CHARLOTTE, N.C. — Crescent Communities has unveiled plans for Crescent Montford Park, a mixed-use community in south Charlotte’s Montford Park neighborhood. The project will be developed at the site of the former Pfeiffer University Charlotte and will feature 337 apartments and 17,000 square feet of retail space. Atlanta-based Fortune-Johnson is the community’s general contractor, Charlotte-based LandDesign is the civil engineer and KTGY Architecture is leading the development’s design. Interiors for the community were designed by Vignette Interior Design. Adam Williams of Legacy Real Estate Advisors will manage retail leasing of the property, which is slated for completion in spring 2019.
FORT WORTH, TEXAS — Criterion Property Co. LP has broken ground on The River East, a 322,000-square-foot mixed-use project situated on 2.5 acres at 2900 Race St. in Fort Worth. The project will deliver a 181-unit apartment tower, with units ranging in size from 600 to 1,331 square feet, as well as 3,000 square feet of retail and restaurant space, according to The Dallas Business Journal. A timetable for completion has not yet been established.
SAN ANTONIO — The Mansour Group at Marcus & Millichap has brokered the sale of Hotel Valencia and Retail Net Leased Condos in the River Walk area of San Antonio. The hotel property and accompanying retail condos are located at 150 E. Houston St. The property was leased to The Valencia Group on a long-term NNN lease. The Mansour Group represented the seller, GrayStreet Partners, in the transaction. An out-of-state private investor purchased the asset.
NORMAN, OKLA. — CBRE has negotiated the sale of Colonial Estates, a 104,022-square-foot shopping center located at the intersection of Lindsey Street and 12th Avenue in Norman. The property was 88 percent leased at the time of sale to tenants such as CitiTrends, Dollar General and Rent-a-Center. Jason Little, Justin Brannon, Mark Inman, Stuart Graham and Ryan Storer of CBRE represented the seller in the transaction. Waco-based Hoppenstein Properties Inc. purchased the asset for an undisclosed price.
HOUSTON — LMI Capital has arranged $16.2 million in financing for a trio of multifamily properties totaling 418 units at locations in the greater Houston area, including the Baytown, Aldine and Galveston County submarkets. Brandon Brown and Jamie Mullin of LMI arranged the loans, all of which featured sub-4.8 percent interest rates and were financed through agency and CMBS lenders. The borrowers in all three transactions requested anonymity.
LEAGUE CITY AND THE WOODLANDS, TEXAS — Colliers International has arranged the sale of two healthcare facilities in metro Houston. Beth Young of Colliers represented the seller in the disposition of South Shore Surgicenter, a 7,365-square-foot ambulatory surgical center and diagnostic clinic located at 2622 Marina Bay Drive in League City. Elena Bakina of Colliers represented Integra Plaza LLC in its sale of a 14,573-square-foot medical office and surgery center located at 3072 College Park Drive in The Woodlands. Sales prices were not disclosed for either transaction.
AURORA, COLO. — Inland Real Estate Group has purchased the 480-unit Conifer Creek Apartments in Aurora for $95 million. The community is located on two parcels at 2205 S. Racine Way and 12775 E. Pacific Drive. Conifer Creek contains 53 buildings with one- and two-bedroom units. Each unit includes a wood-burning fireplace, energy-efficient appliances, nine-foot vaulted ceilings, a full-size washer and dryer and an oversized balcony or patio. The property also features community amenities, including a newly constructed clubhouse with WiFi, two outdoor resort-style swimming pools, two spas, a fitness center, a bicycle/jogging path, barbecue grills, a business center and pet-friendly amenities. The apartment complex is 96 percent occupied. Matt Tice and Brett Smith of Inland Real Estate Acquisitions executed the transaction.
PHOENIX — BH Equities has acquired the 432-unit Arcadia Cove Apartments in Phoenix for $71.5 million. The community is located at 2252 N. 44th St. Arcadia Cove was built in 1996. It recently underwent a renovation that includes exterior upgrades to the pool and spas. Barbecue pits, outdoor television monitors and Wi-Fi connections were also installed. Upgrades also occurred in the fitness room, Internet café and clubhouse, which now includes iPad stations. Cindy and Brad Cooke of Colliers International represented the seller, Bascom Arizona Ventures (Bascom Group), in this transaction.
SAN FRANCISCO — The Gymboree Corporation, following an evaluation of its retail footprint, plans to close approximately 350 stores, mainly across the Gymboree and Crazy 8 brands. The San Francisco-based company hopes to focus its resources on locations with the greatest potential and improve profitability. The company has partnered with Great American Group and Tiger Group to help manage the closing sales in its Gymboree, Gymboree Outlet and Crazy 8 stores. The closing sales at affected stores are scheduled to begin on July 18, 2017. Kirkland & Ellis LLP is serving as the company’s legal counsel, AlixPartners LLP is serving as its financial advisor and Lazard is serving as its investment bank. As of April 29, 2017, the company operated 1,281 retail stores: 582 Gymboree stores, 172 Gymboree Outlet stores, 149 Janie and Jack shops and 378 Crazy 8 stores.
WESTMINSTER, COLO. — A joint venture between Conor Commercial Real Estate and WHI Real Estate Partners has broken ground on Park 12 Hundred Tech Center, a 324,000-square-foot industrial center in Westminster. The center will be situated on a 26-acre infill parcel within the Park 12 Hundred mixed-use business park. Park 12 Hundred Tech Center will contain four buildings that will incorporate ESFR sprinkler systems, flexible office space and sizable truck courts for optimal maneuverability. It is scheduled for completion in the second quarter of 2018. McShane Construction Co. and Ware Malcomb are providing the design-build construction services for the center. Chris Ball and Joe Krahn of Cushman & Wakefield represent the exclusive marketing team.