Property Type

Beyond the Hype: How AI Can Drive Success at Texas Retail Centers, Mixed-Use Destinations

by Taylor Williams April 1, 2024

By J. Wickam Zimmerman, CEO, Outside The Lines Inc. The use of artificial intelligence (AI) technology is growing in retail commerce, where it’s already helping businesses track inventory, forecast demand and suggest new products to consumers. But how does AI figure into retail real estate? Can it be used to enhance engagement and drive success at the properties themselves? Could it help entice shoppers to step away from their online shopping carts and venture out into the real world? The answer is a resounding yes, and we’re already seeing this play out in the Lone Star State. Creating Spaces That Attract & Retain With major Texas markets like Dallas-Fort Worth and San Antonio seeing record-high retail occupancy rates, many property owners are focused on capitalizing on this momentum. To keep foot traffic high and remain competitive with other local developments and online shopping, it’s more important than ever to create unique draws to centers. A key strategy involves creative placemaking and offering experiential destinations that are increasingly bolstered by technology, including AI. To stay ahead, retail centers today must offer an experience that can’t be replicated virtually. This requires having dynamic, interactive onsite features and leveraging technologies that are just …

April 1, 2024

Acquisitions Loans Multifamily Southeast Top Stories Virginia

Berkadia Provides $157M Acquisition Loan for Mason at Van Dorn Apartments in Alexandria, Virginia

by Taylor Williams April 1, 2024

ALEXANDRIA, VA. — Berkadia has provided a $157 million Fannie Mae acquisition loan for Mason at Van Dorn, a 1,180-unit apartment community in Alexandria, located just south of Washington, D.C. The sales price was not disclosed, but the Washington Business Journal reports that the amount exceeded $200 million. The borrower and purchaser was a partnership between South Florida-based Shoreham Capital and Bridge Investment Group. The seller was Los Angeles-based investment firm CIM Group, which acquired the property in late 2017 and implemented various capital improvements during the course of its ownership. Mason at Van Dorn consists of 14 four- and five-story buildings on 30 acres at 140 S. Van Dorn St. The site is adjacent to WestEnd Alexandria, a 4 million-square-foot mixed-use destination that is a redevelopment of the former Landmark Mall. The 52-acre development will also be the future home of the Inova Alexandria Hospital Campus, which will employ more than 2,000 people. Originally built in 1972, Mason at Van Dorn offers studio, one- and two-bedroom apartments with an average size of 761 square feet. Amenities include two pools, a fitness center, tennis courts, courtyards, a business center, outdoor grilling and dining stations, game room, movie theater and a …

April 1, 2024

Development District of Columbia Loans Multifamily Southeast

Berkadia Arranges $172M Construction Financing for Residential Tower in South Florida

by John Nelson March 29, 2024

NORTH MIAMI, FLA. — Berkadia has arranged a $172 million loan to finance the construction of ONE Park Tower by Turnberry, a residential tower located at 2411 Laguna Circle in North Miami. Scott Wadler, Alec Fox, Mitch Sinberg, Brad Williamson and Matt Robbins of Berkadia secured the financing through Bank OZK on behalf of the developer, Turnberry. Upon completion, the community will total 292 condominiums in one-, two- and three-bedroom layouts. Arquitectonica designed the 33-story building. Amenities at the property will include a beach club, fitness center, social deck, spas and concierge service. A construction timeline was not disclosed.

March 29, 2024

Acquisitions District of Columbia Hospitality Southeast

Apple Hospitality REIT Purchases Hotel in D.C. for $116.8M

by John Nelson March 29, 2024

WASHINGTON, D.C. — Apple Hospitality REIT has acquired the AC Hotel by Marriott Washington D.C. Convention Center in Washington, D.C., for $116.8 million. Opened in 2020, the property features 234 rooms at 601 K Street NW. Amenities at the hotel include a 1,500-square-foot fitness center, rooftop bar and restaurant and ground-floor retail space. The seller was not disclosed.

