MECHANICSBURG, PA. — CBRE has arranged the sale of Silver Spring Square, a 342,600-square-foot, grocery-anchored retail center in Mechanicsburg, eight miles west of Harrisburg. CBRE represented the seller, DDR Corp. The buyer was The Wilder Companies. The sales price was not disclosed. Built in 2007, the shopping center is anchored by a 126,240-square-foot Wegmans supermarket and includes a 139,377-square-foot Target as well as an 87,000-square-foot Kohl’s. Other retail tenants include Best Buy, Ross, Bed Bath & Beyond, Petco, Lane Bryant and Ulta. The property was 98 percent occupied at the time of closing.
KYLE, TEXAS — Dallas-based Hillwood Properties and Austin-based HPI Real Estate Services will develop Hays Commerce Center, a 400,000-square-foot industrial development situated on 108 acres in Kyle, a southern suburb of Austin. The property, which will be located along the Interstate 35 corridor near Austin-Bergstrom International Airport, is being developed on a speculative basis. Construction of Building I, a 220,000-square-foot asset, is expected to be complete by the fourth quarter.
GARLAND, TEXAS —Stream Data Centers, the Dallas-based data center arm of Stream Realty Partners, will develop DFW VII, a 400,000-square-foot data center campus in Garland. The first phase will deliver a 140,000-square-foot, expandable data center that is slated for completion late this year. The campus will be situated on 22.6 acres on Lookout Drive and feature two 40 MW utility feeds.
IRVING, TEXAS — A partnership between Dallas-based development firm Jackson-Shaw and Boston-based investment firm GID has broken ground on Parc SouthWest, a 292,700-square-foot industrial project in Irving. Situated on 28 acres, the Class A development will consist of two buildings totaling 112,200 and 180,500 square feet. Parc SouthWest will be marketed to tenants seeking 20,000- to 60,000-square-foot spaces with 30- to 32-foot clear heights and abundant trailer storage and car parking. Ridgemont Commercial Construction is serving as general contractor for the project, which is slated for a fourth-quarter completion. GSR Andrade is designing the property, and Stream Realty Partners will lease and manage it.
MURPHY AND WATAUGA, TEXAS — Venture Commercial has brokered the sale of Albertsons grocery stores totaling 123,737 square feet in the Dallas-Fort Worth (DFW) metros of Murphy and Watauga. The 62,322-square-foot Murphy store anchors the Shops of Murphy retail center, and the 61,415-square-foot Watauga store anchors the Shops of Watauga retail center. John Zikos and Charlotte Cooper of Venture Commercial represented Albertsons LLC, which owns the stores, in the transaction. Sean Porter of Capstone Commercial Real Estate Group represented the buyer, 356 Development LLC.
SAN ANTONIO — JLL has arranged the sale of Villa de Oro, a 150-unit multifamily community located in southwest San Antonio. Situated on roughly five acres, the property consists of eight three-story buildings and features amenities such as a clubhouse, grilling area, pool and a playground. C.W. Sheehan of JLL secured an undisclosed amount of acquisition financing for the transaction on behalf of Achieve Investment Group, an Austin-based investment firm. Moses Siller of JLL brokered the sale.
BOCA RATON, FLA. — LCS Development, an LCS Company, has been selected to develop and market the $125 million expansion of the Toby & Leon Cooperman Sinai Residences of Boca Raton. The not-for-profit continuing care retirement community (CCRC) opened in 2016 and includes 234 independent living homes, 48 assisted living units, 24 memory care units and 60 skilled nursing beds. The expansion will add an estimated 100 independent living residences, at least two additional themed dining venues, a ballroom and enhanced common areas. LCS Development will coordinate planning, development and initial marketing, as well as provide oversight of the design and construction services. LCS will also assist with financing and other support services. Sinai Residences is sponsored by the Jewish Federation of South Palm Beach County Inc. Life Care Services, an LCS Company, manages the community.
RALEIGH, N.C. — Greystone has provided a $29.2 million Freddie Mac loan for the refinancing of Andover at Crabtree, a 368-unit apartment community in Raleigh. Dale Holzer of Greystone originated the seven-year loan with two years of interest-only payments through Freddie Mac’s Green Up program on behalf of the borrower, a publicly traded REIT. The program provides attractive terms for borrowers that commit to energy or water savings. Andover at Crabtree features two swimming pools with lake views, a deck, gazebo and a clubhouse.
VIRGINIA BEACH, VA. — Virginia Beach-based Suburban Capital Inc. has unveiled plans to build a 127-room Hyatt-branded hotel in Virginia Beach. Hyatt Place at Pembroke Park will be located at 281 Independence Blvd. and will serve as a catalyst for the redevelopment of the 14-acre Pembroke Park into a higher density mixed-use development, according to the project’s developers. The Virginia Beach Development Authority has approved an Economic Development Investment Program Grant in the amount of $200,000 based on Suburban Capital’s $26.3 million investment. The funds will be used for enhanced streetscape improvements. The 92,000-square-foot hotel is slated for completion in April 2019.
CHARLESTON, S.C. — Hilton Grand Vacations Inc. (HGV), in a joint venture with Strand Capital Group LLC, has unveiled plans to build a new hotel in downtown Charleston. The hotel will be located at 475 E. Bay St., within walking distance of The Battery and the South Carolina Aquarium, as well as the city’s dining, shopping and entertainment options. The hotel, dubbed Liberty Place Charleston by Hilton Club, will be HGV’s first property in the historic city. HGV will invest $10 million in the hotel, which will include 100 rooms and feature a fitness center, lobby bar and owners’ lounge. HGV and Strand plan to start construction on the hotel in the fourth quarter, with an estimated completion in the second quarter of 2020. In addition to an ownership stake in the project, HGV will market, sell and manage the property under a fee-for-service agreement with the HGV/Strand joint venture.