SPRING, TEXAS — Cypressbrook Development Co. has broken ground on Ariza Gosling, a 316-unit multifamily project that will be situated on 12.1 acres in the northern Houston suburb of Spring. The property will feature a pool, fitness center, game room, business center, dog park and walking trails. An expected construction completion date was not provided, but it is anticipated to coincide with the arrival of more than 5,000 new jobs in the nearby Springwoods Village development. Arroyo Energy Investors recently announced its relocation to Springwoods Village, the first office lease executed at the new property.
CORPUS CHRISTI, TEXAS — Multifamily investment firm ClearWorth Capital has acquired The Palm on South Padre, a 299-unit apartment community in Corpus Christi. Built in 1973, the property features one-, two- and three-bedroom units and amenities such as two pools, dog park and outdoor grilling areas. ClearWorth will implement a value-add program that will deliver new flooring, cabinetry, backsplashes, lighting and plumbing to unit interiors, as well as upgraded signage and landscaping.
LEWISVILLE, TEXAS — Paint supplier Benjamin Moore & Co. has signed a 237,926-square-foot industrial lease at 121 Lakepointe Crossing Building 1 in Lewisville. The property is located along State Highway 121 on the north side of the metroplex. Blake Kendrick and Mac Hall of Stream Realty Partners represented the landlord, Stockbridge Real Estate, in the lease negotiations. Mark Collins of Cushman & Wakefield represented Benjamin Moore.
GRAND PRAIRIE, TEXAS — Local office developer Cawley Partners will build a 150,000-square-foot office building at 161 Toll Road in Grand Prairie, located roughly midway between Dallas and Fort Worth. The property will be located within the Mayfield Groves mixed-use development. Construction is expected to begin in late 2020.
DENTON, TEXAS — Health club chain Fitness Connection has signed a 55,606-square-foot lease at Golden Triangle Mall, a 765,000-square-foot shopping and dining destination in Denton. GTM Development Ltd. has redeveloped the mall, which now houses anchors such as Macy’s, JC Penney, Dillard’s, Barnes & Noble and H&M. Steve Greenwood and Byron Howard of Weitzman represented building ownership in the lease negotiations. Susan Ridley and Sherman Hinkebein with The Retail Connection represented Fitness Connection, which will backfill a space currently occupied by Designer Shoe Warehouse, whose lease expires in September.
CHARLESTON, S.C. — Charleston Executive Offices (CEO) has signed 21 tenants to occupy space at The Offices at Nexton. The office building is situated within Nexton, a 5,000-acre, master-planned community in Charleston that will offer more than 8 million square feet of commercial space. CEO is developing The Offices at Nexton, while North America Sekisui House LLC (NASH) and Newland are master co-developers of Nexton, which is located on Interstate 26, about 25 miles northwest of downtown Charleston. Some of the 21 tenants include Microsoft, Citizens One Home Loans, Curtiss-Wright Electro-Mechanical, Glenn Law Firm, Harvey & Vallini, IM Marketing Group, Global Software Inc., Predicate Logic Inc., Strategic Wealth Advisory Group and Velocity Data Systems.
VIENNA, VA. — Phillips Realty Capital has arranged a $67 million refinancing loan for a 199,097-square-foot Tier III data center and office building in Vienna. The borrowers acquired the building in 2016 and immediately began renovations. The funds are being used to refinance the initial construction loan as well as add 130,000 square feet of raised floor, including an 8 MW expansion of critical power. The data center is categorized as a Tier III center due to having 99.982 percent operational time and not more than 1.6 hours of downtime per year, according to The Uptime Institute. The property also features a “N+1 configuration,” which gives the building 72-hour power outage protection. The building is located 17 miles west of Washington, D.C. William Lawson, Adam Bieber, and Harmon Handorf of Phillips Realty Capital arranged the loan through EagleBank on behalf of the borrowers, Element Critical, Safanad and Industry Capital.
RALEIGH, N.C. — Cambridge Village Optimal Living has broken ground on The Cambridge at Brier Creek, a 205-unit active adult community in Raleigh. A sales office is scheduled to open in March 2020 in advance of a planned opening in late summer 2021. Phase I of the project is located on 6.4 acres of the 12.5-acre site, and will include the community’s publicly available wellness center, Cambridge Fitness. The property is five miles from the Raleigh-Durham International Airport and will be located across the street from WakeMed’s Brier Creek Emergency Care Unit. The developer plans to partner with WakeMed to provide physical, occupational and speech therapy at the community.
MARIETTA, GA. — Wilkinson Corp. and Torchlight Investors have acquired The Arbors at East Cobb, a 454-unit apartment community in Marietta. The value-add property offers one-, two- and three-bedroom floor plans. The Arbors, previously known as The Crawford at East Cobb, was originally built in 1975. The new ownership plans to upgrade the interiors and exteriors of the property. Communal amenities include two swimming pools, a sports court, tennis court, outdoor lounge with fireplace, fitness center with yoga and spinning studio, pet care center, cybercafé and a business center. Cushman & Wakefield represented the undisclosed sellers in the transaction.
TALLAHASSEE, FLA. — Marcus & Millichap has arranged the $2.8 million sale of a 7,403-square-foot retail building in Tallahassee leased to Mavis Discount Tire. The building is located at 205 Magnolia Drive, two miles from downtown Tallahassee. The building was constructed in May 2018. Don McMinn of Marcus & Millichap represented the seller, Palmetto Tallahassee-Magnolia DR LLC, in the transaction. Steve Savlov of Salov Properties LLC represented the buyer, Roebling Investment Co. Inc.