NASHVILLE, TENN. — Alliance Residential Co. has purchased nearly two acres for the development of Broadstone OneCity, a luxury multifamily community located at 7 City Place in Nashville. The price and seller were not disclosed. Construction is scheduled to begin this year with first residents moving in spring of 2023. Designed by architect Dynamik Design and civil engineer Catalyst Design Group, Broadstone OneCity will include 261 studio, one- and two-bedroom luxury apartment units averaging 814 square feet. Units will feature finishes including gas ranges, beverage refrigerators, entertainment islands and custom entry benches. Community amenities will include a fitness center, private focus rooms, individual yoga pods, mailroom with 24/7 package concierge, resort-style pool and courtyard and a Skylounge equipped with a demonstrator kitchen and rooftop putt-putt. Broadstone OneCity will be part of the OneC1TY development, an urban community in Nashville. The property will be located close to restaurants like Pastaria and Avo, recreational areas, office spaces and fitness facilities such as CrossFit and Edge Cycle. Alliance Residential Co. has two other developments currently under construction including Broadstone SoBro and Broadstone Nations. Based in Scottsdale, Ariz., Alliance Residential Co. is a multifamily developer.
ROUND ROCK, TEXAS — Switch Inc. (NYSE: SWCH), a Las Vegas-based data center developer and operator, has purchased land in the northern Austin suburb of Round Rock from Dell Technologies for the development of a 1.5 million-square-foot campus. The site is adjacent to Dell’s global headquarters campus. The property will be Switch Inc.’s fifth data center campus in Texas and will be known as The Rock. Switch Inc., which recently acquired Data Foundry, a provider of colocation services in Texas, expects to begin site preparation and permitting for the project this summer. The company also intends to power its new facility with 100 percent renewable energy.
ORLANDO, FLA. — InvenTrust Properties Corp. has unveiled plans to redevelop Suncrest Village, including replacement of the Publix grocery store that anchors the property. The 93,358-square-foot shopping center is located at the corner of University Boulevard and Dean Road at 10021-10115 University Blvd. in Orlando. Construction is slated to take approximately 12 months to complete. InvenTrust’s planned improvements to the center include the replacement of the existing Publix building with a new, larger prototype Publix store to be constructed in the same location. The small-shop tenant facades at Suncrest Village will receive new paint, lighting, replacement of the mission tile roof, a new sign band on portions of the canopy, improved landscaping and green trellis areas with accent lighting. InvenTrust plans to employ sustainable processes throughout this renovation. For example, LED lighting has been added to the center’s parking lot and, during demolition, reusable materials will be sorted and reclaimed to reduce landfill waste. Suncrest Village is located along the University Boulevard and is 2.8 miles from the University of Central Florida. The center features local, regional and national restaurants, services and retailers, such as Leslie’s Swimming Pool Supplies, Mei’s Kitchen, Fuji Yama Sushi, Subway and University Wine & Spirits. Matt Hagan …
DALLAS — Newmark has brokered the sale of Heritage One & Two, a 367,364-square-foot office complex located at the convergence of the Dallas North Tollway and LBJ Freeway in North Dallas. The two-building property sits on 12 acres and features amenities such as a fitness center, conference center and a café with outdoor seating. Gary Carr, Robert Hill, Chris Murphy, John Alvarado and Chase Tagen of Newmark represented the undisclosed seller in the transaction. The buyer was Oregon-based investment firm Menashe Properties. The complex was 75 percent leased at the time of sale.
RICHARDSON, TEXAS — Tampa-based investment firm ZMR Capital has acquired Chimney Hill Apartments, a 240-unit multifamily community located in the northeastern Dallas suburb of Richardson. The property offers a mix of one-, two- and three-bedroom units across 11 two-story buildings. Amenities include a pool with a lounge area, outdoor picnic and grilling stations, fitness center and a cybercafé. Brian Eisendrath of CBRE arranged an undisclosed amount of acquisition financing on behalf of ZMR Capital, which will implement a capital improvement program focused on unit interiors, amenity spaces and building exteriors.
FARMERS BRANCH, TEXAS — Colliers Mortgage has provided a Fannie Mae loan of an undisclosed amount for the refinancing of Villa Gardens, a 142-unit multifamily property located in the northern Dallas suburb of Farmers Branch. Built in 1969 and renovated between 2018 and 2020, the property consists of 16 two-story buildings that feature studio, one- and two-bedroom floor plans. Amenities include a pool, business center, picnic area and a children’s play area. Colliers Mortgage originated the loan through a partnership with Old Capital Lending on behalf of the borrower, an entity doing business as 2730 Villa Gardens LLC.
IRVING, TEXAS — CBRE has negotiated the sale of Spanish Trace, a 136-unit apartment complex in Irving. Built in 1968, the property offers one- and two-bedroom units, according to Apartments.com. Dallas-based Reap Capital purchased the asset from Lane Star Properties for an undisclosed price. Chris Deuillet and William Hubbard of CBRE brokered the deal on behalf of the seller, and William Givens and Robert Siddall of CBRE arranged acquisition financing on behalf of the buyer. Spanish Trace was 88 percent occupied at the time of sale. The new ownership will implement a value-add program and rebrand the community.
BOSTON — Locally based developer Carpenter & Co. has completed the Four Seasons Hotel & Private Residences One Dalton Street, a 61-story tower located in Boston’s Back Bay neighborhood. Designed by Pei Cobb Freed and Cambridge Seven Associates, the building consists of 160 for-sale private residences that are situated atop 215 hotel rooms. Residential units include one-bedroom homes and duplex penthouses. Residents and guests have access to shared amenities such as a lounge, an indoor pool, fitness center, spa, yoga and Pilates studios, golf simulator room with a wet bar, theater and performance room, meeting facilities and a pet washing station. The building also houses three food and beverage concepts, including contemporary Japanese restaurant Zuma, craft cocktail bar Trifecta and One + One, a concept managed by Four Seasons.
PHILADELPHIA — A partnership between developer Court Street Ventures and Chicago-based private equity firm Walton Street Capital will develop Crown 95 Logistics Center, a 381,200-square-foot distribution center that will be located in northeast Philadelphia. Crown 95 Logistics Center will feature a clear height of 36 feet and 3.5 acres of secured off-street parking for trailers, vans and cars. Construction is expected to begin before the end of the year and to be complete in the third quarter of 2022. Colliers International has been tapped to lease the Class A development.
RUTHERFORD, N.J. — Amazon (NASDAQ: AMZN) has signed a 360,000-square-foot industrial lease at Highland Cross, a last-mile warehouse project under construction in the Northern New Jersey community of Rutherford. Lincoln Equities Group is developing Highland Cross, which will feature a cross-dock configuration, 70-plus dock high doors and 80-plus trailer parking stalls. Ford & Associates is designing the project, and RC Andersen LLC is serving as the general contractor. Completion is slated for early 2022. Jason Goldman of KBC Advisors represented Amazon in the lease negotiations. Lincoln Equities Group, which recently received $115 million in construction financing for the project, was represented internally.