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DevelopmentFloridaLoansMultifamilySoutheast

Allen Morris Co. Obtains $83M Construction Loan for Bayside Sarasota Apartment Development in Florida

by John Nelson

SARASOTA, FLA. — The Allen Morris Co. has obtained an $83 million construction loan for Bayside Sarasota, a 349-unit apartment development in the city’s Rosemary District. Kennedy Wilson provided the loan. Alaska Permanent Fund Corp. (APFC) is Allen Morris’ partner on the development, which will sit adjacent to Sarasota’s $200 million Bay Park redevelopment project. Bayside Sarasota will comprise a 253-unit apartment community with 2,000 square feet of retail space and a separate 96-unit tower. The project will feature a mix of one-, two- and three-bedroom apartments and 50,000 square feet of amenities, including a rooftop pool deck, lobby restaurant, fitness center with a covered yoga terrace and a 24-hour concierge. The design-build team includes general contractor Brasfield & Gorrie, architect Dwell Design Studio and interior designer FlickMars. Longboat Group will operate Bayside Sarasota upon completion, which Allen Morris and APFC expect will be in fall 2026.

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DevelopmentSoutheastStudent HousingTennessee

Villas Student Housing, Student Quarters Break Ground on 605-Bed Community Near University of Tennessee

by John Nelson

KNOXVILLE, TENN. — A partnership between Villas Student Housing and Student Quarters has broken ground on a 605-bed student housing development across from the University of Tennessee campus in Knoxville. The 235,000-square-foot community will be located at the intersection of 1425 Rocky Shore Lane and 1440 Cityview Lane. The property will offer units in studio through five-bedroom configurations across two six-story buildings. Shared amenities will include a resort-style swimming pool, basketball court, fitness center and study spaces. The design-build team for the project includes Rhode Partners, Southern Building Group, DCI Engineers, Cannon & Cannon and V3 Consulting Engineers. The development is anticipated for completion in summer 2026.

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AcquisitionsIndustrialSouth CarolinaSoutheast

Packaging Company Smurfit Kappa Buys 258,801 SF Industrial Facility in Anderson, South Carolina

by John Nelson

ANDERSON, S.C. — Smurfit Kappa, a global paper-based packaging company, has purchased Building 1 at Evergreen 85 Logistics Park in Anderson, a city roughly 30 miles south of Greenville via I-85. Smurfit Kappa will be the sole occupant of the 258,801-square-foot facility, its first in South Carolina. The seller is Kansas City-based developer Hunt Midwest, which is developing the park adjacent to I-85. The park will span more than 1.7 million square feet of industrial space, with build-to-suit options available for buildings sized 200,000 to 1.1 million square feet. The design-build team for Evergreen 85 includes civil engineer Seamon Whiteside, architect LS3P and Evans General Contractors. Trey Pennington, Jeff Benedict and Tripp Speaks of CBRE represented Hunt Midwest in the transaction and will handle leasing for the remainder of the park.

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AcquisitionsNorth CarolinaRetailSoutheast

Legacy Realty Brokers Sale of 63,507 SF Shopping Center in Mount Airy, North Carolina

by John Nelson

MOUNT AIRY, N.C. — Legacy Realty Group Advisors has brokered the sale of Independence Square, a 63,507-square-foot shopping center located in Mount Airy, a city on the North Carolina-Virginia border. The center was 97 percent leased at the time of sale to tenants such as Ollie’s Bargain Outlet, Dollar General and USPS. Jacob Baruch of Legacy Realty Group represented the seller in the transaction, and Kevin Henry of Pine Forest Oak Island Realty represented the buyer. Both parties requested anonymity, and the sales price was also not disclosed.

