BARNEGAT, N.J. — Walters Homes, a New Jersey-based developer, has broken ground on Laurel Oaks Apartments, an affordable housing community in Barnegat. Situated between Barnegat Boulevard and Rose Hill Road, the project will feature 94 apartment homes in four buildings. Amenities will include a playground, basketball court, fitness center and on-site parking. The income-restricted housing project is slated to open in the summer of 2013.
BRIDGEPORT, N.J. — A partnership between Hillwood Investment Properties and Brookfield Asset Management has acquired a 600,000-square-foot distribution building at Pureland Industrial Park in Bridgeport. The property was developed in 1991 and includes 42-by-42 foot column spacing and potential for future rail access. The building is located at 200 Birch Creek, less than two miles from Exit 10 off Interstate 295.
WATERBURY, CONN. — VBF LLC has acquired a mixed-use property at 380 West Main St. in Waterbury for $1.4 million. The property, originally constructed as the Waterbury Hotel in 1910, was converted to apartment use in the 1980s. The building includes 49 apartments and six retail stores totaling 13,300 square feet. The apartments were 95 percent occupied and the retail space was fully occupied at the time of sale. Rick Chozick and Steve Pappas Chozick Realty represented the seller, Rational Real Estate IV LLC in the transaction. They also procured the buyer.
WILMINGTON, DEL. — PCCP has arranged a $30 million senior loan for the recapitalization of Justison Landing, a 241-unit apartment property at 321 Justison St. in Wilmington. Buccini-Pollin Group constructed the property in 2008 along the Christina River. The borrower is a joint venture led by New York City-based AllianceBernstein U.S. Real Estate Partners.
HOUSTON — Hines and its joint venture partner Hines Global REIT have broken ground on the 322-unit, seven-story WaterWall Place, a luxury multifamily community located on a three-acre site at the northeast corner of Hidalgo Street and McCue Road in Uptown Houston. Urban Oaks Builders is the general contractor and Wallace Garcia Wilson of Jackson Ryan designed the 316,000-square-foot complex, which will form a U shape surrounding a grand courtyard space. WaterWall Place will overlook Gerald D. Hines Waterwall Park. Amenities will include a resort-style swimming pool, fitness center, business center and seventh-level sky lounge. The new community is designed to achieve LEED Silver certification. Units are slated for occupancy in November 2013 and the community is slated for a June 2014 completion.
FORT WORTH — Dallas-based Fountain Residential Partners has begun construction of the 77-unit, 147-bed LoftVue, a student housing community located between McCart Avenue and Forest Park Boulevard in Fort Worth, one block from Texas Christian University's (TCU) campus. Units in the new community will feature granite countertops, high-end finishings, stainless steel appliances, an electronic key system, 50-inch flat screen TVs and a loft-style design throughout. Amenities will include an H2O deck with cabanas, an outdoor fireplace, entertainment kitchen, fitness center, clubhouse, study room, two electric vehicle charging stations and underground parking. LoftVue is Fountain's second student housing development near TCU, joining The Vue on University, which is fully occupied. Stuart Roosth Architects designed LoftVue and Centerpoint Builders is the general contractor.
AUSTIN — MFPB Ed Bluestein LLC, comprised of several real estate investors, has sold a large portion of a 935,255-square-foot, nine-building campus, located at 3501 Ed Bluestein Blvd. in southeast Austin. The seller, Freescale Semiconductor, once housed the facility. Helen Jobes of Kennedy Wilson represented the buyer in the transaction. Royce Lacey and Alan Lacey of NAI REOC Austin represented the seller. The buyer plans to spend capital to upgrade the decades-old facility.
HOUSTON — Marcus & Millichap has arranged the sale of a 2,854-square-foot Wendy's, located at 12486 NW Freeway in Houston, for $1.15 million. Edward Benton of Marcus & Millichap's Houston office represented the buyer, a private investor, in the transaction.
DALLAS — JPMorgan Chase Bank has renewed its 7,374-square-foot lease at Parkway Plaza II, an office building located in Dallas' Quorum/Bent Tree submarket. The location serves as a retail branch and offers a drive-thru service. Bob Buell, Louis Weber and Rena Chappell of Fults Commercial Real Estate represented the landlord, Merit Texas Properties, in the lease renewal transaction. Larry Denisoff of The Weitzman Group represented the tenant.
IMPERIAL BEACH, CALIF. – A 14,884-square-foot retail property occupied by CVS in Imperial Beach has sold to Drooz Trust for $7 million. It is located at 800 Palm. Drooz was represented by Hamid Soroudi and Kimberly Roberts Stepp of Charles Dunn Company. The seller, Imperial Beach Promenade, LLC was represented by Alvin Mansour and Sam Hanna of Marcus & Millichap.
