NORMAN, OKLA. — Marcus & Millichap has arranged the sale of Cambridge Mini Storage, a 754-unit self-storage facility in Norman, located south of Oklahoma City. The facility totals 87,700 net rentable square feet. Bryan Quaschnick, Brandon Karr and Danny Cunningham of Marcus & Millichap represented the locally based seller in the transaction and procured a Dallas-based private partnership as the buyer. Both parties requested anonymity.
SHERMAN, TEXAS — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Homestead of Sherman, a 132-bed skilled nursing facility in Sherman, approximately 65 miles north of Dallas. The community spans 39,211 square feet and sits on five acres. A Dallas-based private partnership sold the property to a Fort Worth-based owner-operator for an undisclosed price. Matthew Alley and Ryan Saul of SLIB brokered the deal.
HURST, TEXAS — Texas-based investment firm SPI Advisory has acquired Park Place Apartments, a 120-unit multifamily complex located in the northern-central metroplex city of Hurst. Built in 1978, the property offers one- and two-bedroom units and amenities such as a pool, tennis court, basketball court and outdoor grilling and dining areas. The seller and sales price were not disclosed. SPI Advisory plans to implement a value-add program.
KATY, TEXAS — CarSquad, a sister brand of Florida-based preowned car dealership Off Lease Only, has opened a 21,000-square-foot lot at the northwest corner of I-10 and U.S. Highway 99 in the western Houston suburb of Katy. The dealership houses an array of cars, trucks, vans and sport utility vehicles and also features kiosks on the sales floor. CarSquad built the facility but leased the land from Smithco. CBRE negotiated the ground lease.
BOSTON — CBRE has arranged the $514 million sale of a portfolio of 65 hotels totaling 7,865 rooms. The portfolio spans 27 states and numerous operating brands, including 14 Sonesta Simply Suites, 32 Sonesta ES Suites and 19 Sonesta Select hotels. The Midwest represents the largest segment of the portfolio with 20 hotels totaling 2,374 rooms, and the Northeast is second with 18 hotels totaling 2,347 rooms. Massachusetts-based REIT Service Properties Trust sold the assets to 21 separate buyers that mostly consist of family offices and private equity firms. Al Calhoun and Mark Fair of CBRE brokered the deal.
PARSIPPANY, N.J. — New York Life has provided a $146.6 million construction loan for The District at 15fifteen, a 498-unit multifamily project that will be located in the Northern New Jersey community of Parsippany. The three-building development will include 58,866 square feet of retail space and 1,062 parking spaces. The amenity package will comprise a pool, rooftop lounge, fitness center, conference center and sport simulator rooms. John Alascio, Chuck Kohaut, T.J. Sullivan and Meredith Donovan of Cushman & Wakefield arranged the floating-rate loan on behalf of the borrower, a joint venture between Claremont Development, Stanbery Development Group and PCCP.
SOUTH BRUNSWICK, N.J. — Locally based developer Woodmont Industrial and Denver-based EverWest Real Estate Investors are underway on a 210,000-square-foot expansion and renovation project in South Brunswick, about 50 miles south of Manhattan. The partnership will renovate a 145,000-square-foot facility at 461 Ridge Road and develop a new, 65,000-square-foot facility. Upon completion, which is slated for this summer, the property will feature a clear height of 32 feet, 30 loading doors and four drive-in doors. Bussel Realty Corp. is marketing the property for lease.
MIAMI BEACH, FLA. — Locally based co-developers Terra and Turnberry have selected Balfour Beatty to construct the new Grand Hyatt Miami Beach Convention Center Hotel. Located at the intersection of 17th Street and Convention Center Drive, the 17-story, 800-room hotel will serve as the central anchor of the Miami Beach Convention Center District. The design-build team also includes Arquitectonica, Stonehill Taylor and EoA. Early site work at the property is now underway, with vertical construction anticipated to start this year and be completed in 2025. Grand Hyatt Miami Beach will include 12 floors of guest rooms and suites, four floors of meeting spaces and ballrooms that will complement the Miami Beach Convention Center, which will be connected to the hotel via a sky bridge. Hotel amenities will include a resort-style pool deck, restaurant, lobby lounge and bar and ground-level retail space.
MIAMI — A joint venture between locally based 13th Floor Investments and Adler Development, in partnership with global investment manager Barings, has delivered Cascade, a 37-story apartment tower located at 3050 SW 37th Ave. in Miami. The 421-unit community is the second residential high-rise to be delivered within the Link at Douglas, a seven-acre master-planned development. Cascade is situated adjacent to the Douglas Road Metrorail Station, U.S. Highway 1 and The Underline, a 10‑mile linear park, urban trail and public art destination. The property’s move-ins began this week and leasing is currently underway. Cascade’s apartments start from $2,600 per month and range from studios to three-bedroom floor plans sized from 510 to 1,323 square feet. Bozzuto manages the property. Designed by Arquitectonica, Cascade’s amenities include a resort-style pool on the 10th floor with lounge seating, cabanas and a poolside bar. Other amenities include an outdoor movie screen and a game room with a foosball table, billiards, shuffleboard and card tables, as well as a basketball half-court, yoga studio, grilling stations, lounge, outdoor kitchen, media room, kids’ playroom and an onsite dog run and wash.
WILMINGTON, N.C. — CBL Properties and Vision Hospitality Group have partnered to develop a 139-room Element by Westin hotel in Wilmington. The hotel will be part of Mayfaire Town Center, a 610,000-square-foot power retail center that CBL owns and manages. The center’s anchors and junior anchors include Belk, a 16-screen Regal movie theater, The Fresh Market, World Market, Pottery Barn, Ulta Beauty and Michael’s. Situated on International Drive, the new hotel will accommodate both short- and long-term stays with guestrooms that include kitchens and spa-inspired bathrooms. CBL and Vision, which are both based in Chattanooga, plan to raze a restaurant on the site to make way for the hotel, which is expected to open in spring 2024.