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Broadstone-McKinney-Apartments
AcquisitionsMultifamilyTexas

Castle Lanterra Buys 255-Unit Broadstone McKinney Apartments in Metro Dallas

by Taylor Williams

MCKINNEY, TEXAS — New York-based investment firm Castle Lanterra Properties has purchased Broadstone McKinney, a 255-unit multifamily community located on the northern outskirts of Dallas. Units at the newly constructed property feature stainless steel appliances, granite countertops, custom cabinetry and full-size washers and dryers. Amenities include a pool, fitness center, business center, outdoor kitchen, dog park and package lockers. Arizona-based developer Alliance Residential sold the property to Castle Lanterra for an undisclosed price.

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Marathon Village
AcquisitionsDevelopmentMultifamilySoutheastTennessee

RangeWater Purchases Land in Nashville, Plans Apartment Development

by Julia Sanders

NASHVILLE, TENN. — RangeWater Real Estate has purchased a 2.7-acre site in Marathon Village, a neighborhood near downtown Nashville. The Atlanta-based firm plans to develop a 320-unit apartment community on the site, which is located at 806 16th Ave. The Marathon Village project is situated next to Marathon Music Works, the headquarters for Nelson’s Green Brier Distillery. The project is also located near the Watkins Park Pump Track, a skatepark, and Foundry Events, an event venue. The development will include a mix of studio, one- and two-bedroom apartments, as well as community amenities such as a podcast lounge, flexible workspaces, pool deck and yoga lawn. Groundbreaking is scheduled to begin this month with completion expected by the summer of 2023.

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AcquisitionsMultifamilyTexas

Constellation Group Acquires 220-Unit Multifamily Property in San Antonio’s River Walk District

by Taylor Williams

SAN ANTONIO — Miami-based investment firm Constellation Group has acquired 120 Ninth Street, a 220-unit multifamily property in San Antonio’s River Walk District. Units at the newly built property come in one- and two-bedroom floor plans, and amenities include a pool, fitness center and a dog park, as well as an outdoor courtyard with grilling stations, a lounge and a fire pit. Spencer Roy of Walker & Dunlop brokered the transaction. The seller was not disclosed. Scott Wadler, Michael Basinski and Matthew Nihan of Berkadia arranged acquisition financing through CrossHarbor Capital Partners on behalf of Constellation Group.

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2222 Arlington Ave
AlabamaDevelopmentLeasing ActivityOfficeSoutheast

Tech Company Shipshape Signs Office Lease at 2222 Arlington Project in Birmingham

by Julia Sanders

BIRMINGHAM, ALA. — Shipshape, an Austin-based smart home software tech company, has signed a lease at the 2222 Arlington Ave. office building in Birmingham, which is slated to break ground this month. New York-based D&A Cos. is the developer for the restoration project. The building has 55,000 square feet of office space. Shipshape is joining Atlas Senior Living as anchor tenants in the office project. Shipshape will house its Network Operations Center on the top floor, including signage rights for the building. The company is taking 6,000 square feet of space with an option to expand to 12,000 square feet after one year. The property is currently vacant, but is 50 percent preleased. Previously, the property was the headquarters for Bayer Properties. 2222 Arlington Ave. will offer covered parking, secure building access, a double-height lobby atrium with coffee bar and potential for food service. D&A Cos. plans to install floor-to-ceiling windows, as well as a new east lobby with a grand atrium and exterior reflecting pool. Construction for 2222 Arlington Ave. is slated to complete and be open for occupancy in late 2022. D&A Cos. partnered with The FiveStone Group, a Birmingham-based commercial real estate firm, on the redevelopment project. …

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AcquisitionsRetailTexas

JLL Negotiates Sale of 93,377 SF Westside Market Shopping Center in Frisco

by Taylor Williams

FRISCO, TEXAS — JLL has negotiated the sale of Westside Market, a 93,377-square-foot shopping center located in the northern Dallas suburb of Frisco. Built in 2017 and anchored by a Tom Thumb grocery store with a fueling station, the property was fully leased at the time of sale. Other tenants include Subway, Great Clips, Pure Barre, Today’s Vision, Aqua-Tots Swim School and Ideal Smile & Orthodontics. Chris Gerard and Ryan Shore of JLL represented the undisclosed seller in the transaction. Locally based investment firm Tabani Group purchased the asset for an undisclosed price.

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The-Brooklyn-Tower
DevelopmentMultifamilyNew YorkNortheast

JDS Development Group Tops Out 93-Story Brooklyn Tower Residential Building

by Taylor Williams

NEW YORK CITY — Locally based firm JDS Development Group has topped out The Brooklyn Tower, a 93-story residential tower that connects to the historic Dime Bank Savings Building in the borough’s downtown area. Designed by SHoP Architects and rising 1,066 feet, Brooklyn Tower will house 150 residences for sale and 400 units for rent, as well as approximately 100,000 square feet of ground-floor retail space. Thirty percent of the rentals will be designated as affordable housing. Sales are scheduled to begin in early 2022, and leasing is slated to begin in mid-2022. The development team expects the first units to be available for occupancy in late 2022.

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AcquisitionsIndustrialMidwestMinnesota

MDH Partners Purchases 285,582 SF Industrial Facility in Rogers, Minnesota

by Kristin Harlow

ROGERS, MINN. — MDH Partners has purchased Rogers Logistics Center for an undisclosed price. The 285,582-square-foot industrial facility is located at 20000 S. Diamond Lake Road in Rogers, a northwest suburb of Minneapolis. Constructed in 2004, Rogers Logistics Center features a clear height of 32 feet, 33 exterior docks and 215 car parking spaces. Developed as a build-to-suit for Archway Marketing Services Inc., the property has been fully occupied since completion. Archway’s current lease runs through January 2026. Judd Welliver and Bentley Smith of CBRE represented the undisclosed seller. The acquisition marks the first purchase in Minnesota for Atlanta-based MDH. Houston Hawley of MDH led the acquisition on behalf of the firm.

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DevelopmentIndustrialIowaMidwest

Russell Breaks Ground on First Building at 95-Acre Industrial Park in Davenport, Iowa

by Kristin Harlow

DAVENPORT, IOWA — Iowa-based construction and development firm Russell has broken ground on the first building at Russell Industrial Park in Davenport, one of the Quad Cities. The 251,100-square-foot building is a build-to-suit for an undisclosed tenant. The building marks the first of six anticipated projects at the 95-acre site. Russell plans to soon break ground on the second building, a 300,000-square-foot speculative project slated for completion in the fourth quarter of 2022. Marcus Pitts, Michael Minard and Austin Hedstrom of JLL represented Russell in the build-to-suit lease.

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AcquisitionsDevelopmentMultifamilyNew JerseyNortheastOffice

AvalonBay Buys Princeton Office Buildings, Plans Multifamily Conversion

by Taylor Williams

PRINCETON, N.J. — Virginia-based AvalonBay Communities (NYSE: AVB) has purchased two office buildings totaling approximately 110,000 square feet in Princeton with plans to redevelop the site into a 221-unit apartment community and an 80-unit affordable seniors housing property. The future development will feature a four-story apartment building with an elevator, as well as three-story walk-up buildings and high-end luxury rental townhomes. A construction timeline was not disclosed. Jeffrey Dunne, Jeremy Neuer, Steven Bardsley, David Gavin, Travis Langer and Zach McHale of CBRE represented the previous owner and seller buildings, KABR Group, which bought the property in 2018 and shortly thereafter executed a sales contract with AvalonBay.

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