BEAUMONT, TEXAS — Marcus & Millichap has arranged the sale of Storage Depot, a 507-unit self-storage facility in Beaumont. The property spans 59,120 net rentable square feet. Dave Knobler, Brandon Karr and Danny Cunningham of Marcus & Millichap represented the undisclosed, Texas-based seller in the transaction. The trio also procured the buyer, El Paso-based Riverbend Development. The sales price was not disclosed.
HOUSTON —Dallas-based private equity firm Trive Capital, in partnership with Dallas-based Aspen Oak Capital Partners, has acquired Alta Med Main, a 338-unit apartment community located near Texas Medical Center in Houston. Built in 2020 by Wood Partners, the property features one- and two-bedroom units and amenities such as a pool, fitness center and coworking space and outdoor grilling areas.
FORT WORTH, TEXAS — Locally based residential developer ONM Living has sold Cottages at Bell Station, a 140-unit multifamily property in Fort Worth. The pet-friendly property offers one-, two- and three-bedroom units that were fully leased at the time of sale. Berkadia brokered the sale of the property. The buyer and sales price were not disclosed.
NEW YORK CITY — Los Angeles-based Parkview Financial has provided a $92 million construction loan for a 215,379-square-foot office building that will be located at 1498-1538 Coney Island Avenue in Brooklyn’s Midwood neighborhood. The project will include 51,000 square feet of retail space and a 267-space automated parking structure. Construction is underway and expected to be complete in October 2023. Between the office and retail components, the building is 30 percent preleased. Aaron Birnbaum and Elliott Kunstlinger of Meridian Capital Group arranged the loan through Parkview on behalf of the borrower, an affiliate of locally based developer Baruch Singer.
CUTLER BAY, FLA. — Electra America and BH Group have formed a joint venture to purchase Southland Mall, a 808,776-square-foot shopping mall in the Miami suburb of Cutler Bay. The buyers purchased the 80-acre site for $100.4 million with plans to reposition the mall and develop new Class A apartments on the campus. The joint venture is working closely with the Town of Cutler Bay on the redevelopment project. Located at 20505 S. Dixie Highway, Southland Mall was 80 percent leased at the time of sale to more than 100 tenants, including JC Penney, Macy’s, T.J. Maxx, LA Fitness, Regal Cinemas, Old Navy, Sephora, Kay Jewelers and Applebee’s. According to the buyers, Southland Mall is the only enclosed regional mall servicing southern Miami-Dade County through the Florida Keys. Michael Fay, John Crotty, David Duckworth and Brian de la Fé of Avison Young represented Electra America and BH Group in the land deal. The seller(s) was not disclosed. Southland Mall includes a former Sears department store and auto center that were not part of the transaction.
MIAMI GARDENS, FLA. — Bridge Industrial has obtained a $153.5 million construction loan to complete Phase II of Bridge Point Commerce Center, a 2.7 million-square-foot logistics park in Miami Gardens. Steve Roth of CBRE arranged the loan through CIBC Bank on behalf of Bridge Industrial. The second phase, which comprises two buildings totaling 1.6 million square feet, is expected to deliver in third-quarter 2023. Each building will span 794,230 square feet and feature 36-foot clear heights. There are build-to-suit and build-to-own opportunities available at the project, according to Bridge Industrial. Located on a 186-acre site at 4310 NW 215th St., Bridge Point Commerce Center features frontage on the Florida Turnpike and is equidistant between Miami International Airport and Fort Lauderdale International Airport. Phase I spans 1.1 million square feet across three buildings and is fully leased to tenants including City Furniture and HapCor.
CAMBRDIGE, MASS. — Callahan Construction Managers has completed the renovation and expansion of Squirrelwood Apartments, an affordable housing project located across the Charles River from Boston in Cambridge. The project involved renovating 10 of the property’s buildings and constructing two more from the ground up. Of the 88 units, 64 are reserved for renters earning 60 percent or less of the area median income (AMI); 14 residences are restricted to households earning 30 to 50 percent of AMI, and the remaining 10 are designated as Massachusetts Workforce program units.
TALLAHASSEE, FLA. — CBRE has brokered the $95 million sale of The Cascades, a newly built mixed-use development in downtown Tallahassee. Built in 2021, the property features 161 apartments, 44,247 square feet of office space, nearly 30,000 square feet of retail space, two plazas and a 4,914-square-foot historical building. The property also includes a 770-space parking garage and three development pads that can support 173 more apartments. Frank Carriera, Mike Regan, Joe Ayers, Cliff Taylor and Mike Harrell of CBRE represented both the buyer, Becovic Management Co., and the seller, Cincinnati-based North American Properties, which built the property in partnership with the City of Tallahassee.
RICHMOND, VA. — Pinecrest has broken ground on Parc View at Commonwealth, a 509-bed community in Richmond serving students attending Virginia Commonwealth University (VCU). The 275,000-square-foot property will offer a mix of one-, two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities within the 16-story community are set to include study spaces; a two-story parking garage with bike parking; a penthouse-level clubhouse; multi-purpose art studio; Zen wellness terrace; outdoor courtyard; and a rooftop deck lounge with grills, fire pits and seating. The project team includes Hickok Cole Architecture & Interior Design, Timmons Group Civil Engineering and Rycon Construction. Pinecrest, a student housing developer with offices in metro Chicago and Los Angeles, plans to deliver Parc View at Commonwealth in summer 2024.
CHARLOTTE, N.C. — Waypoint Residential has acquired a 20-acre development tract in Charlotte’s Mountain Island Lake submarket. The Boca Raton, Fla.-based developer plans to build a 240-unit, garden-style apartment community on the site with units averaging approximately 900 square feet. No community amenities were announced. The land seller, locally based US Developments, is working with Waypoint Residential to find other development sites in the Charlotte MSA. Waypoint Residential plans to break ground in the fourth quarter and deliver first units in fourth-quarter 2023. The developer plans to fully deliver the unnamed community by the second quarter of 2024. The site is across the street from a Food Lion-anchored shopping center and is within three miles of the U.S. National Whitewater Center.