ROSENBERG, TEXAS — Bellomy & Co. has arranged the sale of Texas Storage, a 335-unit self-storage facility in Rosenberg, a southwestern suburb of Houston. The property spans 44,718 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, locally based firm Diehl Investments II LP, in the transaction. The duo also procured the buyer, Delaware-based BCORE Storage Jennetta LP.
MCALLEN, TEXAS — Coldwell Banker Commercial has brokered the sale of Main Place Shopping Center, a 172,000-square-foot retail power center located in the Rio Grande Valley city of McAllen. Main Place Indoor Market anchors the property, which was built on 20 acres in 1988. Daniel Galvan and Julissa Trevino of Coldwell Banker represented the buyer, locally based firm Big Sky Real Estate Investments LLC, in the transaction. The center was 84 percent leased at the time of sale.
DALLAS — ProPak Logistics has signed a 103,085-square-foot industrial lease at 8801 Autobahn Drive in South Dallas. According to LoopNet Inc., the property was built in 1997 and totals 270,490 square feet. Canon Shoults and John Gorman of Holt Lunsford Commercial represented the landlord, Boston-based TA Realty, in the lease negotiations. Michael Meaden of CBRE represented the tenant.
SOUDERTON, PA. — Atlanta-based Core5 Industrial Partners has begun construction on Core5 Logistics Center at Park 31, a 591,360-square-foot speculative industrial project that will be situated on 74.4 acres in Souderton, about 35 miles north of Philadelphia. The first phase of the development will consist of two buildings totaling approximately 400,000 square feet that are expected to be complete in the third quarter. Michael Golarz and Tom Golarz of Colliers International are handling leasing of the project.
NEW ROCHELLE, N.Y. — The NRP Group has broken ground on Renaissance at Lincoln Park, a 179-unit workforce housing project in New Rochelle, located north of New York City. The project will also include the construction of a 23,400-square-foot Boys & Girls Club facility that will feature a gym, basketball court, recording studio, demonstration kitchen, administrative offices and other rooms for work and play. The NRP Group is developing the project in partnership with Guion Renaissance Housing Development Finance Corp. (HDFC), Kensworth Consulting, The Boys & Girls Club of New Rochelle and The City of New Rochelle. The total development cost of the project is $97 million. The New York State Homes & Community Renewal provided $48 million of tax-exempt bonds issued by its Housing Finance Agency to help fund development costs.
NEW YORK CITY — Locally based firm Alpha Realty has brokered the $25 million sale of a five-building, 115-unit multifamily portfolio in the Far Rockaway area of Queens. All of the buildings recently underwent full renovation programs that added new roofs and windows, as well as electrical and mechanical systems. Lev Mavashev of Alpha Realty represented the seller and buyer, both of which requested anonymity, in the transaction. The deal traded at a cap rate of 6.8 percent.
MORRISTOWN, N.J. — Kislak Co. has arranged the $8.5 million sale of a 23-unit luxury multifamily property in the Northern New Jersey city of Morristown. Units at the property, which was built in 2015, feature individual washers and dryers, balconies and two assigned private parking spaces. Joseph Keenan and Robert Holland of Kislak represented the seller, Morristown Gateway LLC, in the transaction. Jason Pucci and Justin Lupo, also with Kislak, procured the buyer, an affiliate of regional multifamily owner-operator The Kamson Corp. The property was 96 percent occupied at the time of sale.
DARTMOUTH, MASS. — German discount grocer Aldi will open a 21,000-square-foot store at Dartmouth Mall in southeastern Massachusetts in the fourth quarter. Aldi will backfill a space previously occupied by Sears and will join Burlington, Old Navy, H&M and Five Below as some of the largest tenants at the property. Pennsylvania Real Estate Investment Trust (PREIT) owns Dartmouth Mall.
SCOTTSDALE, ARIZ. — YAM Properties has purchased Pima Crossing, a retail destination at the northwest corner of Shea Boulevard and Pima Road in Scottsdale. An entity formed by Los Angeles-based Karlin Real Estate sold the asset for $51.5 million. Originally developed in 1993, Pima Crossing features 238,275 square feet of retail space. A national golf retailer anchors the property along with several other national and regional tenants. Michael Hackett and Ryan Schubert of Cushman & Wakefield Phoenix represented the seller in the deal.
PALO ALTO, CALIF. — Alta Housing (formerly Palo Alto Housing), a nonprofit affordable housing developer, has broken ground on Wilton Court, a 100 percent affordable housing community in Palo Alto. Located at 3705 El Camino Real, the four-story property will feature 59 units offering independent living for a mix of single- and two-person households earning between 30 percent and 60 percent of the area median income. Twenty-one of the units are reserved for adults with intellectual or developmental disabilities. The property is within walking distance of a grocery store, retail, restaurants, parks and public transportation. The project team includes L&D Construction Co. as general contractor and PYATOK as designer. Completion is scheduled for summer 2022. The City of Palo Alto, Santa Clara County, Wells Fargo Bank, Enterprise Community Partners California Community Reinvestment Corp., California Tax Credit Allocation Committee, California Department of Housing and Community Development, and California Municipal Finance Authority are providing financing for the $46.3 million project.