Property Type

Stream Realty Executes 70,000 SF of Leases at The Grove Office Park in Charlotte

by John Nelson May 2, 2024

CHARLOTTE, N.C. — Stream Realty Partners has executed 70,000 square feet of leases at The Grove, a four-building office park located at 8520-8615 Cliff Cameron Drive in Charlotte, over the past 18 months. The landlord, B Group Capital Management, recently completed extensive renovations at the 260,000-square-foot property, which it purchased in fall 2022. These include the implementation of Google Fiber and physical upgrades to common areas and a new spec office suite. Grant Keyes and Holden Brayboy of Stream Realty represented the landlord in the lease negotiations. The deals include leases and/or lease extensions with Alliance Health, Bridge to Achievement, Autism Living Experience and Keller Williams.

May 2, 2024

Acquisitions North Carolina Retail Southeast

SRS Brokers $6.9M Sale of Raleigh Retail Property Ground Leased to Fifth Third Bank

by John Nelson May 2, 2024

RALEIGH, N.C. — SRS Real Estate Partners has brokered the ground-lease sale of a newly built, 2,775-square-foot retail property located at 615 Oberlin Road in Raleigh. Fifth Third Bank occupies the single-tenant property, which features a drive-thru ATM, on a 20-year lease. Matthew Mousavi and Patrick Luther of SRS’ Newport Beach, Calif., office represented the seller, a private developer, in the $6.9 million sale. A New York-based private investor purchased the asset at a 4.86 percent cap rate.

May 2, 2024

Acquisitions Industrial North Carolina Southeast

JLL Arranges Sale of 60,000 SF Industrial Facility in Charlotte

by John Nelson May 2, 2024

CHARLOTTE, N.C. — JLL has arranged the sale of CBI Distribution Center, a 60,000-square-foot industrial facility located at 2817 Westinghouse Blvd. in Charlotte. Built in 2017 within two miles of the I-485/I-77 interchange, the distribution center was fully leased at the time of sale to CBI Workplace Solutions, with 6.5 years of lease term remaining. An unnamed family investment company based in Charlottesville, Va., purchased the asset for an undisclosed price. Dave Andrews, Pete Pittroff, Josh McArdle and Michael Lewis of JLL represented the seller, an affiliate of Zurich Alternative Asset Management, in the transaction.

May 2, 2024

Florida Leasing Activity Restaurant Retail Southeast

Eggs Up Grill, Papa John’s Sign Leases at Post Commons Shopping Center on Florida’s Space Coast

by John Nelson May 2, 2024

MELBOURNE, FLA. — Two restaurant concepts, Eggs Up Grill and Papa John’s Pizza, have signed leases to join the roster of Post Commons, a 202,050-square-foot shopping center located at 4100 N. Wickham Road in Melbourne. The new eateries will join existing tenants including Publix, Beall’s Outlet, Burlington and Pet Supermarket. Post Commons is situated on Florida’s Space Coast near Eastern Florida State College and the Maxwell C. King Center for the Performing Arts. Flavia Kanyago of CrossMarc Services arranged the leases on behalf of the landlord, a joint venture between CrossMarc and Baltimore-based MCB Real Estate. Eggs Up Grill and Papa John’s will open their respective 3,000-square-foot and 1,200-square-foot restaurants in the fourth quarter.

May 2, 2024

Loans Multifamily Texas

BridgeInvest Provides $55.5M Acquisition Loan for West Houston Multifamily Property

by Taylor Williams May 2, 2024

HOUSTON — Miami-based lender BridgeInvest has provided a $55.5 million acquisition loan for Park on Voss, an 810-unit multifamily property in West Houston that was built in 1971, according to Apartments.com. The property offers studio, one- and two-bedroom units and amenities such as a pool, fitness center, coffee bar, dog park, business center, tennis courts, outdoor grilling and dining stations and a game room. The borrower, Tara Capital, will use a portion of the proceeds to fund capital improvements. Renovations will include new unit appliances and HVAC systems, as well as exterior enhancements such as lighting, landscaping and essential repairs to elevators, sidewalks and roofing. CBRE arranged the debt.

