CASTLE ROCK, COLO. — Saunders Development and NavPoint Real Estate Group have completed construction on two 80,000 square-foot industrial buildings in Castle Rock. The buildings, designed for distribution tenants, feature a ceiling height of 24 feet. Lakewood Electric and Colorado Powerline are the first tenants to operate from one of the buildings. Jeff Brandon and Charlie Davis of NavPoint Real Estate Group are handling the leasing of these two buildings.
NEW CASTLE, DEL. — Colliers has brokered the sale of a 100,000-square-foot industrial building in New Castle, located south of Wilmington in Delaware. The building sits on 6.6 acres and offers 80 car parking spaces, 30 trailer parking spaces, one drive-in door and 5,000 square feet of office space. Charles Brown and Carl Neilson of Colliers represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction.
CASTLE ROCK, COLO. — San Diego-based investment firm MG Properties has acquired Ridge at Castle Rock, a garden-style apartment community in Castle Rock, for $67.1 million. Located approximately 30 miles south of Denver and built in 2019, Ridge at Castle Rock offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops, individual washers and dryers and private balconies/patios. Communal amenities include a pool, 24-hour fitness center, dog park and outdoor grilling and dining areas. David Potarf, Dan Woodward, Matt Barnett and Jake Young of Walker & Dunlop represented the seller, Wisconsin-based Continental Properties, in the transaction. Bryan Frazier and Blake Hockenberry, also with Walker & Dunlop, originated an undisclosed amount of Fannie Mae acquisition financing on behalf of MG Properties. The number of units at the property was not disclosed. “This acquisition will allow us to further expand our operational presence in the Denver market,” says Jeff Gleiberman, president of MG Properties. “We believe this submarket is ideally positioned to benefit from the region’s continued growth.”
LEWISVILLE, TEXAS — Bright Realty has signed three new tenants to leases at The Realm at Castle Hills, the locally based developer’s 324-acre mixed-use campus located north of Dallas in Lewisville. Children’s entertainment concept Cheeky Monkeys is leasing 7,287 square feet, including more than 6,000 square feet of play space, a coffee shop and a limited-service restaurant. Additionally, 206 Luster Grill has opened a 2,257-square-foot restaurant, and Cachet Salons & Spa now occupies 10,692 square feet.
CASTLE ROCK, COLO. — Marcus & Millichap has brokered the sale of a restaurant building located at 4995 Factory Shops Blvd. in Castle Rock. Niki Castle Rock LLC sold the asset to an undisclosed buyer in a 1031 exchange for $2.5 million, or $399.46 per square foot. Buffalo Wild Wings occupies the property and offers a bar, indoor/outdoor space and VIP spaces. Drew Isaac and Ian Hicks of Marcus & Millichap represented the seller in the deal.
TOMBALL, TEXAS — New York-based investment firm Castle Lanterra Properties has purchased Laurel at Vintage Park, a 120-unit active adult community located in the northwestern Houston suburb of Tomball. Built on 5.5 acres in 2014, Laurel at Vintage Park features one- and two-bedroom units and amenities such as a clubhouse and a fitness center. John Sweeny, Aron Will, Scott Bray, Garrett Sacco, Clint Duncan, Matthew Phillips, Jock Naponic and Nolan Mainguy of CBRE represented the seller, Coastal Ridge, in the deal.
AUSTIN, TEXAS — A partnership between Minneapolis-based developer Ryan Cos. and locally based investment and management firm Castletop Capital has broken ground on a 222-unit seniors housing project in Austin. Grand Living at The Grove will be located within a larger mixed-use development and will offer 186 independent and assisted living units and 36 memory care units. Residences will range in size from 450 to 1,600 square feet. Amenities will include a bistro, library, performance theater, spa, fitness center, salon, pool, therapy rooms, chapel and outdoor amenity spaces. Completion is slated for late 2024.
NAPERVILLE, ILL. — Newcastle Properties is set to begin construction on a new 8,300-square-foot, multi-tenant outlot building and a new 3,260-square-foot endcap space at the 270,327-square-foot Eastgate Crossing in Naperville. The development will include Kura Revolving Sushi Bar and NaanSense, an Indian fast-casual chain. Adam Cody of JLL represented Kura, while Phil Golding of CBRE represented NaanSense. Midwest Construction Partners will serve as general contractor, and Sean Devine of Newcastle Properties is the project manager. Eastgate Crossing is currently home to tenants such as HMart, Dollar Tree, CVS, Panera Bread and Citibank.
CHICAGO — Newcastle Properties has acquired Forest View shopping center in Chicago for an undisclosed price. Jewel-Osco anchors the 68,727-square-foot property, which is located at the corner of Cumberland and Lawrence avenues. The sale marks the first time the property has sold since it was built in the mid-1960s. Len Blackman of Leklen Realty Group and Michael Horne of Newcastle sourced the off-market acquisition. Drew Trammell of Newcastle managed the due diligence process and closing. Seller information was not provided.
CORPUS CHRISTI, TEXAS — New York City-based investment firm Castle Lanterra has sold two multifamily properties totaling 570 units in Corpus Christi. Baypoint is a 350-unit waterfront community that was originally built in 1998 and offers boat parking, a dog park, pool, sports court and a fitness center. Azure is a 220-unit garden-style community that was originally built in 1997 and offers one-, two- and three-bedroom units, as well as a similar suite of Class A amenities. Castle Lanterra acquired the assets in 2018 and 2016, respectively, and implemented value-add programs. The buyer and sales price were not disclosed.