FORT WORTH AND AUSTIN, TEXAS — Fort Worth-based homebuilder D.R. Horton Inc. has entered into a merger agreement with Austin-based residential and mixed-use developer Forestar Group Inc. Under the terms of the agreement, D.R. Horton will acquire 75 percent of Forestar’s outstanding shares for $17.75 per share in cash. Forestar has approximately 42 million outstanding shares, according to The Wall Street Journal, giving the transaction a value of roughly $558 million.
AUSTIN AND SAN ANTONIO — The QuikTrip Corp. will open more than 100 new gas and convenience store locations in the Austin and San Antonio areas beginning in the summer of 2018, according to a social media announcement from the company. Exact locations were not disclosed. The Tulsa-based chain, which first entered Texas in 1999, currently operates 134 locations throughout the Dallas-Fort Worth area.
SPRING, TEXAS — Berkadia has arranged the sale of Modera Spring Town Center, a 396-unit multifamily asset located at 21801 Northcrest Drive in Spring. Developed in 2014, the garden-style property offers a mix of one, two- and three-bedroom units. Ryan Epstein, Jennifer Ray, Wes Breeding and Scott Bray of Berkadia represented the seller and developer, Mill Creek Residential, in the transaction. Abbey Residential Services Inc. purchased the property for an undisclosed price.
FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of a 40,304-square-foot retail property in Fort Worth. Located at 7300 Rosewood St., the property is net-leased to automotive repair firm Caliber Collision. Vincent Knipp of Marcus & Millichap represented the seller, a private investor, in the transaction. Other terms of sale were not disclosed
RICHARDSON, TEXAS — EDGE Realty Capital Markets has brokered the sale of 1910 N. Collins Blvd., a 7,580-square-foot office building located at the intersection of North Collins Boulevard and West Campbell Road in Richardson. Stroud Arthur of EDGE represented the seller, 1910 N. Collins Medical LP, in the transaction. Linda Marver Trust acquired the asset for an undisclosed price.
WALPOLE, MASS. — Siemens has broken ground on a 300,000-square-foot expansion and renovation at Siemens Healthineers, a manufacturing and R&D facility in Walpole, about 27 miles southwest of Boston. Over the next four years Siemens plans to invest $300 million in the facility, which was built in 1979 and last renovated and expanded in 2007. The project scope will include manufacturing, warehouse, office and laboratory space. The expansion will generate 700 new high-tech, permanent jobs, bringing the total employment at the site to between 1,300 to 1,600 by 2026.
CUMBERLAND, R.I. — CBRE/New England has arranged the sale of Cumberland Crossing, a garden-style apartment community located at 100 Crossing Drive in Cumberland. An affiliate of Jones Street Investment Partners acquired the 288-unit property for an undisclosed price. Completed in 2001, the 12-building community features 84 one-bedroom units, 204 two-bedroom units and a clubhouse. Simon Butler and Biria St. John of CBRE/New England represented the undisclosed seller and procured the buyer in the deal.
NEW YORK CITY — Alpha Realty has arranged the sales of two separate apartment buildings in the East Flatbush Section of Brooklyn. A private local investor acquired a 12,800-square-foot, 16-unit apartment building at 5601 Snyder Ave. for $3 million. A different private investor purchased a 21,000-square-foot, 26-unit apartment building at 545-555 E. 82nd St. for $4 million. Lev Mavashev of Alpha Realty represented the buyers and seller, Up Realty, in the off-market transaction.
NEW HAVEN, CONN. — CCP Real Estate Partner has completed the disposition of Georgetown Apartments, a 32-unit multifamily property located at 241 Quinnipiac Ave. in New Haven. New York-based Loggerhead Investment Group acquired the community for $3.1 million. The property features 16 two-bedroom flats and 16 two-bedroom townhouse units with parking. Bradley Balletto and Mallory Chila of Northeast Private Client Group represented the seller and sourced the buyer in the transaction.
CRANSTON, R.I. — Sweeney Real Estate & Appraisal has arranged the sale of a three-story, multi-tenanted office building located at 1150 New London Ave. in Cranston. New London Real Estate sold the 24,586-square-foot property to Vancass Holdings LLC for $2 million. Thomas Sweeney of Sweeney Real Estate & Appraisal brokered the deal.
