Bright Realty is making progress on a $1.3 billion mixed-use project in Lewisville’s Castle Hills and is gearing up to deliver the development’s shopping component.

The Dallas Business Journal reports retail for Crown Centre, a 140-acre Lewisville development, is expected to break ground sometime later this year or early next year. The first retail element will be 13,000 square feet.

The retail component of the project follows the opening of a four-story, $50 million office building, Crown Centre II, for leasing in fall 2024, which marked a major milestone in the development. The office space broke ground in April 2023.

The 147,500-square-foot office building is next to Crown Centre I, a 109,000-square-foot building that opened in 2020 and is now around 95% leased. Both are located on a 140-acre parcel just off of Sam Rayburn Tollway.

Upon full build-out, Crown Centre is slated to include up to 2,000 multifamily units, 3 million square feet of office space and up to 500 hotel rooms.

Institutional Property Advisors (IPA), a division of Marcus & Millichap, finalized the sale of Candela, a 112-unit multifamily property in the Hollywood Hills neighborhood of Los Angeles. The asset sold for $35.49 million, or $316,875 per unit.

“Prior ownership invested significantly in the property to transform Candela into one of the submarket’s premier boutique luxury apartment buildings,” said Kevin Green, IPA executive managing director investments.

Green and IPA’s Joseph Grabiec and Gregory Harris represented the seller, Raintree Partners, and procured the buyer, Cityview. “New ownership will have the opportunity to focus almost exclusively on high return interior improvements to the unrenovated units and follow a proven renovation plan that has yielded significant premiums,” said Grabiec.

Built in 1974, Candela is a controlled-access apartment building. The classic units have Formica countertops, white cabinetry, black appliances, and large closets. The renovated units have stone countertops, stainless-steel appliances, recessed lighting, and vinyl plank flooring. Most units have a private balcony or patio.

The Keith Corp. has signed up three new tenants at The Thread, the reconverted textile mill near downtown Rock Hill. The $100 million project highlights the renovation of the 400,000 thousand square foot building, which will include office, retail and hospitality uses. Apartments are slated in the next phase.

The new tenants will take up about 11,000 square feet. Entertainment venue Mayfair has signed up for nearly 17,000 square feet. Mayfair is putting in a Roar, a family entertainment concept. It will feature bowling, mini golf, arcade games, live performances, a full-service kitchen and a bar.

The Charlotte Business Journal reports The Thread’s first phase will also include 170,000 square feet of office space above the retail. Springs Creative is the anchor office tenant, occupying around 30,000 square feet.

The Keith Corp. is leading development of The Thread alongside Springsteen Properties Inc. and Capitol Broadcasting Co. Inc.

Notwithstanding a volatile commercial lending market, particularly relating to office buildings, Del Ray Realty founder Ray Rowshankhah secured a favorable loan structure at 85% LTV for the acquisition of 501 S. Beverly, a three-story office property in Beverly Hills. The sale price was $21.3 million.

Rowshankhah said the majority of 501 S. Beverly will be converted to a Class A medical office & surgery center which will be 51% operated by Dr. Barrett Plastic Surgery, PC, which is opening a second location. Additionally, the new ownership will maintain 49% of the building as tenant occupied, generating strong cash flow and an upside in rents.

Del Ray Realty secured SBA 504 financing of $18.1 million for the acquisition. Built in 1991, the 23,112-square-foot property was renovated in 2021.

California Commercial Investment Group has acquired a 19-acre site adjacent to the Motion Picture & Television Fund campus in Woodland Hills for $30 million.  The company plans to develop a luxury senior living life cycle community encompassing approximately 300 units on the site.  Construction is scheduled to begin in 2026 with completion planned for 2028.

JLL’s Bryan Lewitt represented the seller, Motion Picture & Television Fund. The buyer was represented by Michael Slater of CBRE.

“This is a great opportunity for a premier developer in California Commercial Investment Group to acquire and develop a much-needed luxury senior living community in a pristine location,” said Lewitt, managing director with JLL.