DENTON, TEXAS — Dallas-based brokerage firm STRIVE has arranged the sale of University Place, a 17,346-square-foot retail strip center located in the North Texas city of Denton. Tenants include Dunkin’, Tuk-Tuk Thai Kitchen, Metro by T-Mobile, Palm Beach Tan, Boomer’s Grill, CashMax Title & Loan, Allure Nail Bar Denton and Artisan Vapor & CBD Denton. Hudson Lambert and Jennifer Pierson of STRIVE brokered the deal. The buyer and seller were not disclosed.
DALLAS — Smoothie King has opened seven new stores in Texas through the first four months of 2025. The openings are part of the metro Dallas-based retailer’s expansion plans, which involved opening 13 new stores (inclusive of the Texas locations) across eight states in early 2025, as well as securing 20 new store commitments, with approximately 60 percent of the signings obtained with existing franchisees. The new agreement spans 15 different markets across 12 states, including multi-unit deals in New York and Phoenix.
GRAPEVINE, TEXAS — Freight forwarding company IMPEX GLS has signed a 14,969-square-foot industrial lease in Grapevine, located in the northern-central part of the metroplex. According to LoopNet Inc., the building at 800 Industrial Blvd. was built in 2000 and totals 191,000 square feet. Andrew Gilbert and Keaton Brice of Holt Lunsford Commercial represented the landlord, Prologis, in the lease negotiations. Andrew Flores of Mercer Co. represented the tenant.
RALEIGH, N.C. — Kane Realty Corp. has broken ground on The Strand, a new 20-story apartment high-rise in Midtown Raleigh’s North Hills district. The multifamily tower, which will feature 362 apartments and 9,000 square feet of retail space, will be situated adjacent to the recently sold Advance Auto Parts Tower. The Strand will comprise studio, one-, two- and three-bedroom apartments, as well as top-floor penthouses. The community will also feature an amenity deck on the sixth floor that will include a resort-style pool, grilling area, activity lawn, fitness center and club room, as well as a clubroom on the 18th floor and a speakeasy on the top level that is exclusive for penthouse residents. The project team includes development partner Mitsui Fudosan America, architect Rule Joy Trammell + Rubio, general contractor Balfour Beatty and civil engineer McAdams. Kane Realty plans to welcome first residents at The Strand in summer 2027. The locally based development and management firm is also underway on planning for Phase II of the site.
TAMPA, FLA. — JLL Capital Markets has secured refinancings totaling a combined $134.9 million for three student housing communities across the Southeast. Lee Weaver, Melissa Marcolini Quinn, Rob Rothaug and Jade Starkey of JLL worked on behalf of Commercial Street Partners to secure a $97.5 million refinancing for Apella on Newport in Tampa. The three-year, floating-rate loan was placed through MF1/Limekiln Real Estate Investment Management. The newly constructed community spans 195,076 square feet at 311 North Newport Ave. near the University of Tampa campus. The property offers 576 beds across 150 fully furnished units in two-, three-, four- and six-bedroom configurations. Shared amenities include a rooftop pool, fitness center, study lounges and secured garage parking. Weaver and Quinn, along with Kenny Cutler, Rob Rothaug and Cristian Sieman of JLL, also secured a $22 million refinancing for Preserve at Tech near Louisiana Tech University in Ruston, La. Prime Finance provided the two-year, floating-rate loan to borrower RISE: A Real Estate Co. Completed in 2021 at 1913 West Alabama Ave., the community offers 588 beds across 168 units in three- and four-bedroom configurations. Shared amenities include a resort-style pool, 24-hour clubhouse, computer lab, fitness center and a gaming lounge. JLL also worked on …
ASHEVILLE, N.C. — Cushman & Wakefield has brokered the sale of an eight-acre multifamily development site in Asheville. Atlanta-based Shelton McNally Real Estate Partners purchased the shovel-ready site from Golden Hour Collective with plans to develop a new 210-unit apartment community. Alex Phillips, Battle Smith, Alex McDermott and Sparling Davis of Cushman & Wakefield’s Sunbelt Multifamily Advisory Group represented Golden Hour in the land deal. Specific plans and construction timelines for the development were not released. The site is located within Overlook at Ashville, a 98.8-acre master-planned community that is approved for the 210 apartments, as well as 130 build-to-rent townhomes and up to 176 duplex units. The development is situated on a sloping mountainside within a few miles of downtown Asheville.
ATLANTA — Patterson Real Estate Advisory Group has arranged the refinancing for Old Highland Bakery, a two-building adaptive reuse project in Atlanta’s Old Fourth Ward district. Ameris Bank provided an undisclosed amount of financing to the borrowers, Vantage Realty Partners and Braden Fellman Group. Originally constructed in 1930, the all-brick structure was recently renovated to prepare the space for incoming tenants. The 51,000-square-foot property includes redeveloped office and retail space that houses 14 tenants, including Communidad Taqueria and BodyRok. Vantage and Braden Fellman preserved historical features at Old Highland Bakery, including the property’s original wood, metal beams and skylight windows.
ROCK HILL, S.C. — A joint venture between ShopOne Centers REIT, Pantheon and a global institutional investor has acquired Riverview Commons, a 59,020-square-foot shopping center located in Rock Hill, roughly 15 miles south of Charlotte. Food Lion and Dollar General anchor the property, which was 96 percent leased at the time of sale. Additional retailers at the center include Computer CPR, Exquisite Nails & Spa, Hair Savvy Salon, Big Wok II, Rock Hill Bagels & Deli, Ivy Rehab and ISI Elite Training. The joint venture now owns 21 retail centers. Riverview Commons marks ShopOne’s first acquisition in the Charlotte metro area.
NEW YORK CITY — Ocean West Capital Partners has arranged the foreclosure of 285 Madison Avenue, a 511,000-square-foot office building in Midtown Manhattan. Ocean West represented the mezzanine lender, which was comprised of a consortium of insurance companies based in South Korea. The property owner was not disclosed, but multiple sources, including The New York Business Journal, report that that entity is RFR. The property’s loan fell into maturity default in late 2022 and was subsequently extended to provide time for recovery, but the debt came back into default in late 2024 when the extension expired. Ocean West was brought in at this time to serve as advisor to the mezzanine lenders and evaluate various debt recovery strategies. DLA Piper LLP provided legal representation to the mezzanine lender(s) throughout the process. Newmark managed the Uniform Commercial Code (UCC) auction marketing process, and Daol Asset Management served as the Korean investment advisor for this transaction.
SAN DIEGO AND ENCINITAS, CALIF. — Raintree Partners is investing more than $225 million in the San Diego housing market with the development of three Class A multifamily communities. Totaling 498 units, the properties include Treehouse and Flora + Fauna in San Diego’s Bankers Hill neighborhood and Dos Lunas in Encinitas. Currently under construction, the eight-story, 115,453-square-foot Treehouse is located at 2525 1st Ave. in San Diego’s Bankers Hill district. The 107-unit community will feature studio, one- and two-bedroom floor plans, a fitness center and sauna, a Zen spa deck and a roof deck with outdoor dining and lounge space with ocean and bay views and an herb garden adjacent to an outdoor kitchen/garden zone. The asset is slated for completion in November. BDE is serving as architect and ECON Construction is serving as contractor. Flora + Fauna, located at 411 Ivy St. in San Diego’s Bankers Hill, will encompass 115,453 square feet spread across two buildings featuring six levels. The property will offer a sauna, spa and cold plunge, a coworking lounge and a roof deck with ocean and city views. Slated for completion in mid-2026, the community will offer 189 studio, one-, and two-bedroom floor plans, as well as …