DALLAS — Hodges Ward Elliott has arranged the sale of the 811-room Hyatt Regency DFW International Airport, located adjacent to Terminal C at Dallas-Fort Worth International Airport. The recently renovated property offers four food and beverage concepts and 92,000 square feet of meeting and event space. John Bourret, Austin Brooks and David Auer of Atlanta-based Hodges Ward Elliott represented the undisclosed seller in the transaction. The buyer was a partnership between global asset management firm Castlelake LP and Dallas-based Woodbine Development Corp.
BOLINGBROOK, ILL. — DD’s Discounts, owned by Ross Stores Inc., has signed a lease to open and operate an 18,000-square-foot store at Market Square Shopping Center in the Chicago suburb of Bolingbrook. Other tenants at the property, located near I-55, include Walmart, Dollar Tree, Wintrust Bank and T-Mobile. Michael Horne of Newcastle Properties represented ownership on an internal basis. Andy Bulson of Mid-America Real Estate represented the tenant. Newcastle owns and operates 82 properties in 23 states.
NEWARK, DEL. — Chicago-based Logistics Property Co. will develop First State Logistics, an approximately 1 million-square-foot industrial project that will be located on a 149-acre parcel in Delaware’s New Castle County. The site of the three-building project, which will be developed in two phases, is in Newark, about 45 miles south of Philadelphia. Building features will include 40-foot clear heights, 60,000 square feet of office space, proximity to Interstate 95 and ample car and trailer parking. Phase I will comprise two buildings totaling 702,600 square feet that will be developed on a speculative basis. Phase II will encompass one 385,000-square-foot building. CBRE is leasing the project. A construction timeline was not disclosed.
EDEN PRAIRIE, MINN. — JLL Capital Markets has arranged $85.1 million in joint venture equity and construction financing for Paravel, a 246-unit apartment complex in the Minneapolis suburb of Eden Prairie. JLL secured a $59.5 million construction-to-permanent, fixed-rate loan through a life insurance company, and sourced $25.6 million in joint venture equity from a high-net-worth family office. Located at 8300 Commonwealth Drive, Paravel will be part of the Castle Ridge mixed-use development. The complex will include 358 underground parking stalls and 67 surface parking spaces. Josh Talberg, Brock Yaffe, Dan Linnell, Mox Gunderson, Pat McMullen, Adam Haydon, William Haass and Ken Dayton of JLL represented the borrower, Timberland Partners.
CASTLE ROCK, COLO. — Blue West Capital has brokered the sale of a single-tenant building located at 220 S. Wilcox St. in Castle Rock. A California-based 1031 exchange investor acquired the newly constructed asset for $2.8 million. The United States Postal Service occupies the 5,382-square-foot property as a mission-critical financial station that combines retail operations and carrier logistics. Zach Wright and Brandon Gayeski of Blue West Capital represented the seller, a Midwest-based real estate development firm, in the deal.
SAN ANTONIO — Berkadia has arranged an acquisition loan of an undisclosed amount for Castle Hills Apartments, a 148-unit complex in San Antonio. Built in 1997, the property offers one-, two- and three-bedroom apartments ranging in size from 732 square feet to 1,224 square feet. Argentic Real Estate Investment LLC provided the three-year, floating-rate loan, which was also structured with three years of interest-only payments. Mitch Sinberg and Brad Williamson led the transaction for Berkadia on behalf of the borrower, Miami-based Rincon Real Estate Investments.
ST. LOUIS — McCarthy Building Cos. Inc. has been selected to lead the design-build team overseeing the construction of a new 16-story inpatient tower at Barnes-Jewish Hospital in St. Louis. The project is part of BJC HealthCare’s campus renewal plan, a long-term vision to transform the Washington University Medical Campus through new construction and renovations with a focus on improving the patient and family experience at Barnes-Jewish Hospital and St. Louis Children’s Hospital. In addition to McCarthy, team members include architectural firm CannonDesign, consulting engineer BR+A, structural engineer Thornton Tomasetti, civil engineer Castle Contracting and landscape designer DTLS. The 660,000-square-foot tower will feature private rooms for heart and vascular patients, state-of-the-art imaging and the latest in surgical preparation and recovery. Plans call for 224 private inpatient rooms, 56 private intensive care unit rooms, two rooftop gardens and a family lounge with a business center, kitchenette, quiet rooms and laundry facilities. Additionally, an expansive surgical preparation and recovery program will occupy two floors. A modern imaging center will also occupy two floors. A new pedestrian walkway will lead from the parking lot to a redesigned and expanded lobby, gift shop and coffee bar. The new tower will replace Queeny Tower, a …
AUSTIN, TEXAS — Newport Capital Partners, a retail investment and management firm with offices in Chicago and Dallas, has purchased Stassney Heights, a 103,030-square-foot shopping center located about seven miles south of downtown Austin. Anchored by Houston-based ethnic grocer Fiesta Mart, Stassney Heights was 93 percent leased at the time of sale. Other tenants include Umi Sushi, Castle Dental, T-Mobile and Clinica Hispana. CBRE represented the undisclosed, Northeast-based seller in the transaction. Newmark arranged acquisition financing through Wintrust Bank on behalf of Newport Capital Partners.
ANNAPOLIS, MD. — A joint venture between TPG Real Estate and The Bainbridge Cos. has acquired Watergate Pointe, a 608-unit waterfront multifamily community located at 655 Americana Drive in Annapolis, for $154 million or $253,290 per unit. Dean Sigmon, Robin Williams, Justin Shay and Michael D’Amelio of Transwestern Real Estate Services represented the seller, Castle Lanterra Properties, in the disposition of the community. The 31.2-acre property sits on a peninsula connected to the Chesapeake Bay and was recently rebranded Nautilus Point. The community offers studio, one-, two- and three-bedroom units in seven mid-rise and 13 garden-style buildings. Shared amenities include a 160-slip income-producing marina; paddleboards and kayaks; a swimming pool and sundeck; dog park; renovated clubhouse; business center; dock access for crabbing; an outdoor lounge space; a state-of-the-art fitness center; playground; tennis court; laundry facilities; a bike share program; and recycling center. “The property is well-positioned to capture significant upside through rent increases, which can be achieved by continuing to implement an interior renovation program, and through improved management of the marina to maximize its value,” says Williams of Transwestern. According to Transwestern’s research affiliate Delta Associates, the Annapolis apartment market is one of the best performers in the region …
CHICAGO — Detroit-based City Club Apartments has opened Phase II of the MDA building in downtown Chicago’s Loop District. Phase II is a seven-story building with 81 units. The project is the first of two new developments opening in the next 18 months that are part of City Club’s “apartment hotel” strategy, whereby residents are able to choose between short- and long-term leases. Amenities include a rooftop sky park with a pool, outdoor theater, grill station and lounge seating. The second floor houses an entertainment and conference room that connects to Phase I via a sixth-floor skybridge. Residents have access to amenities at both buildings, including the onsite restaurant Elephant & Castle, a fitness center, Zen garden, bicycle room, bark park and business center. The 23-story Phase I features 190 units. That building dates back to 1927 and was redeveloped into apartments in 2006. Monthly rents start around $1,500 for studios.