ANAHEIM, CALIF. — Berkadia Institutional Solutions has arranged the sale of Anavia, an apartment community in Anaheim’s Platinum Triangle area. Essex sold the asset to Chapman University for an undisclosed price. Tom Moran of Berkadia Irvine handled the off-market transaction. Originally built as a for-sale condominium project, Anavia features 250-units/550 beds with an average unit size of 1,249 square feet. The buyer plans to convert the property into student housing.
HOUSTON — Chicago-based Brennan Investment Group has acquired 12 acres at the intersection of Kirby Drive and North Spectrum Boulevard in South Houston for the development of a 216,004-square-foot industrial facility. The rear-load building will feature 36-foot clear heights, 175-foot truck court depths and an ESFR sprinkler system. Construction is scheduled to begin in early January and to be complete by the fourth quarter of 2023.
SILVER SPRING, MD. — A joint venture between CP Capital and The NRP Group plans to develop White Oak, a 390-unit, wrap-style apartment community in Silver Spring, a suburb of Washington, D.C. The developers expect to break ground in the first quarter of 2023. First units are expected to deliver in the third quarter of 2024, with construction expected to be completed in the second quarter of the following year. The site will give future renters direct access to Montgomery County’s new FLASH Bus Rapid Transit System, MD Route 29, I-95 and the MD-200 Intercounty Connector. The five-story community will feature some townhome-style units, as well as an enclosed courtyard, sundeck and pool, outdoor cooking and dining areas, work-from-home amenities, dog park, pet spa and a fitness center. White Oak marks the second time CP Capital, formerly known as HQ Capital Real Estate, has partnered with The NRP Group, having previously developed the Rockwell in Massachusetts.
SPRINGFIELD, VA. — PREIT, a retail REIT based in Philadelphia, has received approval from the Fairfax County Board of Supervisors for the development of two empty land parcels at Springfield Town Center, a mixed-use campus located in Springfield, roughly 14 miles outside of Washington, D.C. Two separate entities are under agreement to purchase and develop the parcels. One of the buyers, Intermountain, will construct a 165-room hotel, and the other, Hanover, will build a 460-unit multifamily community. Together, the sales price for the two parcels totals approximately $20 million. Built in 2017, Springfield Town Center is anchored by a 1 million-square-foot mall housing Target, Regal Cinemas, Macy’s, JCPenney, LOFT, H&M and a food court, among other retailers.
HUNTSVILLE, ALA. — RCP Cos. plans to develop Wellory Living, a new 328-unit multifamily development coming to the developer’s MidCity District in Huntsville. The $108 million property is designed to achieve “net-zero energy status” and a reduced carbon footprint by utilizing solar PV panels, smart thermostats and a reflective roof, among other features. RCP has partnered with Grounded Capital Partners on the project. Situated on 4.2 acres at the corner of Old Monrovia Road and Stax Street, Wellory Living will span six stories and feature 13,582 square feet of ground-floor retail space, coworking spaces, a rooftop lounge and an outdoor terrace. The project team includes debt lender Pinnacle Financial Partners, architect Lord Aeck Sargent and general contractor ARCO Murray. RCP plans to break ground on Wellory Living this winter and deliver the property by summer 2025.
DUNELLEN, N.J. — Locally based developer Prism Capital Partners has begun leasing The Nell, a 252-unit multifamily project in the Central New Jersey community of Dunellen. Designed by Spiezle Architectural Group, the transit-oriented property offers one- and two-bedroom units and includes 3,700 square feet of retail space. The amenity package comprises a pool, fitness center, resident lounge, community kitchen, meeting rooms, an outdoor bar with TVs and grilling and dining areas. Rents start at $2,140 per month for a one-bedroom apartment.
CHARLESTON, S.C. — Atlanta-based SJC Ventures has announced plans to break ground on the second phase of West Ashley Station, a retail center in Charleston, later this month. The first phase was built in 2016 with a 45,062-square-foot Whole Foods Market as the anchor tenant. Phase II of the development will add 20,000 square feet of shopping, dining and fitness space. Demolition of a building that formerly housed a Doscher’s IGA Supermarket will occur this month, with vertical construction scheduled to begin in the first quarter of 2023. Planned tenants include Hollywood Feed, Hand & Stone, Another Broken Egg, MADabolic, Pacific Dental and GoodVets. The center is currently 93 percent leased.
ARCHDALE, N.C. — Crescent Communities’ AXIAL will develop a 120,000-square-foot built-to-suit manufacturing and distribution center in Archdale for Sumitomo Forestry America Inc., a subsidiary of Sumitomo Forestry Co. Ltd. AXIAL by Crescent and Sumitomo plan to invest $19.5 million in the project, which will break ground in January of next year. Upon completion, the center will produce materials such as roof and floor trusses and wall panels. Sumitomo acquired Crescent Communities in 2018.
JEFFERSONVILLE, IND. — Broe Real Estate Group has acquired land in southern Indiana’s Jeffersonville with plans to build a 300,000-square-foot speculative industrial building. The Class A facility will be situated within the 6,000-acre River Ridge Commerce Center. Plans call for a clear height of 36 feet, rear load access and ample trailer parking to support the needs of logistics, manufacturing, research and technology tenants. Broe’s transportation affiliate, OmniTRAX, is expanding the industrial park’s rail infrastructure. Construction is scheduled to begin in summer 2023. Robert Walker and Greg Charmoli of Commercial Kentucky will market the project for lease. The project team includes architect Ware Malcomb and engineer American Structurepoint.
CELINA, TEXAS — Developers Guy Hatcher and Todd Stein are underway on construction of Phase I of a mixed-use project in the North Texas city of Celina. The initial phase of Celina Station, which is located at the corner of Preston Road and Ash Street, will feature 60,000 square feet of retail, office and medical office space. Tenants that have committed to this space include AT&T Wireless, OMG Tacos, Methodist Family Medical and Cook’s Children’s Pediatric. The development team has also secured leases with a nail salon, dentistry practice, martial arts school and a Vietnamese restaurant. At full buildout, Celina Station will also include 336 multifamily units that will be developed by Highpark Capital and multiple acres of parks, sports courts and walking trails.