HOUSTON — Locally based development and brokerage firm Finial Group has completed a 90,328-square-foot industrial project in South Houston. The project represents the third and final phase of Independence Business Park and consists of three buildings that total 46,378, 18,525 and 25,425 square feet. Each building features more than 2,000 square feet of office space. All told, Independence Business Park comprises seven freestanding buildings on a roughly 19-acre site.
HOUSTON — JLL has brokered the sale of a 63,693-square-foot office building in West Houston. Completed in 2006 and renovated in 2019, the three-story building at 11000 Equity Drive is located within the 150-acre Westway Park development. Rick Goings and Jeff Hollinden of JLL represented the undisclosed seller in the transaction. The property’s original developer, Satterfield & Pontikes Construction, purchased the asset with plans to occupy the facility in its entirety.
WAXAHACHIE, TEXAS — Dallas-based brokerage firm STRIVE has arranged the sale of Shops at The Grove, a 9,422-square-foot retail strip center located in the southern Dallas suburb of Waxahachie. Tenants at the property include Bahama Bucks, Mint Exteriors, Mi Casa Mexican Cuisine and Fat Tuesday. Parker Tims and Hudson Lambert of STRIVE represented the seller, a local developer, in the transaction. Hudson Springer, also with STRIVE, represented the buyer, a local investor. Both parties requested anonymity.
DALLAS — Apparel and accessories retailer Pink Sundays has opened a 2,933-square-foot store at Hillside Village, a grocery-anchored shopping center in northeast Dallas. A grand opening event took place on Saturday, June 15 and featured a DJ, door prizes, giveaway, a charm bar and permanent jewelry station hosted by local jeweler Nikki Smith. No third-party brokers were involved in the lease negotiations. Northwood Retail owns Hillside Village.
NORTH MYRTLE BEACH, S.C. — The Klotz Group of Cos. and Longleaf Real Estate plan to soon break ground on The Preserve, a $250 million residential development in the coastal city of North Myrtle Beach. The plans for the 110-acre project call for 370 luxury apartments, 207 build-to-rent homes, 227 paired villa lots and 10,000 square feet of commercial space. Situated between the Intercoastal Waterway and the Carolina Bays Parkway, The Preserve will eventually be a part of a planned development district (PDD) that will feature more than 3,500 dwelling units and 1 million square feet of commercial space, including a 165,000-square-foot Amazon delivery facility. The construction timeline was not disclosed, but Klotz and Longleaf plan to break ground on The Preserve this summer.
FORT MYERS, FLA. — McGarvey Development has sold CenterLinks Business Park, a 41-acre property in Fort Myers, to EQT Exeter for $92.5 million. Situated along Oriole Road west of I-75, the property features nine warehouses spanning 450,000 square feet that were leased to 40 tenants at the time of sale. CenterLinks features 100 percent dock-high flex units as well as space that can be used as office or medical office. Four years after breaking ground, McGarvey Development began receiving acquisition offers from private equity firms when the park was about 90 percent built out. A chance encounter between longtime acquaintances McGarvey president John McGarvey and Ward Fitzgerald, global CEO of EQT Exeter, led to the acquisition, which is the largest industrial sales price in the history of Southwest Florida’s Lee County, according to McGarvey.
FAYETTEVILLE, N.C. — Branch Properties and Columbia Properties have purchased a 16.7-acre development site in Fayetteville, a city in south-central North Carolina. The Atlanta-based developers plan to break ground on Rockfish Village, a grocery-anchored shopping center that will span 76,237 square feet, including a 48,387-square-foot Publix store. Situated at the signalized intersection of Rockfish and King roads, the property will also feature 27,850 square feet of inline retail space and 2.4 acres of outparcels. Branch and Columbia plan to break ground on the development early next year and deliver the center by the end of 2025. In addition to Kingfish Village, Branch is underway on five other Publix-anchored shopping centers across the Southeast, including One Nexton in the Charleston suburb of Summerville, S.C.
MANCHESTER, TENN. — Cushman & Wakefield | Commercial Advisors has brokered the sale of Whispering Pines, a 107,000-square-foot shopping center in Manchester, a city in Tennessee midway between Nashville and Chattanooga via I-24. Located at 2161 Hillsboro Blvd., the property was fully leased at the time of sale. Landon Williams and Katie Hargett of Cushman & Wakefield | Commercial Advisors represented the buyer, an entity doing business as BAG3 Holding LLC, in the transaction. Lane Breedlove and Margaret Jones of Cushman & Wakefield represented the seller, an entity doing business as Core Whispering Pines LLC. The sales price was not disclosed.
COLUMBIA AND MYRTLE BEACH, S.C. — Berkadia has arranged the sale of two assisted living and memory care communities in South Carolina. Berkadia Seniors Housing & Healthcare, led by Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders, closed the 156-unit transaction on behalf of a publicly traded REIT. The properties, located in the Columbia and Myrtle Beach MSAs, were purchased by a regional owner-operator. The sales price and specific locations were not disclosed.
MERIDEN, CONN. — KeyBank has provided $51.5 million in financing for a multifamily conversion project in Meriden, located roughly midway between New Haven and Hartford. The sponsor, Trinity Financial, will redevelop the former manufacturing facility of musical instrument maker Aeolian Co. into an 82-unit mixed-income housing complex. The historic building is located at 85 Tremont St. and was originally constructed in 1887. Units will be subject to a range of income restrictions, with 11 residences to be rented at market rates. Amenities will include a fitness center, community room and a children’s play area. KeyBank provided a $24.5 million construction loan as the primary debt component of the financing package, and Trinity secured another $27 million in equity financing from a multitude of different sources. A tentative completion date was not disclosed.
