Property Type

Greenebaum, St. John Properties Break Ground on Final Three Buildings at Maple Lawn in Fulton, Maryland

by John Nelson May 9, 2024

FULTON, MD. — A joint venture between Greenebaum Enterprises and St. John Properties has broken ground on the final three commercial buildings at Maple Lawn, a 605-acre mixed-use development in Fulton, a city in the Baltimore-Washington corridor. The properties, all of which are being developed on a speculative basis, include two medical office buildings and an inline retail building cumulatively totaling 85,000 square feet. All three buildings are positioned along Maple Lawn’s northern entrance near Maple Lawn Boulevard and Johns Hopkins Road. Upon the expected delivery in late 2025, Maple Lawn will total 1.8 million square feet of Class A offices, industrial facilities, research-and-development space, medical offices, shops and restaurants, as well as 1,300 residences. Maple Lawn is home to a variety of businesses, including Cisco Systems, DataTribe, Johns Hopkins Medicine, KBR, Kennedy Krieger, New Day, Presidio, Raytheon and Window Nation.

May 9, 2024

Acquisitions Georgia Industrial Southeast

JLL Arranges Sale of 220,380 SF Industrial Property in Stone Mountain, Georgia

by John Nelson May 9, 2024

STONE MOUNTAIN, GA. — JLL has arranged the sale of a three-building, 220,380-square-foot industrial property located at 4600-4680 Lewis Road in Stone Mountain, about 21 miles east of Atlanta. Dennis Mitchell, Britton Burdette, Matt Wirth and Jim Freeman of JLL represented the seller, Brennan Investment Group, and procured the buyer, Faropoint. The sales price was not disclosed. The property is located on 9.8 acres about a half-mile south of U.S. Highway 78 and 3.5 miles from I-285. New WinCup Holdings Inc., a manufacturer of foodservice products with more than 60 years in business, is the sole tenant.

May 9, 2024

Acquisitions Retail Southeast Virginia

Legacy Realty Brokers $3.9M Sale of Retail Center in Waynesboro, Virginia

by John Nelson May 9, 2024

WAYNESBORO, VA. — Legacy Realty Group Advisors has brokered the $3.9 million sale of Hopeman Shopping Center, a 46,872-square-foot retail center located in Waynesboro, about 96 miles west of Richmond. Food Lion anchors the property, which was 92 percent leased at the time of sale. Jacob Baruch and Ari Warshaw of Legacy Realty represented both the buyer and seller in the transaction. Both parties requested anonymity.

May 9, 2024

Data Centers Development Industrial Midwest Top Stories Wisconsin

Microsoft to Invest $3.3B for Data Center Development in Mount Pleasant, Wisconsin

by Kristin Harlow May 9, 2024

MOUNT PLEASANT, WIS. — Microsoft has unveiled plans to invest $3.3 billion between now and the end of 2026 in the development of a data center campus in Mount Pleasant, about 28 miles south of Milwaukee. The tech giant plans to expand its national cloud and artificial intelligence (AI) infrastructure capacity. The project is expected to bring 2,300 unionized construction jobs to the area by 2025, as well as to provide long-term employment opportunities over the next several years. Along with building a physical data center, Microsoft will partner with Gateway Technical College to construct a data center academy. This facility will serve to train and certify more than 1,000 students over the course of five years to work in the new data center and IT sector. U.S. President Joe Biden joined Microsoft President Brad Smith and Wisconsin Gov. Tony Evers at Gateway Technical College on Wednesday for the announcement. “This is a watershed moment for Wisconsin and a critical part of our work to build a 21st-century workforce and economy in the Badger State,” says Evers. Microsoft’s data center is being built where former President Donald Trump had previously announced a $10 billion investment from Taiwanese electronics manufacturer Foxconn. …

May 9, 2024

Market Reports Midwest Midwest Market Reports Office Wisconsin

Milwaukee Office Tenants Focus on Quality Spaces, Talent Retention

by Kristin Harlow May 9, 2024

By Matt Hock, NAI Greywolf In the active landscape of Milwaukee’s commercial real estate market, several trends are reshaping the way businesses, both tenants and landlords, approach office spaces. From the enduring impact of remote work to the changing preferences of tenants, the market is currently witnessing a focus on quality, adaptability and talent retention. Flight to quality persists While the market continues to see the flight to quality we have experienced for the past few years, the Milwaukee office sector is now also experiencing what has been termed as “competing with the couch.” Companies are battling the challenge of bringing employees back to the office and with that they are looking to solve this issue with providing spaces that offer more than your standard office setup. Basically, they are looking for amenities and features within the office that entice workers to come back, compared with what remote workers have with their home office setup. So, competing with the comforts of home, or the couch, in these cases. This has catalyzed a “flight to quality,” where businesses are investing in premium office spaces designed to enhance the overall employee experience. In effort to attract and retain top talent, companies are …

