DALLAS AND GREENWICH, CONN. — CBRE Group Inc. has created a special purpose acquisition company (SPAC) known as CBRE Acquisition Holdings Inc. to merge with solar energy provider Altus Power Inc. and take the company public in a transaction valued at $1.58 billion. Altus Power is a Connecticut-based owner and operator of clean energy that has acquired or constructed more than 200 solar energy generation facilities across the country since its founding in 2009. CBRE Group, based in Dallas, is the world’s largest commercial real estate services company with 7 billion square feet of commercial real estate under management. Under the terms of the agreement, a cohort of institutional investors including existing owner Blackstone Credit will purchase $275 million in Altus Power common stock through a private investment in public equity (PIPE) agreement. The deal is expected to close in the fourth quarter, subject to customary closing conditions The transaction is expected to generate gross proceeds of up to approximately $678 million of cash for Altus Power, which will keep its existing leadership team in place as company ownership shifts. The entity will trade on the New York Stock Exchange under the new ticker symbol “AMPS.” “CBRE is excited to …
SAN ANTONIO — The NRP Group, a Cleveland-based developer, will build two affordable housing properties totaling 666 units in San Antonio. Seven07 Lofts will feature 318 units in one-, two-, three- and four-bedroom floor plans that will be restricted to renters earning between 40 and 70 percent of the area median income (AMI). Amenities at Seven07 Lofts will include a fitness center and a pool. Frontera Crossing will total 348 residences with the same unit configurations and rental restrictions. NRP Group is co-developing the properties with the San Antonio Housing Facility Corp. Kyle Kolesar of KeyBank Community Development Lending and Investment (CDLI) secured $46.6 million in financing for Seven07 Lofts and $60.6 million in financing for Frontera Crossing on behalf of NRP Group.
DALLAS — A partnership between Velocis and Sumitomo Corp. of America, the New York City-based subsidiary of Tokyo-based Sumitomo Corp., will develop two industrial projects totaling 850,000 square feet in Dallas. The partnership acquired development sites in the South Dallas and Great Southwest submarkets. Construction timelines have not yet been established. Velocis is a private equity real estate fund manager based in Dallas.
RICHARDSON, TEXAS — MCR, a New York City-based hospitality owner-operator, has acquired the Courtyard by Marriott Dallas Plano/Richardson and the Residence Inn by Marriott Dallas Plano/Richardson. The two hotels total 261 rooms and are located on the northeastern outskirts of Dallas. Both hotels offer pools, fitness centers and convenience stores. MCR acquired the properties as part of a five-hotel portfolio deal that carried a price tag of $94 million.
FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Summit at Landry Way, a 224-unit apartment community in Fort Worth. Built in 1978, the property sits on a 12-acre tract just off Interstate 30 near the downtown area. According to Apartments.com, the property features studio, one-, two- and three-bedroom units and amenities such as a pool, tennis court, picnic area and onsite laundry facilities. Drew Kile, Joey Tumminello, Will Balthrope and Asher Hall of IPA collaborated with Marcus & Millichap’s Tommy Lovell III, Nick Fluellen and Bard Hoover to represent the seller, Miami-based One Real Estate Investment, in the transaction. The team also procured the buyer, Aspen Capital Group Inc., a private equity firm based in southwest Florida, which will implement a value-add program.
HOUSTON — Locally based developer Medistar Corp. and partner Healthcare Trust of America (NYSE: HTA) have topped out construction of Life Tower, a 714-bed student housing building that is part of the new three-tower Texas A&M Innovation Plaza campus in Houston. The project is transit-connected and is situated adjacent to the Texas Medical Center. CIM Group provided $135.8 million in construction financing for the 19-story, 483-unit student housing building. The Carlton Group of New York City served as the loan arranger for the construction financing. In June, construction began on Horizon Tower, a 17-story, 485,000-square-foot medical/biomedical tower and a new 13-level parking garage that will house 2,638 spaces and 15,200 square feet of retail space. Life Tower, Horizon Tower, the new garage and amenities will complement and support the Texas A&M Engineering-Medicine (EnMed) program. Completion of the student housing tower is slated for summer 2022, enabling medical, nursing and engineering students to move in prior to the fall 2022 academic semester. Horizon Tower is now leasing through Tim Relyea and Bill Hartman with Cushman & Wakefield, and scheduled for an early 2023 completion. At $550 million in total investment, Texas A&M Innovation Plaza is the largest public-private partnership of the …
ODESSA, TEXAS — JLL has negotiated the sale of Winwood Town Center, a 365,559-square-foot regional shopping center located in the West Texas city of Odessa. The property sits on 40.4 acres and was 100 percent leased at the time of sale. Tenants include regional grocer H-E-B, Target, Ross Dress for Less, dd’s Discounts, Office Depot and Michaels. Restaurant users include Chick-fil-A, Jack in the Box and Taco Bell. Chris Gerard, Ryan Shore and Barry Brown of JLL represented the seller, Brixmor Property Group, in the transaction. Colby Mueck, Ryan West and Clint Coe of JLL arranged a 10-year acquisition loan through Frost Bank on behalf of the buyer, Houston-based Fidelis Realty Partners.
HOUSTON — Driftwood Capital, an investment firm based in the Miami area, has acquired Hotel Indigo Houston at the Galleria, a 131-room property located in the city’s Uptown neighborhood. Built in 2001 and renovated in 2009, the property features more than 3,000 square feet of meeting and event space, a fitness center and an onsite restaurant called Crossroads Bar & Bistro. The seller was not disclosed.
HUMBLE, TEXAS — California-based Bolour Associates Inc. has purchased Northeast Pines, a 136-unit multifamily property located in the northern Houston suburb of Humble, for $9.6 million. Built in 1980, the property offers one- and two-bedroom units ranging in size from 420 to 970 square feet and amenities such as a clubhouse and a pool. Bolour Associates plans to implement a value-add program that will upgrade kitchens with new countertops, cabinetry, flooring and appliances. The company will also renovate amenity spaces as part of the 24-month capital improvement project. Robert Su of Su Real Estate Group represented the seller, a private investor, in the transaction.
MESQUITE, TEXAS — The City Council of Mesquite, located east of Dallas, has approved a proposal for the development of a retail project that will be known as Shadow Creek Crossing. Shadow Creek Crossing will be developed on a seven-acre site adjacent to John D. Horn High School that is owned by an entity doing business as LF Gateway LP. At full build-out, Shadow Creek Crossing could span as much as 57,500 leasable square feet across six buildings. A firm construction timeline was not released.