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ArizonaDevelopmentMixed-UseMultifamilyRetailTop StoriesWestern

Development Team Begins Demolition Process for $850M Metrocenter Mall Redevelopment in Phoenix

by John Nelson

PHOENIX — Developers Concord Wilshire Capital and TLG Investment Partners have begun the abatement and demolition of the Metrocenter Mall in Phoenix, beginning the $850 million redevelopment of the property into a mixed-use community. The Metrocenter Mall opened its doors in 1973 and closed in 2020. The two-story, 140,000-square-foot mall is situated on 312 acres on the city’s northwest side. Plans for the redevelopment include more than 2,600 apartment units, as well as 100,000 square feet of retail space. The demolition process has commenced with the destruction of the former Dillard’s and U-Haul buildings. Following a survey and analysis of the materials inside the building to ensure the protection of the public, Los Angeles-based Resource Environmental Inc. will abate and remove the asbestos from the building, then proceed with the demolition of the property. The developers formed a strategic alliance in 2021 with Hines, an investment manager based in Houston, to redevelop the property, which the investment group purchased last summer. Hines is overseeing the development site on behalf of the ownership group. According to the development team, the project has been designed as a transit-oriented, self-contained community. The property encompasses Phoenix’s new light rail station that was completed in …

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Grand-Riviera-Apartments-Irving
AcquisitionsMultifamilyTexas

IPA Negotiates Sale of 206-Unit Grand Riviera Apartments in Irving

by Taylor Williams

IRVING, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Grand Riviera, a 206-unit apartment complex in Irving. The property was built in 1972 and offers one-, two- and three-bedroom units with an average size of 1,113 square feet. Amenities include two pools, outdoor grilling and dining stations, a clubhouse and a dog park. Michael Ware, Taylor Hill, Drew Kile, Joey Tumminello and William Hubbard of IPA represented the seller, Eagle Property Capital, in the transaction and procured the buyer, Lone Star Capital.

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AcquisitionsIndustrialTexas

M2G Ventures Fund Buys 150,000 SF Industrial Portfolio in Southwest Dallas

by Taylor Williams

DALLAS — Grey Swan I, a general partner equity fund backed by North Texas-based development and investment firm M2G Ventures, has purchased a two-building, 150,000-square-foot industrial portfolio in southwest Dallas. The multi-tenant, shallow-bay buildings are situated on a seven-acre site at 4647 Mint Way. According to LoopNet Inc., the site is located within Mint Way Business Park, and the buildings were constructed in 1975 and feature 20-foot clear heights. Chase Miller of NAI Robert Lynn represented M2G Ventures in the transaction. The seller and sales price were not disclosed.

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DevelopmentIndustrialLee & AssociatesTexas

Hopewell, MBK Industrial Break Ground on 123,910 SF Project in Flower Mound, Texas

by Taylor Williams

FLOWER MOUND, TEXAS — A partnership between Hopewell Development and MBK Industrial Properties has broken ground on Lakeside Business Center, a 123,910-square-foot building in Flower Mound, a city located in the northern-central part of the metroplex. Lakeside Business Center will consist of two buildings with 32-foot clear heights, a 200-foot shared truck court, ESFR sprinkler systems and a total 16 dock doors and two ramped doors. Lee & Associates is marketing the development for lease and/or sale. Completion is scheduled for summer 2025.

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AcquisitionsIndustrialLee & AssociatesTexas

Alterra IOS Acquires Two Sites Totaling 7.2 Acres in Baytown, Texas

by Taylor Williams

HOUSTON — Alterra IOS has acquired two industrial outdoor storage sites totaling 7.2 acres in the eastern Houston suburb of Baytown. The sites at 8121 and 8223 Parkside Ave. are located within Bay 10 Business Park and house a combined 50,000 square feet of warehouse space. Lee & Associates brokered the sale. The seller and sales price were not disclosed. Alterra IOS plans to make capital improvements into the sites, including adding speculative office space and a reinforced concrete yard at 8121 Parkside.

