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Castle Lanterra Properties Acquires 270,000 SF Industrial Asset in Lansing, Michigan

by Kristin Harlow June 21, 2021

LANSING, MICH. — Castle Lanterra Properties (CLP), a New York City-based national real estate investment firm, has acquired Snow Road Warehouse in Lansing for an undisclosed price. The two-tenant distribution facility is located at 2510 Snow Road. Built in 1999 and expanded in 2000, the property spans 270,000 square feet with 59 dock doors, two drive-in doors and clear heights ranging from 22 to 24 feet. This is the first major industrial acquisition for CLP, which is known for owning and managing multifamily assets.

June 21, 2021

Acquisitions Illinois Midwest Retail

Newcastle Properties Acquires 7,763 SF Retail Center in Elmhurst, Illinois

by Kristin Harlow April 20, 2021

ELMHURST, ILL. — Newcastle Properties has acquired a 7,763-square-foot retail center in Elmhurst, a western suburb of Chicago. Built in 2016, the property is fully leased to Starbucks, Hand & Stone Massage, T-Mobile and Bentley’s Pet Stuff. The center is shadow-anchored by LA Fitness. Sean Devine of Newcastle sourced and managed the acquisition. Beth Sansiper and Jeff Gurian of Becker & Gurian represented Newcastle in the transaction. The seller and sales price were undisclosed.

April 20, 2021

Colorado Development Multifamily Seniors Housing Western

Solterra Starts Construction of $38M Bridgewater Senior Living in Castle Rock, Colorado

by Jeff Shaw February 19, 2021

CASTLE ROCK, Colo. — Solterra Cos. has broken ground on Bridgewater Living, a 142-unit seniors housing community in Castle Rock, approximately 30 miles south of Denver. The property is located on a 6.6-acre site. Although the type of care was not disclosed, Solterra describes the development as a “health and wellness campus for those looking to live a longer and healthier life.” Development costs were estimated at $38 million. Funding was in partnership with the Douglas County Housing Authority and Multi-Family Housing Revenue Bonds. The community is scheduled to open in summer 2022.

February 19, 2021

Delaware Loans Multifamily Northeast

Greystone Provides $25M Agency Acquisition Loan for Multifamily Asset in New Castle, Delaware

by Taylor Williams February 5, 2021

NEW CASTLE, DEL. — Greystone has provided a $25 million Fannie Mae acquisition loan for The Garrison, a 120-unit multifamily property in New Castle, located south of Wilmington. The property was built in 2019. Dan Sacks of Greystone originated the nonrecourse loan, which was structured with a fixed interest rate, 12-year term and a 30-year amortization schedule. Jack Miller of Platinum Capital Group arranged the debt on behalf of the borrower, Goldcrest Management.

February 5, 2021

Acquisitions Colorado Retail Western

Pinnacle Negotiates $2.6M Sale of Retail Building in Castle Rock, Colorado

by Amy Works January 28, 2021

CASTLE ROCK, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a retail property located at 970 Park St. in Castle Rock. The building traded hands for $2.6 million, or $237.82 per square foot. Located on a corner lot, the 11,143-square-foot property is situated on a lighted interchange and offers flexible zoning allowing for multiple uses. The building was constructed in 2005. Robert Lawson and Jamie Mitchell of Pinnacle Real Estate Advisors represented the undisclosed seller in the deal. The name of the buyer was not released.

January 28, 2021

Acquisitions Delaware Hospitality Northeast

Hersha Hospitality Sells 192-Room Sheraton Hotel in New Castle, Delaware

by Taylor Williams January 4, 2021

NEW CASTLE, DEL. — Pennsylvania-based Hersha Hospitality Trust (NYSE: HT) has sold the 192-room Sheraton Wilmington South hotel in New Castle, located south of Philadelphia. The six-story building was constructed in 2011 and renovated in 2020. Amenities include a pool, fitness center, business center and 9,167 square feet of meeting and event space. Jeffrey Davis, Blaise Fletcher, Stephen VanLeer, K.C. Patel, Nikhil Chuchra and Desmund Delaney of JLL represented Hersha Hospitality Trust in the sale of the property to New Castle County. Hersha Hospitality’s stock price closed at $7.49 per share on Monday, Jan. 4, down from $13.74 per share a year ago.

January 4, 2021

Acquisitions Colorado Retail Western

NavPoint Real Estate Arranges Acquisition of 4,020 SF Retail Building in Castle Rock, Colorado

by Amy Works October 27, 2020

CASTLE ROCK, COLO. — NavPoint Real Estate Group has brokered the purchase of retail property located at 4400 Barranca Lane in Castle Rock. Printers Parkway Partners LLC acquired the asset from an undisclosed seller for $1.8 million. Pep Boys, an automotive aftermarket retail and service chain, occupies the 4,020-square-foot building. Brent Ham of NavPoint Real Estate Group represented the buyer in the transaction.

October 27, 2020

Newcastle-Spec-Industrial-Riverside-County-CA

California Development Industrial Western

Newcastle Partners to Develop Three Spec Industrial Facilities Totaling 824,300 SF in Inland Empire

by Amy Works October 19, 2020

REDLANDS AND RIVERSIDE COUNTY, CALIF. — Newcastle Partners is developing three speculative industrial properties in the Inland Empire totaling 824,500 square feet. The company, in partnership with Sun Life, plans to construct Redlands Commerce Center, a 190,000-square-foot warehouse distribution facility in Redlands. Construction costs are estimated at $20.1 million for the speculative industrial facility. In a joint venture with Rockefeller Group Development, Newcastle has planned a 345,000-square-foot industrial warehouse and distribution center on 16.8 acres of land on Harvill Avenue in Riverside County. Construction is scheduled to start in the fourth quarter, with completion slated for late third-quarter 2021. In another joint venture with Rockefeller Group, the company plans to construct Val Verde Distribution Center, a 289,300-square-foot property on 12.9 acres at the northwest corner of Cajalco Road and Harvill Avenue in Riverside County. Construction is set to start in the fourth quarter, with completion scheduled for third-quarter 2021.

October 19, 2020

Acquisitions Multifamily Texas

BSR REIT Acquires Aura Castle Hills Apartments in Metro Dallas for $51.8M

by Taylor Williams September 28, 2020

LEWISVILLE, TEXAS — Arkansas-based BSR REIT has acquired Aura Castle Hills, a 276-unit apartment community located in the northern Dallas suburb of Lewisville, for $51.8 million. Built in 2019, the property features one-, two- and three-bedroom units with stainless steel appliances, granite countertops and private patios and balconies. Amenities include a pool, fitness center, resident clubhouse with a coffee bar, courtyards with grilling areas, business center and a pet park. The seller was not disclosed.

September 28, 2020

Acquisitions Multifamily Texas

Castle Lanterra Buys The Triangle Apartments in Downtown Austin for $129M

by Taylor Williams July 15, 2020

AUSTIN, TEXAS — New York-based investment firm Castle Lanterra Properties has acquired The Triangle, a 529-unit apartment community in downtown Austin for $129 million, or roughly $244,000 per unit. The property, which was built between 2006 and 2008, is part of a mixed-use development that offers retail and restaurant space and proximity to the city’s education and technology hubs. Units come in studio, loft, one-, two- and three-bedroom formats and are equipped with stainless steel appliances, granite or quartz countertops, individual washers and dryers and private balconies. Residential amenities include three pools, a fitness center, communal kitchen, conference center, coffee bar, dog park and fire pits. The seller was not disclosed.

July 15, 2020

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