INDIANAPOLIS — Kite Realty Group Trust has acquired Castleton Crossing, a 280,000-square-foot shopping center in Indianapolis, for $39 million. The center is fully leased and is anchored by by TJ Maxx, HomeGoods, Burlington Coat Factory and Shoe Carnival. The shopping center is located near the intersection of I-465 and Allisonville Road. The property draws from a five-mile trade area with average household incomes of $87,600 and a population of 168,400.
INDIANAPOLIS — Greystone has originated a $34.6 million loan for Lake Castleton Apartments, a 1,261-unit multifamily apartment complex in Indianapolis. Greystone received a commitment from HUD insuring the Section 223(a)(7) FHA loan for Lake Castleton just 44 days from submission. The self-amortizing loan has a 35-year term. The property is located at 7601 Carlton Arms Drive. Josh Sasouness of Greystone’s New York City office originated the deal.
VICTORIA, TEXAS — Homewood Suites by Hilton has opened the 109-suite Homewood Suites Victoria, located at 6705 N.E. Zac Lentz Parkway in Victoria. Victoria Associates Ltd. owns the four-story hotel and Castle Hospitality manages it. The hotel offers studio, one- and two-bedroom suites, as well as a fitness center, pool, sports court, 24-hour executive business center and meeting space. The new hotel will be led by general manager Dagmar Gomez and supported by director of sales Christina Henry.
SAN ANTONIO — Stream Realty Partners has arranged a 10,504-square-foot office lease at One Castle Hills, a 157,521-square-foot office property located in San Antonio's North Central submarket. Following this lease, One Castle Hills is 79 percent leased. Ryan Harrison of Stream Realty represented the landlord in the lease transaction. Ben Crawford of Jones Lang LaSalle represented the tenant, Webster University. Webster is a Tier 1, private, nonprofit university with more than 100 campuses across the country. Stream Realty also provides on-site property management for the facility.
SAN ANTONIO — Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, has arranged the sale The Manor at Castle Hills, a 306-unit apartment community located at 1835 Lockhill-Selma Road in the Castle Hills enclave of San Antonio. Will Balthrope, Scott Lamontagne and Drew Kile advised both the buyer and seller in the transaction.
LAWRENCE, KAN. – NorthMarq’s San Francisco office has arranged acquisition financing of $20 million for the Ironwood Multifamily Portfolio. The portfolio, which consists of four off-campus student housing properties near the University of Kansas, contains a combined total of 445 units. The student housing properties are Park West Gardens, Ironwood Court Apartments, Remington Square Apartments and Castle Rock Townhomes. Financing was based on a 7-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a national bank.
KATY, TEXAS — Global Growth Trust, in a joint venture arrangement with Trinsic Residential Group, has plans to develop a $32 million, Class A apartment community in Katy known as Aura Grand Corners. The garden-style property will feature 291 units and will be part of the Grand Lakes master-planned community. The property will feature a clubhouse, business center, fitness center, dog park, resort-style swimming pool and garages. Dallas-based Trinsic will serve as the project's general contractor and developer. This is the second joint venture project between Global Growth and Trinsic. Last month, the joint venture announced the development of the $34.9 million Aura Castle Hills near Dallas.
LEWISVILLE — A joint venture between Global Growth Trust, Dallas-based Hunt Realty Investments and Dallas-based Trinsic Residential Group has plans to develop a $34.9 million, Class A apartment community in Lewisville's Castle Hills master-planned community. The garden-style community, known as Aura Castle Hills, will contain 316 units and feature a clubhouse, business center, fitness center, dog park, resort-style swimming pool and attached and detached garages.
GREENCASTLE, PA. — World Kitchen, a kitchenware provider, has signed two leases for industrial space totaling more than 1.6 million square feet in Greencastle and Riverside, Calif. The Greencastle location features 1 million square feet. World Kitchen plans to invest $10 million to create 20,000 square feet of new office space, replace HVAC systems throughout the facility and make other upgrades. Site work will include the expansion of trailer parking by more than 150 stalls. Michael Flynn and Jason Wurtz of NAI Hiffman represented World Kitchen in the Greencastle lease. Matrix Development Corp. represented the landlord.
GARDEN GROVE, CALIF. – A 125,000-square-foot industrial building in Garden Grove has sold to Ranger West Two, LLC for $12.7 million. It is located at 12101 Western Ave. Ranger West was represented by Peter Castleton of Voit Real Estate Services and Todd Clarke of Kidder Matthews. The seller, 12101 LLC, was represented by Tim Arguello of Lee & Associates – Newport Beach.