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Leasing ActivityOfficeTexas

CBRE Arranges Five Office Leases Totaling 22,823 SF Near Downtown Austin

by Taylor Williams

AUSTIN, TEXAS — CBRE has arranged a quintet of office leases totaling 22,823 square feet at Centre II, a 54,696-square-foot building located just south of downtown Austin. The deals include a combination of new leases and renewals, with the largest being an 11,049-square-foot renewal with Alabama-based computer hardware manufacturer Abaco Systems. Casey Ford of CBRE represented the landlord, Los Angeles-based Stanton Road Capital, in the lease negotiations.

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AcquisitionsDevelopmentGeorgiaRetailSoutheast

Gwinnett County Acquires 23-Acre Macy’s Site at Gwinnett Place Mall in Metro Atlanta

by John Nelson

DULUTH, GA. — Gwinnett County’s Urban Redevelopment Agency has acquired a Macy’s department store and furniture store at Gwinnett Place Mall, a beleaguered regional shopping mall in the northeast Atlanta suburb of Duluth. In 2021, the county initially purchased a 39-acre portion of the Gwinnett Place Mall site, and with this 23-acre acquisition, will own a total 76 acres. The mall originally opened in 1984. Gwinnett County’s Urban Redevelopment Agency purchased the two Macy’s stores, which span 293,059 square feet, in a sale-leaseback with the New York-based retail giant. Macy’s will continue to operate the two stores through early 2025. The county purchased the stores for $16.5 million and will issue bonds to finance the transaction, which is expected to close in November. “The acquisition of the Macy’s site marks a pivotal step forward in the redevelopment of Gwinnett Place Mall, setting the stage for Gwinnett County to establish a national — and possibly international — model for equitable and impactful transformation,” says Nicole Love Hendrickson, Gwinnett County chairwoman. “This redevelopment will be a catalyst for change, creating transformative opportunities that enhance property values, align with neighboring investments and drive growth for a new generation of entrepreneurs, residents and local …

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Lincoln-Logistics-Bayonne
DevelopmentIndustrialNew JerseyNortheast

Lincoln Equities Completes 332,640 SF Spec Industrial Project in Bayonne, New Jersey

by Taylor Williams

BAYONNE, N.J. — Locally based developer Lincoln Equities Group has completed a 332,640-square-foot speculative industrial project in Northern New Jersey. Lincoln Logistics Bayonne sits within a 153-acre waterfront site that also houses an 886,256-square-foot UPS shipping hub. In addition to a clear height of 40 feet and 66 dock doors, the property features five acres of parking space that can support 195 trailers and 225 cars, or 45 trailers and 800 cars. Construction began in May 2022. Cushman & Wakefield is marketing the project for lease.

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AcquisitionsRetailSoutheastUncategorizedVirginia

Cushman & Wakefield Brokers Sale of 397,605 SF Shopping Center in Richmond

by John Nelson

RICHMOND, VA. — Cushman & Wakefield has brokered the sale of White Oak Village Center, a 397,605-square-foot shopping center located at 4501-4591 S. Laburnum Ave. in Richmond. Pennsylvania-based Triple BAR Group acquired the property, which was 94 percent leased at the time of sale, from an undisclosed seller. The sales price was also not disclosed. Publix, Michaels, PetSmart and JCPenney anchor the center. John Owendoff of Cushman & Wakefield, along with Catharine Spangler of Cushman & Wakefield | Thalhimer, represented the seller in the transaction.

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AcquisitionsDevelopmentHealthcareNorth CarolinaOfficeSoutheastUncategorized

Flagship Acquires Former Verizon Office Building in Wilmington, Plans Conversion to Healthcare Campus

by John Nelson

WILMINGTON, N.C. — Flagship Healthcare Properties has purchased a 153,526-square-foot office building located at 3601 Converse Road in Wilmington. The Charlotte-based company acquired the property through Flagship Healthcare Trust for an undisclosed price. The seller was also not disclosed. The three-story office building was built as a single-tenant property and was formerly home to Verizon Wireless. Flagship is underway on the conversion of the office building into an outpatient healthcare campus dubbed Flagship Medical Plaza. Novant Health has signed a lease to occupy two floors at the project beginning in 2025. The tenant’s planned services at the clinic will include specialized physicians, lab services, imaging and infusion therapy, according to Ernie Bovio, president of Novant’s coastal region. Novant operates the Novant Health New Hanover Regional Medical Center hospital, which is located two miles from Flagship Medical Plaza.

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