LITHIA SPRINGS, GA. — Bang Energy will invest $145 million in a 644,00-square-foot manufacturing and distribution facility in Lithia Springs. The energy and sports beverage company, which is based in Weston, Fla., expects to bring 600 jobs to the area. The property is located at 7705 Staples Drive, 16 miles west of downtown Atlanta and 19 miles northwest of Hartsfield-Jackson Atlanta International Airport. Once fully operational, the company will produce more than 4,000 cans per minute. A timeline for construction was not disclosed.
FORT LAUDERDALE, FLA. — Cardone Capital LLC has acquired Port Royale Apartments, a 553-unit multifamily community in Fort Lauderdale. The sales price was not disclosed, although Cardone Capital raised $50 million through crowdfunding and CBRE arranged a 10-year acquisition loan with a fixed 2.3 percent interest rate. The property, which was built in 1991 and renovated in 2016, offers one- and two-bedroom floor plans. Communal amenities include a car wash area, two pools, fitness center and a courtyard. Robert Given of Cushman & Wakefield represented the seller, Chicago-based Waterton, in the transaction.
STERLING, VA. — Greysteel has negotiated the sale of Cascades Village Senior Apartments, an affordable seniors housing property located in Sterling, approximately 25 miles northwest of Washington, D.C. A private local investor sold the property to Avanath Capital Management for $27.2 million. Cascades Village is a 150-unit, age-restricted affordable housing community developed in 2001 using Low-Income Housing Tax Credits (LIHTC). Henry Mathies and Fletcher Hultman of Greysteel’s East Coast Affordable Housing practice represented the seller in the transaction. The Greysteel team additionally worked with the buyer to arrange an acquisition loan through M&T Realty Capital Corp.
MURFREESBORO, TENN. — Capstone has arranged the $12.8 million sale of Haven Woods Apartments, a 153-unit community in Murfreesboro. The property offers one- and two-bedroom floor plans averaging 782 square feet. Communal amenities include a pool, clubhouse and green space. The buyer, Beverly Hills, Calif.-based Archway Equities, plans to implement a value-add program throughout the property. Further details of the renovations were not disclosed. Haven Wood is located at 1620 Battleground Drive, 34 miles southeast of downtown Nashville. Tyler Mayo, Austin Heithcock, Adam Klenk and Jonathan Hawks of Capstone procured the buyer. The locally based seller, Waldron & Sons, developed the property in 1985.
DALLAS — Dave & Buster’s (NASDAQ: PLAY) reported an 85 percent drop in total revenue for the second quarter relative to that period a year ago, prompting several media organizations, including The Wall Street Journal, to report that bankruptcy filings may be imminent. Comparable store sales decreased by 87 percent during the second quarter, which saw the Dallas-based entertainment chain gradually reopen its venues. About 90 of Dave & Buster’s 137 locations are currently open for business across 27 states. Multiple news outlets, including The New York Post, have also reported that Dave & Buster’s could soon be issuing a massive round of layoffs that could affect more than 2,000 employees. The company’s stock price opened at $15.68 per share on Monday, Sept. 21, down from $41.35 per share a year ago.
SAN ANTONIO — Atlanta-based Seefried Industrial Properties will develop Project Star, a $200 million facility that has a proposed location at 6806 Cal Turner Drive on the southern side of San Antonio. The facility will span 3.8 million square feet. According to The San Antonio Express-News, the facility will be a build-to-suit project for an unspecified tenant that will operate the facility as a sortation or fulfillment center. Construction is scheduled to begin in the fourth quarter and to wrap up in the first quarter of 2022.
DALLAS — A partnership between Hillwood Urban and San Antonio-based USAA Real Estate is underway on construction of Victory Commons One, a 365,000-square-foot office building that will be located at 2601 Victory Ave. in Uptown Dallas. Designed by BOKA Powell, the building will be situated on an 8.5-acre site that can ultimately support up to 1.5 million square feet of development. Amenities will include a rooftop terrace, ground-floor tenant lounge and coffee bar and proximity to a new one-acre park. Completion is slated for November 2021.
GARLAND, TEXAS — Multifamily developer Wood Partners has opened Alta Spring Creek, a 225-unit apartment community in the northeastern Dallas suburb of Garland. The Class A property is located near the regional headquarters of State Farm Insurance and Raytheon and features studio, one- and two-bedroom units with stainless steel appliances, granite countertops, upgraded fixtures and private yards. Amenities include a pool, fitness center and outdoor grilling areas. Rents start at approximately $1,150 per month for a one-bedroom unit, according to apartments.com.
AUSTIN, TEXAS — Locally based developer Generational Commercial Properties has sold Riata Crossing 6, a 50,480-square-foot office building located at 12544 Riata Vista Circle, adjacent to Apple’s existing campus in Austin. Studio 8 Architects designed the project, and Zapalac Reed served as the general contractor. Bethany Perez, Bart Matheney and Chad Barrett of AQUILA Commercial represented Generational Commercial Properties in the transaction. Lance Morris of The Retail Connection represented the buyer, Greater Texas Federal Credit Union.
HINGHAM, MASS. — Callahan Construction Managers has delivered The Residence at Penniman Hill, a 90-unit seniors housing project that is located in the southern Boston suburb of Hingham. Designed by The Architectural Team Inc., the property spans 90,000 square feet and offers assisted living and memory care services. Units come in studio, one- and two-bedroom formats, and amenities include an activity room, beauty salon, café and bistro, exterior planting areas and a memory garden. LCB Senior Living LLC developed the property and will also serve as the operator.