AUSTIN, TEXAS — Locally based investment firm Door Capital Partners has acquired a 6,991-square-foot retail strip center located at 3701 Guadalupe St. near the University of Texas at Austin. Built in 1976, the property was fully leased at the time of sale to Domino’s, Walgreens, Smile Haus, Body Brite and Evo Performance. C.W. Sheehan, Kaitlin Kane and Hunt Wood of JLL arranged acquisition financing on behalf of Door Capital Partners. Chris Gerard and Jack Copher, also with JLL, represented the undisclosed seller in the disposition.
WILMINGTON, DEL. — Delle Donne & Associates has broken ground on Tower at Avenue North, a 150,000-square-foot office building that will be located within the 79-acre Avenue North mixed-use development in Wilmington. A third of the space at the 12-story building will be dedicated to retail and restaurant usage. Office users will also have access to outdoor amenity spaces and electric vehicle charging stations. Construction is slated for a March 2024 completion. JLL will handle leasing of the building.
CHELSEA, MASS. — MassHousing has provided an $18.1 million loan for the refinancing of Admiral’s Tower, a 100-unit housing cooperative located in the northeastern Boston suburb of Chelsea. The six-story building was originally constructed in 1986 and houses 26 studios and 74 one-bedroom units. The borrower, CSI Support & Development Services, will use a portion of the proceeds to fund capital improvements and preserve the property’s affordability status. Renovations will include kitchen and bathroom refurbishments, masonry repairs, new doors and fencing and the addition of a fitness center and staff offices.
RAHWAY, N.J. — JLL has arranged an $11 million permanent loan for Rahway Plaza, a 288-unit apartment community in Northern New Jersey. The two-building property houses one- and two-bedroom units and amenities such as a pool, outdoor grilling and dining stations and a newly renovated children’s playground and recreation area. Michael Klein, Jon Mikula and Salvatore Buzzerio of JLL arranged the five-year, fixed-rate loan through Malvern Bank on behalf of the borrower, New Jersey-based Denholtz Properties.
MEDFORD, MASS. — Life Time Fitness has opened a 52,000-square-foot gym in Medford, located on the northern outskirts of Boston. Life Time Wellington Station will be a three-story, transit-served facility that will house a 16,000-square-foot floor for personal and group training sessions, a four-lane indoor lap pool, spa and a café. A ribbon-cutting ceremony was held this morning.
WILLOW GROVE, PA. — Federal Realty Investment Trust has broken ground on the second phase of construction at Willow Grove Shopping Center, a 211,000-square-foot development located on the northern outskirts of Philadelphia. Phase II will deliver an 18,000-square-foot outparcel building, new dining and public amenities and newly designed walkways and pocket plazas. Completion is slated for summer 2023.
AUSTIN, TEXAS — Austin-based Inspire Development has begun construction of Pearson Ranch, a $2 billion, 156-acre mixed use project located just off State Highway 45 in northwest Austin. The master plan for the project includes 48 acres of land for a corporate campus, including 2.6 million square feet of office space. Upon completion, the mixed-use property will also include approximately 200,000 square feet of retail, restaurant and community/cultural spaces; two hotels; thousands of residential units; and 30 acres of parks and green space. Phase I of Pearson Ranch will center on The Eden, an apartment community that will feature 306 one-, two- and three-bedroom units that will range in size from 672 to 1,511 square feet. Residences will be furnished with technology such as smart locks and thermostats, gas appliances, built-in kitchen islands with quartz countertops and in-unit washers and dryers. Residents will have access to amenities such as a fitness center, rooftop deck, coworking lounge, golf simulator, dog spa, community gardens, a three-acre park and a pool area with barbeque grills, day beds, cabanas and a bocce ball court. The general contractor for The Eden is NRP Group. The project’s architect is Austin-based Davies Collaborative. Vertical construction on The …
By Melissa Molyneaux, Executive Vice President, Colliers Northern Nevada’s office market has continued to post strong fundamentals this year. Positive tenant demand has improved vacancy in recent quarters, though an uptick in available sublease space could impact market-wide vacancy in the future. The Reno-Sparks region has also seen a handful of new speculative office construction starts that will add trophy office and medical office space to the downtown and South Meadows submarkets. Strong economic recovery has been evident this year as Nevada reached a new employment peak of nearly 1.5 million jobs in June. Washoe County’s population has grown an impressive 17.1 percent since 2010, to 500,000 people. A study by Woods and Poole Economics estimates the area will reach 764,000 people by 2060. Market-wide vacancy rates dropped to 10.6 percent in the third quarter of 2022, down 200 basis points year over year. Downtown vacancy fell 310 basis points to 11.7 percent, while suburban vacancy fell 180 basis points to 10.3 percent in the same period. Vacancy has continued to improve since the onset of the pandemic, though the Reno area has started to see an increase in available sublease space hitting the market. About one quarter of all …
HOUSTON — Cushman & Wakefield has negotiated a 226,287-square-foot office lease renewal in Houston’s Energy Corridor area for global engineering firm Wood Group USA. The tenant will continue to occupy the entirety of Westgate III, a four-story building that was originally constructed in 2014 and is located within the 550-acre Park Ten Business Center. Kevin Snodgrass, Trey Strake and Megan Madorsky of Cushman & Wakefield represented Wood Group USA in the lease negotiations. Chip Colvill, also with Cushman & Wakefield, along with Cameron Colvill of Whitebox Real Estate, represented the landlord, Griffin Partners.
PLANO, TEXAS — JLL has arranged the sale of Independence Crossing, a 124-unit apartment complex located north of Dallas in Plano. Built in 1999, Independence Crossing offers one- and two-bedroom units with an average size of 942 square feet. Amenities include a pool, fitness center, business center, clubhouse and a dog park. Rob Key, Roberto Casas, Greg Toro and David Austin of JLL represented the undisclosed seller in the transaction. Los Angeles-based investment firm Langdon Street Capital acquired the asset for an undisclosed price.