CHATTANOOGA, TENN. — Marcus & Millichap has brokered the $3.6 million sale of Brainerd Market Center, a 44,800-square-foot retail center located at 480 Greenway Drive in Chattanooga. The property was 80 percent leased at the time of sale to a mix of national, regional and local tenants, with the average tenant tenure being 14 years. Situated two miles from Chattanooga Metropolitan Airport, Brainerd Market Center is shadow-anchored by a Walmart Supercenter and is adjacent to East Gate Town Center. Zach Taylor of Marcus & Millichap’s Atlanta office represented the seller, an undisclosed Tennessee-based developer, in the transaction. Jody McKibben, Marcus & Millichap’s broker of record in Tennessee, assisted in closing the transaction.
MCKINNEY, TEXAS — Notes Live, a Colorado-based hospitality and entertainment operator, will open Sunset Amphitheater, a $220 million live music and entertainment venue that will be located in the northern Dallas suburb of McKinney. The 46-acre site is located just northeast of U.S. Highway 75 and State Highway 121. The venue will have the capacity to house about 20,000 people and will feature more than 250 luxury firepit suites, owners club seats and traditional reserved seats in the middle and lower levels of the bowl. Construction is set to begin before the end of the year and to be complete in 2026.
PEARLAND, TEXAS — Cove Capital Investments, a California-based firm that specializes in Delaware Statutory Trust (DST) and 1031 exchange deals, has acquired a 39,597-square-foot industrial and retail property in Pearland, a southern suburb of Houston. The newly renovated property consists of a 28,310-square-foot industrial flex building, a 7,287-square-foot restaurant and a 4,000-square-foot storage warehouse. The seller and sales price were not disclosed.
SOMERVILLE, TEXAS — Houston-based brokerage firm Finial Group has negotiated a 12,397-square-foot industrial lease in Somerville, about 90 miles northwest of The Bayou City. The building at 9690 FM 50 sits on 4.7 acres and features 28 loading positions. Jack Gaffney and Kevin Coleman of Finial Group represented the tenant, Dana Safety Supply, in the lease negotiations. Jon Dandurand of Burr & Temkin represented the undisclosed landlord.
TERRELL, TEXAS — Dollar Tree has renewed an 8,000-square-foot retail lease in the eastern Dallas suburb of Terrell. The discount retailer has been a tenant at the 23,050-square-foot Terrell Corners Shopping Center since 2008. Other tenants at the center include WingStop, Anytime Fitness, Sally Beauty Supply and Cato Fashions. Paul Richter and Tammy Salas of Bradford Commercial Real Estate Services represented the landlord, Welsh Irrevocable Trust, in the lease negotiations. The tenant representative was not disclosed.
HOUSTON — Locally based brokerage firm Davis Commercial has arranged the sale of a 4,500-square-foot office building in northwest Houston. According to LoopNet Inc., the single-tenant building at 11704 Cypress N. Houston Road was constructed in 1976. Cotton Munson of Davis Commercial represented the sellers, a pair of private investors, in the transaction. Dave Jensen represented the buyer, Gracelli Studios, which will occupy the building as a production studio for its social media content.
SAN DIEGO — PGIM Real Estate has provided $51 million in floating-rate acquisition financing to BKM Capital Partners for the acquisition, renovation and leasing costs of Canyon Industrial Center in San Diego’s Kearny Mesa submarket. BKM previously announced its purchase of the multi-tenant, 198,728-square-foot, shallow-bay industrial asset, which spans 13 buildings.
NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of locally based lender Dwight Capital, has provided a $108.1 million bridge loan for The Shoreline, a 248-unit multifamily project located near Brooklyn’s Bath Beach neighborhood. Designed by Hill West Architects and developed by NY Developers & Management, the 31-story building houses studio, one- and two-bedroom units and 28,610 square feet of commercial space. Amenities include a pool, fitness center, business center and an outdoor lounge. The borrowers will use the proceeds to retire existing debt and fund additional construction and lease-up costs. Construction is slated for completion by the end of April.
SAN DIEGO — Montana Avenue Capital Partners has completed the disposition of a two-building R&D and laboratory portfolio, located at 16981 Via Tazon and 11501 Rancho Bernardo Blvd. in the Rancho Bernardo submarket of San Diego. Dollinger Properties acquired the asset for $30.8 million. The portfolio consists of two fully leased buildings offering a combined rentable area of 90,000 square feet. Bob Prendergast and Lynn LaChapelle of JLL Capital Markets, along with Tim Olson and Greg Moore of JLL, represented the seller and procured the buyer in the deal.
LAS VEGAS — PSRS has arranged $12.5 million in construction financing for a self-storage facility in Las Vegas. The property will be a 926-unit mini-self-storage facility that consists of two three-story buildings totaling 103,803 rentable square feet. The property will also feature covered stalls for RV, boat or trailer storage. Ricky Giancola of PSRS secured the financing for the undisclosed borrower through a regional bank at a 75 percent loan-to-cost ratio.