Property Type

Poag Acquires 1.3 MSF RiverTown Crossings Shopping Mall in Grandville, Michigan

by Hayden Spiess September 3, 2024

GRANDVILLE, MICH. — Memphis-based developer Poag Development Group has acquired RiverTown Crossings, a 1.3 million-square-foot enclosed shopping mall located in Grandville, a suburb southwest of Grand Rapids. The two-story property featured 114 retailers at the time of sale, including Macy’s, Kohl’s, JCPenney, Celebration Cinemas and Dick’s Sporting Goods. The mall first opened in 1999. Although the seller was not disclosed, Brookfield Property Partners assumed ownership of the mall in 2018 as part of its $15 billion acquisition of giant shopping mall operator GGP Inc. The price was not disclosed. According to local news outlets including WGRD 97.9, a buyer — Jonathon Bryant —purchased a vacant former Younker’s space at the mall in 2022 for $2 million. In 2024, trampoline entertainment concept Soar N Bounce signed a 10-year lease to occupy a portion of the 75,000-square-foot space. Poag plans to “revitalize the mall through redevelopment” and will add new uses, as well as reposition “underutilized parking fields.” JLL will work with Poag to manage and lease the property. “This property has so much potential for redevelopment given its great location,” says Josh Poag, CEO of Poag Development Group. “We are energized about the opportunity to deploy our redevelopment expertise to reimagine the property.” …

September 3, 2024

Florida Industrial Market Reports Southeast Southeast Market Reports

Changing Size Preferences, New Supply Shift Orlando’s Industrial Fundamentals

by John Nelson September 2, 2024

Orlando’s industrial market has enjoyed consistently low vacancy, robust new development and significant rent growth year after year since the onset of the pandemic. While fundamentals remain strong, project deliveries and changing size preferences for leased space have caused a shift in activity. From an economic perspective, Orlando is well-positioned. The unemployment rate has decreased by 30 basis points since first-quarter 2024, reaching 2.9 percent, notably lower than the national average of 4.3 percent. Over the past year, nonfarm employment has grown by 1.4 percent with construction employment seeing a significant increase of 2.9 percent during the same period. Small to mid-sized spaces For the past 20 consecutive quarters, Orlando has maintained positive net absorption. Small bay and other tenants under 200,000 square feet have dominated leasing activity, while demand for spaces over 200,000 square feet has significantly slowed. As a result, year-to-date absorption is just over 800,000 square feet, representing a 40.8 percent decrease compared to 2023’s midyear total and the lowest midyear total since 2020. This slowdown in absorption is accompanied by a rise in vacancy rates, which have increased by 1 percent since last year and 3 percent since 2022. ATR Commercial Flooring took 150,600 square feet …

September 2, 2024

Sheridan-Park-at-Spring-Creek-Apartments-Plano

Acquisitions Multifamily Texas

TruAmerica, Spoke Real Estate Buy Plano Multifamily Property for $50.3M

by Taylor Williams August 30, 2024

PLANO, TEXAS — A partnership between two investment firms, Los Angeles-based TruAmerica Multifamily and Ohio-based Spoke Real Estate Capital, has purchased Sheridan Park at Spring Creek Apartments, a 300-unit property in Plano. The sales price was $50.3 million. The property offers one-, two- and three-bedroom units that feature private patios/backyards and washer and dryer connections. Amenities include a fitness center, two pool areas and a resident lounge. Greg Toro and Rob Key of JLL represented the partnership and the undisclosed seller in the deal. Brandon Smith and Annie Rice, also with JLL, arranged an undisclosed amount of acquisition financing for the deal.

August 30, 2024

Acquisitions California Loans Retail Western

RCB Equities, REDA Receive $115M Acquisition Loan for Puente Hills Mall in City of Industry, California

by Amy Works August 30, 2024

CITY OF INDUSTRY, CALIF. — A joint venture between RCB Equities and Real Estate Development Associates (REDA) has received a $115 million loan for the acquisition of Puente Hills Mall in City of Industry. Located at 1600 S. Azusa Ave., the 56.4-acre Puente Hills Mall is a redevelopment opportunity. The buyers plan to work closely with the City of Industry to formulate a redevelopment plan for the property. Mark Wintner of JLL Capital Markets Debt Advisory obtained the non-recourse, three-year, floating-rate loan through Hankey Capital on behalf of the borrower.

