HOUSTON — HFF has closed the sale of Spring Cypress Village, a 101,371-square-foot, grocery-anchored retail center in northwest Houston. HFF marketed the property on behalf of the seller, Delaware Life Insurance Co., formerly kown as Sun Life Assurance Co. of Canada, through its adviser, Guggenheim Partners. Phillips Edison and Co. bought the asset for an undisclosed amount. Spring Cypress Village sits on 15.7 acres at the intersection of State Highway 249 and Spring Cypress Road. The grocery-anchored property was renovated in 2007 and is leased to tenants including Sprouts Farmers Market, Spec’s Liquor, YES Kids Fitness, Wolfies Restaurant & Sports Bar, State Farm Insurance and Earthwise Pet Supply. The HFF team representing the seller included Rusty Tamlyn, Ryan West and Matt Berry.
Property Type
HOUSTON — Songy HighRoads and The Carlyle Group have closed on construction financing and the subdivision of land for a second hotel in the Galleria Place mixed-use project in Houston. Carlyle’s share of the equity comes from Carlyle Realty Partners VI, a $2.34 billion real estate investment fund. The new Hyatt Place will be a 157-room, select-service hotel at the intersection of Sage Road and West Alabama Street near Galleria Mall. It will join the 325-room Hyatt Regency full-service hotel, which broke ground last December. Both hotels are expected to be completed in the fourth quarter of 2015. Amegy Bank provided construction financing. Gensler performed Hyatt Place’s architectural design. McCarthy Construction is the general contractor. The site spans 7.6 acres.
RICHARDSON, TEXAS — KDC and JLB Partners have started construction on two apartment complexes at CityLine, a 186-acre mixed-use development in Richardson. The 532 units will be within walking distance of four office towers leased by State Farm. Both complexes will front Plano Road and are near Dallas Area Rapid Transit’s Bush Turnpike Station. The northern four-story community will feature 233 units above 20,000 square feet of ground-floor retail. The five-story southern project will contain 299 units located at the corner of CityLine Drive and Plano Road. The apartments will include one-, two- and three-bedroom floor plans ranging in size from 573 to 1,550 square feet. Community amenities include a pool, fitness center, resident lounge and business center. Construction is expected to be completed in the second quarter of 2015. Regions Bank and Capital One are providing financing.
MOUNT PLEASANT, S.C. — Daniel Corp. has broken ground on Bridgeside at Patriots Point, a 324-unit apartment community in Mount Pleasant. Daniel Corp. is developing the asset on behalf of MetLife Inc. and plans to deliver it in the spring of 2016. The property will feature one- and two-bedroom floorplans and offer views of Charleston Harbour. The community will include covered parking, a resort-inspired clubhouse, pool area, fitness center and gardens. The project team includes general contractor Choate Construction Co., civil engineer Seamon Whiteside & Associates and architect Wakefield Beasley & Associates.
WESTON, FLA. — CBRE has arranged the $32.3 million sale of Weston Road Shopping Center, a 105,929-square-foot retail center located at 4410 Weston Road at the entrance of the city of Weston. An institutional investor purchased the asset from Coral Gables-based Game Properties. The property is roughly 98 percent leased to tenants such as Office Depot, AC Moore, Sprint, Dunkin’ Donuts, AT&T, Pinch-A-Penny, Honey Baked Ham and T-Mobile. Dennis Carson, David Donnellan and Casey Rosen of CBRE represented Game Properties in the transaction.
KENNESAW, GA. — Cushman & Wakefield has arranged the sale of TownPark Ravine, a three-building, 367,090-square-foot office park in the northern Atlanta suburb of Kennesaw. The office park provides immediate access to Interstates 75 and 575. David Meline, Stewart Calhoun, Samir Idris and Casey Masters of Cushman & Wakefield represented the seller, Taylor & Mathis Inc., in the transaction. The purchase price was not disclosed. Cushman & Wakefield also arranged a $41.1 million acquisition loan on behalf of the buyer, America’s Capital Partners LLC. Mike Ryan, Brian Linnihan, Jeff Walker and Larry Johnson of Cushman & Wakefield arranged the long-term, fixed-rate loan through GE Capital Corp.
SIMPSONVILLE, S.C. — NAI Earle Furman has brokered the $4.9 million sale of Village Park Apartments, a 132-unit complex located at 110 Village Park Drive in Simpsonville. Built in 1976, the asset was 96 percent occupied at the time of the sale. Tony Bonitati and Kay Hill of NAI Earle Furman represented the seller, Gastonia, N.C.-based Southwood Realty, in the transaction. The buyer was Brooklyn-based Two Bridges Asset Management LLC.
ALPHARETTA, GA. — Lavista Associates Inc. has arranged the sale of Shiloh Crossing, a two-building, 71,640-square-foot industrial facility in Alpharetta, a northern suburb of Atlanta. The property, located in The Meadows, a Class A business park, was fully leased at the time of the sale. Will Grogan and Charlie Fiveash of Lavista represented the owner and developer, Childress Klein Properties, in the transaction. The buyer was Passive Income Fund, a private REIT based in Australia.
MIDDLETOWN, PA. — Woodmont Industrial Partners (WIP) has completed site demolition and started construction for 200 Capital Lane, a 400,000-square-foot warehouse building. The new facility is part of Capital Logistics Center, a six-building, 1.6 million-square-foot industrial complex situated on 100 acres in Middletown. WIP demolished two 1950s-era buildings within the park and plans to construct two LEED-certified, Class A warehouse facilities totaling approximately 530,000 square feet. 200 Capital Lane is slated for completion this December, with 300 Capital Lane following shortly after. As the largest building within the park, 200 Capital Lane will feature T-5 lighting, an ESFR sprinkler system, 87 dock doors, two drive-in doors and 36-foot clear heights. A joint venture between WIP and AEW Capital Management acquired the property in June 2013. AEW acquired the property on behalf of AEW Partners VI. Michael Hess, Patrick Lafferty and Bart Anderson of CBRE are marketing and leasing the property.
NEW YORK CITY — New York-based Ismael Leyva Architects has provided architectural and interior design services for 66 Rockwell, a high-rise residential tower located at 29 Flatbush Ave. in Brooklyn. Developed by the Dermont Co., the 42-story tower will feature 337,00 square feet and 326 residential units. The building will feature a Sky Lounge on the 42nd floor with a bar, fireplace and outdoor cabanas, a fitness center offering Bikram Yoga, library, country kitchen, sports bar and game and golf simulator rooms, as well as a terrace with a projector for large-screen movie viewing. The property also offers storage space, a bike room and a 135-car parking garage. The residential tower is slated for completion this fall.