May 9, 2024

Features Retail

Retail Owners Score Big With Sports, Entertainment Concepts

by Hayden Spiess May 9, 2024

Sports and entertainment destinations offer several benefits to retail properties — they boost foot traffic, encourage consumers to linger, complement traditional retail and provide opportunities for refilling vacancies. Pickleball, gaming and music venues are some of the most prolific concepts in today’s experiential marketplace. “These users draw consumers into a development,” says Tim Katt, managing director of Transwestern Real Estate’s sports and entertainment advisory group. “Their ability to take up large, often dormant spaces and activate them is undeniable.” Industry professionals emphasize that sports and entertainment tenants play a complementary role for traditional retailers. Steven Mueller, senior project manager with St. Louis-based HDA Architects, says that mixing entertainment concepts like pickleball with attached or adjacent restaurants is an “especially hot combination.” The idea is to entice guests to spend more time and money in a single location. “Entertainment is complementary to retail in the sense that you get cross-pollination between tenants,” says Beau Arnason, executive vice president of asset performance at Columbus, Ohio-based Steiner + Associates. “You may come to a lifestyle center for an entertainment experience, but stop for food, drinks and shopping along the way.” Properly curating entertainment uses within retail and food-and-beverage spaces provides the opportunity to …

May 9, 2024

Development Retail Texas

Developers Announce $130M Retail Power Center in Marble Falls, Texas

by Taylor Williams May 8, 2024

MARBLE FALLS, TEXAS — A group of developers doing business as Flatrock Development Partners LLC has announced The Shops at Flatrock Crossing, a $130 million retail power center in Marble Falls, about 50 miles northwest of Austin. The site has been part of the Roper Family ranch for more than 100 years, and members of the family have partnered with real estate professionals on the project. Those developers include Bob Berryhill of Empirita Development (developer of record) and Bobby Johnson of Twenty Two 10 Group. Academy Sports + Outdoors will anchor the 330,000-square-foot center alongside other national retailers such as T.J. Maxx, Ulta Beauty, Five Below, Famous Footwear, James Avery and Maurices. The development team is aiming to start construction by early June. United Commercial Realty, an Ohio-based firm led by Mark Escaja, arranged permanent financing for the project through KeyBank Real Estate Capital. Security State Bank provided the original construction loan for the project.

May 8, 2024

Lakeview-Business-District-Rowlett-Texas

Industrial Leasing Activity Texas

SAF Holland Group Preleases 255,672 SF Industrial Building in Rowlett, Texas

by Taylor Williams May 8, 2024

ROWLETT, TEXAS — The SAF Holland Group has preleased a 255,672-square-foot industrial building in the northeastern Dallas suburb of Rowlett. The manufacturer of parts for trailers, trucks and buses will occupy the entirety of Building 6 at Lakeview Business District, a 1.8 million-square-foot development by Jackson-Shaw. Brad Balke and Ben Wallace represented SAF Holland Group in the lease negotiations. Construction of the initial phase of Lakeview Business Center is slated for a March 2025 completion.

May 8, 2024

Acquisitions Multifamily Texas

The Multifamily Group Negotiates Sale of 122-Unit Property in Athens, Texas

by Taylor Williams May 8, 2024

ATHENS, TEXAS — Dallas-based brokerage firm The Multifamily Group has negotiated the sale of Athens Reserve Apartments, a 122-unit property located about 75 miles southeast of Dallas. The 11-acre site, which can support future expansion and includes 17,500 square feet of commercial space, initially housed a Quality Inn hotel that was constructed in 1981. The seller, Dallas-based Profectus Multifamily Capital, purchased the site in 2021 and implemented various capital improvements as part of the conversion.

May 8, 2024

Acquisitions Multifamily Northmarq Texas

Northmarq Brokers Sale of 88-Unit Apartment Complex in Northeast San Antonio

by Taylor Williams May 8, 2024

SAN ANTONIO — Northmarq has brokered the sale of The Flats at 9338, an 88-unit multifamily complex in northeast San Antonio. Built on 3.2 acres in 1974, the property features one- and two-bedroom units with an average unit size of 850 square feet and amenities such as a pool, clubhouse and onsite laundry facilities. Zar Haro, Moses Siller, Bryan VanCura, Phil Grafe, Brian Booth, Rudy Dodier and Kevin Garza of Northmarq represented the seller, Astoria Partners LLC, in the transaction. The buyer was California-based Olson Capital.

May 8, 2024

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