CEDAR PARK, TEXAS — GBT Realty Corp., a retail development company, has acquired a retail site in the Austin suburb of Cedar Park. Lakeline Commons is a 1.4-acre site shadow-anchored by Target. The property is adjacent to The Home Depot. GBT acquired the outparcel for $1.6 million from Regions Bank. The $4.5 million retail development is fully leased and is expected to open this fall. AT&T, Blaze Pizza and Potbelly Sandwich Shop will occupy the almost 10,000-square foot building adding restaurant and service amenities along the corridor in the north Austin community.
HOUSTON — CenterPoint Properties has acquired a 27-building portfolio in Houston. The properties are located within nine business parks and total 3.6 million square feet. Jud Clements, Rusty Tamlyn, Trent Agnew and Robby Rieke of HFF facilitated the transaction between CenterPoint and the unnamed seller. The majority of the facilities acquired are situated east of the Houston Central Business District. The buildings offer access to shipping channels including the Union Pacific (UP) Settegast, UP Englewood and Burlington Northern Santa Fe Mykawa yards, the Port of Houston, and a petrochemical refining complex.
BELLAIRE, TEXAS — California-based KBS Strategic Opportunity REIT has signed an 11,809-square-foot lease at 6575 W. Loop S. in Bellaire, which is three miles west of Houston’s central business district. The new tenant is Regus, a provider of flexible workspace operating in more than 2,000 locations worldwide. The company is a provider of executive suites, office space, virtual offices and conference rooms. The leased space is located at an office complex known as West Loop I and II. The multitenant, 5.6-acre, 313,873-square-foot property includes two buildings and an eight-story parking garage. West Loop I is an eight-story building that includes 169,536 rentable square feet, while West Loop II offers 144,337 rentable square feet in seven stories. The property is located near several residential communities, including Bellaire and West University.
HATTIESBURG, MISS. — Marcus & Millichap has brokered the $16.8 million sale of Academy Sports + Outdoors and Shops at Turtle Creek, a 98,673-square-foot shopping center located at 6173-6175 U.S. Highway 98 in Hattiesburg. The shopping center is within the 504,000-square-foot Turtle Creek Crossing power center. Built between 2011 and 2012, the shopping center comprises a 75,760-square-foot Academy Sports + Outdoors and two shopping spaces leased to Mattress Express, Massage Envy Spa, Keesler Federal Credit Union, Papa Murphy’s and J. Allan’s. Alvin Mansour and Ryan Gomez of Marcus & Millichap’s San Diego office, along with Anne Williams of the firm’s Memphis office, represented the seller, a private developer based in Texas. The team also represented the buyer, an institutional net lease investor.
NEW YORK CITY — Greystone has acquired a retail development site at 108 Chambers St. in Manhattan’s TriBeCa neighborhood. Ashkenazy Acquisition Corp. sold the property for $17 million. Located on the corner of Church and Chambers streets, the site features a 2,000-square-foot building with ground-floor retail space and approximately 12,000 square feet of air rights.
WAKEFIELD, R.I. — CBRE/New England has brokered the sale of Harbor Village in Wakefield. An affiliate of JRK Property Holdings acquired the 234-unit apartment community, which sold for an undisclosed price. Harbor Village consists of 16 residential buildings and a clubhouse. The residential buildings comprise five two-story direct-entry townhome buildings and 11 three-story garden-style buildings. The property offers one-, two- and three-bedroom units, with an average apartment size of 1,113 square feet. Simon Butler and Biria St. John of CBRE/NE represented the undisclosed seller in the deal.
MIDDLETOWN, CONN. — HREC Investment Advisors has arranged the sale of the Inn at Middletown, located at 70 Main St. in Middletown. Massachusetts-based Linchris Hotel Corp. acquired the 100-room hotel for an undisclosed price. Ketan Patel and Geoff Davis of HREC represented the seller, Middletown Hotel Associates LP, in the transaction.
SOUTH PLAINFIELD, N.J. — Marcus & Millichap has arranged the sale of a mixed-use property located at 2201-2239 South Clinton Ave. in South Plainfield. The 27,225-square-foot retail property sold for $2.8 million. Built in 1981 and situated on two acres, the property features 22,325 of street-level retail and 4,900 square feet of second floor office space. At the time of sale, the property was 82 percent occupied by eleven tenants. Ben Sgambati, Alan Cafiero and Akiva Milgraum of Marcus & Millichap represented the seller, a developer, and the undisclosed buyer in the transaction.
NEW YORK CITY — Hodges Ward Elliot (HWE) has brokered the sale of The New York EDITION hotel, located at 5 Madison Ave. in New York City. Abu Dhabi Investment Authority (ADIA) purchased the hotel for $343 million from Marriott International. In 2013, Marriott announced its intention to sell three EDITION hotels — London, Miami and New York — to ADIA for a total of $816 million while maintaining long-term management agreements. This sale marks the final closing of that agreement. The Miami Beach EDITION sold in February 2015 and The London EDITION closed in 2014. HWE represented Marriott in all three transactions.
LOS ANGELES – A 42,968-square-foot industrial building in the Los Angeles submarket of Glendale has sold to a private buyer for $6.9 million. The building is located at 1219 Los Angeles Street. The buyer was represented by Artak Dovlatian of Specialized Realty. The seller, Khuri Enterprises, was represented by CBRE’s David Harding and Greg Geraci.