HOUSTON — Marcus & Millichap has arranged the sale of Broadway Shopping Center, a 6,793-square-foot retail property located in Houston. Gus Lagos and Alex Bouchard of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, an individual/personal trust partnership. Lagos and Bouchard also secured the buyer, a limited liability company. Broadway Shopping Center is located at 3933 Broadway St.
SAN ANTONIO — CycleBar, an indoor cycling studio, will open its first San Antonio studio on Sept. 26 in a 3,000-square-foot space in Village at Stone Oak. The specialty retail center is located at 22602 U.S. Highway 281 N. Marcus Shaffer with The Weitzman Group handled negotiations for CycleBar. Tenants at Village at Stone Oak include Alamo Drafthouse Cinema, James Avery, Bar Louie, Victoria’s Secret, 54th Street Grill & Bar, Target, HomeGoods, Hobby Lobby, DSW and World Market. CycleBar’s rides offer a full-body workout and cardio exercise. The company provides shoes, water bottles and snacks at no extra cost, as well as secure storage and a locker room with robes, wet clothing bags and toiletries.
FREDERICK, MD. — Wagman Construction has completed construction of The Lodge at Willow Ponds, a new independent living expansion on the Willow Ponds continuing care retirement community (CCRC) campus in Frederick, approximately 50 miles west of Baltimore. Homewood Retirement Centers of the United Church of Christ owns the CCRC, which is located on over 100 acres. The $50 million expansion project added a four-story, 277,000-square-foot building totaling 150 apartments and patio homes. An additional 50 units may be added in the future. Noelker and Hull served as lead architect and designer on the project. Wagman is a construction firm with offices in Pennsylvania and Virginia. Homewood is a faith-based operator with communities throughout Pennsylvania and Maryland.
CHARLOTTE, N.C. — Raleigh-based MJM Group plans to develop a new $45 million, dual-branded Marriott hotel project in Charlotte. Located at 9110 Harris Corners Parkway, the seven-story property will feature a 94-room Courtyard by Marriott and a 94-room Marriott Residence Inn. Construction is slated to begin this month and wrap up by March 2018. The 130,000-square-foot property will feature a shared lobby, bistro, two patio areas, outdoor swimming pool, exercise room and meeting rooms. The project team includes architect The Lawrence Group, interior designer Gray Design and general contractor Whiting-Turner Contracting Co. Paramount Lodging Advisors advised MJM Group in the development, and Live Oak Bank provided construction financing. Midas Hospitality will manage the hotel upon completion.
PEMBROKE PINES, FLA. — Terra has closed on its $15.9 million purchase of 17.2 acres of land in Pembroke Pines for Phase I of the 47-acre Pines City Center. Upon completion in 2017, the project will comprise 300,000 square feet of retail, entertainment and restaurant space, as well as apartment residences. The project will be built in two phases, with Phase I featuring 200,000 square feet of Publix-anchored retail space and Phase II featuring 100,000 square feet of commercial space and 385 apartments. Pines City Center will be situated at the southwest corner of Pines Boulevard and Palm Avenue, adjacent to a $60 million civic center the city of Pembroke Pines is building.
TAMPA, FLA. — Marcus & Millichap has brokered the $30 million sale of a four-property apartment portfolio in Tampa. The properties include the 70-unit Palm River Apartments, the 122-unit Laurel Chase, the 228-unit Rivertree Landing and the 232-unit Puritan Place. Michael Donaldson and Nicholas Meoli of Marcus & Millichap’s Tampa office represented the seller and procured the buyer.
MARIETTA, GA. — Emma Capital Investments Inc. has purchased two apartment communities in Marietta, a northern suburb of Atlanta, for a combined $15.7 million. The two properties include the 144-unit Somerpoint Apartments located at 1788 Austell Road and the 100-unit Brix on Beech located at 16 Beech Road S.E. Emma Capital plans to invest in upgrades for the two properties. This is Emma Capital’s 17th and 18th acquisitions in the United States and brings its total units acquired to date to approximately 4,000.
CHATSWORTH, CALIF. — Marcus & Millichap has brokered the $72.5 million sale of Waterstone Apartment Homes, a 348-unit multifamily community located in Chatsworth, roughly 30 miles outside Los Angeles. The property was built in 1971 at 9901 Lurline Ave. The community is located one block south of the 615,400-square-foot Westfield Topanga shopping mall and approximately one mile away from the Chatsworth Metrolink station. Waterstone offers studio, one- and two-bedroom units with community amenities including lighted tennis courts; barbecue and picnic area with fire pit; clubhouse with billiards; a fitness center; pool and hot tub; and laundry facilities. Greg Harris, Ron Harris, Kevin Green, Joseph Grabiec and Paul Darrow of Marcus & Millichap’s IPA division represented the seller and procured the buyer in the transaction. Both parties were undisclosed. “The acquisition gives the new ownership the ability to complete a strategic renovation in a market where there is a significant affordability gap to home ownership, and strong demand for high-end rental housing,” says Green. — Katie Sloan
Retail development in the St. Louis metro area continues to gain momentum. Rental rates are strong, with triple-net asking rents averaging $12.30 per square foot, and are expected to trend upward as the retail market continues to grow. Absorption of existing product along with multiple new developments has created a positive forecast for the St. Louis retail market. In the second quarter of 2016, the St. Louis retail vacancy rate dropped to 5.9 percent from 6.1 percent the previous quarter with positive net absorption of 449,056 square feet. Leasing ramps up Contributing to the healthy retail market are several tenants moving into large blocks of space including two 41,921-square-foot Walmart Neighborhood Market stores now open in St. Peters. Among other store openings: • At Home has announced two 100,000-square-foot locations on the site of a former Walmart in Town & Country and a former K-Mart in O’Fallon, Mo. • Academy Sports will open two 62,000-square-foot locations in Manchester and O’Fallon, Ill. • Camping World will move into 34,710 square feet in Wentzville. • Stein Mart will occupy 31,000 square feet in Town & Country. • Bob’s Discount Furniture has signed a 28,035-square-foot lease in Manchester and a 30,000-square-foot lease at …
SEATTLE — Cushman & Wakefield has arranged $145 million in acquisition financing for Merrill Gardens, which will use the funds to purchase a 456-unit seniors housing portfolio on the West Coast. Merrill Gardens, a seniors housing owner-operator based in Seattle, already operates the four communities that it will now own, along with a joint venture partner that was not named. The portfolio includes properties in the high-barrier-to-entry markets of Orange County, San Francisco, Silicon Valley and downtown Seattle. The properties acquired are Merrill Gardens of Huntington Beach, Merrill Gardens at Lafayette, Merrill Gardens at Campbell, and Merrill Gardens at First Hill. The communities offer independent living, assisted living and memory care. Cornerstone Real Estate Advisors, acting on behalf of an institutional investor, provided the $145 million in long-term financing. The Cushman & Wakefield team, which arranged both the loan and the transaction, included Richard Swartz, managing director; Jay Wagner, managing director; Aaron Rosenzweig, senior director; Michael Kane, senior director; and Timothy Hosmer, director.