COLLEGE STATION, TEXAS — A joint venture between TEXLA Housing Partners and a private equity fund advised by Crow Holdings Capital has acquired Holleman Crossing, a 792-bed student housing community located near Texas A&M University in College Station. The garden-style property offers one-, two- and four-bedroom units across 20 buildings. Shared amenities include a resort-style pool, 24-hour fitness center, private study rooms, and a dog park. Jeyton McNair and Greg Jasper of Stafford Barrett represented the undisclosed seller and procured the buyer in the transaction. The joint venture plans to implement a capital improvement program.
SANTA FE, TEXAS — Marcus & Millichap has brokered the sale of a portfolio of four self-storage properties totaling 677 units in Santa Fe, located south of Houston in Galveston County. All four properties were built between 1979 and 1984 on a combined 4.4 acres. The portfolio consists of 655 non-climate-controlled units, 21 outdoor parking spaces and an efficiency apartment. Dave Knobler of Marcus & Millichap represented the seller, private investor Raymond Haak, in the transaction. Knobler also procured a Los Angeles-based private investor as the buyer.
DESOTO, TEXAS — JLL has negotiated the sale of I-20 Corporate Center, a 385,472-square-foot industrial park in the southern Dallas suburb of DeSoto. Built in 1986 and expanded in 1992, the property serves as the North American headquarters of Diab America, a manufacturer of core materials for the marine and aerospace industries. Building features include 28- to 33-foot clear heights, 21 overhead dock doors and roughly 23,000 square feet of office space. Stephen Bailey, Dustin Volz, Zach Riebe and Pauli Kerr of JLL represented the seller, locally based investment firm Bradford Cos., in the transaction. The buyer was a joint venture between Denver-based Triumph Capital Group and Mexico City-based Abilia.
ATLANTA — The Allen Morris Co. has received $64 million in construction financing for the development of Bryn House, a 337-unit, five-story apartment project in the North Druid Hills neighborhood of Atlanta. Truist and PNC provided the financing. Juneau Construction Co. will serve as the general contractor for the project, which is expected to be completed by spring of 2023. Bryn House will include 574,479 buildable square feet, including a 175,000-square-foot parking deck. The property will offer one-, two- and three-bedroom floorplans and will also feature 2,000 square feet of ground floor retail, including a coffee shop and wine bar connected to a pocket park with shaded outdoor seating and games. Community amenities will include a pool deck with private cabanas and trellised grilling areas, gym, event space, game room and an onsite dog park.
OCALA, FLA. — Atlanta-based MDH Partners has acquired 28 acres of industrial land in Ocala, with plans to construct Ocala Logistics Center, a 350,878-square-foot Class-A, cross-dock distribution building. The seller and the sales price for the land were not disclosed. Joe DeHaven served as the deal lead for MDH Partners. Clay Witherspoon with Avison Young represented the seller and will also lease the property on behalf of MDH. Peak Development Co. will act as the development manager for the project. Situated on 27.9 acres of land, Ocala Logistics Center will feature 279 parking spaces, ESFR sprinkler systems and 36-foot clear heights. Located at the corner of NW 35th Street and NW 27th Avenue, the facility is located a half-mile from Interstate 75 and 25 miles north of the Florida Turnpike Junction. The development of Ocala Logistics Center will increase MDH’s Florida footprint to over 1.5 million square feet.
AUSTIN, TEXAS — Locally based firm Sabot Development, in partnership with Geyser Group, has broken ground on a 364-unit multifamily redevelopment project in East Austin. The 3.7-acre site, which houses the existing Goodwin Apartment Homes, was rezoned to allow for new commercial space and permanent affordability. To that end, Goodwin Apartments will include 5,000 square feet of commercial space, and 10 percent of the units will be reserved as affordable housing, with leasing priority given to current residents. Davies Collaborative is the project architect, and Cadence McShane is the general contractor. Completion is scheduled for early 2024.
MELBOURNE, FLA. — Lument has provided a $26.7 million bridge loan to acquire and renovate Harbor Village Apartments and Townhomes, a 229-unit multifamily community in Melbourne. Josh Messier of Lument led the transaction. The borrower was not disclosed. Harbor Village comprises two sections: Harbor Village Apartments and Harbor Village Townhomes. Built in 1976, Harbor Village Apartments is situated on 6.4 acres and features 143 apartments in eight buildings. Built in 1983 on 5.8 acres, Harbor Village Townhomes contains 86 units in 18 two-story, wood-frame townhomes. Onsite amenities for each section include a swimming pool and laundry facility. The overall community was 96 percent occupied at the time of the loan transaction. The loan features a variable interest rate and a three-year term, with two 12-month extension options. The loan fully funded the required capital expenditures, including $3.8 million in capital improvements to upgrade unit interiors and amenities, according to Messier.
MIAMI — Four new dining concepts and retailers are opening at CocoWalk, a 150,000-square-foot, mixed-use project in Miami’s Coconut Grove district. The project is led by an ownership group including Federal Realty Investment Trust, The Comras Co. and Grass River Property. David Grutman’s Groot Hospitality will open The Key Club, a restaurant, at CocoWalk. Additionally, Ariete Hospitality Group will also open a new restaurant at CocoWalk this year. Narbona Natural Food & Farm Market is set to open this spring in an 8,253-square-foot space. This market location will become Narbona’s second location to open in South Florida. Lastly, Cinépolis, a movie theater concept, is scheduled to open this year. The new retailers and restaurants join a tenant line-up including Planta Queen, Mister 01 Extraordinary Pizza, Sweetgreen and Salt & Straw, as well as Bluemercury, Edward Beiner, The Spot Barbershop and School of Rock. In August of last year, the owners of CocoWalk announced other planned tenants including GlossLab, a membership-based nail studio; Infinity, a fitness studio; Skin Lab by Barba Skin Clinic; and 3D Brow Studio, a beauty bar specializing in curating eyebrows.
WEBSTER, TEXAS — Partners Capital, the investment management platform and development arm of Partners Real Estate Co., has sold Clear Lake Business Park, a 149,305-square-foot industrial flex property located in the southern Houston suburb of Webster. Cary Latham and Josh Lass-Sughrue of NAI Partners represented Partners Capital, which originally acquired the asset in February 2019, in the transaction. The buyer and sales price were not disclosed.
ATLANTA — Locally based Branch Properties has signed leases for two new tenants to join Peachtree Battle Shopping Center, a 168,000-square-foot, grocery-anchored center in the Buckhead neighborhood of Atlanta. Located off Peachtree Road, Peachtree Battle Shopping Center features over 50 tenants, including a 32,836-square-foot Publix, Walgreens, Ace Hardware and Baskin-Robbins. The new tenants include Roshambo and Cava. Roshambo, a new concept from local restaurant group Unsukay, will open at the center in a 4,000-square-foot space. The restaurant is set to open this summer. Cava, a Mediterranean fast-casual restaurant chain, will occupy a 2,300-square-foot space at the center. The Mediterranean restaurant is expected to open this month.