ATHENS, TEXAS — Dallas-based Profectus Multifamily Capital has purchased a vacant Quality Inn & Suites hotel in Athens, located southeast of Dallas, with plans to convert the property into a 122-unit apartment community. The complex will offer a fitness center, business center, dog park, outdoor recreational areas and a restaurant or coffee shop. Greg Miller of locally based brokerage firm The Multifamily Group represented Profectus in its acquisition of the property, which was originally built in 1981 on a 14-acre site that can support additional future development.
SAN ANTONIO — JLL has negotiated the sale of Shops at Potranco, an 18,344-square-foot retail center in San Antonio. Tim Allen of JLL represented the seller, CSW Development, in the transaction. C.W. Sheehan and Matt Ctvrtlik, also with JLL, arranged a seven-year, fixed-rate acquisition loan through Bank of Austin on behalf of the buyer, an affiliate of Austin-based Door Capital Partners. The property was built in 2019 and was fully leased at the time of sale to tenants such as Orangetheory Fitness, Jersey Mike’s, Buffalo Wild Wings and Supercuts.
NORTH QUINCY, MASS. — A partnership between Maryland-based developer Bozzuto and Atlantic Development has completed Phase I of The Abby, a 218-unit multifamily project at 285 Hancock St. in North Quincy, located south of Boston. The transit-served community will ultimately consist of 610 apartments across three buildings and 50,000 square feet of retail space, the bulk of which is preleased to Target. Construction of the second phase, which will consist of 137 units and amenities such as a wellness center, rooftop pool and a lounge area, is nearing completion. Phase III will include 255 units, more amenities and retail space and is slated for a fall 2022 completion.
BUFFALO, N.Y. — Battery manufacturer Viridi Parente will increase its footprint at the former General Motors plant in Buffalo to 190,000 square feet. The company is working with St. Louis-based Alberici Construction to build 70,000 square feet of additional lab, assembly, office and production space at the 850,000-square-foot facility, which was originally built in 1923. Viridi Parente’s current 120,000-square-foot space comprises 60,000 square feet of battery assembly and manufacturing space, 20,000 square feet of office and lab space and a 40,000-square-foot shipping and receiving warehouse. American Axle & Manufacturing previously occupied the facility before vacating it in 2007.
BURLINGTON, MASS. — Newmark has arranged the sale of a 157,229-square-foot office building located at 1 Van de Graaff Drive in Burlington, a northern suburb of Boston. The property offers proximity to Interstate 95/Route 128 and amenities such as a cafeteria and a fitness center. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the undisclosed seller and procured the buyer, commercial owner-operator FoxRock Properties, in the transaction.
BENSALEM, PA. — A partnership between Pennsylvania-based developer Endurance Real Estate Group and ASB Real Estate Investments has sold a 430,373-square-foot industrial building in Bensalem, located in Bucks County, for $41.9 million. The property was originally built in 1973 within Expressway 95 Business Park. Brad Ruppel, Mike Hines, Brian Fiumara and Lauren Dawicki of CBRE represented the partnership and procured the buyer, global owner-operator EQT Exeter, in the transaction.
WELLESLEY, MASS. — SVN | Parsons Commercial Group | Boston has brokered the $6 million sale of an 8,900-square-foot retail center in Wellesley, a western suburb of Boston. Marilyn Santiago of SVN represented the seller, an entity doing business as STMC LLC, in the transaction. Arlon Brown, also with SVN, represented the buyer, AlpCentral LLC. The property was 83 percent leased at the time of sale.
DALLAS — Industry professionals believe the commercial real estate values for industrial, office and suburban multifamily properties across the United States are expected to return to pre-pandemic levels or remain stable, hinting at a potential full recovery for the rest of 2021, according to a CBRE Group Inc. survey released on Aug. 31. CBRE’s survey looked at capitalization rates for stabilized assets and investment sentiment on market conditions. Capitalization rates measure a property’s value by dividing its net operating income by its sale price and a lower cap rate generally shows a higher value. In the survey, investors predicted cap rate movement will vary across different property types for the second half of 2021. For example, cap rates for industrial and multifamily properties are expected to compress in most markets, while the cap rates for office, retail and hotel properties are expected to stay steady. The survey also found that investors were willing to purchase industrial and multifamily properties at a premium or higher price than other property types. Additionally, investors looked mainly for small to moderate pricing discounts for office properties, and moderate to large discounts for retail properties and hotels. More than 75 percent of real estate investors …
MIAMI — Miami, Fla.-based The TREO Group has completed Vox Miami, a 326-bed student housing community located at 7202 S.W. 72nd St. in south Miami. The development cost for the 193,250-square-foot project was $36 million. Vox Miami offers a mix of one-, two-, three- and four-bedroom units with a TV in every living room, floor-to-ceiling windows, stainless steel appliances, washers and dryers, walk-in closets in most units, exposed industrial ceilings, furniture and cable and internet included. Community amenities include study lounges, a rooftop terrace and swimming pool, fitness center and parking. The property is fully leased for the 2021 school year. The student housing property is about 1.6 miles from the University of Miami campus. The development is also near retailers and restaurants including Deli Lane Café & Sunset Tavern, Petco, Publix and Shake Shack. Construction for the development started in 2019. The project’s development team included Moss Construction and Perkins & Will.
PORTLAND, ORE. — PCCP has provided a $51 million senior loan to ColRich Multifamily for the purchase of Twenty Twenty, a seven-story apartment community located at 2020 N.E. Multnomah St. in Portland. Built in 2019, the property features 162 apartments in a mix of 18 studio units, 90 one-bedroom units and 53 two-bedroom units with a variety of den, penthouse and garden floorplans. Unit finishes include quartz countertops, hardwood flooring, stainless steel appliances, gas cooktops, custom cabinetry, in-unit washers/dryers and fireplaces and balconies in select units. Community amenities include two decks with grills, firepits and a Zen garden; a fitness center; bike lounge with repair station; pet lounge; and individual lockers. Additionally, the property sits above a two-level, subterranean parking garage. At the time of sale, the property was 67 percent leased. The asset was originally built as for-sale condominiums but was repositioned as a multifamily property.