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110-E.-Polk-St.-Richardson-Texas
DevelopmentMultifamilyTexas

High Street, Tokyu Break Ground on 281-Unit Multifamily Project in Downtown Richardson, Texas

by Taylor Williams

RICHARDSON, TEXAS — A joint venture between High Street Residential, a subsidiary of Trammell Crow Co., and Tokyu Land Corp. has broken ground on a 281-unit multifamily project in the northeastern Dallas suburb of Richardson. The site is located at 110 E. Polk St. in the downtown area, and the complex will feature studio, one- and two-bedroom units that will range in size from 590 to 1,340 square feet. Amenities will include a pool, clubroom, coworking areas, grilling stations, a fitness center, dog wash station and a package room. WDG Architects designed the project, and Andres Construction is serving as the general contractor. Completion is slated for the fourth quarter of 2027.

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Leasing ActivityOfficeTexas

Balfour Beatty Signs 35,139 SF Office Lease at Victory Park in Dallas

by Taylor Williams

DALLAS — Balfour Beatty has signed a 35,139-square-foot office lease in the Victory Park area of Dallas. The construction and infrastructure development company is taking space at One Victory Park, a 20-story, 435,606-square-foot building. Matt Schendle and Carrie Halbrooks of Cushman & Wakefield represented the landlord, New York City-based investment firm Clarion Partners, in the lease negotiations. Andrew Cheney of Lee & Associates, along with Phil Puckett and Harlan Davis of CBRE, represented Balfour Beatty.

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AcquisitionsDevelopmentOfficeRetailTexas

PAGEWOOD Buys 14,000 SF Office, Retail Building in West Houston, Plans Redevelopment

by Taylor Williams

HOUSTON — PAGEWOOD has purchased a 14,000-square-foot office and retail building at 1440 Brittmoore Road in West Houston with plans to undertake a redevelopment. The local owner-operator plans to occupy 6,000 square feet within the building for its new headquarters and to tenant the remainder of the space with food-and-beverage and/or fitness concepts. The project, which will be known as The Outpost at Brittmoore, is expected to be complete in the fourth quarter. 

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AcquisitionsCivicOfficeTexas

Franklin Street Arranges Sale of 12,705 SF Office Building in Pflugerville, Texas

by Taylor Williams

PFLUGERVILLE, TEXAS — Tampa-based brokerage firm Franklin Street has arranged the sale of a 12,705-square-foot office building in the northern Austin suburb of Pflugerville. The building at 508 Old Austin Hutto Road was built in 2013 and will be the future home of the Cameron Road Church of Christ. Marshall Durrett and Laura Fretwell of Franklin Street represented the church in the transaction. The seller was an entity doing business as Government Leases LLC.

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AcquisitionsMarylandRetailSoutheast

Continental Realty Acquires 14-Property Shopping Center Portfolio in Southeast, Midwest

by John Nelson

BALTIMORE AND HILLARD, OHIO — Continental Realty Corp. has purchased a 14-property shopping center portfolio spread across seven states in the Southeast and Midwest. The Baltimore-based firm purchased the more than 2 million-square-foot portfolio from Hillard-based US Properties Group Inc. for an undisclosed price. Chris Decoufle and Kevin Hurley of CBRE represented the seller in the off-market transaction. The acquisition grows Continental Realty’s holdings to nearly $5 billion in assets under management and expands its geographic footprint to 16 states, including its entry into Ohio. The portfolio was 93 percent leased at the time of sale to more than 230 tenants, including anchors such as Kroger and Academy Sports + Outdoors. The assets in the portfolio include:

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DevelopmentMultifamilySoutheastTennessee

Crescent, Stockbridge Capital Break Ground on 277-Unit Apartment Development in West Nashville

by John Nelson

NASHVILLE, TENN. — Crescent Communities has broken ground on NOVEL Richland Creek, a 277-unit multifamily development located in west Nashville. The Charlotte-based firm is co-developing the community with San Francisco-based Stockbridge Capital Group, which owns the adjacent Lion’s Head Village, a shopping center anchored by Trader Joe’s. Designed by KTGY, NOVEL Richland Creek will feature studio, one-, two- and three-bedroom apartments, as well as 4,800 square feet of retail space and direct trailhead access to the Richland Creek Greenway. Amenities will include a lobby with a café and wine bar, maker and wellness spaces, coworking and book club room areas, a rooftop pool and indoor and outdoor gathering spaces. The design-build team includes ESG (interior design), EM Structural (structural engineer), Lighthouse Engineering (MEP engineer), Barge Civil Associates (civil engineer) and Hawkins Partners (landscape architect). J.P. Morgan provided an undisclosed amount of construction financing to Crescent and Stockbridge Capital.

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FloridaLoansMultifamilySoutheast

Walker & Dunlop Arranges $79M Refinancing for Multifamily Property in Florida Panhandle

by John Nelson

SANTA ROSA BEACH, FLA. — Walker & Dunlop has arranged a $79 million loan for the refinancing of The Jewel at Santa Rosa Beach, a Class A, 408-unit apartment community in Florida’s Panhandle region. Jeremy Pino, Livingston Hessam, Carl Passmore, Kyle Miller, Keith Melton and David Strange of Walker & Dunlop arranged the interest-only, nonrecourse bridge loan through an institutional debt fund on behalf of the borrower, Bristol Development Group. Located at 158 Malachite Way, The Jewel sits along US Highway 98 and three miles north of the popular 30A corridor. The property features one-, two- and three-bedroom townhome-style residences, as well as a clubhouse, fitness center, two swimming pools, coworking space, golf lounge and a dog park and spa.

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Storage-Post-Nyack-New-York
AcquisitionsIndustrialNew YorkNortheastSelf-Storage

JLL Negotiates Sale of 557-Unit Self-Storage Facility in Nyack, New York

by Taylor Williams

NYACK, N.Y. — JLL has negotiated the sale of a 557-unit self-storage facility located at 92 State Route 59 in Nyack, located near the New York-New Jersey border. The facility was built in 1996 and was 87 percent occupied at the time of sale. JLL represented the seller, Go Store It, in the transaction and procured the buyer, Storage Post Self Storage, which has since rebranded the property. The sales price was not disclosed.

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AcquisitionsMultifamilyNew YorkNortheast

Marcus & Millichap Brokers $16.5M Sale of Upper Manhattan Apartment Building

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has brokered the $16.5 million sale of a 25-unit apartment building in Upper Manhattan’s Yorkville neighborhood. The six-story building at 443 E. 88th St. exclusively offers market-rate units. Joe Koicim and Logan Markley of Marcus & Millichap represented the undisclosed seller in the deal. The duo also worked with Marcus & Millichap’s Mark Zarrella to procure the buyer, Jade Century Properties.

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DevelopmentNew YorkNortheastRetail

Marx Realty Underway on 58,000 SF Retail Expansion Project in Yonkers, New York

by Taylor Williams

YONKERS, N.Y. — Marx Realty is underway on construction of a 58,000-square-foot retail expansion project in Yonkers, located just north of New York City. The project will add two new buildings totaling 14,000 and 44,000 square feet to Cross County Center, a 1.2 million-square-foot development that first opened in 1954. The project also includes construction of a 4-acre park. A tentative completion date was not announced.

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