HACKENSACK, N.J. — The Stro Companies (STRO), which specializes in industrial investment throughout Northern New Jersey, has acquired two industrial buildings totaling 83,000 square feet in Hackensack. One property is a 65,000-square-foot divisible building and the other is an 18,000-square-foot freestanding structure. The properties offer convenient access to I-80 and the New Jersey Turnpike. SB One Bank provided acquisition financing for the deal. Zach La Motta of STRO oversaw the acquisition in conjunction with Scott Perkins, Justin Allessio, and Andrew Somple of NAI James E. Hanson. The seller and sales price were not disclosed. With this transaction, STRO has now acquired 11 industrial properties within the last 18 months.
CORPUS CHRISTI, TEXAS — The Port of Corpus Christi, in partnership with the U.S. Army Corps of Engineers (USACE) and Illinois-based Great Lakes Dredge & Dock Co. LLC, has begun work on its $92 million Channel Improvement Project. Specifically, the project will deepen and widen the Corpus Christi Ship Channel from the Gulf of Mexico to Harbor Island. The project will also increase the depth from 47 feet to 54 feet from the jetties at the entrance of the ship channel to Harbor Island and will deepen the ship channel into the Gulf of Mexico to 56 feet. As one of the larger dredging companies in the United States, Great Lakes Dredge & Dock has worked on high-profile projects that include the Deepwater Horizon Oil Spill cleanup and the deepening of the Port Miami harbor. Situated on the western Gulf of Mexico with a 36-mile channel, Port Corpus Christi is the fourth-largest port in the United States in total tonnage and is the leading U.S. crude oil export port. Throughout 2018, the port shipped more than $10.8 billion worth of crude to U.S. trading partners.
SUGAR LAND, TEXAS — Equus Capital Partners Ltd., a Philadelphia-based private equity firm with five other offices around the country, has sold One Sugar Creek Center, a 193,998-square-foot office building located in the southwestern Houston suburb of Sugar Land. The asset was sold to Glazer Properties, an investment firm headed by Tampa Bay Buccaneers co-owner Kevin Glazer. The 11-story, Class A property was built in 1983 on 4.5 acres and was renovated in 2017 to feature a new lobby, added security systems, elevator cab upgrades, a new conference center and refreshed landscaping. Additional amenities include a deli, bank branch and an outdoor patio and cornhole court. The property was 90 percent leased at the time of sale to tenants such as Comerica Bank, Wholesome Sweeteners and Amerex Brokers Natural Gas. Christopher Locatell, Mark Ledger and Greg Chapin of Equus handled the transaction for their firm along with Dan Miller, Marty Hogan and Johnny Kight of HFF.
AUSTIN, TEXAS — The ITEX Group, in partnership with the Housing Authority City of Austin (HACA), has reopened Pathways at Gaston Place, an affordable seniors housing community in Austin. HACA owns the property, which was initially built in 1978 to provide housing to the elderly (62 or older), disabled or those displaced by natural disasters. ITEX provided development and construction services for the redevelopment project. Gaston Place was in need of repairs, renovations and upgrades to meet requirements of the Americans with Disabilities Act (ADA). These changes, along with several common area upgrades throughout the community, will help provide improved homes for residents just north of downtown Austin. Gaston Place is currently 100 percent occupied.
AUSTIN, TEXAS — Kirksey Architecture, which has more than $500 million worth of projects underway throughout Central Texas, has opened a new, 2,500-square-foot office at 1701 Directors Blvd. in south Austin. The company’s main office is located in Houston. Executive vice president Benito Guerrier and vice presidents David Dalton and Kathleen Jircik will head the company’s Austin office. Kirksey officially took occupancy of the space in June 2018.
MCKINNEY, TEXAS — Metro Dallas-based Bright Realty has brokered the sale of a 2,144-square-foot office condominium located at 501 Medical Center in McKinney, a northern suburb of Dallas. The property offers access to both U.S. Highway 75 and the Sam Rayburn Tollway. Britton Lankford and Nick Miller of Bright Realty represented the seller in the transaction. The buyer and sales price were not disclosed.
WOODSTOCK, GA. — Hudson Capital Properties (HCP) has acquired Bell Woodstock, a 498-unit, garden-style multifamily community in Woodstock. HCP plans to raise rents over the next five to seven years before renovating the property. The community is situated at 1 Sycamore Lane, 29 miles north of downtown Atlanta. Communal amenities include a nine-hole putting green, Starbucks Coffee bar, conference room, resident lounge, two swimming pools, two tennis courts, two car care centers, clothes care center, fitness center, grilling areas, outdoor kitchen and a sand volleyball court. Kevin Geiger of CBRE represented the undisclosed seller in the transaction. The sales price was not disclosed.
LADY LAKE, FLA. — SRI Management LLC has opened Village Veranda, a 125-unit assisted living and memory care seniors community in Lady Lake, about 50 miles northwest of Orlando. Gordon Cos. developed the community for owner Village Veranda Lady Lake LLC. SRI Management is the operator. The 117,000-square-foot community offers 100 assisted living apartments up to 875 square feet and ranging from studio to two-bedroom options. In addition, the facility offers 25 memory care apartments between 350 and 449 square feet. Forum Architecture & Interior Design Inc. was the designer on the project, while Core Construction led the building team.
CRESTVIEW, FLA. — Rock Apartment Advisors has arranged the $14.9 million sale of Pinnacle Pointe Apartments, a 150-unit multifamily complex in Crestview. The three-story, garden-style apartment development was built in 2010 and offers one-, two- and three-bedroom floor plans. Community amenities include a swimming pool, clubhouse, fitness center, outdoor grilling stations, garage, storage units and a dog park. Boston-based Stratford Management Co. acquired the property. Donald Gambril of Rock Apartment Advisors represented the undisclosed seller in the transaction.
CHARLOTTESVILLE, VA. — Colliers International has arranged the $9 million sale of Carrollton Terrace Apartments, a 24-unit multifamily property in Charlottesville. The community offers two-, three- and four-bedroom floor plans, was built in 2005 and is situated one mile from the University of Virginia off Jefferson Park Avenue. Charles Wentworth, Hank Hankins, Rawles Wilcox, Victoria Pickett, Clay Ellis and Will Mathews of Colliers represented the seller, BRJ Virginia LLC, in the transaction. Carrollton Terrace LLC, an affiliate of Flag Holding LLC, purchased the property.