PLANO, TEXAS — Dallas-based development firm Heady Investments has broken ground on Headquarters II, a project in Plano that will deliver two 14-story office buildings totaling 450,000 square feet. Designed by O’Brien Architects, the development will be located in the Legacy area and will also feature parking garages and a hotel. The Dallas Morning News reports that the project will have a construction period lasting 19 months.
SPRING, TEXAS — Bellomy & Co. has arranged the sale of Gleannloch Storage, a 601-unit self-storage facility located in the northern Houston suburb of Spring. The property offers more than 202,500 net rentable square feet and features climate-controlled units and boat/RV storage spaces. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, Gleannloch Storage LLC, in the transaction. The buyer was an undisclosed, out-of-state operator.
WILLOW PARK, TEXAS — Olympus Property has acquired The Village at Crown Park, a 258-unit apartment community in Willow Park, located about 25 miles west of Fort Worth. Built in 2015, the Class A property includes 50 townhomes and features two pools, outdoor grilling areas, a children’s play area, basketball and volleyball courts, fitness center, movie theater and a game room. The seller was not disclosed.
BENBROOK, TEXAS — Transwestern has negotiated the sale of a 76,625-square-foot industrial asset located in 7471 Benbrook Parkway in Benbrook, located on the southern outskirts of Fort Worth. Todd Hawpe, Jack Huff and Grant Huff of Transwestern represented the seller, Mayfair Investments LLC, and procured the buyer, Texas-based investment firm Fort Capital.
GRAHAM, TEXAS — Stream Realty Partners has brokered the sale-leaseback of a 44,833-square-foot office/industrial property in Graham, about 90 miles northwest of Fort Worth. Todd Noonan of Stream represented the seller/tenant, Dallas-based digital solutions company SpotSee, in the transaction. The City of Economic Improvement Corp. purchased the property for an undisclosed price.
LAWRENCEVILLE, GA. — A joint venture between George Berkow Inc., Novare Group and Batson-Cook Development Co. (BCDC) has broken ground on SouthLawn, a $200 million mixed-use project in Lawrenceville, roughly 32 miles northeast of Atlanta. The project will include more than 600 multifamily units, 15,000 square feet of retail space and a town green near the city’s downtown square. SouthLawn will create a walkable environment by connecting City Hall and the police station with Lawrenceville Lawn, a city park. The residential component, led by George Berkow, will include three- and four-story apartments and townhomes, as well as single-family detached homes. The apartment component will include two offerings: SouthLawn Luxury Apartment Residences, which will feature an elevated pool area overlooking the entire development, and Conclave, which will feature larger residences, a private pool, club and a fitness center. Citizens Bank is providing financing for the project, along with ELV Associates, BCDC and Novare Group. Phillips Partnership is the architect, Kimley-Horn is the civil engineer and Fortune-Johnson is the general contractor. A construction timeline for the development was not disclosed.
ORLANDO, FLA. — ARA Newmark has brokered the $65.8 million sale of GrandeVille at Jubilee Park, a 330-unit apartment community in Orlando. Patrick Dufour, Scott Ramey and Kevin Judd of ARA Newmark arranged the transaction on behalf of the seller, LeCesse Development Corp. Cortland Partners LLC acquired the asset and will manage the community, renaming it Cortland Jubilee Park. Constructed in 2015, the community features a pool with sundeck, outdoor kitchen, community dog park, fitness center and a clubhouse with a pub and a game room.
SEATTLE — Columbia Pacific Advisors, a Seattle-based investment firm, has agreed to acquire Vancouver, Wash.-based seniors housing owner-operator Hawthorn Retirement Group for an undisclosed price. Hawthorn owns, develops and operates communities located across 20 U.S. states and two Canadian provinces. Hawthorn currently operates 55 communities, with another 24 communities under construction or in pre-development. In addition to the real estate portfolio, the acquisition will include Hawthorn’s management and construction businesses. The principal owners of Hawthorn — Bart Colson, Brad Colson, Norm Brenden and Pat Kennedy — have all known and worked with Columbia Pacific co-founder Dan Baty for many years. Bill Colson and Dan Baty were the primary owners of Holiday Retirement prior to its sale to Fortress Investment Group in 2007. Bart Colson and Brad Colson are Bill’s sons, and Bart was Holiday’s COO for 10 years prior to the sale to Fortress. Norm Brenden and Pat Kennedy were also high-ranking executives at Holiday. “We are buying what we believe to be one of the best senior living companies ahead of a huge and quickly approaching demographic trend of an aging U.S. population,” said Alex Washburn, managing partner and co-founder of Columbia Pacific Advisors. “The Hawthorn platform consists of …
REXBURG, IDAHO — Greystone has provided a $28.2 million Fannie Mae DUS loan for the acquisition of Northpoint Apartments, a student housing property in Rexburg. Dale Holzer of Greystone’s Newport Beach, Calif., office originated the loan for the undisclosed borrower. The loan carries a 10-year term, fixed rate and five years of interest-only payments. Built in 2014, the 154-unit property serves the Brigham Young University-Idaho population with 1,024 student beds. On-site amenities include a private gym, theater, music rooms and community-sponsored activities, such as pizza parties and game nights.
MIAMI — Stambul, a Miami-based full-service construction and development firm, has acquired the Historic Walgreens Building in downtown Miami for $19.8 million. Located at 200 E. Flagler St., the building most recently housed La Epoca, a department store that closed in 2016. Habitat Development Corp., an entity owned by the Alonso family, sold the asset. Mika Mattingly and Gerard Yetming of Colliers International arranged the transaction on behalf of both parties. Stambul, which also restored the nearby Langford Hotel, plans to redevelop the building with high-end retail, dining and entertainment options. A construction timeline for the project was not disclosed. Built in 1936, the Art Deco-style building was the first Walgreens in Florida and the pharmacy chain’s third location outside of Chicago. The building is listed on the National Register of Historic Places and has also earned a historical designation from the City of Miami. Daniel Peña, a principal of Stambul, is also leading the restoration of the Old United States Post Office and Courthouse in downtown Miami. The redeveloped building will house Biscayne Brewing Co.
