PORT ANGELES, WASH. – Crystal Investment Property (CIP) has brokered the sale of a Super 8 hotel located at 2104 E. First St. in Port Angeles. An undisclosed buyer acquired the 63-key hotel. The fully staffed, turn-key hotel features a large lot with ample truck and RV parking. Joseph Kennedy of CIP represented the buyer and undisclosed seller in the sale. The acquisition price was not released.
TAMPA, FLA. — Strategic Property Partners LLC (SPP) has unveiled plans to develop a 173-room EDITION hotel in Tampa. The hotel will be part of a 26-story tower in the heart of Water Street Tampa, a $3 billion mixed-use development from SPP. EDITION is a modern luxury brand that Marriott International (NASDAQ: MAR) launched in fall 2013. There are currently EDITION hotels in New York, Miami, London and China, with seven new properties scheduled to open this year. The Tampa EDITION will feature multiple social and amenity spaces for guests, including a rooftop pool, bar and restaurant, spa and fitness center. The ground-floor space will house several restaurants and shops, which have yet to be announced. Water Street Tampa will also include a JW Marriott luxury hotel, which is slated to open in 2020. Furthermore, SPP has unveiled plans to fully renovate an existing 727-room Marriott Waterside Hotel & Marina. Combined, these three properties will account for 1,419 hotel rooms and over 150,000 square feet of meeting and event space. Water Street Tampa is a multi-phase, 50-acre project that will include more than 9 million square feet of commercial, residential, hospitality, educational, entertainment, cultural and retail space, with the first …
Trade and politics are nothing new for El Paso, Texas and its sister city Ciudad (Cd.) Juarez, Mexico. The history of the region is rooted in the interrelationship between two countries, three states and a trading route that originally ran from Mexico City to Santa Fe along the Camino Real. Today, international trade and political fights from elsewhere still have a considerable influence on what locals are talking about. But the regional industrial market continues to thrive by staying well below the radar. Despite concerns of imminent steel tariffs, restructuring of North American Free Trade Agreement (NAFTA) and the construction of an expanded border wall, the regional industrial economy keeps humming along, bringing the real estate market along with it. For industrial real estate tenants, the lure of a globally competitive workforce in Cd. Juarez and a link to the U.S. transportation infrastructure in El Paso makes this region a beacon for industrial users across the world. Triangle of Trade Take a two-hour drive along the loop highway circling El Paso, Cd. Juarez and Santa Teresa, New Mexico, and you will find an eye-opening list of international companies with industrial footprints. Foxconn from Taiwan, Polygroup from China, Bosch from Germany …
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.
