FREEHOLD, N.J. — CBRE has brokered the $11.9 million sale of a 118,400-square-foot industrial property in Freehold, located approximately 30 miles east of Trenton. Completed in 1989, the single-tenant building features 18-foot clear heights. Elli Klabber, Charles Berger, Kevin Dudley, Stephen Beyda and Robert Pine represented the buyer, Treetop Development, in the transaction. Cushman & Wakefield represented the seller, dietary supplement manufacturer Industries Inc.
MESQUITE, TEXAS — The Mesquite City Council has approved plans for the development of Spradley Farms, a 652-acre mixed-use project that will feature more than 2,500 single-family homes and commercial components. The government body also approved Urban District 30, an 80-acre industrial development. Urban Logistics Realty is developing the $71 million industrial project, which will include five buildings spanning 979,000 square feet and is expected to generate between 500 and 1,000 new jobs. A groundbreaking ceremony for the project was held on Monday, Jan. 13, 2020, and completion of the project is scheduled for the third quarter of 2020. Stream Realty Partners will handle leasing of Urban District 30. Other project partners include MYCON General Contractors and GSR Andrade Architects.
AUSTIN, TEXAS — Scion Student Communities, a joint venture between the Canada Pension Plan Investment Board (CPPIB), GIC and The Scion Group, has acquired MUZE, a 502-bed student housing community located two blocks from the University of Texas at Austin. The newly built property offers one-, two-, three-, four- and five-bedroom units with shared amenities including a rooftop pool, sky lounge and study and recreation spaces. A partnership between Kayne Anderson Real Estate and developer Parallel Co. sold the community for an undisclosed price. Scion Student Communities now owns 75 student housing communities totaling more than 48,000 beds in 52 university markets.
DALLAS — JLL has arranged the sale of the W Dallas Victory Hotel, a 33-story property located adjacent to the American Airlines Center in the Uptown district of Dallas. The 252-room hotel features a restaurant, lobby bar, terrace bar, resort-style infinity pool and pool deck on the 16th floor and 10,800 square feet of meeting and event space. The building also contains non-owned ground-floor retail space and residential condominiums on floors 18 to 32. Michael Kavanau and Parker Sherrill of JLL represented the seller, Estein USA, in the transaction. A partnership between HN Capital Partners and Dunhill Partners Inc. purchased the asset for an undisclosed price. De’On Collins of JLL and Randy Fleisher of Hamilton Realty Finance placed a three-year, floating-rate acquisition loan through Starwood Property Trust for the deal.
AUSTIN, TEXAS — San Francisco-based investment firm Drawbridge Realty has sold a fully repositioned corporate office campus located at 3100 Alvin Devane Blvd. in Austin for $18.5 million. Drawbridge originally acquired the two-building property, formerly known as Sierra Technology Center, in 2012 via a joint venture with Austin-based HPI. The redevelopment plan upgraded the office lobby, common areas, roof, mechanical systems and parking areas, as well as interior tenant spaces. Todd Mills, Carrie Caesar and Hunter Mills of Cushman & Wakefield brokered the deal on behalf of Drawbridge. The buyer was not disclosed.
PLANO, TEXAS — Cushman & Wakefield has negotiated a 24,000-square-foot office lease in Plano for Samsung SDS, a division of the South Korean tech giant that provides IT services. The tenant will occupy space at APEX, a 186,244-square-foot, Class A building located at 3033 George Bush Highway. Scott Hobbs, Kim Lyon and Ashley Tanton of Cushman & Wakefield represented Samsung SDS in its property search and lease negotiations. Duane Henley and Nathan Durham of Transwestern represented the property’s landlords, Champion Partners and Cross Harbor Capital.
NORTH LAS VEGAS — CapRock Partners has broken ground on Interchange Industrial Center, a Class A industrial complex in North Las Vegas. The site, acquired from a private investor in 2019, is a 33-acre parcel located at the intersection of interstates 15 and 215. Interchange Industrial Center will consist of two industrial buildings, including a 509,000-square-foot, cross-dock warehouse designed for a Fortune 1000-caliber tenant and a 173,000-square-foot warehouse that can accommodate a single tenant or up to four tenants. The properties will also feature 32- to 36-foot clear building heights, ESFR sprinklers, 115 trailer parking stalls and 100 percent concrete 185-foot secured truck courts. Construction is slated for completion by late summer 2020. Interchange Industrial Center is CapRock’s first ground-up development outside of California.
DENVER — Denver-based Stonebridge Cos., as owner and manager, has opened a 22-story, dual-branded hotel in downtown Denver. Located at 801 15th St., the 382-room asset features the 176-key Tru by Hilton Denver Downtown Convention Center and the 206-suite Home2 Suites by Hilton Denver Downtown Convention Center. Property amenities include 3,300 square feet of flexible meeting space with views of the Rocky Mountains, the street-level Tempo Bar, a shared lobby, grab-and-go market, complimentary breakfast bar, fitness center, guest laundry, valet parking and a five-story garage. The dual-branded hotel marks Stonebridge’s 23rd metro Denver property within its portfolio.
HENDERSON, NEV. — Panattoni Development has started construction of Building C and D at South15 Airport Center, an office and industrial park located on Bowes Avenue in Henderson. Delivery is slated for early 2020. Building C will be a 183,560-square-foot, cross-dock industrial facility and Building D will be an 83,000-square-foot single-load distribution building. The 153-acre South15 Airport Center also includes a 310,000-square-foot FedEx Ground facility and a 482,300-square-foot distribution building leased to Smith’s Food & Drug. South15 Airport Center is owned by PDCUSIF South 15, a joint venture between Panattoni Development and Hillwood. Alston Construction is serving as general contractor and Tectonics Design Group is serving as architect for the project.
SIERRA VISTA, ARIZ. — CW Capital Commercial Real Estate Services has completed the disposition of Montego Bay Apartments, a value-add multifamily property located at 409 S. Lenzner Ave. in Sierra Vista. DLP Capital Partners acquired the asset for $13.9 million. Constructed in 1997, Montego Bay Apartments consists of 12 two-story apartment buildings, offering a total of 134,288 rentable square feet. Situated on nine acres, the property features 192 apartments and was 99 percent occupied at the time of sale. Karl Albert and Darren Tappen of Kidder Mathews represented the seller in the deal.
