DALLAS — RREAF Communities, a division of Dallas-based RREAF Holdings, has acquired 3,173 acres at the intersection of State Highways 130 and 80 in Central Texas’ Caldwell County for the development of a master-planned community. Preliminary plans call for thousands of residential homes in various product types, as well as retail, restaurants, hotels, offices, healthcare and light industrial uses and future school sites. A construction timeline has not yet been established.
HUTTO, TEXAS — JLL has negotiated the sale of Innovation Business Park, a 361,467-square-foot industrial development located in the northern Austin suburb of Hutto. The two-building complex was constructed in 2019 and 2020 and is leased to Western Industries, Three Way Logistics and Barnsco. Building features include 30- to 32-foot clear heights, 96 dock-high doors, a shared 200-foot-deep truck court, 536 parking spaces and ESFR sprinkler systems. Trent Agnew, Dustin Volz, Dom Espinosa, Josh Villarreal and Matthew Barge of JLL represented the seller, a partnership between Ledo Capital Group and St. Clair Commercial Real Estate, in the transaction. Chicago-based investment firm CenterPoint Properties purchased the asset for an undisclosed price.
HOUSTON — New York City-based investment firm Cadre has sold Lodge at Copperfield, a 330-unit apartment community in Houston. The property features one-, two- and three-bedroom units that are furnished with stainless steel appliances, built-in desks, individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, business center, clubhouse, outdoor grilling and dining areas and a dog park. Cadre originally acquired the property in 2018 and implemented a value-add program. The sales price was not disclosed. The undisclosed buyer has since rebranded the property as Weston at Copperfield.
DALLAS — Weitzman has completed the renovation of Meadow Central Market, a 107,778-square-foot shopping center in North Dallas. The project centered on the remodeling of the store of the anchor tenant, grocer Tom Thumb, which now features an expanded beer and wine selection, a full-service seafood department, expanded bakery and remodeled produce, dairy and meat departments. Weitzman also upgraded the center’s façade, signage, landscaping, parking and security. Other tenants at Meadow Center Market include CVS, Edible Arrangements, The UPS Store and Sylvan Learning Center.
COPPELL, TEXAS — Berkeley Partners, an investment firm with offices in Dallas and San Francisco, has acquired a 42,080-square-foot industrial building in Coppell, located near Dallas-Fort Worth International Airport. Jeremy Mojica and Nathan Denton of Lee & Associates represented the buyer in the transaction, which included land for future development. The seller was an entity doing business as Alford Coppell Real Estate Holdings LLC.
EVERETT, MASS. — South Carolina-based development and management firm Greystar has broken ground on 35 Garvey Street, a 450-unit apartment community in the eastern Boston suburb of Everett. The project will transform a vacant former industrial site in Everett’s evolving Commercial Triangle into a transit-oriented development. About 5 percent (23) of the units will be reserved as affordable housing. The community will also include a 564-space parking garage and 6,500 square feet of ground-floor retail space. A tentative completion date was not disclosed.
NEW HAVEN, CONN. — New York-based investment firm Paredim Partners has acquired Taft Apartments, a 194-unit multifamily complex situated across from Yale’s Old Campus (the oldest portion of the campus) in New Haven. Originally constructed as a hotel in 1912 and converted to residential use in 1978, the 14-story building houses studio, one- and two-bedroom units. Victor Nolletti, Eric Pentore and Wes Klockner of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, an entity doing business as Taft Realty Associates LLC, in the transaction. The trio also procured Paredim Partners, which plans to implement a value-add program, as the buyer.
BOGOTA, N.J. — JLL has arranged an undisclosed amount of predevelopment and construction financing for a 150,917-square-foot speculative warehouse that will be located in the Northern New Jersey community of Bogota. The site spans 10.8 acres at 14-22 River Road. Building features will include a clear height of 40 feet, 28 dock doors, three drive-in doors, an ESFR sprinkler system, 15 trailer parking stalls and 225 automobile parking spaces. David Sitt, Peter Rotchford, Matthew Pizzolato and Michael Lachs of JLL arranged the loan through Centennial Bank on behalf of the borrower, Thor Equities Group.
PHILADELPHIA — CBRE has negotiated the $7.2 million sale of The Retro Apartments, a 21-unit multifamily building located in Philadelphia’s Fishtown/East Kensington neighborhood. The five-story property was built in 2021 and offers one-, two- and three-bedroom units. Samantha Kupersmith and Spencer Yablon of CBRE represented the seller, Stamm Development Group, in the transaction. The buyer was a partnership between private investors Laibel Newhouse and Joel Friedman.
SMITHFIELD TOWNSHIP, PA. — Co-developers DEPG Associates and ARCTRUST have broken ground on a 40,000-square-foot medical office building in Smithfield Township, located in Lehigh Valley. The project, which represents the first of a larger, five-building development for St. Luke’s University Health, will be situated within the 120-acre Smithfield Gateway mixed-use development. Completion of the building is slated for January 2023, and the first phase of the larger project is scheduled for a 2024 delivery.