HURST, TEXAS — Gardner Capital has broken ground on Gala at Central Park, an affordable seniors housing community in the Fort Worth suburb of Hurst. The 94-unit complex, which will offer a mix of one- and two-bedroom apartments, will include a three-story residential building and a two-story clubhouse with a variety of amenities. Construction in slated for completion in early 2022. Treymore Construction will serve as general contractor for the project. Hurst Public Facility Corp. is the development partner, while NDC Corporate and Redstone are the financial partners for the transaction.
DALLAS — Marcus & Millichap has brokered the sale of the Comfort Inn North Dallas Galleria, an 82-room hotel located at 7815 LBJ Freeway that is operated under the Choice Hotels International brand. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.
MISSOURI CITY, TEXAS — NAI Partners has negotiated a 15,000-square-foot industrial lease at 1519 Industrial Drive in Missouri City, a southwestern suburb of Houston. According to LoopNet Inc., the property was built in 2019. Jake Wilkinson and Darren O’Conor of NAI Partners represented the undisclosed landlord in the transaction. The representative of the tenant, logistics firm CW Global, was also not disclosed.
CASTLE ROCK, Colo. — Solterra Cos. has broken ground on Bridgewater Living, a 142-unit seniors housing community in Castle Rock, approximately 30 miles south of Denver. The property is located on a 6.6-acre site. Although the type of care was not disclosed, Solterra describes the development as a “health and wellness campus for those looking to live a longer and healthier life.” Development costs were estimated at $38 million. Funding was in partnership with the Douglas County Housing Authority and Multi-Family Housing Revenue Bonds. The community is scheduled to open in summer 2022.
GAINESVILLE, GA. — Cottrell, a locally based trailer manufacturer, will build a second manufacturing facility in Gainesville valued at $125 million. The 500,000-square-foot facility will serve as the Cottrell’s North Campus, adjacent to its existing South Campus in Hall County. Cottrell, which specializes in manufacturing trailers that haul cars (or auto haulers), opened its first facility in 1973 at 2125 Candler Road in Gainesville. The company expects land development and facility construction to take 24 to 30 months to complete and plans to break ground during the third quarter of 2021. Certain aspects of production will be transferred to the new North Campus facility when complete, while the existing buildings of the South Campus will be used to support future business growth. Cottrell currently employs more than 1,000 people at its Gainesville facility, and it is looking to hire more after the second facility is built. Kristi Brigman of Georgia Department of Economic Development (GDEcD) represented the Global Commerce Division on this project in partnership with the Greater Hall Chamber of Commerce, the City of Gainesville and Jackson EMC.
KISSIMMEE, FLA. — Lexin Capital, a New York-based private investor, has purchased The Jamison, a 315-unit multifamily property located in Kissimmee, for $70.8 million. Jay Ballard, Ken DelVillar, Bailey Smith and Patrick Coley of JLL represented the sellers, DeBartolo Development LLC and Upshot Capital Advisors, in the sale. The co-developers completed the apartment community in November 2020. DeBartolo Construction Services was the general contractor, and Forum Architecture was the architect. The Jamison is located at 1040 Jamison Loop at the corner of US Highway 192 and Partin Settlement Road and is the first new multifamily construction in the area since 2008, according to DeBartolo Development. The apartment community includes seven, four-story buildings with studio, one-, two- and three- bedroom smart homes with an average size of 1,061 square feet. The apartment’s amenities include a 7,000-square-foot clubhouse with workspaces, a 24-hour fitness center, outdoor entertainment areas with a pool, grilling stations, tot lot, fire pits, dog park, covered social pavilion and reserved garage parking.
PISCATAWAY, N.J. — Bob’s Discount Furniture has signed a 622,230-square-foot industrial lease at 150 Old New Brunswick Road in Piscataway, located in Northern New Jersey. The facility is currently under construction and is expected to be complete this summer. Building features will include 40-foot clear heights, 125 dock doors, 302 automobile parking spaces and 127 trailer parking spaces. Scott Belfer of CBRE represented the tenant in the lease negotiations. Chuck Fern, Thomas Tucci, Frank Truesdell, Jason Barton and Stephen Shoemaker of Cushman & Wakefield, along with internal agents Cait English and Ben Rosen, represented the landlord, Duke Realty.
MIAMI — Time Century Holdings, a New York-based real estate investment and development firm, has received a $23.6 million construction loan to build a mixed-use project known as Time Century in downtown Miami. City National Bank of Florida provided the loan for the 225,000-square-foot project. Time Century Holdings will use the funds for Phase I, which consists of the wholesale retail space of the building, including the basement, ground, mezzanine and second floors. Phase II, planned for later this year, consists of four stories of office space. The renovations are expected to be complete in the second quarter of 2022. Time Century has preleased more than half of the retail space. Formerly known as Metro Mall, Time Century is located at 1 NE First St. in Miami’s Jewelry & Diamond district, which has more than 400 jewelry stores in a four-block radius. Designed by Kobi Karp, the jewelry center’s amenities will include a three-story atrium with newly designed escalators and computerized directories, a valet parking service and public parking garages.
RICHMOND, CALIF. — McShane Construction Co. has broken ground for the development of 500 Pittsburg Avenue, an industrial project located in Richmond. Owned by Black Creek Group, the development will feature a 481,500-square-foot distribution center situated on a 34-acre site near the intersection of Pittsburg Avenue and Richmond Parkway. The facility will include concrete tiltwall panel exterior with storefront windows, 36-foot clear heights, 84 truck doors, four drive-in doors, seven-inch concrete slab floors and ESFR sprinklers. For the first phase of the project, McShane completed extensive ground improvements, including wick drains, deep dynamic compaction and grading. The company will also widen Richmond Parkway and Pittsburg Avenue and add turn lanes and traffic signals. HPA is serving as architect of record for the project, which is slated for completion in November 2021.
TALLAHASSEE, FLA. — Olympia Hotel Management and Charleston-based developer Mountain Shore Properties have opened Hyatt House Tallahassee Capitol – University in Tallahassee. The 120-room hotel is located at 1100 Railroad Ave. in the city’s Railroad Square Art District. The five-story, 80,000-square-foot property features a large patio with outdoor bar service, an outdoor pool, fitness room, and an 846-square-foot meeting space. Additionally, 6,000 square feet of retail space is situated adjacent to the extended-stay hotel. Olympia Hotel Management is a Portland, Maine-based real estate firm focused on independent hotel management.