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KentuckyLeasing ActivityOfficeSoutheast

CBRE Opens New 8,600 SF Office in Louisville

by John Nelson

LOUISVILLE, KY. — CBRE has opened its new 8,600-square-foot office on the fifth floor of Ormsby III, an office building located at 10200 Forest Green Blvd. in Louisville. The firm is relocating from One Paragon Centre at 6060 Dutchmans Lane. The new office is part of CBRE’s Workplace 360 program and showcases spaces that are designed to accommodate hybrid working, thus no desks are assigned. Teams are assigned to various neighborhood work areas where CBRE team members can work in any unoccupied space. The office has several different work areas including focus, huddle and conference rooms, as well as a library space with banquette seating. There is also a wellness room and an open-space lobby known as The Heart that features a large communal table, a digital media display with speakers near the entrance and a café for employees and guests. CBRE Design Collective designed the new Louisville office, which also features nods to the city’s history with Louisville Slugger bats decorating the conference room and aesthetic nods to the bourbon industry.

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AcquisitionsIndustrialTexas

Forefront Commercial Buys 627,303 SF Industrial Portfolio in Dallas Area

by Taylor Williams

DALLAS — Locally based investment firm Forefront Commercial Real Estate has purchased the North Dallas Infill Portfolio, a collection of four industrial buildings totaling 627,303 square feet in the Dallas area. The portfolio’s buildings, which are located in Addison, Farmers Branch and Carrollton, were fully leased to 13 tenants at the time of sale. Building features include 22- to 24-foot clear heights, front- and side-load configurations, 76 total dock high doors and over 77,000 total square feet of office space. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe, Taylor Hare and Chloie Mercer of Newmark represented the seller, AEW Capital Management, in the transaction.

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LoansMultifamilyTexas

Thorofare Capital Provides Loan for Refinancing of Metro Austin Active Adult Community

by Taylor Williams

PFLUGERVILLE, TEXAS — Los Angeles-based Thorofare Capital has provided a bridge loan of an undisclosed amount for The Jovie at Pflugerville, a newly built, 182-unit apartment complex located on the northern outskirts of Austin. The age-restricted property offers 120 one- and two-bedroom units with an average size of 920 square feet. Amenities include a pool, fitness center, library, clubroom and bar, game room, private dining and event space and a coworking lounge. B.K. Newsom of CBRE arranged the loan on behalf of the borrower, regional developer Wilson Capital.  

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AcquisitionsIndustrialTexas

Colliers Brokers Sale of 10,203 SF Industrial Building in Pleasanton, Texas

by Taylor Williams

PLEASANTON, TEXAS — Colliers has brokered the sale of a 10,203-square-foot industrial building in Pleasanton, a southern suburb of San Antonio. The building sits on 9.6 acres at 495 Shale Road, and according to LoopNet Inc. was constructed in 2018 and features 22-foot clear heights. Todd Moore, Barkley Peschel and Connor Duffy of Colliers represented the undisclosed seller in the transaction. The buyer was also not disclosed. The building was fully leased to energy firm Baker Hughes at the time of sale.

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IndustrialLeasing ActivityTexas

Restoration 1 Signs 10,060 SF Industrial Lease in North Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Restoration 1, which provides solutions for properties damaged by water, fire or mold, has signed a 10,060-square-foot industrial lease in North Fort Worth. The building at 13019 Harmon Road comprises six suites and features 25-foot clear heights. Jen Martin of TX Business Parks represented the landlord, an entity doing business as Harmon Condos LLC, in the lease negotiations. Richard Hitz of Bradford Commercial Real Estate Services represented the tenant.

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AcquisitionsIndustrialTexas

Oxford Partners Negotiates Sale of 10,000 SF Industrial Building in Southwest Houston

by Taylor Williams

HOUSTON — Locally based brokerage firm Oxford Partners has negotiated the sale of a 10,000-square-foot industrial building in southwest Houston. According to propertyshark.com, the building at 9306 Summerbell Lane features 14-foot clear heights, five dock-high doors and 500 square feet of office space. Jeffery Arnaud and Ryley Caton of Oxford Partners represented the seller in the transaction. Rigoberto Juarez of Global Investment Realty represented the undisclosed buyer. 

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