Property Type

Settlers-Park-Business-Center-Round-Rock

Hanover Co. Breaks Ground on 361,000 SF Industrial Project in Metro Austin

by Taylor Williams August 8, 2024

ROUND ROCK, TEXAS — Houston-based developer Hanover Co. has broken ground on Settlers Park Business Center, a 361,000-square-foot industrial project in the northern Austin suburb of Round Rock. Th development will consist of three rear-load buildings that will range in size from 107,904 to 126,616 square feet. Hanover is developing the project in partnership with institutional investors backed by J.P. Morgan Asset Management. Powers Brown Architecture is designing the project, and Kimley-Horn is providing civil engineering services. KBC Advisors is the leasing agent. Construction is slated for a second-quarter 2025 completion.

August 8, 2024

Acquisitions Maryland Retail Southeast

DLC, Meadow Partners Purchase 378,205 SF Penn Mar Shopping Center in Forestville, Maryland

by John Nelson August 8, 2024

FORESTVILLE, MD. — DLC and Meadow Partners have purchased Penn Mar Shopping Center, a 378,205-square-foot, grocery-anchored retail center in Forestville, for $68.5 million. Apollo and Athene provided an undisclosed amount of acquisition financing for the deal. The seller was not disclosed. Situated within the Washington, D.C., suburb of Prince George’s County, Penn Mar is anchored by Shoppers Food Warehouse, which recently extended its lease and fully renovated its store. Other tenants include Burlington, Ross Dress for Less, Dollar Tree, Petco and Foot Locker, as well as outparcel pads for Starbucks, Truist Bank, Taco Bell, Raising Cane’s, IHOP, Wendy’s and Long John Silver’s. Penn Mar was 91.5 percent leased at the time of sale.

August 8, 2024

Acquisitions Data Centers Development Industrial Office Southeast Virginia

Finmarc Sells Land in Northern Virginia to Data Center Developer for $60M

by John Nelson August 8, 2024

ASHBURN, VA. — Finmarc Management Inc. has sold a 25.3-acre site at 19886 Ashburn Road in Ashburn, a city in Loudoun County. The buyer, a data center developer doing business as JK Land Holdings LLC, purchased the site for $60 million. The new ownership plans to develop a new 360,000-square-foot data center on the site. The construction timeline for the project was not disclosed. Ryan Goeller of KLNB represented JK Land Holdings in the land acquisition, and Rob Faktorow, Josh Greenberg and Anna Faktorow of CBRE represented the seller. Finmarc acquired the site, which includes a 110,000 square foot office building and a nearly 80,000-square-foot industrial/R&D structure, in 2019. The two-building portfolio currently serves as the global headquarters for Telos Corp., a cybersecurity IT firm that has occupied the facility since 1988.

August 8, 2024

Development Florida Retail Southeast

Sembler, Forge Underway on Redevelopment of Publix-Anchored Retail Center in Fort Myers, Florida

by John Nelson August 8, 2024

FORT MYERS, FLA. — The Sembler Co. and Forge Capital Partners are underway on the redevelopment of Daniels Crossing, a Publix-anchored retail center located in Fort Myers. Scheduled for completion in summer 2025, the project includes the demolition of the existing 48,890-square-foot Publix and 4,700 square feet of inline space. Once complete, the redevelopment will feature a new, 48,387-square-foot Publix and adjacent 3,010-square-foot Publix Liquors store. Other tenants at the property include Duck Donuts, Millenium Physician Group, Potts Sport Café, Quest Diagnostics, School of Rock, Subway, Sugaring NYC and The UPS Store.

August 8, 2024

Acquisitions Multifamily Texas

GREA Arranges Sale of 161-Unit Multifamily Property in Denton, Texas

by Taylor Williams August 8, 2024

DENTON, TEXAS — Multifamily brokerage firm GREA has arranged the sale of Audra Townhomes, a 161-unit property located in the North Texas city of Denton. Homes come in three- and four-bedroom floor plans, have an average size of 1,650 square feet and are furnished with quartz countertops, stainless steel appliances and walk-in closets. Residences also feature attached two-car garages. An entity doing business as Audra Townhomes 1 LLC sold the property to an undisclosed, publicly traded REIT. Mark Allen and Lee Robinson of GREA brokered the deal.

