PHOENIX — Marcus & Millichap has arranged the sale of Oasis on Grand, an apartment community in Phoenix. Oasis TC LLC sold the asset to 1501 Grand LLC for $7.5 million. Located at 1501 Grand Ave., Oasis on Grand offers 60 apartments. Richard Butler of Marcus & Millichap represented the seller, while Los Angeles-based Stepp Commercial represented the buyer in the deal.
SILVER SPRING, MD. — MCB Real Estate has unveiled plans to develop VIVA White Oak, a 280-acre mixed-use project anchored by healthcare space in Silver Spring, approximately six miles north of downtown Washington, D.C. Plans call for 3 million square feet of lab, office, research and medical space; 525,000 square feet of retail; 3,000 square feet of hotel space; 75,000 square feet of senior living; 4,500 private residences; and 85 acres of open space. MCB is currently working with stakeholders and public officials to refine the specifics, but the healthcare component will focus on the life sciences and biohealth industries. MCB plans to break ground in the second quarter of 2025, with the first phase of retail slated to open in mid-2028. The development will offer direct access to U.S. Route 29 and is near the University of Maryland. The project site, which has been approved for 12 million square feet of mixed-use development by Montgomery County, is adjacent to the U.S. Food and Drug Administration headquarters and near the Adventist HealthCare White Oak Medical Center. According to the Washington Business Journal, VIVA White Oak was originally a $3 billion project spearheaded by Global LifeSciences Development Corp. but was long …
Miami’s multifamily sector was on fire from the end of 2020 through the beginning of 2023 as the market received a wave of newcomers, primarily from affluent Northeastern and Western states. During the height of the pandemic, roughly $1 out of every $6 in income that moved nationwide relocated to Florida, more than any other state. And Miami-Dade County saw the second highest inflows of any county in the country behind only Palm Beach, two counties to the north of Miami-Dade. This influx resulted in tremendous rent growth, booming new development and record-setting sales. The period also marked dozens of corporate expansions and relocations to the area and a consistent sub-3 percent unemployment rate dating back to August 2022, which is below today’s 3.8 percent national rate. Since then, things have slowed down, though the epic in-migration of wealth has made a permanent impact. Miami’s multifamily fundamentals stand out as a beacon of resilience amid supply challenges across the Sun Belt. Infill rents have remained flat since 2022, notching slight increases in 2024, and occupancy has faltered only slightly. This is rarely celebrated, but in this case, it represents Miami’s unique strength. Demand also emerged for a higher caliber of …
FORT WORTH, TEXAS — Spire Realty Group has completed the $70 million renovation of City Place, a mixed-use property in downtown Fort Worth. Built in the 1970s to house the headquarters of Tandy Corp., City Place comprises two 18-story office buildings totaling 539,000 square feet, an Aloft Hotel and 31,000 square feet of retail and restaurant space. Spire Realty acquired the property, which is located at the intersection of Throckmorton and 3rd streets, in 2011. Since then, the Dallas-based investment firm has overseen a full renovation of One City Place; added the Aloft Hotel; invested millions in capital improvements; and turned a vacant mall on the property into City Place Center, which includes structured parking and the retail and restaurant components.
SAN ANTONIO — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Franklin Park TPC Parkway, a 269-unit seniors housing community in San Antonio. Built in two phases between 2011 to 2017, the property offers independent living, assisted living and memory care services. Franklin Communities sold the asset to an undisclosed, publicly traded REIT, which will retain Franklin as the operator. Brooks Blackmon, Ben Firestone and Lauren Nagle led the transaction for Blueprint.
CHANNELVIEW, TEXAS — Marcus & Millichap has brokered the sale of the 40-room Palace Inn Channelview hotel on the eastern outskirts of Houston. Rajan Patel, Chris Gomes, Allan Miller and Skyler Cooper of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The team also procured the buyer, a private investor. Both parties requested anonymity.
SHENANDOAH, TEXAS — The American Oncology Network has signed a 16,390-square-foot medical office lease in Shenandoah, about 30 miles north of Houston. The space is located within the 48,000-square-foot Physicians Centre at Vision Park development, which was built last year and is now 75 percent leased. SVN | J. Beard Real Estate represented the tenant and the landlord, locally based developer i3, in the lease negotiations.
HOUSTON — Locally based brokerage firm Finial Group has negotiated a full-building, 10,000-square-foot industrial lease in northwest Houston. According to LoopNet Inc., the property at 8707 Fallbrook Drive was built in 2006. Jack Gaffney and Andrew Bischoff of Finial Group represented the undisclosed landlord in the lease negotiations. The representative of the tenant, Womack Machine Supply Co., was not disclosed.
DEVENS, MASS. — Locally based developer King Street Properties has received an undisclosed amount of construction financing for a 210,000-square-foot advanced manufacturing project that will be located in the northwestern Boston suburb of Devens. The building at 75 Jackson Road will be the fourth such structure on the 700,000-square-foot Pathway Devens campus. Preliminary sitework is underway, and completion is slated for the third quarter of 2025. First Citizens Bank and Berkshire Bank provided the financing. The project team includes general contractor BW Kennedy, Vivo Architecture and Highpoint Engineering.
MADISON COUNTY, MISS. — Amazon Web Services (AWS) has broken ground on a $10 billion project in Madison County. Plans for the development include data center complexes across two industrial parks, in coordination with the Madison County Economic Development Authority (MCEDA). Local outlet WJTV reports that Mississippi lawmakers approved a $4 million incentive package for the project earlier this year. A press release issued by the office of Mississippi Gov. Tate Reeves, who signed a bill for the incentives, reports that the investment will create 1,000 jobs in the state. According to the Mississippi Development Authority, this marks the largest capital investment in the state’s history, at four times the size of the previous largest economic development project. WJTV reports that Reeves has said the data centers could be partially open as early as 2027.
