FORT WORTH, TEXAS — Consolidated-Tomoka Land Co., a Florida-based real estate investment firm, has purchased WestCliff Center, a 136,185-square-foot shopping center located at 3563 Alton Road in Fort Worth, from RD Management for roughly $15 million. Situated on 10.3 acres and located less than a mile from Texas Christian University, the property is divided into three contiguous parcels, the asset encompasses four single-tenant properties and one multi-tenant property. The shopping center is currently 96 percent leased to tenants such as Albertsons, which occupies the anchoring 39,000-square-foot property; Cook Children’s Health Foundation, which leases the second largest property, a 38,000-square-foot office building; and Dollar General and Ace Hardware, which share the 55,000-square-foot, multi-tenant building. DuWest Realty represented the buyer in the transaction.
HUNTSVILLE. TEXAS — The Preiss Co., a Raleigh, N.C.-based firm specializing in student housing development, has acquired Gateway at Huntsville, a 160-unit complex located at 5050 Sam Houston Ave. in Huntsville, roughly an hour north of Houston. Situated on a 12-acre site about a mile from Sam Houston State University, the property consists of six four-story buildings comprising 416 bedrooms and bathrooms. In addition to a swimming pool, grilling station and basketball and volleyball courts, the complex also offers a complimentary shuttle to and from campus.
SPRING, TEXAS — EDGE Capital Markets has brokered the sale of West Rayford Retail Center, an 18,512-square-foot, multi-tenant retail asset in Spring, a northern suburb of Houston. Located at 8633 W. Rayford Road, the property is currently leased to tenants such as Sherwin Williams and Lush & Co. Spa. Josh Jacobs and Burdette Huffman of EDGE represented the seller, LSP Rayford LLC, while Sumner Hollingsworth of Hollingsworth & Associates represented the undisclosed buyer.
DALLAS — Colliers International Group Inc. has closed the sale of Meadow Central, a 179,184-square-foot office complex located at 10260 and 10300 N. Central Expressway in north Dallas. The property was 91 percent occupied at the time of sale. Creighton Stark and Chris Boyd of Colliers represented the sellers, Sunwest Real Estate Group and Libitzky Property Cos., which acquired the property in 2010. The representative of the buyer, Ascent Real Estate Advisors LLC, was not disclosed.
TEXAS CITY, TEXAS — CBRE Hotels has arranged the sale of a Holiday Inn Express & Suites, located at 2440 Gulf Freeway in Texas City, a submarket of Houston. Peet Hotels Inc. sold the 70-room property, just off Interstate 45 between Houston and Galveston, to Texas City Hospitality LLC for an undisclosed price. Eric Guerrero, Michael Yu, Rahul Bijlani and Dennis Drake of CBRE represented both the buyer and seller in the transaction.
NEW YORK CITY — Jonathan Rose Cos. is purchasing Forest City Realty Trust’s affordable housing business in a deal valued at more than $500 million. The acquisition includes 48 affordable housing communities in seven states, totaling nearly 8,500 units; Forest City Capital, an MAP-designated FHA lender; and Forest City’s affordable housing property management group. The purchase will bring Jonathan Rose Cos.’s total unit count to more than 15,000 nationwide and expand its operations to 15 states and the District of Columbia. The properties, management company and mortgage company will be rebranded with the Rose Communities name. The management company will be renamed Rose Community Management and the finance company will become Rose Community Capital. The transactions are scheduled to close throughout the first and second quarter. The management company and Forest City Capital are slated to transfer on March 1. The acquisitions have been approved by Forest City’s board and the closings, which require HUD approvals, will continue through the spring.
PHILADELPHIA — Dallas-based TIER REIT has completed the sale of Three Parkway, an office building located in Philadelphia’s Center City district. An unrelated third party acquired the property for $95 million. The building features 561,000 square feet of office space. The sale marks TIER REIT’s exit from the Philadelphia market.
WHITE PLAINS, N.Y. — Urstadt Biddle Properties has completed the disposition of its Westchester Pavilion property, a former power center mall in White Plains. Maple and Broadway Holdings, a subsidiary of Lennar Corp. through its Lennar Multi-Family Communities, acquired the site for $56.6 million. The buyer plans to raze the property and develop a high-end, mixed-used property with residential and retail space.
NEW YORK CITY — Hornig Capital Partners and Brickman Real Estate are redeveloping a former box manufacturing building into Box Factory, an office and retail property located at 1519 Decatur St. on the Queens-Brooklyn border of Ridgewood and Bushwick. Fogarty Finger Architecture is designing the $10 million renovation, which will bring 55,570 square feet of office space and 7,430 square feet of retail space to the area. Completion is slated for June 2017. ABS Partners Real Estate is marketing the office portion of the project, while Ripco Realty is marketing the retail portion.
PHILADELPHIA — Marcus & Millichap has arranged the sale of an apartment building located at 1925-1927 Spring Garden St. in Philadelphia’s Spring Garden neighborhood. An undisclosed seller sold the property for $2.1 million. The building features 12 one-bedroom units. Mike Maxwell and Dana Newton of Marcus & Millichap represented the seller and procured the undisclosed buyer in the deal.