Property Type

PREIT Redevelops Maryland Mall, Backfills Former Department Store Anchors

by Alex Tostado February 21, 2019

HAGERSTOWN, MD. — Pennsylvania Real Estate Investment Trust (PREIT) has redeveloped Valley Mall in Hagerstown. Three department stores are being replaced by four tenants that are expected to open within two years. Dick’s Sporting Goods will occupy 59,000 square feet within a former Sears. Onelife Fitness and Tilt Studio will occupy 118,000 square feet of a former Macy’s. Belk will occupy 123,000 square feet of a former Bon-Ton. In addition, Regal Cinemas will be remodeled. PREIT upgraded dining amenities at the mall with the addition of BJ’s Brewhouse and the recently executed Black Rock Bar & Grill, joining Primanti Bros., Mission BBQ and Red Robin.

February 21, 2019

Development Multifamily Texas

SWBC to Build 300-Unit Apartment Community in Buda, Texas

by Taylor Williams February 21, 2019

BUDA, TEXAS — SWBC Real Estate LLC, a multifamily developer with offices in Dallas and San Antonio, has acquired land in the central Texas city of Buda for the development of Royalton at Sunfield, a 300-unit multifamily community. The average unit size at the Class A property will be 908 square feet across one-, two- and three-bedroom residences. Amenities will include a pool, sunning decks, outdoor grilling areas, fitness center, dog park and package lockers. SWBC plans to begin construction, which should last about 20 months, in May. Cross Architects is handling design, and Kimley Horn is the civil engineer.

February 21, 2019

Development Mixed-Use Texas

Megacenter Willowbrook Completes Phase I of 235,627 SF Mixed-Use Project in Houston

by Taylor Williams February 21, 2019

HOUSTON — An affiliate of Megacenter has completed Phase I of Megacenter Willowbrook, a 235,627-square-foot mixed-use project in Houston. Phase I of the project, which is redeveloping a former Walmart Supercenter, consists of 37,000 square feet of flex warehouse space, 20,000 square feet of self-storage space and 15,000 square feet of office and coworking space. Upon completion, Megacenter Willowbrook will also include a 114,000-square-foot gym and 34,000 square feet of entertainment space. The property is currently 75 percent leased. Michael Johnson and Stuart Hepler of HFF arranged project financing through Icon Bank.

February 21, 2019

Development Office Texas

Manifold, OakPoint to Develop 165,000 SF Office Building in Austin

by Taylor Williams February 21, 2019

AUSTIN, TEXAS — Two local firms, Manifold Real Estate and OakPoint Real Estate, will develop Bouldin Creek, a 165,000-square-foot office building in Austin. Designed by Michael Hsu Office of Architecture, the property will feature a rooftop deck, green space with meeting areas, an onsite gym, tenant lounge and bike storage. Tenants at the property will also enjoy proximity to several public transit lines and walkability to nearby restaurants, shops and bars. The developers plan to break ground in March and deliver the Class A building in summer 2020.

February 21, 2019

Development Hospitality Texas

Proper Hospitality to Open 244-Room Hotel in Downtown Austin

by Taylor Williams February 21, 2019

AUSTIN, TEXAS — Proper Hospitality will open Austin Proper Hotel & Residences, a 244-room hotel that will be located at 600 W. 2nd St. in downtown Austin. The property will also house 99 for-sale residences, as well as three restaurants, two bars, an outdoor lounge, two pools, a spa and wellness facility and 10,000 square feet of meeting space. The opening is scheduled for June.

February 21, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 229-Unit Apartment Property in Dallas

by Taylor Williams February 21, 2019

DALLAS — Marcus & Millichap has arranged the sale of Enchanted Hills, a 229-unit multifamily property in Dallas with a land use restrictive agreement (LURA). The property is situated on 11.7 acres with access to Interstates 30 and 635. Al Silva and Ford Braly of Marcus & Millichap represented the seller, a local private investor who owned the property for 22 years. Silva and Braly also procured the buyer, a Dallas-based investment firm.

February 21, 2019

Loans Multifamily New York Northeast

Greystone Bassuk Arranges $59M Refinancing for Multifamily Building in Midtown West

by David Cohen February 21, 2019

NEW YORK CITY — Greystone Bassuk has arranged a $59 million loan to refinance The Nicole, a 19-story, 149-unit multifamily building in the Midtown West neighborhood of Manhattan. Located at 400 W. 55th St., the property was completed in 2003 and is comprised of 149 residential units as well as 34,000 square feet of commercial space. Drew Fletcher, Matthew Klauer and Steven Deck of Greystone Bassuk secured a 15-year, fixed-rate loan on behalf of the borrower, Gotham Organization Inc., through lender Wells Fargo Multifamily Capital.

February 21, 2019

Acquisitions Hospitality Multifamily New York Northeast Seniors Housing

Capital Senior Housing Buys Hotel on Long Island for Seniors Housing Conversion

by David Cohen February 21, 2019

PLAINVIEW, N.Y. — Capital Senior Housing has acquired the Plainview Residence Inn by Marriott in Plainview, with plans to convert the property into seniors housing. Metropolis Property Group LLC represented the seller, Greenbriar Associates LLC, in the $20.3 million sale. Metropolis collaborated with Avison Young’s hospitality group to negotiate the sale. The 150,000-square-foot property houses 170 rooms. Capital plans to spend another $12 million to convert the hotel into a 111-unit seniors housing community.

February 21, 2019

Acquisitions Connecticut Industrial Northeast Self-Storage

Hampshire Venture Property Acquires Development Site in Connecticut for $1.3M

by David Cohen February 21, 2019

NEW LONDON, CONN. — Hampshire Venture Property LLC has acquired a two-acre development site in New London for $1.3 million. The property is located at 389 North Frontage Road. Phil Marshall of O,R&L Commercial represented Hampshire Venture Property in the transaction. Eastern Retail Properties represented the seller, New London Property Development LLC. Hampshire Venture Property plans to develop a climate-controlled self-storage facility at the site.

February 21, 2019

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $3.4M Sale of Two-Building Apartment Portfolio in Queens

by David Cohen February 21, 2019

NEW YORK CITY — Marcus & Millichap has brokered the $3.4 million sale of a two-building apartment portfolio in the Flushing neighborhood of Queens. The two six-unit properties are located at 1868 Putnam Ave. and 1862 Cornelia St. Shaun Riney, Thomas Shihadeh and Andrew Reiter of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

February 21, 2019

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