August 8, 2024

Acquisitions Development Retail Texas

The Farm League Buys 35 Acres in Metro Houston for Recreational Sports Facility

by Taylor Williams August 8, 2024

MAGNOLIA, TEXAS — The Farm League, an operator of recreational sports facilities, has purchased 35 acres in the northwestern Houston suburb of Magnolia for the development of its latest complex. The site is located at the northwest corner of State Highway 149 and FM 148 and will be combined with a 12-acre parcel, yielding a 47-acre complex that will feature multiple baseball, softball, football and soccer fields. Construction is slated to begin later this year and wrap up in 2026. Parkside Capital sold the land for an undisclosed price.

August 8, 2024

Industrial Leasing Activity Texas

Cypressbrook Negotiates 41,274 SF Industrial Sublease in North Houston

by Taylor Williams August 8, 2024

HOUSTON — Locally based brokerage firm Cypressbrook Co. has negotiated a 41,274-square-foot industrial sublease in North Houston. According to LoopNet Inc., the building at 16420 W. Hardy Road was constructed in 1983 and totals 77,499 square feet. John Hornbuckle of Cypressbrook represented the subtenant, third-party logistics firm EN Group Corp., in the lease negotiations. Cape Bell of CBRE represented the sublandlord, Atosa Catering Equipment Inc.

August 8, 2024

Acquisitions New Jersey Northeast Retail

Cushman & Wakefield Brokers $36.8M Sale of Northern New Jersey Shopping Center

by Taylor Williams August 8, 2024

PARAMUS, N.J. — Cushman & Wakefield has brokered the $36.8 million sale of Paramus Plaza, a 153,494-square-foot shopping center in Northern New Jersey. The center was fully leased at the time of sale to tenants such as Hobby Lobby, Marshalls, Ashley, Skechers and Chipotle Mexican Grill. Frank DiTommaso, Gary Gabriel, David Bernhaut, Andy Merin, Max Helfman and Mark Gilbert of Cushman & Wakefield represented the seller, a partnership between Acadia Realty Trust and Fortress Investment Group, in the transaction. Brad Domenico of Cushman & Wakefield arranged acquisition financing through Bank United on behalf of the buyer, a partnership between DRA Advisors and an affiliate of Crown Acquisitions.

August 8, 2024

Affordable Housing Development Multifamily Northeast Pennsylvania Seniors Housing

NewCourtland Completes 178-Unit Mixed-Income Adaptive Reuse Project in Philadelphia

by Taylor Williams August 8, 2024

PHILADELPHIA — Locally based developer NewCourtland has completed a 178-unit mixed-income adaptive reuse project in Philadelphia’s East Falls neighborhood. The project converted the former Eastern Pennsylvania Psychiatric Institution, which originally opened in 1956 and has been vacant since 2013, into a 12-story residential complex that includes 40 affordable housing units for seniors. NewCourtland won a bid for the 14-acre site in 2015 and subsequently brought in architecture firm Looney Ricks Kiss to facilitate the transition of the site into a mixed-income property.

August 8, 2024

Hospitality Loans Northeast Pennsylvania

Cronheim Mortgage Arranges $10M Loan for Refinancing of Downtown Pittsburgh Hotel

by Taylor Williams August 8, 2024

PITTSBURGH — An affiliate of New Jersey-based intermediary Cronheim Mortgage has arranged a $10 million loan for the refinancing of the 98-room Fairfield Inn & Suites hotel in downtown Pittsburgh. The hotel was built in 2019. The nonrecourse loan features a floating interest rate and flexible prepayment options. David Turley of Cronheim Mortgage arranged the loan through an undisclosed bridge lender based on the West Coast. The borrower was a joint venture partnership between Blue Vista Capital, Woodmont Lodging and Milestone Hospitality Management.

August 8, 2024

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