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Castle Lanterra Sells Multifamily Property in Tuscaloosa for $20.7M

by Alex Tostado February 20, 2019

TUSCALOOSA, FLA. — Castle Lanterra Properties has sold Heights at Skyland, a 304-unit apartment property in Tuscaloosa, for $20.7 million to an undisclosed buyer. The property was developed in two phases in 1975 and 1991. The asset offers one- and two-bedroom floor plans and amenities such as a dog park, breakfast bar, coffee bar, picnic area, fitness center, swimming pool, playground, clubhouse, tennis court and a volleyball court. Heights at Skyland is situated about four miles south of the University of Alabama and about six miles south of downtown Tuscaloosa.

February 20, 2019

Acquisitions California Industrial Western

Newcastle Partners Divests 260,000 SF Industrial Spec Development in Riverside, California

by Amy Works February 1, 2019

RIVERSIDE, CALIF. — Newcastle Partners, in partnership with Sun Life Assurance Company of Canada, has completed the sale of a speculative industrial property nearing completion in Riverside. Situated on 13 acres at 21822 Opportunity Way, the 260,000-square-foot facility is situated within Meridian Business Park. The facility features 32-foot clear heights, an ESFR sprinkler system and a cross-docked design that includes up to 185-foot truck courts. The facility is the third and final phase of activity within Meridian Business Park, a 70-acre site with 1.37 million square feet of industrial space. Phil Lombardo and Chuck Beldon of Cushman & Wakefield represented Newcastle Partners in the transaction.

February 1, 2019

Acquisitions Colorado Multifamily Western

Castle Lanterra Acquires 201-Unit Apartment Building in Metro Denver

by Amy Works April 23, 2018

LAKEWOOD, COLO. – New York-based Castle Lanterra Properties has purchased The Ranch at Bear Creek, a multifamily property located at 3324 S. Field St. in Lakewood, about seven miles southwest of Denver. The acquisition price and name of the seller were not released. Built in 1973, the property features 118 two- and three-bedroom townhomes, 54 two-bedroom units and 29 one-bedroom apartments. Community amenities include a remodeled clubhouse, newly constructed fitness center, two swimming pools, a business center, a spin and yoga room with fitness on demand, an outdoor grilling area with new gas grills, an outdoor lounge with gas fire pit and a recreation room.

April 23, 2018

Acquisitions Colorado Retail Western

Pinnacle Brokers $5M Sale of 8,318 SF Retail Property in Castle Rock, Colorado

by Amy Works April 20, 2018

CASTLE ROCK, COLO. – Pinnacle Real Estate Advisors has arranged the sale of a multi-tenant retail property located at 1341 New Beale St. in Castle Rock. A Colorado-based developer sold the property to a California-based private investor for $5 million, or $601 per square foot, in a 1031 exchange. The newly built property features 8,318 square feet of retail space. At the time of sale, the property was fully occupied by Potbelly Sandwich Shop, Smoothie King, European Wax Center, Fine Nails and Beau Thai.

April 20, 2018

Acquisitions Colorado Office Western

Pinnacle Real Estate Arranges $3.4M Sale of Office Building in Castle Rock, Colorado

by Amy Works March 29, 2018

CASTLE ROCK, COLO. — Pinnacle Real Estate Advisors has brokered the sale of a multi-tenant office building located at 1189 S. Perry St. in Castle Rock, a suburb of Denver. An undisclosed buyer acquired the property for $3.4 million, or $269.51 per square foot. Built in 2005, the property features approximately 12,801 square feet of office space. Corey Sandberg and Jeff Johnson of Pinnacle represented the undisclosed seller in the transaction.

