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.
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.
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.
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.
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.
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.
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.
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.
GARFIELD, N.J. — StorageBlue, a storage operator serving the New York metropolitan area, has opened a 650-unit self-storage facility in Garfield, a northwestern suburb of New York City. Located at 170 River Drive, the 60,000-square-foot facility was redeveloped from a former macaroni factory. The conversion project began in August 2019 and is valued at $6 million. The facility offers amenities such as outdoor drive-up units, surveillance and U-Haul truck rental.
CORTE MADERA, CALIF. — Throckmorton Partners and The Pratt Co. have completed the sale of Parc Marin, an apartment community located in Corte Madera. An undisclosed buyer acquired the property for $20.5 million, which equates to $640,625 per unit and $636 per square foot. Built in 1961 and renovated in 2017, Parc Marin features 32 boutique for-rent units. The property is situated on 3.4 acres. Erich Reinchenbach of Marcus & Millichap represented the sellers in the deal.
