LAS VEGAS — Chicago-based Newcastle Properties has purchased a retail center located at the northeast corner of Lake Mead Boulevard and Tenaya Way in Las Vegas’ Summerlin area. Terms of the transaction were not released. Whole Foods Market, Five Guys Burgers and Fries, Blaze Pizza, Firehouse Subs and FedEx Office are tenants at the 90,373-square-foot shopping center.
CASTLE ROCK, COLO. — Newmark has arranged the land sale of The Meadows at Castle Rock in Castle Rock. Limelight Mob II LCC acquired the residential land asset from Castle Rock Development Co. for $1.4 million. The investment sale includes 98,881 square feet of land. Kittie Hook and Cathy Mcdermott of Newmark represented the seller, while Connolly Capital represented the buyer in the deal.
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.