NEW CANEY, TEXAS — Signorelli Co. has started construction for the second phase of Valley Town Center, located at 11985 N. Grand Parkway East in New Caney. Slated to open in late 2017, the Phase II will bring 320,000 square feet of retail space to the 1.5 million-square-foot master-planned development. T.J. Maxx, Ross Dress for Less, Rack Room Shoes and PetSmart have preleased space at the new phase. Additionally, Cinemark Theatres is developing a NextGen all-recliner theater at the property. The 10-screen theater will be the first anchor for Valley Ranch Town Center Entertainment District.
ENID, OKLA. — CBRE has arranged the sale of Neilson Square, a shopping center located at 3322-3518 E. Owen K Garriott Road in Enid. Dallas-based Dunhill Partners acquired the 67,837-square-foot property from Louisville, Colo.-based IPS Neilson Square LLC for an undisclosed price. Anchored by Staples and Old Navy, the property was 94 percent occupied at the time of sale. Jason Little and Justin Brannon of CBRE represented the seller, while Basel Bataineh, also of CBRE, assisted with financial analysis and underwriting services for the transaction.
ADDISON, TEXAS — Shinn-Addison Hospitality has opened Home2 Suites by Hilton Dallas Addison, located at 4875 Belt Line Road in Addison. The hotel features 132 suites with fully equipped kitchens and modular furniture, complimentary internet, community spaces, laundry and fitness facilities, a grab-and-go market, outdoor pool, fire pit and barbecue area. Magnolia Lodging manages the property.
IRVING, TEXAS — PMZ Realty Capital has arranged an $11.9 million acquisition loan for TownePlace Suites by Marriott Las Colinas in Irving. The property offers 135 suites in studio, one- and two-bedroom layouts with fully equipped kitchens and free grocery delivery. Additionally, the hotel features a complimentary breakfast buffet, fitness center, outdoor pool and a 340-square-foot meeting room. The name of the borrower was not released.
DECATUR, GA. — South City Partners and general contractor McShane Construction Co. have broken ground on Sam’s Crossing, a 197-unit apartment community located at 2700 E. College Ave. in Decatur’s Avondale Estates district. The wraparound project will be situated within walking distance of MARTA’s Avondale Station and include a five-level, 268-space parking garage. South City Partners recently purchased the 3.2-acre lot from longtime property owner Joe Gargiulo of Candler Investment Group. Gargiulo owns other tracts in the Avondale Estates area for future development. Designed by The Preston Partnership, Sam’s Crossing will feature a clubroom, fitness center, on-site management and leasing office, central courtyard, an acre of green space and a resort-style swimming pool, as well as 8,000 square feet of ground-level retail space. McShane, which is also handling the landscaping and surface parking for the retail portion, expects to deliver Sam’s Crossing in the third quarter of 2018.
BALTIMORE — Enterprise Homes has opened Mulberry at Park Apartments, a $22.3 million multifamily community located in downtown Baltimore’s Bromo Tower Arts & Entertainment District. Managed by Habitat America LLC, the property features 34 one-bedroom units, 27 two-bedroom units and seven three-bedroom units with average rents at roughly $750 per month. The design team for the LEED Silver-certified community includes architect Marks, Thomas Architects and general contractor Harkins Builders Inc. Sustainable features of Mulberry at Park include efficient plumbing fixtures, advanced insulation and air sealing, green roofing, low VOC finishes and Energy Star windows, HVAC systems, lighting and appliances. Community amenities include a cyber café, clubroom, study room, fitness center and an outdoor terrace area. Bank of America provided $15.8 million in construction financing, tax credit equity and permanent financing for the project. Additional financing included $1.5 million from the Maryland Department of Housing and Community Development, $870,000 from Baltimore City and $500,000 from the Federal Home Loan Bank of Atlanta.
POOLER, GA. — L Star Communities, master developer of the 2,588-acre Savannah Quarters development in Pooler, has broken ground on a new Publix store. The 46,000-square-foot supermarket will be situated on a 9.3-acre site in the southwest quadrant of Savannah Quarters at the corner of Blue Moon Crossing and Pooler Parkway, about 10 miles outside of downtown Savannah. The Publix will anchor a shopping center that features additional inline shop space and an outparcel bank, according to the site plan. Publix expects to open the new store by the end of November. The Lakeland, Fla.-based grocer has 1,138 stores in Florida, Georgia, Alabama, Tennessee, South Carolina and North Carolina and had more than $32 billion in sales in 2015.
TAMPA, FLA. — NXT Capital has provided a $29.5 million acquisition loan for 251 units within Crosswynde Apartments, a 453-unit, Class A multifamily property located in Tampa. The remaining units are condominiums. Crosswynde’s community amenities include a clubhouse, fitness center, basketball court, business center, playground, swimming pool, volleyball court and racquetball court. David Horowitz in the New York office of Cooper-Horowitz placed the loan with NXT Capital.
BRANDON, FLA. — Franklin Street has arranged the $7.5 million sale of Brandon Crossroads, a 30,182-square-foot shopping center located at 2050 Badlands Drive in Brandon, a suburb of Tampa. The center’s tenant roster includes Orangetheory Fitness, Amazing Lash, My Gym, Pinot’s Palette and Massage Envy. Joe Morrow of Franklin Street represented the seller, Kennedy Investments Inc., in the transaction. The buyer was Sauteur LLC, a private investor based in Gulfport, Fla. Ryan Derriman of Franklin Street led the leasing assignment for Brandon Crossroads on behalf of Kennedy Investments and elevated the property from 63 percent occupied to fully leased within three years.
GRAND RAPIDS, MICH. — PREIT has unveiled plans to replace the Sears set to close in Woodland Mall with a 90,000-square-foot Von Maur store. This will be the first location for Von Maur in the Grand Rapids area. The portion of the mall to be redeveloped, consisting of Von Maur and additional retail and restaurant space, will open in 2019. Sears currently occupies 313,000 square feet and will close in March. Other tenants at the mall include Apple, Lush, North Face and Pottery Barn. Woodland Mall’s proximity to the high-income communities of Ada, Cascade and East Grand Rapids drives strong retailer and shopper demand.