REBusinessOnline

29th Street Capital Acquires Two Apartment Properties in Tampa Bay Area for $112M

TAMPA AND CLEARWATER, FLA. — 29th Street Capital (29SC) has acquired two apartment communities in the Tampa Bay area for $112 million. The properties, Henley Tampa Palms in Tampa and Enclave at Northwood in Clearwater, have a total of 503 units. Luis Elorza and Justin Hofford of NorthMarq represented the seller, Preston Giuliano Capital Partners, in the transaction.Mitch Sinberg, Brad Williamson, Justin Ownby and Wesley Moczul of Berkadia arranged $91 million in acquisition financing …

Avison Young Arranges Land Sale in Metro Charlotte for 676,000 SF Industrial Development

SALISBURY, N.C. — Avison Young has arranged the land sale of around 40 acres in Salisbury, about 36.5 miles north of Charlotte. NorthPoint Development purchased the land in order to build I-85 Commerce Center, a speculative industrial project that will total 676,000 square feet. The seller and sales price were not disclosed.I-85 Commerce Center will feature 40-foot ceilings, 185-foot truck courts, auto and trailer parking, as well as immediate access to Interstate 85. The project is …

KBS Signs Lease Extension for Law Firm at Atlantic Station Office Property in Atlanta

ATLANTA — KBS, on behalf of PRIME US REIT, has signed a four-floor lease extension with business law firm Arnall Golden Gregory LLP for headquarters office space in Atlanta. The 510,268-square-foot, Class A office building is situated at 171 17th St. within Atlantic Station, a mixed-use village in Atlanta’s West Midtown district.Built in 2004, the office property is a 21-story building that includes an onsite café, EV car-charging stations, onsite carwash/detail, conference center and …

Uptick in August Retail Sales Bodes Well for Consumer Spending in Fourth Quarter, Says NRF Economist

WASHINGTON, D.C. — U.S. retail sales increased in August as consumer demand outweighed the effects of the COVID-19 pandemic, supply chain disruptions and other factors that affected spending. Even though there was a decrease in car sales due to shipping problems and product shortages, the U.S. Commerce Department reported that the sales for retailers and restaurants increased by 0.7 percent in August.The chief economist for the National Retail Federation (NRF), Jack Kleinhenz, says …

Joint Venture Acquires Three Hotels in The Woodlands from Howard Hughes Corp. for $252M

THE WOODLANDS, TEXAS — A joint venture led by Los Angeles-based investment firm Lowe has acquired three hotels in The Woodlands, located about 30 miles north of Houston, from The Howard Hughes Corp. (NYSE: HHC) for $252 million. The properties include The Woodlands Resort, a 402-room hotel that was built in 1972; Embassy Suites by Hilton, The Woodlands at Hughes Landing, a 205-room asset that was constructed in 2015; and The Westin at The Woodlands, a 302-room property that was completed in …

JLL Negotiates Sale of 780-Unit CubeSmart-Branded Self-Storage Facility in Hutto, Texas

HUTTO, TEXAS — JLL has negotiated the sale of Park 79 Self Storage, a 780-unit facility that is operated under the CubeSmart brand in Hutto, a northeastern suburb of Austin. The property was built on 3.2 acres in 2019. Brian Somoza and Steve Mellon of JLL represented the seller, a locally based entity doing business as Park 79 Storage LLC, in the transaction. The buyer was Wasatch Storage

Wegmans to Open 81,300 SF Grocery Store in Alexandria, Virginia

ALEXANDRIA, VA. — Wegmans Food Markets Inc., a 106-store supermarket chain based in Rochester, N.Y., plans to open a new grocery store within Carlyle Crossing, a 1.7 million-square-foot mixed-use development underway in Alexandria.Located just off Eisenhower Ave. at 150 Stovall St., the store is scheduled to open in spring 2022. The store will employ approximately 450 people, with 150 full-time positions offered.The 81,300-square-foot Wegmans will include a Market Café, a bar and …

MAG Capital Partners Acquires 402,046 SF Manufacturing, Distribution Property in Waco

WACO, TEXAS ­— MAG Capital Partners has acquired a 402,046-square-foot manufacturing and distribution property in Waco that has served as the headquarters of Hobbs Manufacturing since 1993. Hobbs Manufacturing, founded in 1953, employs about 200 people at the Waco plant, where it produces synthetic fiber batting and other fiberfill products for the apparel, home furnishings and industrial markets. Dax T. S. Mitchell and Andrew Gi of MAG Capital Partners negotiated the transaction directly …

Knighthead Funding Provides $59.5M Construction Loan for Austin Mixed-Use Project

AUSTIN, TEXAS — Knighthead Funding has provided a $59.5 million construction loan for a mixed-use project that will be located about three miles from downtown Austin. The project will comprise 200 multifamily units, 22,318 square feet of office space and 4,884 square feet of retail space. The residential component will consist of 170 market-rate units and 30 affordable housing units. The borrower was a partnership between Austin-based Pearlstone Partners and New York City-based ATCO …

Beck Group Completes Redevelopment of 133,353 SF Retail Center in Metro Dallas

ADDISON, TEXAS — General contractor The Beck Group has completed the redevelopment of Prestonwood Place, a 133,353-square-foot shopping center located in the northern Dallas suburb of Addison. Northwood Retail owns the center, which was originally built in 1980 and now houses tenants such as Catapult Health, Mendocino Farms, Biscuit Bar and La La Land Kind Café. The project involved renovation work for 40,000 square feet of façade updates and the conversion of existing retail space into …

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