AUSTIN, TEXAS — Pennsylvania-based TSB Realty has arranged the sale of Villas on Rio, an 858-bed student housing community located near the University of Texas in Austin. An affiliate of Blue Vista Capital Management purchased the property from Villas Student Housing for an undisclosed price. Completed in fall 2021, the property offers shared amenities including a rooftop pool with cabanas and a hot tub; a full spa with hydrotherapy pools, individual steam rooms, saunas and a meditation room; and a fitness center. TSB Capital Advisors, an affiliate of TSB Realty, secured an undisclosed amount of acquisition financing on behalf of the buyer.
DRIPPING SPRINGS, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of View at Belterra, a 233-unit apartment community in Dripping Springs, a western suburb of Austin. The property was built earlier this year on eight acres within the 93-acre Belterra Village mixed-use development. Units feature one-, two- and three-bedroom floor plans with an average size of 988 square feet. Amenities include a pool, wellness center, coworking spaces, sky lounge, clubroom and kitchen and a package room with cold storage capabilities. Will Balthrope, Jordan Featherston and Kent Myers of IPA represented the seller, American Residential Group, in the transaction. Oregon-based Hayden Properties purchased the asset for an undisclosed price.
IP Capital, Edge Principal Acquire 242,690 SF Fountain Square Office Property in Boca Raton, Florida
BOCA RATON, FLA. — IP Capital, in a joint venture with Edge Principal Advisors, has acquired Fountain Square, a Class A office campus totaling 242,690 square feet in Boca Raton. Bridge Investment Group’s office subsidiary Bridge Office Fund Manager and joint venture partner Ascentris sold the property for an undisclosed price. Christian Lee and José Lobón of CBRE represented the sellers in the transaction. Chris Drew, Maxx Carney, Reid Carleton and Jimmy Calvo of JLL arranged a $56.5 million, floating-rate acquisition loan through CIBC Bank USA on behalf of the borrower. Situated on roughly 15 acres at 2600–2700 N. Military Trail, Fountain Square is surrounded by 2 million square feet of retail amenities, including One Boca Place, which is home to 180,000 square feet of retail and 18 restaurants. Fountain Square is located close to Interstate 95 and the Florida Turnpike. Bridge and Ascentris purchased the property in 2017 and recently completed a $4.9 million capital improvement plan that included new lobbies, restrooms and common area corridors, conference center, outdoor pavilions and signage, along with 23,000 square feet of spec suites. Current tenants at the property include banking, legal, medical, dental, real estate and financial services firms.
BAYTOWN, TEXAS — San Diego-based investment firm Westcore has acquired a 210,887-square-foot industrial property in the eastern Houston suburb of Baytown. The newly built property, which is located within the Cedar Port Industrial Park master-planned development near Port Houston, features 32-foot clear heights, 200-foot truck court depths and an ESFR sprinkler system. Jason Tangen and Barrett Gibson of Colliers International represented the seller, metro Houston-based NIT Industrial, in the transaction. Westcore was self-represented.
SARALAND, ALA. — Berkadia has provided $24.6 million in permanent refinancing for Olde Oak Apartments, a garden-style multifamily property in Saraland. Pat Garlich of Berkadia originated the seven-year Freddie Mac loan on behalf of the borrower, Missouri-based Maxus Realty Trust Inc. Olde Oak Apartments features one- and two-bedroom floor plans with in-unit washers and dryers and air conditioning. Community amenities include a swimming pool, fitness center, business center, clubhouse, dog park, spa, off-street parking and a picnic area with grilling stations. Located at 1200 Grande Oak Blvd., the property is situated close to Interstate 65, about 10.7 miles from downtown Mobile and approximately 3.6 miles from the University of Mobile.
CHICAGO — The Museum of Ice Cream (MOIC) has signed a long-term lease to open a 13,544-square-foot location at The Shops at Tribune Tower in downtown Chicago. MOIC represents the first retail tenant at the newly redeveloped Tribune Tower. The retail portion spans 50,000 square feet and anchors the ground floor of the 36-story, 740,000-square-foot tower, which is located at 435 N. Michigan Ave. Owners CIM Group and Golub & Co. have transformed the property into 162 luxury condominiums and are now welcoming their first residents. The building originally opened in 1925. Plans for the Chicago MOIC include a Chicago Transit Authority-inspired L car named the Sprink-L; a giant dessert-themed putt putt course with a Chicago dog ice cream treat; and a café with outdoor seating. The opening is scheduled for spring 2022. Chicago joins New York City and Austin as the only U.S. cities with a permanent location for MOIC.
ENDICOTT, N.Y. — An affiliate of Wisconsin-based Phoenix Investors has acquired the 4 million-square-foot former IBM headquarters campus in Endicott, located near the New York-Pennsylvania border. The site, which consists of 29 buildings on 130 acres and is currently known as the Huron Campus, houses industrial, office and R&D users. The campus was first converted to a multi-tenant development in the early 2000s and today serves as the workplace of more than 2,800 people, though IBM still maintains a presence on the property. The seller was not disclosed.
NORTH AURORA, ILL. — The Opus Group has begun construction of two speculative industrial buildings known as Tollway Corporate Center in North Aurora. The development is a joint venture with Principal Real Estate Advisors. The first building will total 104,978 square feet and will feature 10 dock positions, two drive-in doors, eight trailer stalls, 64 car parking stalls and a clear height of 32 feet. The second building will span 543,638 square feet and will offer 54 dock positions, four drive-in doors, 90 trailer stalls, 142 car parking stalls and a clear height of 36 feet. Completion of both buildings is slated for June 2022. Opus is serving as developer, design-builder, architect and engineer. Brian Kling of Colliers International and Dan Leahy of NAI Hiffman are marketing the project for lease.
PHILADELPHIA — Richmond, Va.-based general contractor EDC will build a 700-unit self-storage facility in Philadelphia’s East Falls neighborhood. The developer is a local entity doing business as 4002-22 Ridge Ave. Acquisition LLC. The facility will rise five stories and span 103,000 square feet of net rentable space. A groundbreaking date has not yet been determined, but construction is expected to be complete in late 2022.
ATLANTA — Coral Gables, Fla.-based Driftwood Capital has bought The Wylie Hotel, a 111-room boutique hotel in Atlanta’s historic Old Fourth Ward neighborhood. The property, which opened in May 2021, is the only independent boutique hotel in Midtown Atlanta, according to Driftwood Capital. Kim King Associates and WHI Real Estate Partners were the sellers. The sales price was not disclosed. Located at 551 Ponce De Leon Ave. NE, The Wylie Hotel is situated adjacent to Ponce City Market, a mixed-use destination along the Atlanta BeltLine. The hotel is also just 1.5 miles from Georgia Tech, one mile from the North Avenue MARTA station and 12 miles from Hartsfield-Jackson Atlanta International Airport. The Wylie Hotel was formerly 551 Ponce, a 1920s-era hotel. The renovation and expansion of the property added a glass-enclosed sunroom on the first floor, which is home to Mrs. P’s Kitchen & Bar, along with a second-floor outdoor terrace and 11 restored guestrooms. The expansion project also included a five-level addition to the rear of the historic building, which added 100 guestrooms, administrative offices and a fitness center. Guestrooms on the fifth floor have private terraces with views of Ponce City Market.