CHARLOTTE, N.C. — FCP has provided $13.9 million in preferred equity for the development of Easton at Mountain Island, a 240-unit apartment community located along Garron Point Drive in Charlotte. FCP provided the capital to the developer, Waypoint Residential, through its Structured Investments platform, which has invested approximately $640 million to date. When complete, Easton at Mountain Island will be situated on nearly 20 acres near the Catawba River and Charlotte Douglas International Airport.
TAMPA, FLA. — Marcus & Millichap has arranged the $7.3 million sale of a freestanding store located at 8701 W. Hillsborough Ave. in Tampa. The 64,031-square-foot retail property is net leased to Publix. Situated on 6.3 acres at the intersection of Memorial Highway and Hillsborough Avenue, the store was built in 1977 as an Albertsons. Evan Cannan and Reid Thedford of Marcus & Millichap’s Tampa office represented the seller, a private investor whose family has owned the land for nearly a century. Dean Zang, David Crotts, and Josh Ein of Marcus & Millichap’s Washington, D.C., office procured the buyer, which provided a bid that was $1.3 million higher than the highest off-market bid.
AUSTIN, TEXAS — Texas-based private equity firm SPI Advisory has acquired Parkview Terraces, a 244-unit apartment community in South Austin. The property was originally developed in 2009 as Cortland Southpark Terraces and was recently renovated. According to Apartments.com, Parkview Terraces features one-, two- and three-bedroom units that range in size from 700 to 1,348 square feet and amenities such as two pools, a clubhouse, fitness center, business center, outdoor grilling and dining stations and a dog park. The seller and sales price were not disclosed. Fritz Waldvogel of Colliers Mortgage originated an undisclosed amount of Fannie Mae acquisition financing for the deal.
KINSTON, N.C. — The Taylor McMinn Retail Group, a retail investment sales team within Marcus & Millichap, has brokered the $1.2 million sale of a 7,000-square-foot store in Kinston leased to Advance Auto Parts. The retailer, which has operated at the store since it was built in 2003, recently signed a new 10-year lease at the property. The Advance Auto Parts is situated on a 0.7-acre site at 302 W. Vernon Ave., about 85 miles north of Wilmington, N.C., via I-40. Don McMinn of Taylor McMinn represented the undisclosed seller in the transaction. The buyer was an out-of-state 1031 investor. “Investment-grade tenants with lower rents and price points continue to receive strong demand in an environment where debt is a challenge,” says McMinn.
HOUSTON — Regional lender Amegy Bank has provided a $25 million construction loan for NHH Berry, a 180-unit affordable housing project that will be located in Houston’s Third Ward. The property will offer one-, two- and three-bedroom units that will be reserved for low- to moderate-income residents and amenities such as a community kitchen, lounge, library and meeting/social service offices. The building will also house a preschool that residents’ children can attend free of charge. The borrower is New Hope Housing. Construction is scheduled to begin in October and to be complete in summer 2025.
HOUSTON — Sungrow USA Corp., a division of Chinese solar technology company Sungrow, has signed a 179,534-square-foot industrial lease at Rankin 45 Distribution Center in North Houston. The cross-dock building features 32-foot clear heights, an ESFR sprinkler system, four drive-up ramps and parking for 259 cars and 23 trailers. Michael Foreman and Beau Kaleel of Cushman & Wakefield represented Sungrow USA in the lease negotiations. Joseph Smith and Faron Wiley of CBRE represented the landlord, a joint venture between Trammell Crow Co. and Clarion Partners.
ARLINGTON, TEXAS — Houston-based brokerage firm Finial Group has negotiated a 58,016-square-foot industrial lease renewal at 626 106th St. in Arlington. According to LoopNet Inc., the building was constructed on 2.4 acres in 1970 and features 19-foot clear heights. John Buckley, Jack Gaffney and Nicky Manasso of Finial Group represented the undisclosed landlord in the lease negotiations. John Brewer and Riley Maxwell of Transwestern represented the tenant, Iron Mountain Information Inc.
ROWLETT, TEXAS — JLL has arranged the sale of Lake Pointe Market, a 40,589-square-foot shopping center in Rowlett, a northeastern suburb of Dallas. The center was 97 percent leased at the time of sale to tenants such as PetCo, DCP Equity Partners, Burger Island, OneMain Financial, Bank of America, Verizon Wireless and SuperCuts. Adam Howells, Chris Gerard and Megan Babovec of JLL represented the seller, Main Street Investment Co., in the deal and procured Ohio-based retail REIT Phillips Edison & Co. as the buyer.
CLAYMONT, DEL. — JLL has arranged a $56.3 million construction loan for Tri-State Industrial, a 525,000-square-foot project that will be located about 25 miles outside of Philadelphia in Claymont, Delaware. The property will feature 40-foot clear heights, an ESFR sprinkler system, 130-foot truck court depths, four drive-in ramps with overhead doors and ample trailer and car parking. Chris Drew, Mike Pagniucci and Michael DiCosimo of JLL arranged the loan through Principal Asset Management on behalf of the borrower, a partnership between New York City-based KPR Centers and Los Angeles-based PCCP LLC.
MERRIMACK, N.H. — Marcus & Millichap has brokered the sale of a 448-unit self-storage facility located in the southern New Hampshire city of Merrimack. The facility, which is managed by Life Storage, opened in early 2022 and spans 57,840 net rentable square feet of non-climate-controlled space. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company, in the deal. Thomas Shihadeh of Marcus & Millichap assisted in closing the transaction as the broker of record. Additional terms of sale were not disclosed.