Property Type

Berta Management Secures $18.5M Financing for Delray Corner Shopping Center in South Florida

by John Nelson January 26, 2024

DELRAY BEACH, FLA. — Berta Management has secured an $18.5 million loan for the refinancing of Delray Corner, a shopping center located at 14802 S. Military Trail in Delray Beach. Justin Neelis of Concord Summit Capital arranged the five-year, fixed-rate financing on behalf of the borrower. The South Florida retail center comprises 86,043 square feet of leasable space. Michaels is scheduled to open a 25,600-square-foot store in the first quarter of this year as the new anchor tenant, taking over a renovated space formerly occupied by Bed Bath & Beyond. Other tenants at the property include Conviva, CVS/pharmacy and Starbucks Coffee.

January 26, 2024

Acquisitions Loans Maryland Retail Southeast

JLL Arranges $18.4M Acquisition Financing for Retail Center in Metro D.C.

by John Nelson January 26, 2024

HYATTSVILLE, MD. — JLL Capital Markets has arranged an $18.4 million loan to finance the acquisition of Metro Shops, a retail center located in the Washington, D.C., suburb of Hyattsville. Michael Klein, Max Custer, Brian Buglione and Benjamin Morgenthal of JLL secured the financing through Loews Corp. on behalf of the borrower, Northpath Investments. Built in 2007 at 2900 Belcrest Center Drive, Metro Shops totals 160,623 square feet and is situated across from the 1 million-square-foot Mall at Prince George’s. Tenants at the center include Bob’s Discount Furniture, Staples, LA Fitness, Dunkin’ and Citibank.

January 26, 2024

Development Industrial Leasing Activity North Carolina Southeast

Bosch Rexroth Signs 234,706 SF Industrial Lease in Pineville, North Carolina

by John Nelson January 26, 2024

PINEVILLE, N.C. — Bosch Rexroth, a manufacturer of automated machines and hydraulic equipment, has signed a 234,706-square-foot industrial lease at Carolina Logistics Park, a 308-acre industrial park in Pineville. Construction on the build-to-suit facility, which will be situated about 15 miles south of Charlotte at 12026 Carolina Logistics Drive, is scheduled to begin in February, with completion expected in December. Beacon Partners is the developer and landlord of Carolina Logistics Park. Other tenants at the property include W.W. Grainger Inc., Amazon, Carolina Foods and Empire Distributors, which occupy a total of more than 2.5 million square feet of manufacturing and logistics space. Kent Ilhardt, Ryan Harder, Matt Treble and Patrick McGrath of Cushman & Wakefield represented Bosch Rexroth in the lease negotiations. The project team includes general contractor The Conlan Co., Merriman Schmitt Architects and Orsborn Engineering Group.

January 26, 2024

Development Industrial Texas

Brookfield Properties Breaks Ground on 792,139 SF Industrial Project in East Austin

by Taylor Williams January 26, 2024

AUSTIN, TEXAS — Brookfield Properties has broken ground on Park 290, a 792,139-square-foot industrial project that will be located off Decker Lane in East Austin. Park 290 will consist of four buildings that will range in size from 76,000 to 321,000 square feet. Building features will include 32- to 36-foot clear heights, ample car and trailer parking and LEED certifications. CBRE is the leasing agent for the project, which is expected to be complete before the end of the year.

January 26, 2024

Acquisitions Healthcare Texas

Davis Healthcare Real Estate Acquires Outpatient Facility in San Antonio for $24.3M

by Taylor Williams January 26, 2024

SAN ANTONIO — Davis Healthcare Real Estate, a Minneapolis-based investment and brokerage firm, has acquired the University of Texas (UT) Health & Wellness Center in northwest San Antonio for $24.3 million. The 73,390-square-foot outpatient facility was originally built in 1998 within the 900-acre South Texas Medical Center campus for the U.S. Veterans Affairs Department. The property was subsequently renovated in 2022 and is now occupied by the UT Health System. Davis acquired the property from an undisclosed seller in an off-market deal.

January 26, 2024

Loans Lument Multifamily Texas

Lument Provides $11.3M Agency Loan for Refinancing of Multifamily Property in Sherman, Texas

by Taylor Williams January 26, 2024

SHERMAN, TEXAS — New York City-based Lument has provided an $11.3 million Freddie Mac loan for the refinancing of Easton Parc Apartments, a 232-unit multifamily property located in the North Texas city of Sherman. Built in 1986 and renovated in 2013, the garden-style property consists of 22 buildings on nearly nine acres. Amenities include a pool, clubhouse, dog park and onsite laundry facilities. Sloan Stevens of Lument originated the 10-year loan, which is structured with five years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed.

January 26, 2024

Acquisitions Office Texas

JLL Arranges Sale of 117,261 SF Office Building in West Houston

by Taylor Williams January 26, 2024

HOUSTON — JLL has arranged the sale of The Westchester, a 117,261-square-foot office building in West Houston. The six-story building was constructed in 1999 and was 74 percent leased at the time of sale. Amenities include a conference center, deli, private courtyard and a putting green. Marty Hogan and Rick Goings of JLL represented the undisclosed seller in the transaction. John Ream led a JLL team that arranged acquisition financing though an undisclosed CMBS lender on behalf of the buyer, Mission Cos.

January 26, 2024

Development Industrial Texas

LG Electronics Opens 100,000 SF Manufacturing Facility in Fort Worth

by Taylor Williams January 26, 2024

FORT WORTH, TEXAS — LG Electronics, a division of South Korean conglomerate LG Corp., has opened a 100,000-square-foot manufacturing facility in Fort Worth for the assembly of electric vehicle (EV) charging stations. According to local broadcast news outlet WFAA, the facility is located at 2153 Eagle Parkway in the Alliance submarket on the city’s north side. The facility will have an annual production capacity of more than 10,000 units and has been designed with support for future expansion in mind.

January 26, 2024

Loans New York Northeast Retail

The Feil Organization Refinances 269,490 SF Shopping Center in Elmont, New York

by Taylor Williams January 26, 2024

ELMONT, N.Y. — The Feil Organization has refinanced Home Depot Shopping Center, a 269,490-square-foot property located at 600 Hempstead Turnpike in the Long Island community of Elmont. Feil has owned the property since 1992. At the time of the loan closing, the center was fully leased, with Marshalls and Target serving as the other anchor tenants. Estreich & Co. arranged the $23.5 million loan for the refinancing through Principal Asset Management on behalf of Feil.

January 26, 2024

Acquisitions Life Sciences Massachusetts Northeast

Newmark Brokers Sale of 242,477 SF Life Sciences Building in Cambridge, Massachusetts

by Taylor Williams January 26, 2024

CAMBRIDGE, MASS. — Newmark has brokered the sale of a 242,477-square-foot life sciences building located at 640 Memorial Drive across the Charles River from Boston in Cambridge. The building was originally constructed in 1913 as an automobile manufacturing plant. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell and William Sleeper of Newmark represented the seller, an affiliate of Alexandria Real Estate Equities Inc., in the transaction. The team, along with Steven Golubchik of Newmark, also procured the buyer, a partnership between Bain Capital Real Estate and Phase 3 Real Estate Partners.

January 26, 2024

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