SAN DIEGO — Pacific Castle has completed the disposition of Santee Town Center, a 120,000-square-foot retail center in the San Diego submarket of Santee. An undisclosed buyer acquired the property for $27 million. Ross Dress for Less, Michael’s and Office Depot occupy the center. REZA Investment Group represented Pacific Castle in the deal.
SALINAS, CALIF. — Pacific Castle has acquired Prune Tree Shopping Center in Salinas from JG Management for $20 million. Located at 17601 Vierra Canyon Road, the 131,000-square-foot property is occupied by Safeway, CVS/pharmacy, McDonald’s, Taco Bell, Starbucks Coffee and AutoZone. Pacific Castle financed the acquisition through a 1031 exchange with existing capital partners. Bryan Ley of HFF represented the undisclosed seller in transaction.
CORPUS CHRISTI, TEXAS — Castle Lanterra Properties has acquired Springs at Corpus Christi, a newly built multifamily property located at 5701 Timbergate Drive in Corpus Christi’s South Side region, for an undisclosed sum. Constructed in 2014, the 284-unit property features 17 different studio, one-, two- and three-bedroom floor plans, a resort-style swimming pool, 24-hour fitness center, dog park and complimentary car care area. This property is Castle Lanterra’s second acquisition in the city and its sixth in the state. The name of the seller was not released.
NEW CASTLE, DEL. — The Delaware Skills Center has leased 34,823 square feet of space at 500 Ships Landing Way within Twins Spans Business Park in New Castle. A division of the New Castle County Vocational Technical School District, the adult vocational technical training center provides skills training for adults seeking careers. Harvey, Hanna & Associates owns the business park, which features 1.85 million square feet of Class A commercial warehouse space. Paul Bryant and Jeff Shahan of Wilmington, Del.-based SB Real Estate represented the tenant in the transaction.
NEW ORLEANS — New Castle Hotels and Resorts (NCHR) has opened a 103-suite Fairfield Inn & Suites in the French Quarter neighborhood of New Orleans. Rockbridge Capital provided financing for the project. The property is a $10 million renovation of the former Interstate Electric Co. building, built in 1910. John T. Campo Associates designed the project, which used historic tax credits and preserved the building’s façade.
AUSTIN, TEXAS — Castle Lanterra Properties has purchased Arrangement, a 370-unit apartment property in Austin. The acquisition marks the fourth in Austin for the New York-based firm since entering the market in March 2015. Located in Austin’s East Riverside corridor, Arrangement was originally constructed in 1973 and underwent a $10 million redevelopment in 2013. The property is located less than three miles from downtown Austin.
LEWISVILLE, TEXAS — Bright Realty has brokered the sale of 1.5 acres of land in the Castle Hills area of Lewisville near State Highway 121. The site, owned by SEC JWH LLC, is located on the southeast corner of Josey Lane and Windhaven Parkway and will be used for a car wash. The corner will be anchored by an ALDI grocery store and is adjacent to the Target-anchored Lewisville Towne Centre, Kroger-anchored Castle Hills Marketplace and The Realm, a 1.5 million square-foot mixed-use Bright Realty development under construction. Bright Realty’s Timothy McNutt, Britton Lankford and Mason Bakken represented the seller in the transaction. Ruben Reynoso and Josh Brian with Tenant Real Estate Advisors represented the buyer, NLKH Ventures Corp.
PFLUGERVILLE, TEXAS — Castle Lanterra Properties (CLP) has acquired 1825 Apartments, a 455-unit multifamily community in the Austin suburb of Pflugerville. This is the third Austin-area acquisition for the New York-based firm. The community, named for State Route 1825 that fronts the property, consists of 60 buildings that were built in two phases. The 351-unit 1825 Place was completed in 2001, and the 104-unit 1825 Cottages was originally constructed in 1986. Community amenities include a pool with a waterfall, fitness center, business center with Wi-Fi access, outdoor playground, pet park, carports, attached and detached garages and a recently renovated clubhouse.
RARITAN, N.J. — Castle Lanterra Properties has acquired River Park, a multifamily property located at 100 River Park Drive in Raritan, for $56 million. Constructed in 2007, the property features 224 multifamily units. Cushman & Wakefield’s Metropolitan Area Capital Markets Group represented the seller, a global insurance group, and procured the buyer in the transaction. This transaction is Castle Lanterra’s second New Jersey acquisition in the past five months, following the purchase of Harbor Pointe, a 544-unit property acquired for $147.5 million in October 2015.
AUSTIN, TEXAS — Castle Lanterra Properties (CLP) has acquired Villas Tech Ridge, a 350-unit apartment community in Austin. CLP’s managing director Austin Alexander has relocated to Austin to oversee the company’s operations in the market. Villas Tech Ridge is located just off I-35 and offers a mix of one-, two- and three-bedroom units. Built in 2008, the property was developed as part of the Austin Energy Green Builder Program, an environmentally driven program that requires special consideration for “green” and energy-saving opportunities. Units include open floor plans with nine-foot or vaulted ceilings along with granite countertops, mahogany cabinets, ceramic tile and vinyl plank flooring. The property features a pool with cabana, clubhouse, fitness center and pet park.