Wednesday, May 7, 2025
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DevelopmentFloridaLoansMultifamilySoutheast

PMG Secures $413M Construction Loan for One Twenty Brickell Residences in Miami

by John Nelson

MIAMI — PMG has secured a $413 million construction loan for One Twenty Brickell Residences, a two-tower condominium and apartment development located at 120 S.W. 8th St. in Miami’s Brickell Financial District. Christopher Peck, Brian Gaswirth, Nicco Lupo, Nick Lavin, Jimmy Calvo and Paul Adams of JLL arranged the financing through an Ares Real Estate fund and Monarch Alternative Capital. Andrew Warman, Jon Blank and Paton Marion of PMG’s capital markets team worked on the deal internally. PMG plans to break ground on One Twenty Brickell Residences the first week of May and complete the development in 2028. The condominium tower will rise 37 stories and house 266 fully furnished, for-sale condominiums, as well as 60,000 square feet of amenities that include an owner’s lounge, infinity-edge pool and an upscale fitness and wellness center that includes treatment rooms, a yoga lawn, outdoor terraces and a high-end fitness studio. The condos were 91 percent sold at the time of financing, and each condo owner will have a deed to an office suite. The multifamily high-rise, which will be operated by Sentral, will rise 41 stories and feature a mix of studio, one-, two- and three-bedroom apartments, as well as a 48,000-square-foot amenity …

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AcquisitionsCompany NewsHospitalityMarylandSoutheast

Marriott to Acquire CitizenM Hotel Brand for $355M

by John Nelson

BETHESDA, MD. — Marriott International has reached an agreement to acquire the brand and related intellectual property of citizenM, a hospitality brand based in the Netherlands. The deal is valued at $355 million. The citizenM brand comprises 36 open hotels spanning 8,544 rooms, with properties located in cities such as Paris, Rome, London, New York City and Miami. There are three more citizenM-branded hotels in the development pipeline totaling more than 600 rooms that are set to open by mid-2026. The citizenM select-service lodging brand was founded in 2008. Following closing, the citizenM portfolio will become part of Marriott’s system, with the hotels owned and leased by citizenM subject to new long-term franchise agreements with Marriott. The seller may also receive earn-out payments up to $110 million that are based on the future growth of the brand over a specified, multi-year timeframe. The closing of the transaction is subject to various customary conditions, including U.S. regulatory approval. Morgan Stanley & Co. International plc and Eastdil Secured acted as financial advisors to citizenM in the transaction.

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DevelopmentRetailTexas

Whitestone Begins Redevelopment of 117,592 SF Lion Square Shopping Center in Houston

by Taylor Williams

HOUSTON — Locally based owner-operator Whitestone REIT (NYSE: WSR) has begun the redevelopment of Lion Square, a 117,592-square-foot shopping center in southwest Houston. Designed by Michael Hsu Office of Architecture, the project will upgrade the center’s design with traditional Chinese and Vietnamese architectural influences in reference to the location in Houston’s Asiatown District. In addition, the development team plans to transform the center into a cultural hub with greenery, irrigation systems, security and lighting enhancements and a focus on improving the center’s walkability. Completion is slated for early next year.

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DevelopmentLeasing ActivityMarylandMixed-UseRestaurantRetailSoutheast

MCB Adds Streets Market Grocer to $170M Reservoir Square Mixed-Use Development in Baltimore

by John Nelson

BALTIMORE — MCB Real Estate has added Streets Market, a regional chain of grocery stores, to Reservoir Square, a $170 million mixed-use development underway in Baltimore. The project spans eight acres along the 600-850 block of West North Avenue. MCB is also adding locally based development firm Blank Slate Development to the project team, which includes the state-backed West North Avenue Development Authority. Streets Market will occupy 12,000 square feet on a 1.5-acre parcel that will also house 8,000 square feet of additional retail space. The grocery store is part of Phase II at Reservoir Square, which will include housing, additional retail options and the new 63,000 square-foot home to the Mayor’s Office of Employment Development (MOED), which is slated to open in 2026. Phase I includes for-sale homes currently under construction.