March 29, 2024

Affordable Housing Development Florida Loans Multifamily Seniors Housing Southeast

CREI Holdings Secures $67M Loan for Affordable Housing Development in Metro Miami

by John Nelson March 29, 2024

SWEETWATER, FLA. — CREI Holdings has secured a $67 million construction loan for the development of Li’l Abner III, an affordable and workforce housing community in Sweetwater, roughly 15 miles outside of Miami. Centennial Bank provided the financing. Upon completion, which is scheduled for the second quarter of 2026, the property will feature an eight-story building with 328 one- and two-bedroom apartments, with 40 percent of the residences reserved for households earning 80 percent of the area median income (AMI). Additionally, 40 percent of units will be designated for residents age 55 and older. Amenities at Li’l Abner III, which will be situated adjacent to Li’l Abner I and II, will include a fitness center, lounge, central courtyard and storage facilities. Yuleisy Montalvo of Centennial Bank arranged the financing internally. Attorney Manny Diner represented CREI in the loan transaction, and attorney Richard Barbara represented Centennial Bank.

March 29, 2024

Development Florida Loans Multifamily Southeast

Mast Capital Receives $65M Construction Financing for Multifamily Community in Fort Myers

by John Nelson March 29, 2024

FORT MYERS, FLA. — Mast Capital has received a $65 million loan for the construction of Hancock Bridge Square, a 320-unit multifamily project in Fort Myers. The developer has recently broken ground on the development, which will be located at 13370 N. Cleveland Ave. and feature three- and four-story apartment buildings. General contractor Kaufman Lynn is building the community, which was designed by Humphreys & Partners Architects. Amenities at Hancock Bridge Square will include a fitness center, lounge and entertainment kitchen, workspace, swimming pool and a sun deck. Chris Drew, Brian Gaswirth, Jesse Wright and Paul Adams of JLL secured the construction financing through Centerbridge Partners — which served as an agent for MassMutual Life Insurance Co. — on behalf of Mast Capital. A construction timeline was not disclosed.

March 29, 2024

Acquisitions Alabama Retail Southeast

Cove Capital Acquires 130,056 SF Eastwood Village Retail Center in Birmingham

by John Nelson March 29, 2024

BIRMINGHAM, ALA. — Cove Capital Investments has acquired Eastwood Village, a 130,056-square-foot retail center located in Birmingham. Tenants at the property, which was 96 percent occupied at the time of sale, include Ross Dress for Less, Five Below, Office Depot, Michaels, Party City and Starbucks Coffee. The acquisition marks the newest addition to Cove Capital’s DST portfolio, which includes 89 properties totaling 2.1 million square feet throughout the country. The seller and sales price were not disclosed.

March 29, 2024

Development Industrial Texas

Signorelli Breaks Ground on Phase I of 4,700-Acre Master-Planned Community Near Houston

by Taylor Williams March 29, 2024

ROSENBERG, TEXAS — Locally based developer The Signorelli Co. has broken ground on Phase I of Austin Point, a 4,700-acre master-planned community in Rosenberg, located roughly 30 miles southwest of Houston in Fort Bend County. Upon completion, the development will feature 14,000 homes and 17 million square feet of multifamily, office, medical, retail and hospitality space. The project will also include the extension of Fort Bend and Grand parkways at the development site for more convenient access to downtown Houston. Phase I of Austin Point will include the construction of 400 homes that will be built on smaller lots in an alley-loaded format and will range in size from 1,300 to 4,500 square feet.

March 29, 2024

Loans Office Texas

Silver Star Properties Receives $135M in Financing for Liquidation of Texas Office Portfolio

by Taylor Williams March 29, 2024

HOUSTON — Houston-based Silver Star Properties REIT has received $135 million in financing to facilitate the liquidation of its 4.2 million-square-foot portfolio of office assets in Texas. Silver Star intends to sell all 27 properties in the portfolio, which includes two industrial assets and one retail asset, and to use the proceeds to exclusively acquire self-storage facilities. The financing consists of a $120 million floating-rate senior loan from New York City-based Benefit Street Partners and a $15 million co-terminus second mortgage loan from California-based boutique lender RWBC. Raymond James Financial advised Silver Star, which has already sold the 139,069-square-foot Bent Treen Green office building in North Dallas, on the transaction.

March 29, 2024

Acquisitions Industrial Texas

CIM Group Sells 139,502 SF Cold Storage Facility in Fort Worth

by Taylor Williams March 29, 2024

FORT WORTH, TEXAS — Los Angeles-based development and investment firm CIM Group has sold a 139,502-square-foot cold storage facility in Fort Worth. The site, which CIM Group acquired in 2020, spans 14.4 acres near the junction of Interstates 20 and 35. According to LoopNet Inc., the newly constructed facility features 36-foot clear heights, 34 dock-high doors, an ESFR sprinkler system and parking for 44 trailers (expandable to 101). The buyer and sales price were not disclosed.

March 29, 2024

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