August 30, 2024

Loans Mixed-Use Multifamily Retail Washington Western

MainStreet Property, HAL Real Estate Obtain $77M Refinancing for Mixed-Use Property in Woodinville, Washington

by Amy Works August 30, 2024

WOODINVILLE, WASH. — MainStreet Property Group and HAL Real Estate have received $77 million in refinancing for The Schoolhouse District, a mixed-use asset in downtown Woodinville, a suburb of Seattle. Located at 17409 133rd Ave. NE, The Schoolhouse District consists of four separate buildings, including District Flats offering 254 one-, two- and three-bedroom apartments, and 44,800 square feet of retail space. Apartments offer keyless entry, a balcony or patio, wine storage, vaulted ceilings, oversized windows, open kitchens with premium appliances, in-unit laundry, AC ports and custom-built home office spaces. Amenities at District Flats include a 24-hour fitness center, work-from-home spaces, a grocery delivery room, private access to sporting events, a game room, cafeteria lounge, an enclosed dog park, controlled-access garage and electric vehicle charging stations. The retail section features a YMCA, beauty spa, dining options and Wine Walk Row tasting rooms. Seth Heikkila and Steve Petrie of JLL Capital Market’s Debt Advisory team secured the fixed-rate loan through AXA IM Alts., acting on behalf of its client, for the borrowers.

August 30, 2024

Acquisitions Multifamily Texas

American Landmark Acquires 300-Unit Apartment Community in Manor, Texas

by Taylor Williams August 30, 2024

MANOR, TEXAS — Tampa-based investment firm American Landmark Apartments has acquired Alta Blue Goose, a 300-unit multifamily community in Manor, a northeastern suburb of Austin. Built in 2023, the community offers studio, one-, two- and three-bedroom units and amenities such as private work offices and conference rooms, a pool, fitness center and a clubroom. American Landmark plans to rebrand the property as EightyOne 10 Blue Goose. The seller was not disclosed, but Alta is the brand of Atlanta-based multifamily developer Wood Partners.

August 30, 2024

Development Multifamily Seniors Housing Texas

Thrive Senior Living, Orison Holdings Break Ground on 75-Unit Project in North Fort Worth

by Taylor Williams August 30, 2024

FORT WORTH, TEXAS — A partnership between Thrive Senior Living and Orison Holdings has broken ground on Encore at Heritage-Glen, a 75-unit seniors housing project that will be located in the Alliance submarket of North Fort Worth. Arrive Architecture Group designed the property, which will feature 50 assisted living units and 25 memory care units. The groundbreaking of Encore at Heritage-Glen follows closely behind the announcement of the International at Aventura, Thrive Senior Living’s latest development in Florida.

August 30, 2024

Industrial Leasing Activity Texas

Southwest Networks Signs 12,888 SF Industrial Lease Near DFW Airport

by Taylor Williams August 30, 2024

IRVING, TEXAS — Southwest Networks Inc. has signed a 12,888-square-foot industrial lease near Dallas-Fort Worth International Airport in Irving. The provider of cable communication services is relocating from nearby Grand Prairie to Las Colinas Distribution Center 5, an 80,900-square-foot building that was originally built in 1981. Maddy Coffman and Canon Shoults of Holt Lunsford Commercial represented the tenant in the lease negotiations. Bradford Commercial Real Estate Services represented the landlord.

August 30, 2024

Leasing Activity Restaurant Retail Texas

Poag Development Welcomes Four New Tenants to Metro Houston Shopping Center

by Taylor Williams August 30, 2024

KATY, TEXAS — Poag Development Group has welcomed four new tenants to LaCenterra at Cinco Ranch, an open-air shopping center located in the western Houston suburb of Katy. Houston TX Hot Chicken leased 4,065 square feet and is now open for business. Fidelity Investments (8,000 square feet), The Salty Donut (1,329 square feet) and Chewy Vet Care (3,002 square feet) are all scheduled to open before the end of the year. JLL represented ownership in all four sets of lease negotiations.

August 30, 2024

Development Florida Southeast Student Housing

Joint Venture Breaks Ground on 674-Bed Student Housing Community Near Florida State University

by John Nelson August 30, 2024

TALLAHASSEE, FLA. — A joint venture partnership between Portman, 908 Group, Canyon Partners Real Estate and PTM Partners has broken ground on The Hall, a 674-bed student housing development located near Florida State University in Tallahassee. The property is scheduled for completion in spring 2026. The development site is located within a Qualified Opportunity Zone across from Legacy Hall, the future home of the university’s FSU College of Business. The community will offer 191 units across two mid-rise buildings. Shared amenities will include a rooftop swimming pool and a high-end fitness center. The development will also feature 7,689 square feet of ground floor retail space and 452 parking spaces. The joint venture recently secured $73.3 million in construction financing from Pacific Life Insurance Co. for the project. TSB Capital Advisors acted as financial advisor to Portman and 908 Group in the deal. The development team for The Hall includes general contractor Favergray.

August 30, 2024

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