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The-Triangle-Austin
AcquisitionsMultifamilyTexas

Castle Lanterra Buys The Triangle Apartments in Downtown Austin for $129M

by Taylor Williams

AUSTIN, TEXAS — New York-based investment firm Castle Lanterra Properties has acquired The Triangle, a 529-unit apartment community in downtown Austin for $129 million, or roughly $244,000 per unit. The property, which was built between 2006 and 2008, is part of a mixed-use development that offers retail and restaurant space and proximity to the city’s education and technology hubs. Units come in studio, loft, one-, two- and three-bedroom formats and are equipped with stainless steel appliances, granite or quartz countertops, individual washers and dryers and private balconies. Residential amenities include three pools, a fitness center, communal kitchen, conference center, coffee bar, dog park and fire pits. The seller was not disclosed.

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Pines-at-Woodcreek-Houston
AcquisitionsMultifamilyTexas

Avid Realty, Electra Capital Acquire 330-Unit Apartment Community in Houston

by Taylor Williams

HOUSTON — A joint venture between Avid Realty Partners and preferred equity partner Electra Capital and has acquired The Pines at Woodcreek, a 330-unit apartment community in north Houston. Built in 2015, the property offers studio, one and two-bedroom units and amenities such as a pool, coffee lounge, business center, fitness center, entertainment room, outdoor grilling stations, package locker system and a dog park. Newmark Knight Frank brokered the transaction, the seller in which was not disclosed.

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Laguardia-Terminal-B
CivicDevelopmentNew YorkNortheast

Holt Construction Completes $4B Redevelopment of Terminal B at LaGuardia Airport

by Taylor Williams

NEW YORK CITY — Holt Construction Corp. has completed the $4 billion redevelopment of Terminal B at New York City’s LaGuardia Airport. The project to redesign and build-out the arrivals and departures hall began in June 2016. The new, 850,000-square-foot facility includes a new ground transportation center on the first floor; a new arrivals hall on the second floor; airline check-in areas on the third floor; and retail and restaurant outlets on the fourth floor. The structure also offers check-in kiosks and security checkpoints, as well as a new lighted water display to welcome travelers. Holt Construction worked alongside LaGuardia Gateway Partners and the Port Authority of New York & New Jersey to complete the project.

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AcquisitionsIndustrialNew JerseyNortheast

Innovative Industrial Properties Acquires 111,000 SF Cannabis Facility in Blue Anchor, New Jersey

by Taylor Williams

BLUE ANCHOR, N.J. — Innovative Industrial Properties (IIP), a publicly traded investment firm focused on the cannabis industry, has acquired a 111,000-square-foot facility in Blue Anchor for cultivation and processing. The sales price was $5.5 million. IIP has signed operator and grower Curaleaf to a long-term, triple-net lease at the property, which is located south of Philadelphia. New Jersey has taken steps in recent years to expand access to medical cannabis, such as introducing oil-based formulations and adding qualifying conditions. In addition, the prospective legalization of adult-use cannabis is on the ballot for residents via the New Jersey Marijuana Legalization Amendment in November.

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Liberty-Place-Union-New-Jersey
DevelopmentMultifamilyNew JerseyNortheast

RMS Cos. to Develop 153-Unit Apartment Community in Union, New Jersey

by Taylor Williams

UNION, N.J. — Connecticut-based developer RMS Cos. has acquired 6.4 acres for the construction of a 153-unit apartment community in the Northern New Jersey town of Union. Specific floor plans and amenities were not disclosed, but according to development team, the community will feature “generous-sized apartments, designer finishes and luxury amenities.” Jeffrey Dunne, Gene Pride, Jeremy Neuer, Eric Apfel, Zach McHale, Nat Gambuzza and Trevor Fiebel of CBRE represented Sherwood Group Associates in its sale of the land. The team also procured RMS Cos. as the buyer.

