NEW YORK CITY — IPsoft Inc. has renewed and expanded its lease at RFR Realty’s 17 State Street, a 42-story office tower located in Manhattan. The artificial intelligence company renewed its 97,955-square-foot lease and expanded to add 41,687 square feet of space on floors 16, 19 and 20. AJ Camhi of RFR Realty, along with Mitch Knosker of JLL, represented the landlord, while Rob Lowe of Cushman & Wakefield represented the tenant in deal.
HOUSTON — Columbia Property Trust has exited the Houston market with the $272 million sale of its three-property portfolio to Spear Street Capital. Totaling 1.2 million square feet, the assets include 5 Houston Center, a 581,000-square-foot office building at 1401 McKinney St.; Energy Center I, a 332,000-square-foot office building at 585 N. Dairy Ashford Road; and 515 Post Oak Boulevard, a 12-story, 274,000-square-foot office building located in Houston’s Galleria submarket. Atlanta-based Columbia Property Trust will use the proceeds to reinvest in its high-barrier target markets.
PLANO, TEXAS — A joint venture between High Street Residential and Principal Real Estate Investors is developing The Residences at Legacy, a 25-story, 372,734-square-foot residential tower within Legacy Tower Center in Plano. The property will feature 300 apartment units in one-, two- and three-bedroom layouts ranging in size from 661 square feet to more than 3,000 square feet. Additionally, the property will offer more than 14,500 square feet of indoor amenity space, including a 2,383-square-foot fitness center, conference rooms, business center, lounge, media room, an entertaining kitchen and bike storage. Outdoor amenities include two pools, courtyards, water features, fire pits, grilling areas and a dog park. Construction in slated to begin this month. Project members include Good Fulton & Farrell as architect, Waldrop + Nichols Studio as interior designer, The Office of James Burnett as landscape architect and Andres Construction as general contractor. Wells Fargo Bank provided construction financing.
SAN ANTONIO — The Bascom Group has purchased Redlands Apartments, a Class A apartment community located in San Antonio’s Stone Oak submarket, for an undisclosed price. The property comprises 15 residential buildings, totaling 280 units in a mix of one-, two- and three-bedroom layouts, and a standalone leasing center. Community amenities include a fitness center, swimming pool, volleyball and basketball courts, barbecues, picnic areas, a children’s playground, pet park and clubhouse with a business center. De’On Collins, John Brownlee and Charles Halladay of HFF arranged debt financing for the transaction. James D’Argenio provided in-house representation for Bascom Group.
SAN ANTONIO — Innovative Multi-Family Investments LLC has purchased a two-property multifamily portfolio in San Antonio for $11 million. The portfolio includes the 153-unit Crestwood Apartments, located at 5009 Royalgate Drive, and the 130-unit Whitewood Oaks Apartments, located at 200 Whitewood St. Totaling 205,587 square feet, the properties were built in the 1960s and feature a swimming pool, clubhouse and picnic areas. Innovative Multi-Family Investments will manage the properties. Cody Courtney of Berkadia San Antonio brokered the transaction. The name of the seller was not released.
HOUSTON — Cypressbrook Co. has arranged two leases in Houston totaling 19,740 square feet. In the first lease, D&M Auto Leasing, a Dallas-Fort Worth-based auto leasing company, leased 14,420 square feet of office space at 4635 Southwest Freeway in Houston from EP Office Holding LP. John Hornbuckle of Cypressbrook Co. represented the landlord, while Kevin Saxe of CBRE represented the tenant in the deal. In the second lease, Houston Custom Metal Works, a prototyping and light production facility, renewed and expanded to 5,500 square feet of warehouse space at 1105-1111 Upland Drive in Houston. Greg Usher of Cypressbrook Co. represented the tenant, while Sandra Wolters of Whitestone REIT represented the landlord, Whitestone Industrial-Office LLC, in the transaction.
SUNRISE, FLA. — Tutor Perini Corp.’s subsidiary, Tutor Perini Building Corp., has signed a contract with Metropica Development LLC valued at approximately $72 million to construct the first of eight residential towers at Metropica in Broward County. Located at 1800 N.W. 136th Ave. in Sunrise, the 28-story residential tower will feature 263 units and 10 penthouses, a resort-style pool, indoor game room, a 24-hour fitness center, massage therapy rooms, tennis courts, movie theater and a parking garage. The entire development will comprise approximately 697,947 square feet. Construction is underway and expected to wrap up in August 2018.
CHATTANOOGA, TENN. — CBL & Associates Properties Inc. plans to redevelop four Macy’s anchor locations in its portfolio that will close at the end of March. The Macy’s stores were announced to be closing by Macy’s last week. The four locations include Jefferson Mall in Louisville, Ky.; Layton Hills Mall in Layton, Utah; Parkdale Mall in Beaumont, Texas; and Eastland Mall in Bloomington, Ill. CBL will replace the Macy’s at Layton Hills Mall with a new anchor retailer, which will open its new store by the end of the year. Macy’s Inc. currently owns the other three locations and will sell them to CBL for a total of $5 million. In addition to these four locations, Macy’s will close its store at River Ridge Mall in Lynchburg, Va., in which CBL holds a minority interest. The majority owner of the mall will handle the acquisition and redevelopment of this store.
ALEXANDRIA, VA. — The Howard Hughes Corp. has purchased a Macy’s store and parking field at Landmark Mall in Alexandria for an undisclosed price. The Macy’s at Landmark Mall is one of 68 stores announced to be closing by Macy’s last week. The company plans to transform the enclosed mall and the Macy’s parcel into an open-air, mixed-use community with retail, residential and entertainment components. The new Landmark will feature multiple plazas and green spaces, outdoor seating, an updated transit center, seasonal entertainment, public art, numerous full-service and fast-casual dining options and an upscale movie theater. The Howard Hughes Corp. is planning to close the interior portion of Landmark Mall at the end of January. A definitive timeline for the redevelopment has not been finalized.
FORT LAUDERDALE AND MIAMI, FLA. — Alliance Residential Co. plans to open two of its Broadstone properties in South Florida. The projects include the 394-unit Broadstone Harbor Beach located at 1721 S.E. 17th St. in Fort Lauderdale and the 372-unit Broadstone at Brickell located at 255 S.W. 11th St. in Miami’s Brickell district. Broadstone Harbor Beach’s studio, one- and two-bedroom units are currently pre-leasing, with leases starting from $1,650 to $3,875, and feature open nine-foot ceilings, private balconies and patios and chef-quality kitchens. Units at the 24-story Broadstone at Brickell range from studios to two-bed, two-and-a-half-bath townhomes, which are now pre-leasing at rates ranging from $1,759 to $3,760, and feature well-equipped kitchens, custom cabinets, tile flooring throughout common living spaces and upscale bathrooms. Both properties feature a private movie theater, fitness center with a yoga studio and boxing ring and a resort-style pool with an outdoor lounge and cabanas. Additional amenities at the Fort Lauderdale property include a courtyard with outdoor games, outdoor shower, dog park and a massage room, and the Miami property features bike repair and storage, a pet spa, 24-hour business center and a cyber café.
