RICHLAND, WASH. — CBRE has brokered the sale of Badger Mountain Ranch, a multifamily property located 451 Westcliffe Blvd. in Richland. Badger Mountain Apartments I LLC sold the property to Irvine, Calif.-based Starboard Realty Advisors for an undisclosed price. Built in 2013, the property features 176 apartment units in a mix of one-, two- and three-bedroom layouts. Phil Oester, Eli Hanacek, Joe Nydahl and Josh McDonald of CBRE represented the seller in the transaction.
DENVER — Nexus Commercial Real Estate has brokered the sale of Park Plaza Apartments, located at 2250 Josephine St. in Denver. Anchor Josephine LLC acquired the apartment building from Park Plaza Josephine LLC for $3.2 million. The 22-unit building features 20 one-bedroom units, one studio apartment and one two-bedroom unit. Adam Riddle of Nexus represented the seller, while Riddle and Austin Smith, also of Nexus, represented the buyer in the deal.
RENO, NEV. — The Wolff Company has announced plans for Revel Damonte Ranch, a 156-unit independent living community in Reno. The project will be located within the Damonte Ranch mixed-use community. It will be Arizona-based Wolff’s second community in Reno. Wolff plans to open Revel Damonte Ranch in 2020.
JACKSONVILLE, FLA. — Jacksonville-based investment firm FRP Holdings Inc. (NASDAQ: FRPH) has entered into an agreement to sell 41 warehouses to an affiliate of The Blackstone Group (NYSE: BX) for $358.9 million. Two of the properties include adjacent lots that were included in the sale. The individual locations of the warehouses were not disclosed. However, according to the company’s 8-K form filed with the Securities & Exchange Commission (SEC), FRP’s portfolio is largely located in the Baltimore and Washington, D.C. metro areas. The sale is expected to close during the second or third quarter of 2018. Following the transaction, FRP will continue to own a portfolio of properties. Some of the retained assets are located within the RiverFront on the Anascotia development near Capitol Hill. The company will also retain ownership of properties situated within the Windlass Run Business Park in Baltimore County, as well as a large parcel in Hampstead, Md. For several of the assets, the company will offer first rights of refusal purchase options to the tenants. FRP Holdings plans to use proceeds from the sale to pay off existing debt and implement capital improvements on its remaining properties. The company also plans to reinvest a portion …
In its 2018 Emerging Trends in Real Estate survey, Urban Land Institute (ULI) named Nashville the No. 9 U.S. market to watch. Factors contributing to Nashville’s appearance as a top 10 market in ULI’s report for the past three years include a re-emergent downtown, strong population growth, market attractiveness to millennials and a low cost of living. These factors — along with game-changing urban retail developments and the creativity of its culinary scene — have elevated Nashville’s retail market over the last few years. As in its 2015 and 2016 reports, ULI once again refers to Nashville as an “18-hour city.” A defining element of an 18-hour city is a vibrant urban core with entertainment and dining attractions bustling between 7 a.m. and 2 a.m., well beyond the traditional business hours of 8 a.m. to 5 p.m. Downtown Nashville is a hotspot for retail development, as the area continues to draw record-breaking numbers of crowds from tourists and locals alike to events, restaurants and conventions. From the Predators’ historic run in the 2017 Stanley Cup Finals to the 46th annual CMA Music Festival that brought $57.7 million in direct visitor spending to the nightly concerts at Ryman Auditorium, downtown is …
CLEBURNE, TEXAS — La Moderna, Mexico’s largest pasta manufacturer, has opened a $50 million production facility in Cleburne, roughly 30 miles south of Fort Worth. The 150,000-square-foot property, which took three years to build, is situated on 16.5 acres and will serve as the company’s U.S. headquarters. Specific features include office space with conference rooms and elevated workstations, as well as food safety and production analysis labs. The rail-served facility is capable of producing nearly 4,000 tons of pasta per month and will ultimately account for the creation of 400 direct and indirect new jobs in Cleburne.
HOUSTON — Arch-Con, a general contractor with offices in Dallas and Houston, is underway on construction of a 251-unit multifamily community within Redemption Square, a 52-acre mixed-use district in northeast Houston. Designed by Steinberg Dickey Collaborative LLP and Looney Ricks Kiss, the project will feature 17,000 square feet of retail space. Amenities will include a 75-foot pool, fitness center, a dog park, business center and multiple outdoor grilling areas. McCord Development is developing the property, which is expected to be complete by the end of 2019.
SAN ANTONIO — Skyview Advisors, a Tampa-based brokerage firm specializing in self-storage, has brokered the sale of a 763-unit Extra Space Storage facility in San Antonio. Approximately 97 percent of the units at the Class A facility are climate-controlled. The property sold during lease-up at 50 percent physical occupancy, according to Ryan Clark of Skyview, who represented the seller in the transaction. California-based FollettUSA purchased the property for an undisclosed price.
DALLAS — Greysteel has negotiated the sale of The Bailiwick and Tree Top, two multifamily properties totaling 96 units in the Oak Lawn area of Dallas. The Bailiwick was built in 1972, totals 59 units and features a pool and laundry services. Tree Top was built in 1966 and features 37 units. Doug Banerjee, Boyan Radic, Andrew Mueller and Andrew Hanson of Greysteel arranged the sale, other terms of which were not disclosed.
HOUSTON — Moody Rambin has arranged the sale of a 19,200-square-foot warehouse situated on 1.4 acres at 3511 Jensen Drive on Houston’s north side. Zachary Taylor and Doyle Toups of Moody Rambin represented the buyer in the transaction. The seller and sales price were not disclosed.
