HOUSTON — Austin-based investment firm The PPA Group, in a partnership with a private Israeli investment company, has acquired Citation North Apartment Homes, a 236-unit multifamily property in north Houston. Situated on eight acres at 411 Highland Cross Drive, the Class C property will be rebranded as Highland Cross Apartments. Grandbridge Real Estate Capital brokered the transaction.
TYLER, TEXAS — Abby Development has acquired 16 acres on Grand Boulevard near the intersection of Old Jacksonville Highway in Tyler for the development of Auberge of Tyler, a 234-unit, Class A multifamily community. Amenities will include a stocked fishing lake, saltwater pool, 24-hour fitness center, resident coffee bar and a yoga studio. Construction is scheduled to begin in late 2017, and completion is slated for the first quarter of 2019.
DALLAS — NAI Robert Lynn has secured a new industrial headquarters for food service distributor Taxco Produce at the North Texas Food Bank Building, a 108,000-square-foot property located at 4204 Dan Morton Drive in Dallas. Taxco, which previously operated out of 1718 S. Good Latimer Expressway, will move into its new space in early 2018. Matt Elliott of NAI Robert Lynn represented Taxco in the lease negotiations.
AUSTIN, TEXAS — Equitable Commercial Realty (ECR) has negotiated a 16,444-square-foot lease on behalf of engineering firm Cobb, Fendley & Associates Inc. at Centennial Towers, an office property located at 505 E. Huntland Drive in Austin. Matt Levin and Jason Steinberg of ECR represented the landlord in the transaction. Jason Whittington of NAI Partners represented the tenant.
BLOOMINGTON, ILL. — Stage Equity Partners has acquired The Center for Outpatient Medicine (TCOM) in Bloomington for $14.5 million. The 45,150-square-foot multi-specialty outpatient surgical center is located at 2502 East Empire St. The property is 100 percent leased to TCOM, which is majority owned by Advocate Health Care and Carle Clinic as well as 18 physicians. Stage purchased the asset from the physician owners of TCOM in a sale-leaseback transaction. MB Financial provided the financing.
RAPID CITY, S.D. — Home2 Suites by Hilton Rapid City has opened near Interstate 90 at 621 WaTiki Way. The hotel features 107 suites with fully equipped kitchens. Amenities include complimentary Internet, laundry, fitness area and daily breakfast. Liv Hospitality LLC owns and manages the hotel.
JOLIET, ILL. — Peak Construction has broken ground on Building 14 in IDI Gazeley’s Rock Run Business Park in Joliet. The 291,728-square-foot speculative building will feature 36-foot clear heights, 38 dock doors, 234 parking spots and 88 trailer stalls. Completion is slated for this November. Peak teamed up with Sparks Architects Inc. and Jacob & Hefner Associates for civil engineering services on the project.
PERRYSBURG, OHIO — Reichle Klein Group has brokered the sale of a medical office building in Perrysburg, 11 miles south of Toledo, for $3.9 million. The 27,672-square-foot building is located at 1103 Village Square Drive. Marty Gallagher of Reichle Klein Group represented the seller, Walbridge Investors LLC. Silvana Graff of Sperry Van Ness represented the buyer, CHCT Ohio LLC.
FAIRFIELD, OHIO — Cooper Commercial Investment Group has arranged the sale of a net leased Starbucks property in Fairfield, a suburb of Cincinnati, for $1.7 million. The property was newly constructed in 2017 and includes an initial lease term of 10 years. Dan Cooper of Cooper Commercial represented the undisclosed seller. The buyer was based in Michigan.
ARLINGTON, VA. — Jefferson Apartment Group has acquired a 0.6-acre site at 40000 Fairfax Drive in Arlington’s Rosslyn-Ballston area for the development of a new high-rise apartment tower. The 22-story property will be situated at the corner of Fairfax Drive and North Quincy Street and feature 264 below-grade parking spaces and 8,260 square feet of ground-level retail space. The site is approved for up to 330 residential units. Planned amenities at the yet-to-be-named property include a rooftop swimming pool, fitness center, clubroom, rooftop outdoor lounge and 24/7 concierge services. Jefferson Apartment Group plans to break ground in the fourth quarter and pursue LEED Gold certification. The McLean, Va.-based developer is building the high-rise in a joint venture with Mitsui Fudosan America Inc. (MFA), a U.S. subsidiary of a publicly traded Japanese real estate company. MFA is providing equity to the project.
