Property Type

The Richland Cos. Acquires Retail Complex in Houston

by Haisten Willis January 28, 2016

HOUSTON — The Richland Cos. has acquired Lakes on Eldridge Centre in Houston. Located at 5630 N. Eldridge Parkway, the 30,049-square-foot retail center sits on 2.1 acres. Lakes on Eldridge Centre includes five entrances, two monument signs and is the only retail center located at the intersection. Tenants include the Dr. Shirazo dentist office, West Houston Animal Clinic, Professional Dry Cleaners, Tiny Treasures Child Care, Houston Faith Church, Edward Jones & Co. Financial Planning, 1st Community Credit Union, U Break I Phix, Rose’s Nails, Hair & Skin Care and several restaurants. The complex is 95 percent occupied. Richland will assume management responsibilities of the property.

January 28, 2016

Domus Development to Open $27.7M Student Housing at Texas-RGV

by Haisten Willis January 28, 2016

EDINBURG, TEXAS — Domus Development is bringing a $27.7 million, off-campus student housing community to Edinburg in August 2017. The Dallas-based developer will break ground in May 2016 on Legends Edinburg, which will bring 566 beds to the apartments market near The University of Texas Rio Grande Valley in Edinburg. The complex will be located on the corner of Chapin Street and Sugar Road with amenities including a salt water pool, sand volleyball court, study rooms, a clubhouse with game room and a computer lounge. Floorplans will include one-, two- and four-bedroom options. The individual apartments will come fully furnished with granite countertops, ceiling fans and full-size washer and dryer units. The entire property is equipped with high-speed Wi-Fi, and will employ an on-site maintenance and management staff. Legends Edinburg will be the second off-campus purpose-built student housing community in the area.

January 28, 2016

Multifamily New York Northeast Student Housing

United Group to Develop 268-Bed Student Housing Property at Hudson Valley Community College in New York

by Amy Works January 28, 2016

TROY, N.Y. — Hudson Valley Community College (HVCC) has selected Troy-based United Group to develop a student housing community at the corner of Morrison and Vandenburgh avenues in Troy. Located within walking distance to HVCC’s campus, the proposed College Suites at Hudson Valley will house 268 students and feature a fitness center, laundry facilities, bike storage and on-site management offices. Additionally, each of the 72 apartment suites will be fully furnished and include all utilities.

January 28, 2016

Massachusetts Multifamily Northeast

CBRE Global Investors Fund Acquires 274-Unit Multifamily Property in Massachusetts

by Amy Works January 28, 2016

MARLBOROUGH, MASS. — CBRE Strategic Partners U.S. Value 7 fund has acquired Bell Wheeler Hill, a multifamily property located at 21 Austen Way in Marlborough. The 274-unit, garden-style apartment was sold for an undisclosed price. At the time of sale, the community was 94 percent occupied. The fund plans to upgrade and rebrand the property as The Heights at Wheeler Hill. The name of the seller was not released.

January 28, 2016

Mixed-Use Multifamily New York Northeast Retail

Thor Equities Acquires 55,000 SF Mixed-Use Property in Harlem

by Amy Works January 28, 2016

NEW YORK CITY — Thor Equities has acquired a 55,000-square-foot mixed-use property located at 556-566 W. 126th St. in Harlem for an undisclosed price. The six-story property features 58 apartments and five commercial units with more than 100 feet of retail frontage. Additionally, the property is adjacent to the new $7 billion, 17-acre expansion of Columbia University and in close proximity to Morningside Park, Barnard College, Teachers College and Columbia’s main campus. The name of the seller was not released.