March 29, 2018

Development Massachusetts Multifamily Northeast Seniors Housing

Castle Square, WinnDevelopment to Redevelop 102-Unit Senior Housing Community in South End.

by David Cohen March 21, 2018

BOSTON — Castle Square Tenants Organization and WinnDevelopment have been selected by the Boston Housing Authority to redevelop the Eva White Apartments, a 102-unit, low-income senior housing community at 440 Tremont St. in Boston’s South End. The 50-year-old, seven-story building includes 34 studio, 57 one-bedroom and 11 two-bedroom affordable apartments for seniors. As the majority owner, Castle Square will deliver programs and services to Eva White residents and will partner with WinnDevelopment on a two-year renovation project to upgrade apartment kitchens and baths as well as community spaces, mechanical systems and life-safety systems. A final project budget for renovations has not been set. Castle Square and WinnDevelopment first worked together in 1987 to purchase and renovate the 500-unit Castle Square Apartments in South End. The $50 million rehabilitation achieved a LEED Platinum rating from the U.S. Green Building Council.

March 21, 2018

Illinois Midwest Multifamily

Castle Lanterra Sells 424-Unit Multifamily Property in Chicago for $49.5M

by Kristin Harlow March 1, 2018

CHICAGO — Castle Lanterra Properties (CLP) has sold Midpointe Apartments in Chicago to an unnamed fund manager for $49.5 million. CLP acquired the 424-unit multifamily property in 2014 for $28.5 million. The company invested millions in upgrades to the property that included the construction of a new leasing office, resident lounge and fitness center. Other improvements included the installation of energy-efficient roofs, LED lighting, new elevators, parking lot resurfacing and renovations to 30 percent of the units. CLP refinanced the property for $40 million in June 2017.

March 1, 2018

California Industrial Western

Newcastle Partners Completes Construction of Inland Empire Industrial Facility, Starts Construction of Another

by Nellie Day February 8, 2018

RIVERSIDE AND CHINO HILLS, CALIF. — Newcastle Partners has completed construction of the 503,592-square-foot Meridian Distribution Center II in Riverside. It is situated on a 26.9-acre land parcel at 22000 Opportunity Way. Phil Lombardo, Chuck Belden and Andrew Starnes of Cushman & Wakefield’s Ontario office are responsible for marketing the project. Newcastle also started construction of a 100,326-square-foot building in the Chino Hills Commerce Center in Chino Hills. The center is located at 15291 Fairfield Ranch Road and is situated on approximately 5 acres of land. David Consani, Jim Koenig and Jason Chao of CBRE are responsible for marketing the asset for sale or lease. Newcastle Partners has developed more than 5 million square feet of industrial product in the Inland Empire region over the past eight years.

February 8, 2018

Colorado Multifamily Western

Castle Lanterra Properties Buys 280-Unit Multifamily Community in Westminster, Colorado

by Nellie Day November 14, 2017

WESTMINSTER, COLO. — Castle Lanterra Properties has purchased the 280-unit Sunset Ridge Townhomes in Westminster for an undisclosed sum. The community is located at 8300 Sheridan Blvd. Sunset Ridge was built in 1972. It was 95 percent occupied at the time of sale. Community amenities include an updated clubhouse, Wi-Fi Café, lounge area, fireplace, zero entry swimming pool, barbecue grills, dog park, parking lot and playground. ARA Newmark represented the seller, WillMax Capital Management, in this transaction.

November 14, 2017

Colorado Mixed-Use Top Stories Western

P3 Acquires 65-Acre Tract for 900,000 SF Mixed-Use Project in Castle Rock, Colo.

by Taylor Williams October 9, 2017

CASTLE ROCK, COLO. — Development firm P3 Advisors has acquired a 65-acre tract of land in Castle Rock, roughly midway between Denver and Colorado Springs, for the development of Miller’s Landing, a mixed-use project that is expected to generate between $350 million and $500 million in private investment. Miller’s Landing will feature a full-service resort and conference center, retail pad sites, office space and restaurants. Developers estimate that the property will span approximately 900,000 square feet upon completion. The property will also include an undetermined amount of public parking space. The hotel will offer 250 rooms, while the retail and office components could total as much as 250,000 square feet and 480,000 square feet, respectively, according to the Denver Post. Under the terms of the development agreement, the amount of retail development will be limited to 100,000 square feet until the hotel is complete and operating. The full 250,000 square feet of retail space may not be developed until 150,000 square feet of office space has been built. The development site, located at the northwest corner of Interstate 25 and Plum Creek Parkway, is a former landfill situated within Philip S. Miller Park, a 300-acre swath that attracts about 1.5 …

October 9, 2017

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