Property Type

COLLIERVILLE, TENN. — RealSource Group has negotiated the sale-leaseback of a 34,000-square-foot single-tenant retail property located at 1088 W. Poplar Ave. in Collierville, roughly 30 miles southeast of Memphis. LA Fitness occupies the property, which was built in 2019. Ted Slaughter and Jonathan Schiffer of RealSource, in association with Scott Reid of ParaSell Inc., represented the seller, Fitness International (the parent company of LA Fitness), in the transaction. A private investor acquired the property for an undisclosed price. LA Fitness will continue to occupy the building, which is situated near the 1 million-square-foot FedEx World Tech Center and 900,000-square-foot Carrier facility, on a 15-year net lease. Chipotle Mexican Grill and Chick-fil-A occupy outparcels near the property.  

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Blue-Ridge-Commerce-Center-Houston

HOUSTON — A joint venture between Trammell Crow Co. (TCC) and Japanese developer Daiwa House has broken ground on Blue Ridge Commerce Center, a 1.3 million-square-foot industrial project in southwest Houston. The site spans 92 acres at the northwest corner of Fort Bend Parkway and McHard Road, and the development will consist of five buildings that will range in size from 153,928 to 431,017 square feet. Buildings will feature a mix of front-load, rear-load and cross-dock configurations and clear heights that range from 28 to 36 feet. Seeberger Architecture designed the project, and E.E. Reed Construction is serving as the general contractor. Sumitomo Mitsui Banking Corp. is financing the development, and CBRE has been tapped as the leasing agent. Linco Construction will undertake infrastructure improvements as part of the project, which will include new public roads, traffic signals, underground utilities, a regional storm water detention pond and public sidewalks. Completion is scheduled for summer 2025.

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Palladium-Carver-Living-Mesquite

MESQUITE, TEXAS — Locally based developer Palladium USA has broken ground on a $79 million project in the eastern Dallas suburb of Mesquite. Palladium Carver Living will be situated on a 10-acre site and will consist of 288 apartments in one-, two- and three-bedroom layouts. A portion of the units will be set aside for individuals earning 60 percent of the area median income. Amenities will include a pool, fitness center, conference center, clubroom, dog park, computer lounge and a children’s playroom. M Arrive Architecture Group designed the property, and BBL Building Co. is the general contractor. Preleasing is slated to begin by the fourth quarter of 2025. The Mesquite Housing Finance Corp. issued $37 million in tax-exempt bond financing for the project, and Regions Bank provided more than $34 million in equity, as well as a $36 million permanent loan. Additionally, the Texas Department of Housing and Community Affairs issued $38 million in 4 percent Low-Income Housing Tax Credits.

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Potranco-Commons-San-Antonio

SAN ANTONIO — Locally based developer The Lynd Group is nearing completion of Potranco Commons, a 360-unit mixed-income project in San Antonio’s Far West Side submarket. Residences come in one-, two- and three-bedroom formats, range in size from 541 to 1,355 square feet and are housed across 15 three-story buildings. Approximately 40 percent of the units are reserved for renters earning 80 percent or less of the area median income. Amenities include a clubhouse, pool, fitness center, outdoor grilling and dining stations, multiple open green spaces and a DJ booth. Lynd Group partnered with Santikos Enterprises and the San Antonio Housing Authority on the project. Move-ins began earlier this year, and the property is now 53 percent leased. Rents for market-rate units start at $1,181 per month. Construction began in summer 2022.

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HALL-Arts-Hotel-Dallas

DALLAS — Lone Star PACE has provided $27 million in retoractive C-PACE financing for HALL Arts Hotel, a luxury hospitality property located in the Dallas Arts District. Designed by HKS Architects with interiors by Bentel & Bentel, the hotel rises 11 stories and houses 183 guestrooms and 19 suites, as well as an onsite restaurant and bar and meeting/event space. The borrower, locally based developer HALL Group, will use proceeds to recapitalize previously implemented sustainability measures at the hotel, including upgrades to the building’s envelope, electrical, plumbing and HVAC systems.

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PLANO, TEXAS — Aimbridge Hospitality has extended its 248,861-square-foot office lease in Plano. The third-party hotel management firm will remain the sole occupant of HQ53, a four-story building that was developed by locally based firm Cawley Partners, for the next five years. Drawbridge Realty is the current owner of HQ53, having purchased the property from Cawley Partners in mid-2022. No third-party brokers were involved in the lease negotiations. Aimbridge first committed to being the anchor tenant at HQ53 in March 2019 via a 75,000-square-foot lease that was subsequently expanded upon.

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AVE-Hamilton-Green-White-Plains

WHITE PLAINS, N.Y. — A partnership between The Cappelli Organization, RXR and Korman Communities has topped out AVE Hamilton Green, a $650 million mixed-use redevelopment project in White Plains, a northern suburb of New York City. The project team is converting the former White Plains Mall into a destination that will feature 860 residential units across four buildings, as well as 55,000 square feet of open public space and 39,000 square feet of commercial space. Residential units will come in one-, two- and three-bedroom floor plans, and amenities will include an indoor pool, fitness center, coworking spaces, a golf simulator, gaming lounge, outdoor grilling stations and a pet spa. The development, which will also have 78 affordable housing units and onsite parking, will be completed in phases over the remainder of 2024 and 2025.

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NANUET, N.Y. — Regional brokerage firm Katz & Associates has arranged the $7.6 million sale of two retail properties in Nanuet, located near the New York-New Jersey border. Built in 1973, the properties comprise a 2,500-square-foot single-tenant building and a 30,000-square-foot multi-tenant building. Chase Bank occupies the single-tenant building, and the multi-tenant building is leased to Tile Shop, Carpet One and Hudson Valley Integrated Medicine. Donny Moskovic of Katz represented both the buyer and seller, both of which requested anonymity, in the transaction.

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PARSIPPANY, N.J. — Day Pitney LLP has signed a 56,000-square-foot office lease in the Northern New Jersey community of Parsippany. The law firm is relocating from the nearby building at 1 Jefferson Road to the entire second and third floors of 8 Sylvan Way, a 176,062-square-foot building that was originally constructed in 2009 to house the operations of pharmaceutical corporation Novartis. Tim Greiner, David Stifelman and Noah Stewart of JLL represented the landlord, Orion Office REIT, in the lease negotiations. Greiner also represented the tenant along with JLL’s Mike Pietrowicz, Dan Loughlin, Kimberly Smith, Brendan McBride and Jonathan Ortiz.

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EXTON, PA. — Locally based pharmaceutical development company Frontage Laboratories has inked a 46,300-square-foot life sciences lease expansion in Exton, a western suburb of Philadelphia. Frontage Labs joins Switzerland-based Fruh Packaging to bring occupancy of the new, 113,000-square-foot building at 240 Sierra Drive to 100 percent. Frontage’s total footprint in Exton now spans about 200,000 square feet, and the expansion is expected to create about 100 new employment opportunities. No third-party brokers were involved in the lease negotiations.

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