BROKEN ARROW, OKLA. — Tierpoint, a Missouri-based IT firm, will build a 60,000-square-foot data center that includes infrastructure support and office space in the Tulsa metro of Broken Arrow. The initial phase of construction, which will deliver 30,000 square feet of total space and 16,000 square feet of raised floor, will cost approximately $20 million. Completion is scheduled for late 2017. The property will be TierPoint’s fourth data center in Oklahoma.
SAN ANTONIO — Marcus & Millichap has brokered the sale of The Richland Apartments, a 192-unit multifamily complex located at 7791 Woodchase Drive near the South Texas Medical Center and the University of Texas at San Antonio. Amenities include a pool, 24-hour fitness center and a resident clubhouse with a game room. Will Balthrope, Drew Kile and Jordan Featherston of Marcus & Millichap represented the seller in the transaction and procured the buyer.
DALLAS — Rosebriar Properties has arranged the sale of 4.3 acres within the Stemmons Crossroads, a 50-acre development in Dallas, for the future construction of a Marriott-branded hotel. The new hotel will be the second hospitality development within Stemmons Crossroads this year, the other project being a 103-room Holiday Inn Express. Rob Adams and Bill Hanks of Rosebriar Properties represented the undisclosed buyer in the transaction.
ATLANTA — Hines and Invesco Real Estate have formed a joint venture to develop two office projects within Atlantic Station, a 138-acre mixed-use development in Midtown Atlanta. The projects include T3 West Midtown, a 200,000-square-foot heavy timber office building, and Atlantic Yards, a two-building development spanning 500,000 square feet. Hines will work with Hartshorne Plunkard Architecture as the design architect for both T3 West Midtown and Atlantic Yards. DLR Group will be the architect of record for T3 West Midtown, and Wakefield Beasley & Associates will be the architect of record for Atlantic Yards. The project’s amenities will include fitness, dining, rooftop terraces, bike storage and collaboration areas, in addition to the 550,000-square-foot retail village of Atlantic Station.
ORLANDO, FLA. — CBRE has arranged the $50.7 million sale of Mission Club, a 356-unit apartment community located off International Drive at 6739 Mission Club Blvd. in southwest Orlando. White Eagle Property Group purchased the asset from Mission Club Owner LLC. Built in 1996, the gated property features a clubhouse, sports courts, pool and sundeck, whirlpool spa, 3D surround sound theater, fitness center, business center, playground with a wading pool and private garages. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.
MURFREESBORO, TENN. — Continental Realty Corp. has acquired Bell Murfreesboro, a 320-unit apartment community located at 3920 Puckett Creek Crossing in Murfreesboro, about 35 miles southeast of Nashville. The Baltimore-based investment firm purchased the asset from Bell Partners Inc. for $47.3 million. Built in 2008, the property features a clubhouse, swimming pool, recreational area and a pond. The one-, two- and three-bedroom units average 1,028 square feet, and 73 units feature one- or two-car garages. Russ Oldham, Steve Massey and Brett Kingman of CBRE Nashville represented Bell Partners in the transaction. This is the ninth acquisition for Continental Realty Fund IV, a $164 million fund that purchases value-add retail and multifamily properties in the Mid-Atlantic and Southeast.
LEBANON, TENN. — HSA Commercial Real Estate has signed Geodis Logistics LLC to a 372,181-square-foot lease at Commerce Farms V, a newly built industrial project in Lebanon, a suburb of Nashville. Geodis will use the facility as a worldwide coffee retailer distribution center. HSA Commercial and Washington Capital Management Inc. recently delivered Commerce Farms V, which is located on 41 acres at the junction of State Route 840 and Highway 109 near Interstates 40, 24 and 65. The project features 32-foot clear heights, 26 truck doors and two drive-in doors. Randy Wolcott, Chad Tuck and Joe DeLemos of NorthStar Real Estate Advisors represented HSA Commercial in the lease negotiations with Geodis.
SUNRISE, FLA. — Cushman & Wakefield has arranged the $9.3 million sale of Executive University Courts, a 97,125-square-foot office campus in Broward County. Built in 1987, the six-building, two-story development is located on 5.9 acres at 4300 N. University Drive in Sunrise. Executive University Courts was 84.1 percent leased at the time of sale to tenants such as Strax Rejuvination, Optimum Education Group and Authorized Recovery. Dominic Montazemi, Greg Miller and Scott O’Donnell of Cushman & Wakefield represented the seller, Kas University LLC, in the transaction. MYP Executive LLC purchased the asset for about $96 per square foot.
WEEHAWKEN, N.J. — Avora, a condominium development in Weehawken, has topped out at 11 stories, representing a significant construction milestone for the property, which offers views of midtown Manhattan. Landsea is the developer for the project. When complete, Avora will include 184 units and 6,000 square feet of street-level retail space. Initial occupancy is scheduled for first quarter 2018.
COLUMBUS, OHIO — Covington Group Inc. has acquired a 500,625-square-foot industrial warehouse and distribution facility in Columbus for an undisclosed price. The two-building property is located near the John Glenn Columbus International Airport. A single tenant occupies 70 percent of the property. Covington plans to make improvements to the buildings such as exterior painting, landscaping, new signage and a refocused leasing effort. Covington also acquired an industrial building in Baltimore as part of the same transaction.
