CHARLOTTE, N.C. — Rosemont, Ill.-based McShane Construction Co. has plans to build a 397-unit apartment community in Charlotte’s University submarket. Dynamik Design is the project’s architect, and Flournoy Development Group is the developer. The project is slated for completion by January 2024. The project’s name was not disclosed. The multifamily development will include five apartment buildings and 10 townhome-style buildings. Unit features will include vinyl plank flooring, quartz countertops and black fixtures and hardware. Additionally, 10 of the units will include a downstairs workspace for tenants to use as an office or small storefront. Community amenities will include a clubroom, fitness center, yoga studio, coworking lounge, hobby room, bike storage, kitchen, heated pool, courtyard, green space and a market. Located on 24.6 acres at 930 W. Mallard Creek Church Road, the project is situated within two miles from the University of North Carolina at Charlotte and 5.8 miles from Charlotte Motor Speedway.
DALLAS — Marcus & Millichap has brokered the sale of six hotels totaling 603 rooms in Texas and New Mexico, with the majority of the properties being located throughout the Dallas-Fort Worth (DFW) metroplex. The DFW hotels consist of a 173-room, dual-branded Home2Suites and Tru by Hilton in Euless; a 120-room Fairfield Inn & Suites in downtown Fort Worth; a 128-room TownePlace Suites by Marriott in Fort Worth; and a 91-room Hampton Inn & Suites in Colleyville. The portfolio also included a 91-room Hampton Inn in Santa Fe, N.M. All of the hotels were built within the last four years. Chris Gomes and Allan Miller of Marcus & Millichap represented the locally based seller, ICON Lodging, in the transaction. The duo also procured the buyer, New York City-based MCR Hotels.
MARION, VA. — SRS Real Estate Partners’ Investment Properties Group has brokered the sale of Marion Shopping Center, a 50,275-square-foot multi-tenant retail center in Marion. The buyer, Eire Investments USA LLC, purchased the property for an undisclosed price. Kyle Stonis and Pierce Mayson of SRS represented the undisclosed seller in the transaction. Anchored by Food Lion, Marion Shopping Center is fully occupied by retailers such as CVS/pharmacy and Fresenius Medical Care. Both Food Lion and CVS/pharmacy have been at the property for over 35 years. Fresenius recently signed a 10-year lease at the property. Located on 4.6 acres, the property is situated along Interstate 81 near where the North Carolina, Tennessee and Virginia borders intersect.
CYPRESS, TEXAS — Locally based developer D’Agostino Cos. has broken ground on Reserve at Cypress, a 300-unit multifamily project located on the northwestern outskirts of Houston. The community will feature one-, two- and three-bedroom units that will average 972 square feet and will be furnished with stainless steel appliances, stone countertops, tile backsplashes and individual washers and dryers. Amenities will include a pool, outdoor dining and entertainment areas and a fitness center. Austin-based OHT Partners is the general contractor for the project, which is slated for a January 2023 completion. Chris Bergmann Jr. of JLL represented the developer in its acquisition of the land, which occurred last June.
ST. PETERSBURG, FLA. — CBRE has arranged the sale of Bayview Plaza II, a 16,146-square-foot retail strip center in St. Petersburg. Millan Enterprises, a Tennessee-based real estate firm, purchased the property for $3.1 million. Mark Shellabarger and Ari Ravi of CBRE represented the seller, Sarasota, Fla.-based ICORR Properties. Built in 1985 and partially renovated in 2018, Bayview Plaza II was 83 percent leased at the time of sale to eight tenants, including Brewers’ Tasting Room, H & R Block, MCI Metro, Critical Hit Games and Thai Wok restaurant. Located at 11270 4th St. N, the property is situated adjacent to Bayview Office Building and Bayview Plaza, a 78,000-square-foot, Winn-Dixie-anchored shopping center. The property is located 14.7 miles from Tampa and 7.3 miles from downtown St. Petersburg.
HOUSTON — JLL has negotiated the sale of 1500 Citywest, a 192,313-square-foot office building in Houston’s Westchase District. Built on roughly four acres in 1981, the property was 65 percent leased at the time of sale, primarily to tenants in the energy and engineering sectors. Rick Goings and Jack Moody of JLL represented the seller, a partnership controlled by Salt Lake City-based Bridge Investment Group, in the off-market transaction. Josh Morrow and Collin Roach of Avison Young represented the buyer, locally based commodities trader BioUrja Group.
DENTON, TEXAS — Dallas-based investment firm Steeplechase Ventures LLC has acquired Presidio Plaza, a 166,225-square-foot shopping center located in the North Texas city of Denton. The property, which was 91 percent leased at the time of sale, was originally constructed as a regional outlet mall known as Stonehill Center. Adam Howells, Ryan Shore and Matthew Barge of JLL represented the seller, locally based firm LAD Ventures LLC, which purchased the asset in 2016 and subsequently expanded it, in the transaction.
NEW YORK CITY — Global Real Estate Advisors (GREA), a full-service brokerage and advisory firm specializing in multifamily acquisitions and financing, has launched 11 offices across the country, including three in the major Texas markets of Dallas, Houston and Austin. The firm brings together representatives of regional brokerages including National Apartment Advisors, Greystone SG, Brown Realty Advisors, HFO Investment Real Estate, Rittenhouse Realty Advisors and Bel Real Estate Advisors. Combined, the brokerages transacted more than $4.5 billion in 2021 sales volume.
HUNTINGTON STATION, N.Y. — Federal Realty Investment Trust (NYSE: FRT) will undertake a $75 million redevelopment of Huntington Shopping Center, a 21-acre shopping center in the Long Island community of Huntington Station. Enhancements to the center will include updated facades; reconstructed parking lots; new landscaping and walkways; the development of two pad sites; and the addition of outdoor seating areas. In addition, Whole Foods Market will open a new store as part of the redevelopment. The center currently houses tenants such as PetSmart, Ulta Beauty and Michaels, all of which will remain open during construction. The site will span 277,000 square feet upon completion of the redevelopment, which is slated for 2024.
PALM DESERT, CALIF. — Kam Sang Co. has obtained a $128 million loan for the JW Marriott Desert Springs Resort & Spa in Palm Desert. JLL’s Hotels & Hospitality Group secured the five-year, fixed-rate, interest-only loan, which Goldman Sachs Bank USA originated. The owner used proceeds to repay the existing loan, which was scheduled to mature in February 2022. The 884-key hotel underwent a $40 million renovation in early 2020 that resulted in the creation of additional suites and substantial upgrades to all guest rooms. Spanning 286 acres, the resort features five swimming pools; two 18-hole golf courses; a Peter Burwash International Tennis Court; a 47-treatment-room spa facility; an aviary; 35 acres of streams, lakes and cascading waterfalls; a 12,000-square-foot entertainment zone; and more than 234,000 square feet of indoor and outdoor event space. The resort also offers a broad collection of food and beverage outlets, including T&T Innovation Kitchen, Mikado Japanese Steakhouse, Blue Star Lounge, Rockwood Grill and Aquifer65. Mike Huth and Shalin Patel of JLL Hotels & Hospitality represented the borrower in the financing.