Property Type

Block & Co. Negotiates Sale of Development Site in Lawrence, Kansas

by Jeff Shaw May 20, 2019

LAWRENCE, KAN. — Block & Co. Inc. Realtors has negotiated the sale of a nearly one-acre development site in Lawrence. The property is located at 5100 Congressional Circle. The buyer, Sanders LP, plans to begin construction this summer on a 9,000-square-foot building. A local dental practice will anchor the development, leaving 4,000 square feet of additional space for lease. Completion is slated for the first quarter of 2020. Shawn Stuckey of Block represented the buyer in the sale. The seller was not disclosed.

May 20, 2019

Development Healthcare Kansas Midwest

Pediatric Associates to Open 7,430 SF Practice in Overland Park, Kansas

by Jeff Shaw May 20, 2019

OVERLAND PARK, KAN. — Pediatric Associates has signed a lease to open a 7,430-square-foot practice at AdventHealth South Overland Park. The practice, which provides comprehensive pediatric care for all childhood health issues, will be located on the third floor. Construction within the space is expected to start later this month with completion slated for the fall. Mark McConahay of Block & Co. Inc. represented Pediatric Associates in the lease transaction. Molly Crawford Munninghoff represented the landlord, AdventHealth South Overland Park.

May 20, 2019

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $1.4M Sale of Apartment Building in Becker, Minnesota

by Jeff Shaw May 20, 2019

BECKER, MINN. — Marcus & Millichap has brokered the $1.4 million sale of Martin Estates in Becker, which is 46 miles northwest of Minneapolis. The 24-unit apartment building is located at 12051 Hancock St. Built in 1977, the property features a mix of one- and two-bedroom units. Chris Collins, Evan Miller, Abe Roberts and Ryan Spengler of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Collins and Miller procured the buyer, a private investor.

May 20, 2019

Development Hospitality Texas

Sam Moon Group Breaks Ground on 148-Room Hyatt House Hotel in Metro Houston

by Taylor Williams May 20, 2019

SHENANDOAH, TEXAS — Hospitality developer Sam Moon Group has broken ground on a 148-room Hyatt House hotel within the Metropark Square mixed-use development in Shenandoah, located north of Houston. The five-story property will feature studio, one- and two-bedroom suites with fully equipped kitchens and separate living guestrooms. Communal amenities will include a pool and a fitness center, a bar and a lounge. VCC is the general contractor for the project, and Type Six is the architect. Veritex Community Bank provided construction financing for the hotel, which is slated to open in November 2020.

May 20, 2019

Leasing Activity Retail Texas

Crunch to Open $2.5M Gym in Corpus Christi

by Taylor Williams May 20, 2019

CORPUS CHRISTI, TEXAS — National fitness chain Crunch will open a $2.5 million, 25,000-square-foot gym in Corpus Christi. The facility will be located within the Carmel Village Shopping Center and will be open 24 hours a day beginning in fall 2019. The gym will offer more than 70 classes per week, a training area with indoor turf and tanning beds. Crunch also plans to open 21 more gyms throughout Central Texas over the next five years.

May 20, 2019

Acquisitions Multifamily Seniors Housing Texas

SLIB Negotiates Sale of 40-Unit Seniors Housing Community Near Austin

by Taylor Williams May 20, 2019

PFLUGERVILLE, TEXAS — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Heatherwilde Assisted Living, located in the Austin suburb of Pflugerville. A local partnership looking to exit the seniors housing industry sold the property to a Fort Worth-based owner-operator for an undisclosed price. Heatherwilde features 40 units on a 2.6-acre lot. The community is situated adjacent to Pflugerville Health Care Center and Pflugerville Middle School. Matthew Alley of SLIB arranged the sale as a value-add opportunity for the buyer.

May 20, 2019

Development Hospitality New York Northeast

RAL Development Completes 324-Room Hotel, Resort Project in Upstate New York

by Taylor Williams May 20, 2019

MONTICELLO, N.Y. — Manhattan-based RAL Development Services has completed The Kartrite Resort & Indoor Waterpark, a 324-room hotel and resort located in the Upstate New York city of Monticello. Located about 90 minutes outside New York City at the former site of The Concord Resort, The Kartrite’s signature feature is a two-acre indoor water park, the largest such attraction in the state. The property offers an array of other amenities for children, including a rock climbing wall, ropes and obstacle course, arcade games, mini-bowling alley and a laser tag arena. The Kartrite also houses eight uniquely themed restaurants and bars, a spa, pools and 11,000 square feet of conference and meeting space.

May 20, 2019

Berkeley-at-Waypointe-Norwalk-ConnecticutWaypointe-at-Berkeley-Norwalk-Connecticut

Connecticut Loans Multifamily Northeast

CBRE Arranges $53.5M Loan for Refinancing of Multifamily Assets in Norwalk, Connecticut

by Taylor Williams May 20, 2019

NORWALK, CONN. — CBRE has arranged a $53.5 million loan for the refinancing of The Berkeley at Waypoint and Quincy Lofts, two multifamily properties in Norwalk, located north of Stamford along the Connecticut coast. The Berkeley at Waypoint was built in 2017 and features 129 units in one- and two-bedroom formats. Quincy Lofts was constructed in 2016 and offers 69 loft-style units in one- and two-bedroom floor plans. Both properties were 95 percent occupied at the time of the loan closing, and 10 percent of the units in both properties are reserved for residents earning less than 80 percent of the area median income. Jason Gaccione, Shawn Rosenthal and Tom Didio of CBRE arranged the funds on behalf of the borrower, a joint venture between Alex Brown Realty Inc. and Belpointe Capital LLC. Los Angeles-based Thorofare Capital provided the financing.

May 20, 2019

Development Mixed-Use New York Northeast

Starwood Capital to Develop 147,000 SF Mixed-Use Project in Bronx Opportunity Zone

by Taylor Williams May 20, 2019

NEW YORK CITY — An affiliate of global private investment firm Starwood Capital Group will develop a 147,000-square-foot mixed-use project within a designated opportunity zone in The Bronx. The 10-story building, located at 425 Westchester Ave., will house office space for a nonprofit organization, ground-floor retail space and a charter school. The project will also feature 11,000 square feet of outdoor amenity space. Construction is scheduled to begin this month. Starwood will focus its opportunity zone initiatives in gateway markets in which it already has substantial real estate holdings, including New York and Washington, D.C.

May 20, 2019

Loans Multifamily New York Northeast Student Housing

Pebb Capital, TriArch Real Estate Receive $27.5M Loan for Student Housing Project in Manhattan

by Taylor Williams May 20, 2019

NEW YORK CITY— A partnership between Pebb Capital, a private equity firm with offices in Florida and New York, and TriArch Real Estate has received a $27.5 million permanent loan for the development of a 14-story student housing community in the Morningside Heights neighborhood of Manhattan. Construction began on the property in March 2018, with delivery set for fall 2020. The community will serve students at Columbia University. Valley Bank provided the initial construction loan and is now invested in the project to the tune of $41.7 million.

May 20, 2019

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