FORT WORTH, TEXAS — Boston-based investment firm TA Realty has purchased The Elm at River Park, a 293-unit apartment community in Fort Worth. The property offers one-, two- and three-bedroom units that are furnished with stainless steel appliances and granite countertops. Amenities include a pool, dog park, fitness center with on-demand programs and a business center with micro-offices and a conference center. San Antonio-based Embrey sold The Elm at River Park for an undisclosed price and will continue to manage the property.
NORTH RICHLAND HILLS, TEXAS — Colliers Mortgage has provided a $17.7 million HUD-insured construction loan for Village Cooperative of Century Hills, a 55-unit active adult project in North Richland Hills, a northern suburb of Fort Worth. The property will be reserved for renters age 62 and above. Units will range in size from 889 to 1,770 square feet, and amenities will include a fitness center, clubroom, arts and crafts room, reading areas and garden plots. The borrower was not disclosed.
DALLAS — Home improvement products provider Riad Tile has signed a 49,000-square-foot industrial lease at 5200 E. Grand Ave., located just east of downtown Dallas. According to LoopNet Inc., the property was built in 1952, renovated in 1986 and spans 344,000 square feet. Josh Barnes and Canon Shoults of Holt Lunsford Commercial represented the landlord, Frontier Equity, in the lease negotiations. Alex Coe of Cresa represented the tenant.
PITTSBURGH — New York City-based Golden East Investors has purchased the former Heinz manufacturing campus in Pittsburgh with plans to redevelop the property. The acquisition includes seven industrial buildings totaling approximately 985,000 square feet that are situated on a 20-acre site along the Allegheny River. Phase I of the redevelopment will center on repositioning two warehouses and cold storage facilities totaling roughly 300,000 square feet to be able to accommodate advanced manufacturing, research and development, life sciences and robotics users. Completion of that initiative is slated for the third quarter of next year. Phase II will feature a renovation of a 375,000-square-foot building into a life sciences facility with an accompanying parking garage that can support up to 500 vehicles. The third and final phase will involve converting of the sites that house the other four buildings into a mixed-use development with multifamily, retail and office and/or life sciences uses. CBRE was the listing broker on the first-time sale of the campus by Riverbend Foods via bankruptcy proceedings.
WAYNE, PA. — JLL has negotiated the sale of a 155,200-square-foot life sciences facility in Wayne, a northwestern suburb of Philadelphia. The property sits on 10 acres and offers amenities such as a fitness center, conference room and a cafeteria. Jim Galbally and Brett Segal of JLL represented the seller, Pennsylvania-based Maguire Hayden Real Estate, in the transaction. The buyer and sales price were not disclosed. At the time of sale, the facility was fully leased to Charles River Laboratories, which conducts pharmaceutical research and development.
DRIPPING SPRINGS, TEXAS — A partnership between two Austin-based firms, Long View Equity and Endeavor Real Estate Group, has acquired 5.6 acres in the western Austin suburb of Dripping Springs for the development of a 27,000-square-foot office and retail project. Branded Sawyer Ranch, the development will comprise 13,000 square feet of office space and 14,000 square feet of retail space. Construction is scheduled to begin in the first quarter of 2023 and to be complete in the fourth quarter of 2023. Sawyer Ranch is 55 percent preleased to date.
GASTONIA, N.C. — Poettker Construction has broken ground on the second phase of Gateway 85, an industrial park located 22 miles west of Charlotte in Gastonia. NorthPoint Development is the project developer for both tilt-wall facilities. Phase II comprises Building 4, a 241,114-square-foot warehouse located on 15 acres at 3145 Aberdeen Blvd., and Building 7, a 705,234-square-foot warehouse located on 40 acres at 3301 Lineberger Road. Preparation of the 55-acre development will entail the relocation of an existing road that goes through the site and reworking the intersection, as well as site clearing and hauling away excess dirt. No construction timeline was disclosed. Poettker Construction is nearing completion on a similar project for NorthPoint in Salisbury, N.C.
LAS VEGAS — Davlyn Investments has purchased Rancho Destino, a multifamily community in Las Vegas, for $65.5 million. The buyer rebranded the 184-unit property as Aviara. Constructed in 1998 on 9.1 acres, the community features central heating and air conditioning, in-unit laundry, vaulted ceilings, fireplaces, arid landscaping, plentiful parking and an expansive amenity package. Spence Ballif, Adam Schmitt and Jannie Mongkolsakulkit of CBRE represented the undisclosed seller in the deal. Torrey Pines Bank provided acquisition financing for the buyer. The transaction marks Davlyn’s second acquisition in Nevada.
MIAMI — Lotus Capital Partners LLC has arranged a $70 million acquisition and construction financing package for a waterfront condominium project on Bay Harbor Islands in Miami. The sponsor is a partnership between Pearl Property Group and L3C Capital Partners, which is acquiring a one-acre site facing the Bay Harbor waterway that currently consists of 30 condos. Lotus arranged the dual-structure loan through MSD Partners to provide acquisition financing for the borrower to purchase the site and funds to construct a new residential project. The borrower plans to demolish the existing condos and build 46 ground-up condos averaging 2,800 square feet. The development will also include a fitness center, resort-style club pool overlooking the water and a marina.
TACOMA, WASH. — 6th & Alder Partners LLC has completed the disposition of Sixth & Alder, an apartment building in Tacoma, to an undisclosed buyer for $46.2 million. Austin Kelley and Ben Norbe of Kidder Mathews represented the buyer in the off-market transaction. Located at 3118 6th Ave., Sixth & Alder features 111 apartments and 75,240 square feet of retail space. Community amenities include an on-site dog washing station, electric vehicle charging, fitness center and rooftop putting green.