Property Type

SAM, Virtus Acquire Student Housing Community Near University of Arkansas for $72.3M

by John Nelson August 28, 2024

FAYETTEVILLE, ARK. — A joint venture between Strategic Asset Management (SAM) and Virtus Real Estate Capital has acquired YOUnion@Fayetteville, a 589-bed student housing development located near the University of Arkansas campus in Fayetteville. The project was acquired from Strategic Student & Senior Housing Trust Inc. — a public, non-traded REIT sponsored by SAM — for $72.3 million. An undisclosed affiliate of SAM will serve as property manager on behalf of the joint venture. TSB Capital Advisors consulted on the joint venture and arranged acquisition financing on behalf of SAM and Virtus. YOUnion@Fayetteville offers 198 fully furnished units in one-, two-, three- and four-bedroom configurations. The property is fully leased for the 2024-2025 academic year.

August 28, 2024

Acquisitions Multifamily Southeast Tennessee

Hamilton Zanze, Lionstone Investments Purchase 19-Story Morris Apartments in Nashville

by John Nelson August 28, 2024

NASHVILLE, TENN. — A joint venture between Hamilton Zanze and Lionstone Investments has purchased The Morris, a 19-story apartment tower located at 818 19th Ave. S in Nashville’s Music Row district. Hamilton Zanze sponsored the transaction through HZ Capital Partners Fund I, making it the fifth sponsored for the San Francisco-based investor this year. The seller and sales price were not disclosed. Mission Rock Residential, an affiliate of Hamilton Zanze, has assumed management of the 344-unit property. Built in 2017, The Morris offers studio, one- and two-bedroom apartments that range in size from 557 to 1,104 square feet. Amenities include a rooftop pool with glass overlook, music studio, rooftop performance venue, a 19th-floor sky lounge, fitness center, private yoga studio, concierge services, EV charging stations, pet spa, lounge, coffee bar and indoor bike racks. The property is named for being the longtime site of the offices for Dale Morris, a country music agent to stars including Kenny Chesney and Martina McBride.

August 28, 2024

Development Industrial Maryland Southeast

Hoar Construction Completes 80,000 SF Industrial Facility in Glen Burnie, Maryland

by John Nelson August 28, 2024

GLEN BURNIE, MD. — Hoar Construction has completed an 80,000-square-foot industrial facility near Baltimore/Washington Thurgood Marshall International Airport in Glen Burnie. Working on behalf of the developer, Brennan Investment Group, the general contractor broke ground on the facility in August 2023. The asset is situated on 16 acres on Solley Road and features 32-foot clear heights, two ramped drive-in doors, 20 dock-high doors and approximately 2,000 square feet of spec office space. The development is designed to accommodate up to two tenants. The project team includes architect Powers Brown Architecture, civil engineer Morris & Ritchie Associates and leasing agent Colliers.

August 28, 2024

Acquisitions Florida Restaurant Retail Southeast

SRS Brokers $6.6M Ground Lease Sale for New Fort Myers Restaurant Building Leased to Cooper’s Hawk

by John Nelson August 28, 2024

FORT MYERS, FLA. — SRS Real Estate Partners has brokered the $6.6 million sale of a ground lease for a new restaurant building located at 13671 Olympic Court in Fort Myers. Cooper’s Hawk Winery & Restaurant occupies the 10,653-square-foot property on a 15-year triple-net lease. Britt Raymond and Kyle Fant of SRS represented the seller, Stock Development, in the transaction. Josh Kanter and Anthony D’Ambrosia of NNN Pro represented the undisclosed buyer, a private investment firm that purchased the restaurant in a 1031 exchange. The restaurant sits on a 2.2-acre site along 6 Mile Cypress Highway and adjacent to Daniels Crossing, a 500,000-square-foot, Publix-anchored shopping center.

August 28, 2024

Development Life Sciences Texas Top Stories

City of Plano Approves $4B Texas Research Quarter Life Sciences Project

by Kristin Harlow August 28, 2024

PLANO, TEXAS — The Plano City Council has approved a development agreement to support the Texas Research Quarter (TRQ), a life sciences-focused innovation district. The first phase would involve redevelopment and new construction at the former Electronic Data Systems (EDS) headquarters, a 91-acre site that serves as the TRQ main campus. Plano is located approximately 20 miles north of Dallas. The development agreement provides reimbursement to incentivize investment and development within a newly created tax-increment reinvestment zone (TIRZ), which contains the TRQ properties and other parts of Plano’s Legacy neighborhood. Total project costs are estimated at $4 billion, according to the Dallas Business Journal. Future phases include additional redevelopment activity across the main campus, as well as the creation of an integrated multi-site district through development at adjacent and nearby properties. Dallas-based NexPoint, an alternative investment manager with a real estate arm, is spearheading the development. “The city council approval is just the first step in a comprehensive plan to develop the TRQ into a world-class hub for life sciences,” says Eric Danielson, managing director and head of real estate development at NexPoint. “We are committed to collaborating with the community to build a dynamic ecosystem that will drive innovation, …

