BOWIE, MD. — Developer Balfour Beatty Campus Solutions is underway on a 557-bed student housing and mixed-use development in Bowie, a northeastern suburb of Washington, D.C. The 170,000-square-foot development will house students of Bowie State University and will also be the site of the Bowie Business Innovation Center, a program for business acceleration in collaboration with the U.S. Small Business Administration. The development is slated to open in fall 2021. The project cost will be approximately $42 million. “This partnership allows the university to support its growing student body with much-needed modern housing options and provides a dedicated place for the creative leaders of tomorrow to develop their knowledge and skills as they prepare to enter the business world upon graduation,” says Bob Shepko, president of Balfour Beatty. The development will also house the university’s Entrepreneurship Academy, which will help students develop their own business opportunities and better navigate the greater business world. Other project features include a variety of amenities, including a fitness center, laundry facilities, community kitchens, parking and flexible classroom space. The project is primarily funded with tax-exempt bonds through the Maryland Economic Development Corp. Balfour Beatty Construction is and Smoot Construction are serving as contractors for …
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HOUSTON — Bolour Associates, an investment and development firm based in Southern California, has begun work on the redevelopment of Bella Luna and San Lucas, two multifamily communities totaling 780 units in Houston. The properties are situated on a combined 20 acres and feature one-, two- and three-bedroom units, as well as townhomes. Amenities include pools, playgrounds and onsite laundry facilities. The redevelopment will deliver new kitchens and bathrooms, upgraded interiors and renovated landscaping, common areas and exteriors. Completion is slated for September.
THE WOODLANDS, TEXAS — Energy firm Western Midstream Partners LP has signed a 133,948-square-foot office lease at The Woodland Towers at The Waterway in The Woodlands. Located within The Woodlands Town Center, the building features a two-story fitness center with basketball and volleyball courts, a 33,000-square-foot rooftop terrace, conference facilities and a café. Robert Parsley, Norman Munoz and Jillian Fredericks of Colliers International represented the landlord, The Howard Hughes Corp., which acquired the asset from Occidental Petroleum in late 2019, in the lease negotiations. James Bailey, Chad Beck and Rich Claussen of Cushman & Wakefield represented Western Midstream Partners.
DALLAS — New Market Properties LLC, a subsidiary of Atlanta-based Preferred Apartment Communities (PAC) has acquired Midway Market, an 85,599-square-foot shopping center in Dallas. Kroger anchors the center, which is located at the corner of Frankford and Midway roads on the city’s north side. The seller was not disclosed. Approximately 145,000 people with an average household income in excess of $98,000 live within a three-mile radius of the center.
EDINBURG, TEXAS — Integra Realty Resources (IRR), a provider of valuation, counseling and advisory services, has opened a new office in the Rio Grande Valley city of Edinburg that will be the company’s seventh in Texas and 56th overall. The opening comes on the heels of the company debuting a new office in Lubbock. William Robinson, who served as managing director in the company’s San Antonio office, will lead the new office as managing director along with Adam Solis, who joins IRR from Lone Star National Bank and will serve as a senior analyst.
HOUSTON — NAI Partners has arranged a 7,737-square-foot office lease at 7155 Old Katy Road in Houston. The property was built on 1.4 acres in 1979 and totals 91,150 square feet. Zach Leger and Jacob Aldridge of NAI Partners represented the landlord in the lease negotiations. The representative of the tenant, Page Parks School of Modeling & Acting, was not disclosed.
Parent Company of T.J. Maxx, Marshalls Closes All Stores, Distribution Centers for Two Weeks
by Alex Patton
FRAMINGHAM, MASS. — TJX Cos., the Framingham-Mass.-based parent company of T.J. Maxx, HomeGoods and Marshalls, has closed all stores under its brands for two weeks in response to the coronavirus outbreak, according to a statement from company CEO and president Ernie Herrman. In addition to T.J. Maxx (approximately 1,200 stores in the United States), HomeGoods (700) and Marshalls (1,000), the corporation also owns Sierra and Homesense, which have a combined 43 stores in the United States. TJX will also be closing all of its online businesses, distribution centers and offices.
HOBOKEN, N.J. — Federal Realty Investment Trust, a Maryland-based REIT, has acquired a 39-property multifamily and retail portfolio in Hoboken, an eastern suburb of New York City, for $203 million. Concentrated primarily along the Washington Street retail corridor, the portfolio includes 129 residential units and 171,959 square feet of retail space. The portfolio totals 278,879 square feet. Retail tenants include French beauty chain Sephora, CVS and several restaurants. Kevin Welsh, Brian Schulz and Dean Tselepis of Newmark Knight Frank represented the seller, a private owner. The team also procured Federal Realty as the buyer.
NEWARK, N.J. — Alpha Realty has brokered the $22 million sale of a 255-unit multifamily portfolio in Newark. The portfolio consists of eight buildings totaling 251,000 square feet, all of which are located on either Martin Luther King Jr. Boulevard or Quitman Street. The buyer was a New Jersey-based owner-operator of multifamily buildings. The seller was a Brooklyn-based landlord liquidating its holdings in New Jersey. Lev Mavashev of Alpha Realty represented both parties in the off-market transaction.
Marcus & Millichap Arranges $3.8M Sale of Apartment Community in New Haven, Connecticut
by Alex Patton
NEW HAVEN, CONN. — Marcus & Millichap has arranged the $3.8 million sale of Georgetown Apartments, a 32-unit apartment community in New Haven. Located at 241 Quinnipiac Ave., the property features townhouse-style apartments with two-bedroom floor plans. The property offers convenient access to Yale University, Albertus Magnus College and University of New Haven. Wes Klockner and Eric Pentore of Marcus & Millichap brokered the sale and arranged acquisition financing through Freddie Mac on behalf of the buyer. Both parties were limited liability companies that requested anonymity.