ADDISON AND KELLER, TEXAS — Hotworx, a fitness concept that centers on virtual exercise programs in high-temperature settings, will open two new gyms in the Dallas area. The company will open a 2,100-square-foot gym in Addison and a 1,750-square-foot gym in Keller, with both locations targeting August openings. Sean Lockovich of Henry S. Miller Brokerage (HSM) represented Hotworx in both lease negotiations. The gyms will be the third and fourth locations for Hotworx in the Dallas area.
CYPRESS, TEXAS — CBRE has brokered the sale of a 67,334-square-foot retail property in Cypress, a northwestern suburb of Houston. The property is situated on 6.9 acres at 12220 Barker Cypress Road. Matthew Berry of CBRE represented the seller, Randall’s Food & Drugs LP, which operates out of the property. Williamsburg Acquisitions LLC purchased the property for an undisclosed price.
CHARLOTTE, N.C. — CBRE has arranged the sale of 400 South Tryon, a 33-story office tower in Charlotte’s central business district. Funds managed by Oaktree Capital Management LP acquired the property from DRA Advisors and Trinity Capital Advisors. The sales price was not disclosed, but the Charlotte Business Journal reports the building sold for $133.5 million — more than double the price the joint venture paid in 2014. Patrick Gildea, Matt Smith, Will Yowell, Justin Parsonnet and Jay O’Meara of CBRE arranged the transaction on behalf of DRA and Trinity Capital. CBRE’s Harris Ralston, Jeff Ackerman and Jonathan Rice arranged a floating-rate loan on behalf of Oaktree. 400 South Tryon underwent significant renovations during its prior ownership, including a modernized lobby, new restrooms, new fitness center and new street-level retail space. The building was 94.6 percent leased at the time of sale. Companies recently joining the tenant roster include Skillstorm, Document Technologies and Driven Brands.
TAMPA, FLA. — TerraCap Management LLC has sold Lakeview Center, a 186,300-square-foot office property located at 6700 Lakeview Center Drive in Tampa, for $21.8 million. Joe Rossi, Thevenin Campton and Claire Calzon of Colliers International arranged the transaction on behalf of TerraCap. Miami-based TriOut Advisory Group LLC acquired the asset. Lakeview Center serves as the headquarters for HealthPlan Services Inc., a medical insurance provider. Existing entitlements give TriOut the ability to expand by more than 190,000 square feet, which would allow the company to build other office buildings and parking structures. Originally constructed in 1984, Lakeview Center has undergone more than $3 million in renovations over the past five years, including a new roof, elevator refurbishments, an upgraded HVAC system and a new energy management system.
CHARLOTTE, N.C. — Alliance Residential Co. has broken ground on Broadstone Queen City, a 260-unit apartment located at the convergence of Charlotte’s South End and Uptown districts. The community will feature a mix of studio, one- and two-bedroom units and will feature a Sky Lounge on the top floor overlooking the Uptown skyline. Other amenities will include a resort-style pool, 24-hour fitness center with a separate studio, garage parking, pet spa with grooming station, 24-hour package delivery system, electric car charging stations and bike storage. The community is expected to open in spring 2020.
ORLANDO, FLA. — ARA Newmark has arranged the sale of Axis West, a 268-unit apartment community in Orlando. Scott Ramey, Patrick Dufour and Kevin Judd of ARA Newmark arranged the transaction on behalf of the seller, Flournoy Partners. The Georgia-based developer completed construction on Axis West in 2017. Bluerock Real Estate acquired the asset for an undisclosed price. The community features a coffee bar, central lake with a walking trail, clubhouse, fitness center with a spin room, car care center, saltwater swimming pool and a dog park. Axis West was 93 percent leased at the time of sale.
MIAMI GARDENS, FLA. — Macken Cos. has sold Palmetto Design Center, a 62,500-square-foot shopping center in Miami Gardens, located roughly 15 miles north of Miami. Rise Star LLC acquired the asset for $11.9 million. A joint venture between Macken Cos. and Zvi Shiff of DZD Holdings completed construction on the center in 2016. A 41,800-square-foot Walmart Neighborhood Market anchors Palmetto Design Center. Additional tenants include T-Mobile, Edible Arrangements, OPI Nails and Laundromat. In addition, the sale included a 0.75-acre outparcel that will be the site of a full-service Spin Car Wash. Walmart has 17 years remaining on its lease with 16 five-year extension options. The other tenants all have four years remaining on their respective leases, with extension options ranging from five to 25 years.
ALLENTOWN, PA. — HFF has arranged the $55.2 million sale of MacArthur Commons, a 371,886-square-foot, grocery-anchored retail center located at 2631 MacArthur Road in Lehigh Valley. HFF represented the seller, an affiliate of Abrams Realty & Development, in the transaction. HFF also arranged $50.4 million in acquisition financing for the undisclosed buyer. The buyer was able to obtain long-term lease extensions with the anchor tenants. Current tenants at the 47-acre center include GIANT Food Stores, Dick’s Sporting Goods, Big Lots and T.J.Maxx.
NEW YORK CITY — PCCP LLC has provided a $45.9 million senior loan to Forkosh Development Group for the development of a 20-story residential condominium at 157-161 E. 28th St. in Manhattan. Forkosh acquired three vacant apartment buildings at the site in January for $17 million in an all-cash transaction. The privately owned real estate development firm will build a boutique condo development on the site of the former apartment buildings. Once completed, the project will offer units with open layouts, floor-to-ceiling windows and hardwood floors.
LINDENWOLD, N.J. — Gebroe-Hammer Associates has negotiated the sale of Woodland Village Apartments in Lindenwold for $32.1 million. The property, which is located at 401 E. Gibbsboro Road is a 546-unit, two-story, garden-style apartment complex. Gebroe-Hammer represented the seller, Odin Properties, in the transaction. The buyer was undisclosed. Odin purchased the property for $15.8 million in 2014 and fully renovated the 30-building, 28.4-acre complex.