August 28, 2024

Market Reports Retail Texas Texas Market Reports

InterFace Panel: Despite Robust Demand, Houston Retail Owners Face Challenges in Adapting to New Market Conditions

by Taylor Williams August 28, 2024

By Taylor Williams HOUSTON — High occupancy rates paired with low volumes of new construction have been the prevailing narratives in many major U.S. retail markets over the past couple years, and Houston is no exception. And while that dynamic ensures healthy rent growth within stabilized properties, when paired with high construction costs and higher interest rates, the result can be growth that feels rather sluggish. According to second-quarter data from Colliers, the Houston retail market currently has a vacancy rate of 5.2 percent, a mark that has held steady for the past year. The market added about 1.1 million square feet of new product through the first six months of 2024 to go with roughly 732,000 square feet of positive absorption. The average asking rent stands at $20.38 per square foot, which represents a 3.8 percent increase relative to the second quarter of 2023. Rosy as these figures appear on the surface, they do not tell the full story of the market. Most owners cannot afford to simply sit back and let the deals come to them at rents they dictate. For although demand exceeds supply of quality space, the aforementioned macroeconomic factors are squeezing owners’ profit margins, meaning …

August 28, 2024

Development Florida Loans Multifamily Southeast

JLL Secures $234M Construction Financing for Rosewood Residences Naples in Florida

by John Nelson August 27, 2024

NAPLES, FLA. — JLL Capital Markets has secured $234 million in construction financing for the development of Rosewood Residences Naples, a condominium project in Naples. Affiliates managed by Apollo provided the loan to the borrowers, The Ronto Group and Wheelock Street Capital. Steven Klein, Brian Gaswirth, Paul Adams and Shane Ciacci of JLL secured the financing on behalf of the borrowers. Scheduled for completion in the third quarter of 2026, the 42-unit property will feature three- and four-bedroom residences averaging 5,175 square feet in size and penthouses ranging from 5,170 to 9,601 square feet. Amenities at Rosewood Residence Naples will include a sundeck with a swimming pool, zero-edge lap pools, spas, game rooms, lounges and gated beach access.

August 27, 2024

Development Georgia Mixed-Use Multifamily Southeast

Partnership Tops Out First Residential Tower at $5B Centennial Yards Development in Atlanta

by John Nelson August 27, 2024

ATLANTA — Centennial Yards Co., a partnership between an affiliate of CIM Group and a group led by Tony Ressler, has topped off the first residential tower located within the $5 billion Centennial Yards development in downtown Atlanta. Dubbed The Mitchell and designed by TVS Architecture + Design and Goode Van Slyke Architects (GVSA), the building totals 19 stories and will feature 304 apartment units with studio, one-, two- and three-bedroom layouts. Amenities will include a pool with an event lawn and grilling stations, coworking spaces, a dog run and pet spa, fitness center and 16,000 square feet of ground-floor retail space. Construction is scheduled for completion next year, with move-ins expected to begin in summer 2025. The Mitchell is situated across from a planned Sports and Entertainment District that will offer 470,000 square feet of entertainment, retail, restaurant and hospitality space. Cosm recently announced plans to open a 70,000-square-foot immersive entertainment venue at the district. Upon completion, Centennial Yards will span 50 acres and total 8 million square feet of commercial and residential space. Mercedes-Benz Stadium and State Farm Arena shadow anchor the development, which is located with proximity to Centennial Olympic Park and downtown Atlanta attractions including the …

August 27, 2024

Loans North Carolina Southeast Student Housing

Cushman & Wakefield Arranges $77M Refinancing for Student Housing Community at UNC Charlotte

by John Nelson August 27, 2024

CHARLOTTE, N.C. — Cushman & Wakefield has arranged $77 million in refinancing for Junction 49, a newly developed student housing community serving the University of North Carolina at Charlotte (UNC Charlotte). Gideon Gil, Zach Kraft, Dale Braverman and Travis Prince of Cushman & Wakefield represented the borrower, SR Real Estate Partners and Circle Squared Alternative Investments, in securing the loan. Macquarie Capital Principal Finance provided the financing. Located at 7600 University City Blvd., the 370,883-square-foot property totals 754 beds and 12,396 square feet of amenity space. Junction 49 features private and group study rooms on each floor, a lounge area, game room, market, 24-hour fitness center, swimming pool, hot tub, poolside cabanas, outdoor grilling stations and two courtyards.

August 27, 2024

Acquisitions North Carolina Retail Southeast

Marcus & Millichap Brokers $5.5M Sale of Retail Center in Franklin, North Carolina

by John Nelson August 27, 2024

FRANKLIN, N.C. — Marcus & Millichap has brokered the $5.4 million sale of a retail center in the western North Carolina city of Franklin. Located at 109 Commons Drive, the 32,000-square-foot property was 96 percent leased to 12 tenants at the time of sale to retailers including Dollar Tree, CATO and Sally Beauty Supply. Zach Taylor and Eric Abbott of Marcus & Millichap represented the seller, a Louisiana-based family office, in the sale. Benjamin Yelm assisted in closing the transaction as the firm’s broker of record in the state. The buyer was not disclosed. “This center has a regional trade area and serves as the Walmart for Highlands, N.C., a popular resort and second-home market for many major metros in the Southeast,” says Taylor. “The buyer was drawn to Walmart’s dominant presence and the limited future development potential due to the surrounding area’s topography.”

August 27, 2024

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