AUSTIN, TEXAS — Development and investment firm Turnbridge Equities has broken ground on a 344-room hotel at 617 Colorado St. in downtown Austin that will be operated under the citizenM brand. Amenities will include a pool, fitness center and a rooftop bar. Baskervill is the architect of record for the project, and Dutch firm Concrete is handling interior design. Gilbane is the general contractor for the project, and Bank OZK provided construction financing. The opening is slated for late 2023.
SAN ANTONIO — Dallas-based Westmount Realty Capital has sold Joule Apartment Homes, a 300-unit multifamily community in San Antonio. Westmount acquired and rebranded the community, which was built on 9.5 acres in 1974, in early 2019. Units come in one- and two-bedroom floor plans and average 682 square feet. Amenities include two pools, a 24-hour fitness center, resident clubhouse with a full kitchen, laundry facility and a dog park. Joule Apartment Homes was 96 percent occupied at the time of sale. Brandon Baksh and Brian Yee of New York City-based Dwight Capital provided a $24.4 million acquisition loan for the undisclosed buyer. Patrick Short of Walker and Dunlop arranged the debt.
IRVING, TEXAS — Chicago-based investment firm CenterPoint Properties has acquired a 330,000-square-foot industrial facility located on an 18-acre site at 2201 Chemsearch Blvd. in Irving. Features of the newly built facility include frontage on State Highway 183, 36-foot clear heights, 47 dock doors, an ESFR sprinkler system and parking for 59 trailers and 356 cars. The seller/developer was not disclosed. Josh McArtor and Caitlin Clinton of Eastdil Secured brokered the sale.
HOUSTON — Berkadia has negotiated the sale of Hollister Apartments, a 156-unit multifamily property in southeast Houston. Built in 1976 and renovated in 2019, Hollister Apartments features one-, two- and three-bedroom apartments. Newly renovated units range in size from 362 to 1,350 square feet. Amenities include two pools, a pet park, open green spaces and onsite laundry facilities. Chris Young, Joey Rippel and Kyle Whitney of Berkadia represented the seller, Southern California-based Sunstone Property Trust, in the transaction. Johnny King of Berkadia originated Freddie Mac acquisition financing on behalf of the buyer, New York-based Lone Star Capital.
WOOLWICH, TOWNSHIP, N.J. — J&J Snack Foods, a food manufacturer known for brands such as Super Pretzel, ICEE and Luigi’s, has signed a 200,640-square-foot industrial lease in Woolwich Township, located in Gloucester County. The space is located within LogistiCenter at Woolwich, a 1 million-square-foot development by Nevada-based Dermody Properties that will be fully complete by late 2022. Drew Green, Paul Touhey and Dan McGovern of CBRE represented the landlord in the lease negotiations. The deal is expected to add about 90 new jobs to the local economy.
PORTSMOUTH, N.H. — Atlantic Capital Partners has brokered the sale of Durgin Square, a 133,924-square-foot retail center in Portsmouth, located in southern New Hampshire. Durgin Square was originally built in 1995. A 41,980-square-foot Whole Foods Market anchors the center, which was 96 percent leased at the time of sale. Other tenants include T.J. Maxx and HomeGoods. Justin Smith, Scott Black, Sam Koonce, Molly Lynch and Ben Starr of Atlantic Capital Partners represented the seller and buyer in the off-market deal. Both parties requested anonymity.
BERKELEY, CALIF. — Gemdale USA has completed the sale of Blake at Berkeley, a multifamily property located at 2033 Blake St. in Berkeley. An undisclosed buyer acquired the community for $66 million, or $785,700 per unit. Completed in December 2021, Blake at Berkeley features 32 studio, 34 one-bedroom, 16 two-bedroom and two live-work units. Community amenities include a central courtyard, a roof deck with 360-degree views, two large common-area patios, coworking spaces and garage parking. Jason Parr, Scott MacDonald, John Hansen, Michael Bissada and Sydney Ladrech of Cushman & Wakefield’s Multifamily Advisory Group represented the seller in the transaction.
BRIGHTON, COLO. — Phoenix-based NexMetro Communities has completed the disposition of Avilla Prairie Center, a purpose-built single-family-rental community in Brighton. Chicago-based Inland Real Estate Group of Cos. acquired the asset for $63.1 million, or $464,000 per unit. Located at 2103 Peregrine Drive, Avilla Prairie Center features 136 homes. Inland has purchased two other Avilla Homes communities from NexMetro. Dave Potarf, Matt Barnett, Dan Woodward and Jake Young of Walker & Dunlop handled the transaction.
REDWOOD CITY, CALIF. — Lowe has completed the purchase of Regency Centers’ portion of the Sequoia Station Shopping Center in downtown Redwood City. Terms of the transaction were not released. Lowe is in the process of seeking entitlements to redevelop the site into a modern mixed-use development as part of Redwood City’s proposed Transit District. The Regency portion of the property includes 103,000 square feet of retail space on 6.6 acres. Safeway and CVS/pharmacy anchor the property. Safeway will retain its current ownership within the shopping center and both Safeway and CVS/pharmacy will remain open and operating as the phased project is constructed.
WEST VALLEY CITY, UTAH — Montecito Medical has acquired Granger Medical Clinic, a medical office building located in West Valley City, a suburb of Salt Lake City. Terms of the transaction were not released. Built in 2020, the asset features nearly 95,000 square feet of space. Granger Medical Clinic fully occupies the property. Physicians at the property provide a variety of medical services, including urgent care, cancer care, endocrinology, ENT, audiology, family medicine, gastroenterology, internal medicine, ophthalmology, orthopedics, sports medicine, pediatrics and urology. The building also includes an imaging center, lab and pharmacy.
