Property Type

JLL Negotiates Sale of 219,379 SF Shops at Vineyard Village Near DFW Airport

by Taylor Williams February 13, 2020

EULESS, TEXAS — JLL has negotiated the sale of the Shops at Vineyard Village, a 219,379-square-foot retail power center in Euless, located just south of Dallas-Fort Worth International Airport. The property was 98.2 percent leased at the time of sale to tenants such as Ross Dress for Less, Bed Bath & Beyond, Marshalls, Staples, PetSmart, Party City, Dollar Tree and Rally House. Chris Gerard, Barry Brown, Ryan Shore, Aaron Johnson, Austin Ross and Ben Siegel of JLL represented the seller, BIG Shopping Centers USA Inc. in the transaction. The buyer was an undisclosed private investor.

February 13, 2020

Acquisitions Industrial Texas

Dalfen Industrial Buys 187,288 SF Schertz Distribution Center in Central Texas

by Taylor Williams February 13, 2020

SCHERTZ, TEXAS — Dallas-based Dalfen Industrial has purchased Schertz Distribution Center, a 187,288-square-foot asset located in the Central Texas city of Schertz. The Class A property offers proximity to Interstate 35 and San Antonio International Airport. Schertz Distribution Center was more than 70 percent leased at the time of sale, with TJ Maxx occupying roughly 90,000 square feet and Forward Air occupying approximately 50,000 square feet. The seller was not disclosed.

February 13, 2020

Leasing Activity Retail Texas

Alamo Drafthouse to Open 10-Screen Movie Theater in League City, Texas

by Taylor Williams February 13, 2020

LEAGUE CITY, TEXAS — Austin-based Alamo Drafthouse Cinema will open a 10-screen movie theater within the Victory Lakes shopping center in League City, a southeastern suburb of Houston, in late 2020. The theater will feature oversized recliners, made-from-scratch food and a standalone lobby with more than 40 local and regional craft beers. The new Alamo Drafthouse will be the company’s first venue in the Houston area since Alamo Drafthouse LaCenterra opened in Katy in 2018.

February 13, 2020

Acquisitions Multifamily Texas

Newport Acquires 150-Unit Haven at Louetta Apartments in Metro Houston

by Taylor Williams February 13, 2020

SPRING, TEXAS — Newport Real Estate Partners LLC has acquired Haven at Louetta, a 150-unit apartment community located in the northern Houston suburb of Spring. The property was developed in 2018 and features 90 one-bedroom units and 60 two-bedroom units. Amenities include a clubhouse, pool, grilling area, fitness center and a dog park. Guefen Development sold the property for an undisclosed price. Newport plans to develop an additional 30 units at the property over the next 36 months.

February 13, 2020

Acquisitions Multifamily Texas

CBRE Brokers Sale of 118-Unit Bishop Highline Apartments in Dallas

by Taylor Williams February 13, 2020

DALLAS — CBRE has brokered the sale of Bishop Highline, a 118-unit apartment community in the Bishop Arts District in Dallas. The property was built in 2018 and was 96 percent occupied at the time of sale. Bishop Highline is located across the street from Bishop Arts Village. Chris Deuillet and Chandler Sims of CBRE represented the seller, Houston-based Urban Genesis, in the transaction. Dallas-based Exxir purchased the asset for an undisclosed price.

February 13, 2020

Industrial Loans Northeast Pennsylvania

Ready Capital Closes Two Acquisition Loans for Industrial Properties in Pennsylvania

by Alex Patton February 13, 2020

NORRISTOWN AND PERKASIE, PA. — Ready Capital has closed two loans for the acquisition, renovation and lease-up of two Class B, industrial properties in Pennsylvania. The properties are located in Norristown and Perkasie, two northern suburbs of Philadelphia. The two buildings comprise approximately 220,000 square feet. Upon acquisition, the sponsor will implement capital improvements at each property, while simultaneously leasing to market occupancy. The nonrecourse loans are structured with floating interest rates, 36-month terms, two extension options, flexible prepayment and facilities to provide future funding for capital expenditures, tenant leasing costs and interest and operating shortfalls. The loan amounts, property names and sponsors were undisclosed.

February 13, 2020

SpringHill-Suites-Marriott-Boston-Peabody

Acquisitions Hospitality Massachusetts Northeast

MCR Acquires 164-Room SpringHill Suites by Marriott Boston Peabody

by Alex Patton February 13, 2020

PEABODY, MASS. — MCR Development LLC, a hotel owner and manager headquartered in New York City and Dallas, has acquired the SpringHill Suites by Marriott Boston Peabody, a 164-room hotel located approximately 30 miles north of Boston. The sales price was $16.2 million. Situated at 43 Newbury St., the hotel offers convenient access to State Route 1 and Interstate 95. Amenities include a fitness center and saltwater pool. The property is MCR’s first in Massachusetts. New York City-based investor Lightstone Group was the seller.

February 13, 2020

Acquisitions California Multifamily Western

TMG Negotiates $42M Sale of Cambridge House Apartment Community in Davis, California

by Amy Works February 13, 2020

DAVIS, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Cambridge House, a multifamily community located on Pole Line Road in Davis. An East Coast-based private investment group sold the property to a Bay Area-based buyer for $42 million, or $300,000 per unit. Situated on 3.9 acres, Cambridge House features 140 apartments, a resort-style swimming pool with poolside fire pit; barbecue area with hammocks; and a game room with full-size air hockey table, pop-a-shot basketball, full-size pool table and a ping-pong table. Additionally, the property features a swing garden with hanging chairs; secure-access bicycle storage room with 20 bicycle racks; and an off-leash dog park. Alex Mogharebi and Otto Ozen of TMG represented the seller and buyer in the transaction.

February 13, 2020

Leasing Activity New York Northeast Office

NKF Negotiates 25,000 SF Office Sublease in Manhattan

by Alex Patton February 13, 2020

NEW YORK CITY — Newmark Knight Frank (NKF) has negotiated a 25,000-square-foot office sublease for Progyny, a fertility benefits management company, in Manhattan. Progyny will sublease the entire second floor of the office building located at 1359 Broadway for nine years. The company is relocating from its 13,000-square-foot space on the fourth floor of an office building located at 245 Fifth Ave. David Falk and Kyle Ciminelli of NKF represented Progyny in the sublease negotiations. Jared Freede of CBRE represented the sublandlord, IHS Markit.

February 13, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

Green Courte Partners Acquires 202-Unit Seniors Housing Community in Arizona

by Amy Works February 13, 2020

GILBERT, ARIZ. — Green Courte Partners has acquired The Aspens at Mariposa Point, a 202-unit seniors housing property in Gilbert, just southeast of Phoenix. The price was not disclosed. Despite only being opened last month, the new owner will convert the active adult community into full-service independent living. The conversion project will include expanding the dining area, modifying the existing kitchen and adding a third-party-operated home health office. Green Courte’s wholly owned operator True Connection Communities will manage the property. Green Courte made the acquisition through its fourth investment fund, Green Courte Real Estate Partners IV. It is the investor’s 11th senior living community.

February 13, 2020

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