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.
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.
OAKLAND AND WINTER GARDEN, FLA. – Charlotte, N.C.-based Crescent Resources, LLC has acquired the 258-acre Oakland Park residential community between the Town of Oakland and City of Winter Garden from its original developer, Castle & Cooke. Oakland Park is a certified green development by the Florida Green Building Coalition (FGBC). Castle & Cooke has developed 137 of the planned 900 homesites. Crescent Resources is the developer of a combined 240 acres of office parks as well as The Crescent at Primera and New Century Park in Lake Mary, Fla.
PORTLAND, MAINE — Starwood Hotels & Resorts will reflag the Eastland Park Hotel in Portland under its Westin brand next year, after the hotel undergoes a $40 million renovation. New Castle Hotels & Resorts and RockBridge acquired the 289-room hotel last year. It will be renamed Westin Portland Harborview when the upgrades are completed next year. The renovation will include the restoration of the hotel's rooftop lounge and modernization of the building's systems, such as wireless Internet service. Crews will also strip part of the property down to its original brick and steel structure. The project will be financed in part by historical-property tax credits backed by U.S. banks. Built in 1927, the Eastland Park Hotel is located at 157 High St.
Overall, the first quarter of 2012 brought improving market trends to the office sector in Philadelphia and Delaware. The number of tenants in the market has increased, although this has not translated into a significant increase in occupancy. Some tenants are growing, but it is still common for companies to make lateral space moves or take smaller, more efficient offices. In CBD Philadelphia, occupancy decreased slightly during the first quarter from 88.6 percent to 88.4 percent. The main reason for the loss in occupancy during the first quarter was due to banking sector tenants Citizens and Wells Fargo consolidating space in the Market East submarket. The Lehigh Valley also had a decrease in occupancy, mainly due to the closing of a 100,000-square-foot T-Mobile call center. On the other hand, the Pennsylvania suburbs, Southern New Jersey and Northern Delaware all registered low, but positive absorption for the first quarter. Numerous large tenants are looking in the market. However, many of these leases are likely to be renewals or moves without significant additional occupancy. With the exception of a rumored 145,000-square-foot Capital One lease in Wilmington, Delaware, which is a new requirement, none of the deals in the market are anticipated to …