January 28, 2016

Multifamily Southeast Virginia

Starwood Capital, Milestone Close $1.9B Acquisition of Landmark Apartment Trust

by John Nelson January 28, 2016

RICHMOND, VA. — In a previously announced transaction, Monument Partners LLC, an entity owned by Starwood Capital Group and Milestone Apartments Real Estate Investment Trust, has closed the $1.9 billion acquisition of Richmond-based Landmark Apartment Trust Inc. Landmark is a multifamily REIT with assets located in metropolitan areas throughout the Southern U.S., including Dallas, Atlanta, Orland, Tampa, Charlotte and Nashville. Landmark owns or has an ownership position in approximately 24,000 apartment units and provides management services for an additional 883 units owned by affiliates. Under the terms of the deal, Starwood Global Opportunity Fund X, through a controlled affiliate, will acquire Landmark Apartment Trust’s ownership interest in 19,615 units in 63 apartment communities. Milestone — which will acquire 4,172 units in 15 assets as part of the transaction — will serve as property manager for Starwood’s portion of the portfolio.

January 28, 2016

Tribute Portfolio Element by Westin Hotel Fort Lauderdale

Florida Hospitality Southeast

Tutor Perini to Build Dual-Branded Hotel Property in Downtown Fort Lauderdale

by John Nelson January 28, 2016

FORT LAUDERDALE, FLA. — Wurzak Hotel Group and DoveHill have selected Tutor Perini Building Corp. to construct a dual-branded Tribute Portfolio and Element by Westin hotel in downtown Fort Lauderdale. The new 24-story tower will feature a 209-room Tribute Portfolio hotel and a 114-room Element by Westin hotel. The property will also feature a rooftop lounge and restaurant, pool, gymnasium, parking within the projectg, ground-level retail space, a ballroom and several meeting rooms. Tutor Perini expects to break ground in the spring and wrap up construction in the fall of 2017.

January 28, 2016

5850 Peachtree Industrial Blvd Peachtree Corners

Georgia Industrial Southeast

Avison Young Brokers $9.4M Sale of Industrial Property in Metro Atlanta for High School Conversion

by John Nelson January 28, 2016

PEACHTREE CORNERS, GA. — Avison Young has brokered the $9.4 million sale of a 221,000-square-foot industrial facility located at 5850 Peachtree Industrial Blvd. in Peachtree Corners, a northeastern suburb of Atlanta. Chip Watson and Brent Weitnauer of Avison Young’s Atlanta office represented the seller, Makim Holdings, in the transaction. The buyer, Gwinnett County Schools, plans to convert the facility and surrounding 20 acres of land into a new high school.

January 28, 2016

Multifamily Southeast Virginia

Coldwell Banker Arranges $3.8M Sale of Multifamily Site in Virginia

by John Nelson January 28, 2016

FREDERICKSBURG, VA. — Coldwell Banker Commercial Elite has brokered the $3.8 million sale of an 11-acre multifamily site in Fredericksburg. The parcel is located off Noble Way close to the Wegmans at Celebrate Virginia and the 2.2 million-square-foot Central Park Power Center. The buyer, Hampton at Noble LP, a division of S.L. Nusbaum Realty Co., plans to develop a 128-unit luxury apartment community at the site. The property, known as Valor, will feature one-, two- and three-bedroom units with granite countertops and other high-end finishes. Community amenities will include a clubhouse, resort-style swimming pool, fitness center and outdoor grilling area. Hampton at Noble plans to deliver the clubhouse in the fourth quarter and deliver Valor’s first units in the first quarter of 2017. Brian Cunningham of Coldwell Banker Commercial Elite brokered the transaction.

January 28, 2016

Georgia Retail Southeast

The Boulder Group Brokers $3.6M Sale of CVS/pharmacy in Metro Atlanta

by John Nelson January 28, 2016

DECATUR, GA. — The Boulder Group has arranged the $3.6 million sale of a 10,125-square-foot CVS/pharmacy located at 4037 Glenwood Road in Decatur, a suburb of Atlanta. Originally built in 1999, the asset has 21 years remaining on a recently extended lease, which features five five-year renewal option periods with 5 percent rental escalations in each period. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a real estate institution based in Atlanta’s East Cobb district, in the transaction. The buyer was a high net worth family trust.

January 28, 2016

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