FORT WORTH, TEXAS — CBRE has brokered the sale of an 11.8-acre site with multiple buildings at 7100 Oakmont Blvd. in Fort Worth. The asset includes a 113,000-square-foot former hospital building and a 12,000-square-foot former power plant. Fort Worth-based TCRG Properties LLC purchased the site for an undisclosed price with a plan to redevelop the assets for lease. The property, formerly occupied by Baylor All Saints Medical Center, is located in southwest Fort Worth. Inwood Bank provided acquisition financing. Bob Scully and Nanci Johnson-Plump with CBRE’s Fort Worth office represented the seller, Rainier Realty Investments. Ryan Wood with TCRG represented the buyer internally.
DALLAS — Woods Capital has assumed property management duties for Thanksgiving Tower, a 50-story office building located in the Main Street district of downtown Dallas. Dallas-based Woods Capital, in partnership with Third Point Opportunities Master Fund, acquired Thanksgiving Tower in 2013 and has undertaken renovations on the property over the last two years.
JERSEY CITY, N.J. — Roseland Residential Trust, a subsidiary of Mack-Cali Realty Corp., has opened M2 at Marbella, a residential tower located at 401 Washington Blvd. in downtown Jersey City. The 39-story property features 311 studio, one-, two- and three-bedroom apartment units. The property also features an 800-square-foot rooftop terrace, a 1,200-square-foot event room, a sky lounge, a 1,700-square-foot club room with lounge and billiard table, a conference room, two fitness centers with a yoga studio, a children’s playroom, an on-site concierge, an on-site dog run and a bike storage.
NEW YORK CITY — Madison Realty Capital has provided a $16.3 million loan to recapitalize a 26,965-square-foot retail condominium located at 68 Elizabeth St. in Manhattan’s Chinatown neighborhood. The retail condo is located on the lower floors of an 81,961-square-foot mixed-use building with 81 residential condominiums units on the upper floors. The retail space is currently occupied by Hong Kong Supermarket and Salon De Tops. The name of the borrower was not released.
NEW YORK CITY — Cignature Realty Associates has arranged the sale of a multifamily building located at 548 W. 164th St. in Washington Heights. Barberry Rose Management Co. acquired the 54-unit property for $16 million, or $283 per square foot. Built in 1910, the 56,634-square-foot property features one studio unit, 24 two-bedroom units, 12 three-bedroom units and 17 four-bedroom units. Lazer Sternell and Peter Vanderpool represented the buyer and the seller, Hillcrest Acquisitions LLC, in the deal.
NEW YORK CITY — The innovative and lifestyle products retailer Brookstone Inc. has retained New York-based RCS Real Estate Advisors to operate as its outsourced real estate department. RCS will work with Brookstone to manage its entire retail real estate portfolio and help the company develop growth strategies for its holiday pop-up stores and outlet locations. RCS will be responsible for all lease negotiations, site selection and implementation of Brookstone’s growth plans.
PORTLAND, ORE. — Resource Real Estate Opportunity REIT II has purchased the 357-unit Breckenridge Apartment Homes in Portland for an undisclosed sum. The community is located at 8150 S.W. Barnes Road. It was built in 1985. The REIT plans to implement a value-add strategy to improve the property’s exterior, common areas and unit interiors.
PHOENIX — Realscape Asset Holdings has purchased a 51,809-square-foot office building in Phoenix for $11.7 million. The Class A building is located at 5055 E. Washington St. It was fully occupied at the time of sale. Eric Wichterman, Mike Coover, Bob Buckley, Steve Lindley, Tracy Cartledge and Adam Tolson of Cushman & Wakefield represented both the buyer and the seller, Irgens Development Partners, in this transaction.
HANFORD, CALIF. — Fresno, Calif.-based developer 198/43 LLC has broken ground for a 150,000-square-foot Costco as part of the first phase of Hanford Marketplace in Hanford. Located on Lacy Boulevard, the Costco is slated to open in early November. The remainder of Hanford Marketplace’s first phase, including one to two freestanding pads and one to two multi-tenant pads, is scheduled for completion in mid-2017. The timing of the additional phases for the 450,000-square-foot, master-planned development will depend on initial lease up.
ORLANDO, FLA. — DiamondRock Hospitality Co. has sold the Orlando Airport Marriott Lakeside for approximately $67 million. The 485-room hotel is located at 7499 Augusta National Drive, roughly three miles from Orlando International Airport. The hotel features 29,700 square feet of event space, an indoor pool, outdoor pool, internet TV in every room offering Netflix and Hulu, the Crimson Tavern restaurant and a 24-hour fitness center. In 2015, the hotel generated revenue per available room (RevPAR) of $92, the lowest RevPAR in DiamondRock’s portfolio. DiamondRock Hospitality is a REIT that owns 28 upscale hotels spanning approximately 10,400 rooms.