GALVESTON, TEXAS — Hunt Cos. and Texas A&M at Galveston have entered into agreements for the design, development and construction of a proposed 612-bed, $45 million on-campus Maritime Academy Cadet Residence Hall. This is the first project Hunt and Texas A&M have developed together. Hunt is serving as the master developer, while Hunt affiliate Moss & Associates will operate as the design-build contractor for the residence hall. Construction is slated for completion in the fall of 2015.
Property Type
GREENVILLE, TEXAS — Marcus & Millichap has arranged the sale of United Dialysis Center, a 7,420-square-foot office property in Greenville. Terms of the sale were not released. Geoff Ficke and Chris Adams with Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. An outside broker represented the 1031 tax-deferred exchange buyer. United Dialysis Center is located at 4309 Ridgecrest Road in Greenville, just south of U.S. Highway 380 and adjacent to Hunt Regional Healthcare Hospital. The property is 100 percent occupied.
PLANO, TEXAS — The Woodmont Co. has completed the sale of a newly constructed 14,500-square-foot retail property occupied by Walgreens in Plano, a suburb of Dallas. Brad Cruickshank and Randy Bell of The Woodmont Co. represented the seller, Plano Spring Creek Partners, in the transaction. The buyer, a California-based private investor, was represented by Patrick McCaughey and Ted Gallagher of Cassidy Turley/Terranomics. The property traded at a 5.3 percent cap rate. It is situated on 1.4 acres of land at 6324 Custer Road. and is an outparcel to the Custer Creek Shopping Center.
MANOR, TEXAS — Hunington Properties Inc. has arranged he sale of the Shops at Shadow Glen, a 15,438-square-foot shopping center in Manor. The project sits on 2.5 acres at the northwest corner of the intersection of Shadow Glen Boulevard and Highway 290. Edward A. Benton and Hunington Properties sold the property on behalf of a Houston developer. The buyer was a local investor from Austin. Hunington Properties will continue to manage and lease the property.
MIAMI — A joint venture between Duncan Hillsley Capital and Pebb Capital has partnered with Canyon Capital Realty Advisors to acquire the retail component of Downtown Dadeland, a 127,000-square-foot retail and dining destination in Miami across Kendall Drive from Dadeland Mall. The investors purchased the asset for $38.9 million. The new ownership has selected Continental Real Estate Cos. to lease and manage the property. Completed in 2009, Downtown Dadeland is 71 percent leased to tenants such as West Elm, Chil’s Bar & Grill, Men’s Wearhouse and Panera Bread.
PASADENA, MD. — A joint venture between The Dolben Co. and Klein Enterprises, named Stoney Creek Phase I LLC, has purchased The Reserve at Stoney Creek, a 90-unit, Class A apartment community in Pasadena, for $15 million. The property is located near the intersection of Maryland Route 100 and Maryland Route 10. Construction on Phase II of The Reserve at Stoney Creek will begin in the third quarter.
ST. MARYS, GA. — Ackerman & Co. has arranged the $10 million sale of Harbor Pines Apartments, a 200-unit multifamily community located in St. Marys, roughly 38 miles north of Jacksonville, Fla. The asset was 94 percent occupied at the time of the sale. Chitra Subbarayan and Andy Sutton of Ackerman & Co. represented the seller, Harbor Pines Partnership Inc., in the transaction. The buyer was a private investment firm based in New York.
FRANKLIN, TENN. — HFF has arranged the sale of Franklin Marriott Cool Springs, a 300-room hotel located at 700 Cool Springs Blvd. in the Cool Springs office district in Franklin, a suburb of Nashville. The hotel includes three restaurants, a fitness center, business center, indoor pool and three concierge floors. The hotel is connected to the Cool Springs Conference Center. Daniel Peek, K.C. Patel and Cyrus Vazifdar of HFF represented the seller in the transaction.
DORAL, FLA. — Blanca Commercial Real Estate has arranged a 50,363-square-foot lease for warehouse space at Prologis Beacon Centre, located at 8578 N.W. 23rd St. in Doral, a suburb of Miami. Juan Ruiz of Blanca represented the tenant, NeutraLogistics LLC, a logistics firm specializing in freight management, imports, exports, trucking and brokerage. George Pino and Ed Lyden of State Street Realty represented the landlord, Prologis.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of the leasehold at 840 Westchester Avenue, a commercial building in the Morrisania section of the Bronx. The newly constructed property sold to a local investor in a 1031 exchange for $18.4 million. The two-story property features 174 feet of prime Westchester Avenue frontage, 53,705 square feet of above-grade space for four office and retail units, 24,300 square feet of below-grade space for a 74-space parking garage, and 83,321 square feet of air rights. Victor Sozio, Scot Hirschfield, Jason Gold and Shimon Shkury of Ariel Property Advisors represented the seller, an affiliate of Columbus Pacific Properties, and procured the buyer in the transaction.