CONROE, TEXAS — Thompson Thrift Residential, a subsidiary of Indianapolis-based investment firm Thompson Thrift, has sold Watermark at Grand Central Park, a 288-unit apartment community in Conroe, about 40 miles north of Houston. Built in 2021, the garden-style property offers one-, two- and three-bedroom units with stainless steel appliances, quartz countertops and full-size washers and dryers. Amenities include a pool, fitness center, outdoor kitchen, clubhouse, lounge, coffee bar and walking trails. Jennifer Ray of Walker & Dunlop represented Thompson Thrift in the transaction. San Diego-based CEG Multifamily purchased the community for an undisclosed amount
HOUSTON — A joint venture between Dallas-based Urban Logistics Realty and a fund backed by Crow Holdings has broken ground on Urban District 290, a 238,200-square-foot industrial project in Houston. The site is located near the corner of State Highway 290 and Bingle Road on the city’s northwest side. The development will consist of a 64,800-square-foot building and a 173,400-square-foot building with clear heights of 32 feet, speculative office space, ample car parking and ESFR sprinkler systems. Completion is slated for the second quarter of 2023. CBRE has been tapped as the leasing agent.
AUSTIN, TEXAS — Greysteel has brokered the sale of University Quarters, an 84-unit apartment complex located near the University of Texas at Austin. The property comprises four buildings that were constructed between 1973 and 1978 and house one-bedroom units with an average size of 450 square feet. J.R. Ellis and Jack Stone of Greysteel represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.
NORTH KINGSTOWN, R.I. — Atlantic Capital Partners, the capital markets division of Boston-based Atlantic Retail, has brokered the sale of Frenchtown Plaza, a 123,061-square-foot shopping center located south of Providence in North Kingstown. The sales price was $9.5 million. Justin Smith, Chris Peterson, Sam Koonce and Cole Van Gelder of Atlantic Capital Partners represented the undisclosed seller and the buyer, Ocean State Job Lot, which also anchors the center, in the transaction. Other tenants at Frenchtown Plaza include Walgreens and Ace Hardware.
MONTGOMERY, PA. — Oklahoma-based brokerage firm Stan Johnson Co. has arranged the sale of a 97,000-square-foot industrial complex in Montgomery, located about 80 miles southwest of Scranton. The two-building complex, which was originally constructed in 1930 and last renovated in 2020, was fully leased at the time of sale to New York City-based e-commerce firm Priority Bicycles. Tom Georges of Stan Johnson Co. represented the undisclosed seller in the transaction. The buyer was a California-based 1031 exchange investor.
ANDOVER, MASS. — Employment agency ALKU has signed a 75,000-square-foot office lease at 100 Brickstone Square in the northern Boston suburb of Andover. Brickstone Square was originally constructed in 1922 and recently underwent a capital improvement program that delivered expanded café services, a fitness center, onsite bistro, game room and a new outdoor patio and courtyard. Blake Baldwin, Shayne O’Neil and Petra Flynn represented the landlord, KS Partners, in the lease negotiations. Joe Doyle of Cresa represented the tenant.
KENNESAW, GA. — Octave Holdings and Investments LLC, a privately held investment firm based in Alpharetta, Ga., has purchased Barrett Pavilion, a 369,971-square-foot shopping center in Kennesaw. Octave Holdings acquired the center from Stockbridge and Lincoln Property Co. via investment vehicle Octave Opportunity Fund LLC for $58.8 million. Situated near Town Center Mall and shadow-anchored by Target, Barrett Pavilion’s tenant roster includes Total Wine & More, REI, Ulta Beauty, Shoe Carnival, Old Navy, Best Buy Outlet, AMC Barrett Commons 24, Urban Air, buybuy Baby, Hudson Grill, Ted’s Montana Grill and Cold Stone Creamery. Octave’s operations affiliate Pinnacle Leasing and Management will manage the shopping center.
CHARLESTON, S.C. — Northland, a private equity investment firm based in Newton, Mass., has purchased 511 Meeting, a 221-unit apartment community located in Charleston’s North Meeting Street neighborhood. The seller and sales price were not disclosed. Situated near King Street and the upcoming Lowcountry LowLine linear park, 511 Meeting comprises studio, one-, and two-bedroom apartments, 33 of which are rent-restricted. The podium-style, mid-rise building features a fitness center with a separate yoga studio, bike storage and repair area, media center, business center and a second-story pool deck with a fire pit and grill stations. Other amenities include a resident lounge with a billiards table, foosball table and bar space, as well as 2,960 square feet of retail space occupied by Blum, a local coffee and wine bar. 511 Meeting is Northland’s third investment in the Charleston area, joining The Standard on James Island and Wharf 7 on Daniel Island.
ATLANTA — Bellwether Enterprise Real Estate Capital LLC has provided a $23.9 million HUD 221(d)(4) loan to finance the rehabilitation of Jewish Tower and Zaban Tower, two affordable housing communities for seniors located at 3156 and 3160 Howell Mill Road in Atlanta. Jeff Mion of Bellwether’s Duluth, Ga., office originated the loan on behalf of the borrower, The Jewish Home Tower Inc. Following completion of rehabilitation, Bellwether will convert the interest-only construction period loan to a permanent loan at the same interest rate (3.99 percent) for a period of 40 years. Jewish Tower is a 200‐unit, eight‐story building, and Zaban Tower is a 60‐unit, four‐story building. Both assets were delivered in the 1970s and provide affordable, independent living for seniors aged 62 and older. The two properties are situated on the same campus and are connected through a third building, the William Breman Jewish Home, which contains assisted living and nursing care units, as well as a full‐service dining room that is open to residents of all three buildings. The borrower plans to use the financing to upgrade handicap accessibility in common areas and resident units, replace the roof and windows and upgrade unit interiors. Building system improvements will include …
JACKSONVILLE, FLA. — Capital Real Estate Group – U.S. Healthcare Investment Sales (CREG) has brokered the sale of Southpoint Surgery Center, a 34,029-square-foot medical office building in Jacksonville. An unnamed REIT purchased the property for $18.6 million. CREG represented the undisclosed seller in the transaction. Southpoint Surgery Center is anchored by Ascension St. Vincent (ASC), a healthcare system in Northeast Florida. The first floor of the property houses the surgery center and the second and third floors are leased to Florida Eye Specialists. Southpoint Surgery Center is located adjacent to the 309-bed hospital campus of ASC’s Medical Center Southside, an affiliate of Ascension Health.