NEW CASTLE, PA — Innovative Industrial Properties (IIP) has acquired a 108,000-square-foot industrial property in New Castle, a city about 55 miles northwest of Pittsburgh. The sales price was $8.9 million. The property sits on approximately 7.4 acres at 911 Industrial St. IIP entered into a long-term, triple-net lease agreement with the tenant, Holistic Industries Inc., which will continue to operate the property as a medical-use cannabis cultivation and processing facility. This transaction marks IIP’s third acquisition and lease with Holistic. The seller was undisclosed.
ORLANDO, FLA. — Boca Raton, Fla.-based Waramaug Hospitality has purchased Castle Hotel, part of Marriott’s Autograph Collection, in Orlando. The 214-room hotel offers seven meeting rooms totaling 8,400 square feet, gardens, an outdoor swimming pool with whirlpool spa tub, upscale dining, business center, fitness center and two rooftop terraces. The hotel is situated at 8629 International Drive, 11 miles south of downtown Orlando and four miles south of Universal Orlando Resort. Furthermore, Universal’s newest theme park, Epic Universe, currently scheduled to open in 2023, is located across the street from the hotel. Waramaug has retained Schulte Hospitality Group to manage the property. Further details of the transaction were not disclosed.
AUSTIN, TEXAS — New York-based investment firm Castle Lanterra Properties (CLP) has sold Villas Tech Ridge, a 350-unit apartment community in Austin. Built in 2008, the property is part of the 236-acre Tech Ridge master-planned community and features one-, two- and three-bedroom units. Amenities include a pool, fitness center and a resident clubhouse. CLP acquired the asset in 2016 and implemented a value-add program that upgraded unit interiors and amenity spaces. Villas Tech Ridge was 98 percent occupied at the time of sale.
COLUMBUS, OHIO — M+A Architects has completed the interior design work of the new 80,000-square-foot home office for White Castle in Columbus. The office design incorporates shared workspaces and tributes to the hamburger chain’s history. Located at 555 W. Goodale St., it features a library, café, indoor fitness area, mother’s nursing suite and a spiral slide connecting the second floor to the first floor. The project team also included Architectural Alliance, POD Design and Elford.
DENVER — New York-based Castle Lanterra Properties has purchased RiDE at RiNo, a newly built, Class A multifamily community located in the River North (RiNo) neighborhood of downtown Denver. McWhinney sold the property for $23 million. Located at 3609 Wynkoop St., RiDE at RiNo features 84 modern suites and large live/work units, ranging in size from 369 square feet to 849 square feet, with loft-style 12- or 18-foot ceilings. Community amenities include a 24-hour fitness center, a rooftop deck with a barbecue area, club and conference rooms, lounge, underground parking, bicycle repair station and a video intercom systems. Terrance Hunt and Shane Ozment of Newmark Knight Frank’s Denver office brokered the transaction.
DOWNERS GROVE, ILL. — Crown Castle has leased 48,000 square feet of office space at Highland Landmark II in Downers Grove. The provider of communications infrastructure is consolidating all five of its Chicago-area locations into the new space. Highland Landmark II, located at 3025 Highland Parkway, is a 284,000-square-foot building within a 42-acre office park. Amenities include a deli, conference center and fitness center. David Burden, Tom Berarducci and Jay Kyle of Colliers International represented Crown Castle in the lease transaction. Jeff Shay and Karla Harmon of JLL represented the building owner, James Campbell Co.
SACRAMENTO, CALIF. — Irvine, Calif.-based Pacific Castle Management has completed the sale of Strawberry Creek, a shopping center in Sacramento. A local private investment group acquired the property for $20.9 million. Constructed in 2007 on 7.4 acres, the four-building property features 57,373 square feet of retail space. Edward Nelson and Nicholas Scelsa of Marcus & Millichap represented the seller and procured the buyer in the deal.
MORENO VALLEY, CALIF. — Rockefeller Group has broken ground on Centerpointe Commerce Center, a speculative distribution center situated on 8.8 acres of industrial land in Moreno Valley. The 203,944-square-foot facility is slated for completion in summer 2020. Located on Frederick Street, the dock-high industrial building will feature 32-foot clear heights, 8,000 square feet of speculative office improvements, 106 auto-parking stalls and 26 trailer-parking stalls. Additionally, the property will offer access to several Southern California freeways, including Interstate 215, State Route 60, State Route 90 and Interstate 10. Rockefeller Group acquired the site from Newcastle Partners in April. Newcastle pursued the required governmental approvals for the projects beginning in October 2017, and the company successfully obtained the entitlements and zoning just prior to Rockefeller Group’s acquisition. Rockefeller Group and Newcastle selected Newport Beach, Calif.-based RM Dalton as general contractor, Herdman Architecture + Design as architect and SDH & Associates as civil engineer. Bill Heim, Finn Comer, Alex Heim and Nesha Ritchie of Lee & Associates are the exclusive leasing agents for Centerpointe Commerce Center.
AUSTIN, TEXAS — New York-based investment firm Castle Lanterra Properties (CLP) has sold Array, a 370-unit apartment community located in the East Riverside area of Austin. The 14-acre property was originally constructed in 1973 and then completely renovated in 2013. Floor plans include one-, two- and three-bedroom apartments in 40 two-story residential buildings. Array features amenities such as two pools, two dog parks, a fully equipped fitness center with an elevated spinning room and yoga room, an outdoor sports court and a resident lounge. CLP acquired the asset in 2016 for $38.5 million before executing a value-add program.
AUSTELL, GA. — Castle Lanterra Properties (CLP) has acquired Premier Apartments, a 280-unit multifamily community in Austell. Built in 1972, Premier Apartments offers one-, two- and three-bedroom floor plans across 24 buildings. Communal amenities include tennis courts, a community lake, swimming pool and playgrounds. Premier Apartments is situated on 24 acres at 7200 Premier Lane, 11 miles west of downtown Atlanta. The seller and sales prices were not disclosed.