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Ashley-Furniture-Nashua-New-Hampshire
AcquisitionsNew HampshireNortheastRetail

Matthews Brokers $7.7M Sale of New Hampshire Retail Asset Leased to Ashley Furniture

by Taylor Williams

NASHUA, N.H. — Matthews Real Estate Investment Services has brokered the $7.7 million sale of an 83,500-square-foot retail property that is leased to Ashley Furniture Homestore in Nashua, a city located near the Massachusetts-New Hampshire border. The property was built in 2015. Chuck Evans of Matthews represented the undisclosed seller in the transaction. Additional terms of sale were not disclosed.

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DevelopmentGeorgiaHospitalitySoutheast

Lendlease, IHG Army Hotels Open 311-Room Hotel on Fort Gordon in Georgia

by Alex Tostado

FORT GORDON, GA. — Lendlease and IHG Army Hotels have opened a 311-room Candlewood Suites hotel on the Fort Gordon Army base in Georgia. The property’s rooms offer kitchenettes, and amenities include complimentary breakfast, laundry facilities, a business center, fitness center, pool and a barbecue area. Lendlease, IHG Army Hotels and the U.S. Army have partnered to open 40 hotels across the country, which IHG manages and operates. Lendlease owns, develops and designs the hotels. Fort Gordon is located nine miles west of downtown Augusta. The base serves 109,334 people, including 17,720 active military, according to Military OneSource.

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District of ColumbiaRetailSoutheast

NRF Survey: Back-to-School Spending Could Reach Record Levels as Families Gear Up for At-Home Learning Amid Pandemic

by Alex Tostado

WASHINGTON, D.C. — The novel coronavirus could result in record-levels in spending for back-to-school supplies as families across the country are expected to buy more electronics to prepare for at-home learning, a survey conducted by the National Retail Federation (NRF) and Prosper Insights & Analytics has found. Major school systems around the country, including the Ivy League, Los Angeles Public School District, Atlanta Public Schools, New York City Public School system and the University of California school system have announced virtual learning or a hybrid of in-person and online classes for this fall. According to the annual survey, spending could reach $789.49 per family with children in elementary through high school, which would break last year’s record expectations of $696.70 per family. College students are expected to spend $1,059.20 per family. Retail spending from college students and their families is expected to total $67.7 billion, up from $54.5 billion last year and breaking the record of $55.3 billion set in 2018. Total spending for kindergarten through college combined is projected to reach $101.6 billion — exceeding last year’s $80.7 billion and topping the $100 billion mark for the first time. NRF surveyed 7,481 U.S. consumers from July 1 to 8. …

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DevelopmentMultifamilyNorth CarolinaSoutheast

Wood Partners Breaks Ground on 403-Unit Apartment Complex in Durham

by Alex Tostado

DURHAM, N.C. — Wood Partners has broken ground on Alta Davis, a 408-unit apartment complex in Durham. The community will comprise seven buildings standing four stories each. Communal amenities will include a coffee bar, game room, fitness center, saltwater pool and coworking space. The community is slated to open by the end of 2021. Alta Davis is situated at 4701 Hopson Road, 10 miles southeast of downtown Durham and three miles from the center of Research Triangle Park. WP East Builders is the general contractor.

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AcquisitionsGeorgiaRetailSoutheast

Skyline Seven Arranges $7.1M Sale of Retail Property in Metro Atlanta

by Alex Tostado

NORCROSS, GA. — Skyline Seven Real Estate has arranged the $7.1 million sale of Peachtree Corners Shopping Center, a 106,257-square-foot retail property in Norcross. The asset is situated at 7050 Jimmy Carter Blvd., 20 miles northeast of downtown Atlanta. The property was 44 percent leased at the time of sale to tenants including Family Dollar, Beauty Mart, Arcadio Pizza, Lily Massage Spa and Island Chef Café, as well as an outparcel leased to Popeye’s and Dekra Emissions Check. Elliott Kyle, Chase Murphy and Reid Maynard of Skyline Seven represented the seller, Frank Flanders (whose father built the 10-acre property in 1985), in the transaction. Andy Lundsberg of Atlanta-based Bull Realty represented the private buyer, Mark Nelkin.

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