KANEOHE, HAWAII — Gantry has secured a $10 million permanent loan to refinance maturing debt for a self-storage facility in Kaneohe on the Hawaiian island of Oahu. The two-story, climate-controlled facility features 698 units encompassing 50,135 rentable square feet. Public Storage manages the property, which is located at 46-004 Kawa St. Robert Slatt and Alex Poulos of Gantry arranged the five-year, fixed-rate loan through a regional bank for the borrower, a private real estate investor.
Property Type
Deven, Castle Lanterra Break Ground on $95M Student Housing Development Near University of Central Florida
by John Nelson
ORLANDO, FLA. — A partnership between Development Group Ventures, a subsidiary of Kajima USA and Kajima Corp., and Castle Lanterra have broken ground on a 631-bed student housing development near the University of Central Florida (UCF) campus in Orlando. Additional contributors to the project include PLT America Corp. and Sumitomo Mitsui Trust Bank, which provided financing for the project. Situated within the Quadrangle Business Park, the estimated $95 million project will total 304,969 square feet and comprise five stories. Completion is slated for summer 2027. The development will offer 177 units in one- to six-bedroom configurations. Shared amenities will include a sky lounge with lake views, golf/multi-sport simulator, rock climbing wall, outdoor fitness lawn with a sauna and cold plunge, Jumbotron, resort-style swimming pool, study spaces on each floor, game rooms, an activity kitchen, bicycle storage and a UCF shuttle stop.
BOCA RATON, FLA. — The City of Boca Raton’s Community Redevelopment Agency has approved the community plan submission for Modera Boca, a 306-unit apartment development that will be located at 400 S. Dixie Highway. The developers include Mill Creek Residential and Group P6, who will move forward with the ground breaking in the near future. Planned amenities at Modera Boca will include a pool, lounge, fitness center, coworking spaces, dog park, clubhouse and a Zen garden. In addition to the apartment community, the project will include new pedestrian features along Dixie Highway and a revitalization of a neighboring city park.
WASHINGTON, D.C. — Affiliates of Harbor Group International LLC (HGI) have provided a $38.3 million loan for the refinancing of a 12-story office building located at 1250 Eye St. in Washington, D.C.’s East End district. The borrower is Kairos Investment Management Co., which purchased the 180,000-square-foot property in 2023. Kairos plans to use the loan proceeds to refinance existing debt and fund ongoing renovations and enhancements of the property, while also supporting leasing activity. These enhancements will include a new amenity suite on the 12th floor that Gensler designed that will feature an elevated hospitality lounge, conference center, bar/kitchen and terrace. Renovations include move-in ready office spaces and upgrades to commons areas including the lobby, fitness center, bike room and parking/valet services.
NASHVILLE, TENN. — Greenville, S.C.-based development firm RealtyLink LLC has sold a freestanding grocery store located at 5821 Nolensville Pike in Nashville for $9.5 million. Phoenix-based Sprouts Farmers Market occupies the 22,988-square-foot retail property, which was developed in 2023 on a 2.9-acre parcel. The triple-net lease features five five-year renewal options with rental increases every five years. Jeff Lefko and Bill Asher of Hanley Investment Group Real Estate Advisers, along with ParaSell Inc. and Joe Caccamo and Lea Kuehnhackl of CP Partners, represented RealtyLink in the sale. Chris Thompson of JRW Realty in Pasadena, Calif., represented the buyer, a private investor based in the Los Angeles area.
VIRGINIA BEACH, VA. — Cushman & Wakefield | Thalhimer has brokered the $8.2 million sale of a 61,528-square-foot office building located at 555 S. Independence Blvd. in Virginia Beach. Clark Simpson and Erik Conradi of Thalhimer’s Capital Markets Group, along with Christine Kaempfe of Thalhimer’s Office Services team, represented the seller, an entity doing business as 5555 S Independence LLC, in the transaction. The buyer was RetroAIM Properties LLC, an abatement, insulation and demolition services firm that will use the Virginia Beach property as its new corporate headquarters.
AUSTIN, TEXAS — Sidra Real Estate has completed the multimillion-dollar renovation of Austin Centre, a 327,619-square-foot office building located at 701 Brazos St. in the state capital’s downtown area. Renovations included upgrades to the lobby, restaurant and fitness center and the addition of a coffee bar and a mothers’ room. Sidra is also in the process of building out speculative suites on the building’s 10th floor. Tenants have direct access to amenities at the Omni Hotel, such as a rooftop pool and bar, fitness center, conference center, meeting space and a tenant lounge, as well as multiple onsite dining options. Ownership has tapped Transwestern as Austin Centre’s new leasing agent and property manager.
WEBSTER, TEXAS — California-based private equity firm IRA Capital has purchased Houston Physicians’ Hospital, a 148,950-square-foot healthcare property in Webster, a southeastern suburb of Houston. The facility, which recently underwent a 39,000-square-foot expansion, includes an advanced surgical hospital and two aquatic care centers. At the time of sale, the facility was 100 percent leased to a joint venture between the physicians, Memorial Hermann Health System and United Surgical Partners International.
RICHARDSON, TEXAS — Marcus & Millichap has brokered the sale of a 119-room hotel in the northeastern Dallas suburb of Richardson. The Cambria Hotel Richardson-Dallas was built on 2.5 acres in 2019 and offers amenities such as an indoor pool and a fitness center. Chris Gomes of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties requested anonymity.
CARROLLTON, TEXAS — Lee & Associates has negotiated a 26,000-square-foot industrial lease in the northern Dallas metro of Carrollton. Corbin Blount of Lee & Associates represented the tenant, Aarav Corp., a provider of distribution services, in the lease negotiations. Mac Hall and Eric Crutchfield of Stream Realty Partners represented the landlord, an entity doing business as G&I IX 1225 Capital LLC.