HOUSTON — A partnership between local developer Hanover Co. and Transwestern Investment Group (TIG) has broken ground on Kirby 288, a 213,425-square-foot speculative industrial project in South Houston. The development will feature a cross-dock configuration, 36-foot clear heights and excess trailer storage. Powers Brown is the project architect, and Kimley-Horn is the civil engineer. Colliers is the leasing agent. Completion is slated for the second quarter of next year.
RICHMOND, TEXAS — Sprouts Farmers Market has opened a 29,105-square-foot grocery store in Richmond, a southwestern suburb of Houston. The Phoenix-based grocer joins LA Fitness, At Home and Academy Sports + Outdoors as the anchor tenants at Waterview Town Center, a 134-acre development located at the intersection of Grand Parkway and Harlem Road. Local developer Read King owns Waterview Town Center.
HOUSTON — Stream Realty Partners has brokered the sale of a 27,500-square-foot industrial building in North Houston. According to LoopNet Inc., the building at 608 W. Richey Road was built on 5.9 acres in 1982. Jon Farris of Stream represented the seller, Superior Energy Services, in the transaction. Andrew Laycock of Partners Real Estate represented the buyer, Axis Partners.
NEW YORK CITY — A joint venture between Baltimore-based MCB Real Estate and New York-based Osiris Ventures will undertake a $100 million retail redevelopment project in the Bay Ridge area of Brooklyn. The joint venture acquired the 14-lot assemblage at 458 86th St., which formerly housed a Century 21 department store that first opened in the 1960s, for $47.5 million. The redevelopment, which will be known as Century Marketplace, will involve reconstructing the multi-story structures facing 86th Street to create a two-story structure that aligns with the existing rear building on 87th Street. A new interior atrium fronting 86th Street will also be added, and the new development will ultimately feature 95,000 square feet of retail space with a grocery anchor. Ethan Stanton, Jeffrey Julien, Brendan Maddigan and Michael Mazzara of JLL represented the seller, ASG Equities, in the transaction. Construction is expected to begin before the end of the year.
NEW YORK CITY — A partnership between Bowery Residents’ Committee (BRC), Camber Property Group and the NYC Department of Social Services has completed a $100 million affordable housing project in the Far Rockaway area of Queens. The Robert C. Woods Apartments offers 147 permanently affordable residences and also houses the Wanda Patterson Women’s Residence, a 100-bed shelter reserved for single women. The units mix includes 125 studios, 88 of which are supportive housing for formerly homeless individuals, nine one-bedroom apartments and 13 two-bedroom residences. The other units are reserved for renters earning between 30 and 60 percent of the area median income. Residents have access to social service programming space, a community room, outdoor recreational space, bike storage, building-wide Wi-Fi and a laundry room.
Ellis Partners, Baupost Group Buy 460,000 SF Multi-Building Office Campus in Santa Clara, California
SANTA CLARA, CALIF. — Ellis Partners, in partnership with The Baupost Group, has purchased Campus at Scott, a Class A office campus in Santa Clara, from New York-based Clarion Partners for an undisclosed price. The three-building, 460,000-square-foot property is located at 3315, 3325 and 3355 Scott Blvd. The partnership plans to upgrade the asset’s amenities including fitness, food and outdoor areas.
HESPERIA, CALIF. — Newcastle Partners has broken ground on an industrial development located at 9260 Mesa Linda St. in Hesperia. Situated on 18.3 acres with immediate access to I-15, the project will offer 406,138 square feet of Class A industrial space. Ryan Lal and Dante Borruso of Voit Real Estate Services are overseeing all marketing, sales and leasing efforts for the property.
GLENDALE, CALIF. — Marcus & Millichap has arranged the sale of a vacant retail building located on 2.4 acres at South Central Avenue and Chevy Chase Drive in Glendale. Aria Investments LLC sold the asset to the City of Glendale for $24 million. The city plans to develop a park and recreation center on the site, which includes a 33,818-square-foot retail building formerly occupied by JoAnn Fabrics. Sheila Alimadadian of Marcus & Millichap represented the seller and procured the buyer in the deal.
SAN DIEGO — Pacific Coast Commercial Real Estate has negotiated the sale of Del Oro Apartments, a value-add multifamily property in San Diego’s Hillcrest neighborhood. John Lopez and Cheryl Lopez acquired the asset from an undisclosed seller for $4.5 million. Citizens Private Bank provided acquisition financing for the buyers. Located at 3748-3772 Tenth Ave. and 918 Robinson Ave., Del Oro Apartments consists of an 18-unit apartment building and an adjacent duplex. The properties offers 15 studios averaging 326 square feet and five one-bedroom/one-bath units averaging 447 square feet. Zoned RM-3-9, the property also features nine garages. Ken Robak and David Dilday of Pacific Coast Commercial represented the seller, while Patti McKelvey of Coldwell Bank West represented the buyers in the transaction. Chicago Title Co. managed escrow and title services.
DENVER — Pinnacle Real Estate Advisors has directed the $2.9 million sale of an industrial building located at 4571 Ivy St. in Denver. Mark Alley of Pinnacle handled the transaction. The names of the buyer and seller were not released. The 15,500-square-foot building features a secure yard for outdoor storage.