May 2, 2024

Acquisitions Retail Texas

JLL Arranges Sale of 112,162 SF Shopping Center in North Dallas

by Taylor Williams May 2, 2024

DALLAS — JLL has arranged the sale of Muse Shops at Midtown, a 112,162-square-foot shopping center in North Dallas. Built in 1999 and renovated in 2022, the four-building center was 58 percent leased at the time of sale to tenants such as Starbucks, Land Design, United Real Estate and Natuzzi Editions. Adam Howells, Erin Lazarus, Megan Babovec and Keenan Ryan of JLL represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.

May 2, 2024

Development Industrial Texas

Gauge Real Estate Completes 95,886 SF Industrial Project in North Houston

by Taylor Williams May 2, 2024

HOUSTON — Gauge Real Estate Partners has completed Gauge Interwood Logistics, a 95,886-square-foot industrial project in Houston. The site spans seven acres within the 440-acre Interwood Business Park on the city’s north side. The standalone, rear-load facility features 32-foot clear heights, 180-foot truck court depths, 19 trailer stalls and an ESFR sprinkler system. Powers Brown Architecture designed the project, and Rosenberger Construction served as the general contractor. CBRE has been tapped as the leasing agent. Construction began last fall.

May 2, 2024

Acquisitions Industrial Texas

Partners Real Estate Negotiates Sale of 26-Acre Industrial Outdoor Storage Facility in Von Ormy, Texas

by Taylor Williams May 2, 2024

VON ORMY, TEXAS — Partners Real Estate has negotiated the sale of a 26-acre industrial outdoor storage facility in Von Ormy, located on the southwestern outskirts of San Antonio. The site at 14603 and 14710 Speedway Park also houses a 7,500-square-foot truck terminal building. Stan Nowak of Partners represented the buyer, a private equity firm, in the transaction. Additional terms of sale were not disclosed. Partners has also been retained as the property’s leasing agent.

May 2, 2024

Leasing Activity Office Texas

Centersquare Signs 30,342 SF Office Headquarters Sublease at Cypress Waters in Coppell, Texas

by Taylor Williams May 2, 2024

COPPELL, TEXAS — Centersquare, a provider of colocation, connectivity and cloud infrastructure solutions, has signed a 30,342-square-foot office headquarters sublease at Cypress Waters in Coppell, located in the northern-central part of the metroplex. The space at 3100 Olympus Blvd. can support about 150 employees. Cribb Altman and Curt Holcomb of JLL represented Centersquare in the lease negotiations. Steve Wentz, Travis Boothe and Spencer Oster of Cushman & Wakefield represented the undisclosed sublandlord. Billingsley Co. owns Cypress Waters.

May 2, 2024

Development Healthcare New York Northeast

Extell Development Tops Out 30-Story Medical Office Project on Manhattan’s Upper East Side

by Taylor Williams May 2, 2024

NEW YORK CITY — Locally based firm Extell Development Co. has topped out a 30-story, 435,000-square-foot medical office project at 1520 First Ave. on Manhattan’s Upper East Side. Designed by Perkins Eastman Architects, the building will occupy a full city block between East 79th and East 80th streets and house ambulatory care and surgical facilities. Additional building features will include multiple outdoor terraces and mechanical systems to enhance comfort and energy efficiency, as well as ground-floor retail space. The Hospital for Special Surgery (HSS) has preleased eight floors totaling 195,580 square feet to serve as the facility’s anchor tenant. HSS will house orthopedic and rheumatology physician’s offices, as well as ancillary services for treatment of musculoskeletal conditions. Newmark has been tapped to lease the remainder of the space. Lendlease provided preconstruction management services for the project, full completion of which is slated for the second quarter of 2025.

May 2, 2024

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