUISVILLE, KY. — 29th Street Capital (29SC) has purchased Ashton Brook Apartments, a 274-unit multifamily community located in Louisville. The seller and sales price were not disclosed. Built in 1979, the Class B property features a swimming pool, fitness center, dog park, outdoor grilling and picnic area, playground and a laundry facility. Ashton Brook is situated near the headquarters of Haven Residential, 29SC’s in-house property management company that is taking over operations of the pet-friendly community.
CHESAPEAKE, VA. — MDH Partners has acquired Chesapeake Industrial Park, a two-building, 182,000-square-foot industrial property located at 3804 and 3808 Cook Blvd. in Chesapeake. This is Atlanta-based MDH’s second Virginia purchase this year, following the purchase of AeroFarms Danville in May. Chamie Burroughs and Ricky Anderson of Colliers represented the undisclosed seller in the transaction. Joe DeHaven and Makenna Barbara served as the acquisition leads for MDH Partners. The sales price was not disclosed. The park’s two 90,000-square-foot facilities were fully leased at the time of sale and feature 30-foot clear heights and 23 dock-high doors.