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DevelopmentGeorgiaLoansMixed-UseMultifamilyRestaurantRetailSoutheast

CCI Real Estate Obtains $18M Construction Financing for Mixed-Use Project on Georgia Tech Campus in Atlanta

by John Nelson

ATLANTA — CCI Real Estate has obtained an $18 million construction loan for a mixed-use development at 740 Techwood Drive, which is on the Georgia Tech campus in Atlanta near Bobby Dodd Stadium. CCI is co-developing the 64,000-square-foot project, which will replace the existing Baptist Collegiate Ministries (BCM) location, with the Georgia Baptist Mission Board. Summerhill CRE arranged the financing through locally based Southern States Bank on behalf of the borrower. Set to break ground this summer and open in summer 2027, the five-story project will offer 12,000 square feet of retail and student gathering space on the ground level, as well as 55 one- and two-bedroom residences, upgraded ministry facilities, an onsite coffeeshop and additional lounge space. CCI is also redeveloping existing BCM locations at the University of Georgia in Athens and Georgia Southern University in Statesboro.

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Leasing ActivityOfficeTexas

JLL Negotiates 50,498 SF Office Lease in Houston’s Energy Corridor

by Taylor Williams

HOUSTON — JLL has negotiated a 50,498-square-foot office lease at Westgate II in Houston’s Energy Corridor area. The tenant is McDermott, a provider of engineering and construction services for the energy industry. The space features 162 workstations, 66 offices, two breakrooms, 10 conference rooms, a wellness room, coffee coves and collaboration spaces. Tyler Garrett and Christian Canion of JLL represented the undisclosed landlord in the lease negotiations. Steve Hesse, also with JLL, represented McDermott.

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Leasing ActivityNorth CarolinaRestaurantRetailSoutheast

CBL Signs Six New Restaurants and Retailers at Friendly Center in Greensboro, North Carolina

by John Nelson

GREENSBORO, N.C. — CBL Properties has announced that four new restaurants and two new retailers will be joining the tenant lineup at Friendly Center, the company’s 1.3 million-square-foot regional retail center located in Greensboro. All four restaurants — Cooper’s Hawk, First Watch, North Italia and French artisan bakery Tous les Jours — as well as LEGO, plan to open by the end of the year, while Rowan anticipates opening this summer. Current tenants at Friendly Center — which comprises more than 140 shops, restaurants and service retailers — include Anthropologie, Pottery Barn, lululemon, Warby Parker, Carhartt, Apple, Williams Sonoma, American Eagle and J. Crew Factory. Last summer, CBL Properties and Davis Moore Capital opened a more than 20,000-square-foot medical office building within the former Macaroni Grill at Friendly Center called Atrium Health Wake Forest Baptist Medical Plaza.

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AcquisitionsRetailTexas

Marcus & Millichap Brokers Sale of 37,233 SF Retail Center in Leander, Texas

by Taylor Williams

LEANDER, TEXAS — Marcus & Millichap has brokered the sale of The Shops at Leander, a 37,233-square-foot retail center located on the northern outskirts of Austin. The center comprises four buildings on a 3.2-acre site that are home to tenants such as DaVita, Domino’s Pizza and Bahama Buck’s. Coleman Solomon and Philip Levy of Marcus & Millichap represented the seller, The Kalantari Group, in the transaction and procured the buyer, an Alabama-based investor.

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IndustrialLeasing ActivityOfficeTexas

One World Energy Signs 10,146 SF Lease at Industrial Flex Building in Grand Prairie, Texas

by Taylor Williams

GRAND PRAIRIE, TEXAS — One World Energy LLC, a provider of renewable power solutions, has signed a 10,146-square-foot lease at Carrier Place, an industrial flex building located in the central metroplex city of Grand Prairie. According to LoopNet Inc., the building was completed in 1984 and totals 84,431 square feet. Jim Ferris of Bradford Commercial Real Estate Services represented the tenant in the lease negotiations. Walker Floyd and Maddy Coffman of Holt Lunsford Commercial represented the landlord.

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IndustrialLoansNew JerseyNortheast

JLL Arranges $96.5M in Financing for Northern New Jersey Industrial Portfolio

by Taylor Williams

MORRISTOWN, N.J. — JLL has arranged $96.5 million in financing for a portfolio of six industrial properties totaling 773,433 square feet in Northern New Jersey. The addresses of the properties were not disclosed, but the facilities are located within the Meadowlands and Port of Newark/Elizabeth submarkets. Jim Cadranell, Gregory Nalbandian and Michael Lachs of JLL arranged the loan through an undisclosed life insurance company on behalf of the borrower, Seagis Property Group. The portfolio was fully leased at the time of the loan closing to nine tenants in industries such as logistics, food production and distribution, fashion/apparel manufacturing and packaging/materials.

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