Property Type

AC-by-Marriott-Element-by-Westin-San-Antonio

Winston Hotels Nears Completion of 343-Room Conversion Project in Downtown San Antonio

by Taylor Williams September 15, 2022

SAN ANTONIO — Hospitality development and management firm Winston Hotels is nearing completion of a project in downtown San Antonio that will convert an office building into a 343-room dual-branded hotel. The AC by Marriott component will total 181 rooms and is scheduled to launch in early October, and the Element by Westin brand will comprise 162 rooms that are slated to come on line before the end of the year. Guests of both hotels will have access to multiple bars and lounges, a fitness center, business center and 4,000 square feet of meeting space.

September 15, 2022

Development Industrial Texas

Lineage Logistics Signs 315,111 SF Lease at Cold Storage Facility Near Port Houston

by Taylor Williams September 15, 2022

HOUSTON — Lineage Logistics, a third-party provider specializing in cold storage real estate, has signed a 315,111-square-foot lease at Houston ColdPort, a newly built facility located near Port Houston. The facility sits on 22.5 acres and features 50-foot clear heights, 200-foot truck court depths and the capacity to support 40,000 pallet positions. The developer, a partnership between CenterSquare Investment Management and Boomerang Interests, broke ground on the facility in April 2021.

September 15, 2022

Development Industrial Self-Storage Texas

Spartan Investment Group Begins 303-Unit Self-Storage Expansion Project in Huntsville, Texas

by Taylor Williams September 15, 2022

HUNTSVILLE, TEXAS — Colorado-based Spartan Investment Group has begun a 303-unit expansion project at the FreeUp Storage facility in Huntsville, about 70 miles north of Houston. The facility currently comprises 45,000 net rentable square feet of climate- and non-climate-controlled space across 320 units. On a net rentable basis, the expansion will add 31,700 square feet of climate-controlled space and 12,940 square feet of non-climate-controlled space. Spartan Investment Group expects to complete the project before the end of the year.

September 15, 2022

Acquisitions Industrial Texas

Colliers Negotiates 127,046 SF Industrial Lease in East Houston

by Taylor Williams September 15, 2022

HOUSTON — Colliers has negotiated a 127,046-square-foot, full-building industrial lease at 2425 Turning Basin Drive in East Houston. The property features 23-foot clear heights, 12 dock-high doors and 20,292 square feet of office space. John Nicholson, Zack Taylor and Trey Horne of Colliers represented the landlord, Macey Family Properties, in the lease negotiations. John Garza of Windsor Hill Real Estate Group represented the tenant, an entity doing business as LTR Intermediate Holdings Inc.

September 15, 2022

Acquisitions Arizona Office Western

Orsett Properties Sells 149,321 SF The Reserve at San Tan Office Property in Arizona for $53.1M

by Amy Works September 15, 2022

GILBERT, ARIZ. — Orsett Properties has completed the sale of The Reserve at San Tan, a trophy-quality office property in Gilbert. West Valley Properties acquired the asset for $53.1 million. Built in 2020 on 12.8 acres, The Reserve at San Tan features 149,321 square of office space spread across two three-story multi-tenant office buildings connected by a common area tenant amenity lounge. The building offers high-end spec suites with open ceilings, creative office finishes and abundant covered surface parking. Additional features include monument signage, building signage, tenant lounges, PRESS coffee on-site and conference facilities. CJ Osbrink, Scott Scharlach and Kevin Shannon of Newmark handled the transaction. Mike Garlick, also of Newmark, assisted in the sale and was retained by the buyer to lead leasing efforts at the property.

September 15, 2022

Acquisitions Colorado Office Western

North Beacon Capital Buys Cole Center Office Building in Golden, Colorado for $32.7M

by Amy Works September 15, 2022

GOLDEN, COLO. — North Beacon Capital has acquired Cole Center, a recently renovated office building at 1687-1707 Cole Blvd. in Golden, which is in the Denver West region. Bancroft Capital and Viking Partners sold the asset for $32.7 million. Renovated in 2021, the four-story Cole Center features 155,610 square feet of multi-tenant office space. On-site amenities include an outdoor plaza with covered seating, 201 subterranean parking spaces, a new fitness center with showers and lockers, and on-site bike storage. At the time of sale, the property was 88 percent leased with 75 percent of the tenants being investment grade. Larry Thiel and Jason Schmidt of JLL Capital Markets represented the seller in the transaction.

September 15, 2022

Development Multifamily New Jersey Northeast

Larken Associates Nears Completion of 254-Unit Multifamily Project in Readington, New Jersey

by Taylor Williams September 15, 2022

READINGTON, N.J. — New Jersey-based developer Larken Associates is nearing completion of The Ridge at Readington, a 254-unit multifamily project located about 50 miles southwest of Manhattan. The Ridge at Readington will feature a mix of market-rate and affordable units in one- and two-bedroom formats across nine buildings. Residences will be furnished with stainless steel appliances and quartz countertops. Amenities will include a pool, fitness center, lounge and wet bar, outdoor pavilion, dog park and walking trails. The first move-ins are scheduled for the fourth quarter.

September 15, 2022

Loans New Jersey Northeast Northmarq Office

Northmarq Arranges $26.4M Acquisition Loan for Hoboken Parking Garage

by Taylor Williams September 15, 2022

HOBOKEN, N.J. — Northmarq has arranged a $26.4 million acquisition loan for the Hudson Tea Parking Garage in Hoboken. Built in 2004 by multifamily developer Toll Brothers (NYSE: TOL), the eight-story structure spans 389,984 square feet and houses 1,250 parking spaces. Daniel Karp of Northmarq arranged the fixed-rate financing on behalf of the borrower, Boston-based LAZ Parking Realty Investors. The loan carried a 10-year term with five years of interest-only payments followed by a 30-year amortization schedule.

September 15, 2022

Development Mixed-Use Southeast Virginia

Prince William County Approves $380M Mixed-Use Development in Woodbridge, Virginia

by John Nelson September 15, 2022

WOODBRIDGE, VA. — The Prince William County Board of Supervisors has unanimously approved the development of Riverside Station, a 19.2-acre mixed-use development located at the intersection of U.S. Route 1 and Route 123 in north Woodbridge. The co-developers, The IDI Group Cos. and Boosalis Properties, expect the town center-style development to bring over $380 million in capital investment to the area. The proposal includes up to 970 housing units and a minimum of 130,000 square feet of commercial space, primarily comprising dining and retail, as well as green spaces and a pedestrian bridge over Route 1. Eight percent of the project’s apartments are set to be affordable to households earning between 60 percent and 100 percent of the area median income. Riverside Station will be developed in three phases, with construction of the first phase, containing up to 330 apartments and 40,000 square feet of commercial space, slated to begin in mid-2023 and deliver in 2025. The current assemblage includes two parcels, one a former car dealership and the other housing a Food Lion-anchored shopping center that will be demolished. Riverside Station is expected to house the relocated Food Lion, according to a source familiar with the development. Once complete, …

September 15, 2022

Acquisitions California Healthcare Office Western

CBRE Negotiates $19.5M Sale of Medical Office Building in San Jose

by Amy Works September 15, 2022

SAN JOSE, CALIF. — CBRE has arranged the sale of 625 Lincoln Avenue, a medical office building in San Jose. The Sobrato Organization sold the asset to El Camino Health, the current tenant, for $19.5 million. El Camino Health uses the 35,272-square-foot medical office building for urgent and primary care. Scott Prosser, Joe Moriarty, Jack DePuy, Mike Taquino, Kyle Kovac and Alec Haley of CBRE represented the seller in the deal.

September 15, 2022

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