Property Type

SRS Brokers $9.1M Sale of New Gas Station, Convenience Store in Metro Orlando Net Leased to 7-Eleven

by John Nelson July 9, 2024

DAVENPORT, FLA. — SRS Real Estate Partners has brokered the $9.1 million sale of a newly built gas station and convenience store located at 1223 Finley Ave. in Davenport, about 30 miles southwest of Orlando and 15 miles from Disney World. 7-Eleven occupies the property on a 15-year triple-net lease that features scheduled rent increases and multiple extension options. The 7-Eleven is situated on a 1.4-acre site at the entrance of Champions Station, a 14-acre mixed-use development. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based development firm, in the all-cash transaction. The 1031 buyer is a Michigan-based private investor.

July 9, 2024

Affordable Housing Development Multifamily Texas

Housing Trust Group Begins Work on $33.7M Affordable Housing Redevelopment Project in Lubbock

by Taylor Williams July 9, 2024

LUBBOCK, TEXAS — Housing Trust Group has begun work on Inn Town Lofts, a $33.7 million affordable housing redevelopment project in Lubbock. The project will convert the former Jim Kimmell Center into a residential complex that, along with another building that will be constructed from the ground up, will add 56 units to the local supply. Residences will come in studio, one-, two- and three-bedroom formats and will feature a range of income restricions. Amenities will include a fitness center, children’s playground, community laundry room, business center and a community theater area. Wallace Architects designed Inn Town Lofts, and Teinert Construction is the general contractor. Leasing will begin next summer.

July 9, 2024

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of 82-Room Wyndham-Branded Hotel in Midland

by Taylor Williams July 9, 2024

MIDLAND, TEXAS — Marcus & Millichap has brokered the sale of an 82-room Wyndham-branded hotel in the West Texas city of Midland. The Microtel Inn & Suites by Wyndham Midland is a three-story building that was developed between 2013 and 2014 and offers amenities such as a fitness center, business center and a guest laundry facility. Matt Omansky of Marcus & Millichap represented the seller in the transaction. Chris Gomes, also with Marcus & Millichap, procured the buyer. Both parties were private investors that requested anonymity. Allan Miller of Marcus & Millichap assisted in closing the deal as the supporting broker.

July 9, 2024

Leasing Activity Office Texas

Holt Lunsford Negotiates 19,780 SF Office Lease Renewal in Fort Worth

by Taylor Williams July 9, 2024

FORT WORTH, TEXAS — Holt Lunsford Commercial has negotiated a 19,780-square-foot office lease renewal at One Ridgmar Centre in Fort Worth. The 10-story, 177,199-square-foot building will soon undergo a capital improvement program that will upgrade the tenant lounge, lobby, conference rooms and common corridors. Jake Neal, Matt Carthey and Vic Meyer of Holt Lunsford represented the landlord, Frontier Equity, in the lease negotiations. The representative of the tenant, Nine Energy Services, was not disclosed.

July 9, 2024

Leasing Activity Retail Texas

Khaadi Opens 4,700 SF Store at Houston’s Galleria Mall

by Taylor Williams July 9, 2024

HOUSTON — Khaadi, a women’s apparel retailer based in Pakistan, has opened a 4,700-square-foot store at Houston’s Galleria Mall. The store will be the second in the United States for the brand, with the other being located in Tysons, Va. Eric Lestin and Michael Burgower of Cushman & Wakefield represented Khaadi, which is also in talks to open stores in the New York City and Chicago areas, in lease negotiations. Simon Property Group owns the mall.

July 9, 2024

Development Multifamily New Jersey Northeast

Partnership Receives $169M Construction Loan for Jersey City Multifamily Project

by Taylor Williams July 9, 2024

JERSEY CITY, N.J. — West Side Square Development Fund, which is a partnership between LanTree Developments, Altree Developments Inc., Lanterra Developments Inc. and Westdale Properties, has received a $169 million construction loan for a 477-unit multifamily project in Jersey City. Bravo Property Trust provided the debt. West Side Square will be located in the Journal Square area and will house studio, one- and two-bedroom units, as well as 9,841 square feet of retail space. Amenities will include an outdoor deck with a pool and grilling stations, fitness center, coworking space, a community room and a dog run. Marchetto Higgins Stieve is the project architect, with Childs Dreyfus Group handling interior design. Construction began last December, and completion is slated for 2026.

July 9, 2024

Loans Multifamily Oregon Western

PCCP Provides $45M Refinancing for The Dylan Multifamily Community in Portland, Oregon

by Amy Works July 9, 2024

PORTLAND, ORE. — PCCP has provided a $45 million senior loan to a joint venture between Alamo Manhattan and MetLife Investment Management for the refinancing of The Dylan, an apartment property in Portland. Located at 3883 S. Moody Ave., The Dylan offers 232 apartments and 6,154 square feet of ground-floor retail space. Built in 2022, The Dylan features 19 studios, 185 one-bedroom and 28 two-bedroom units, with an average size of 724 square feet. The units feature nine-foot ceilings, stainless steel appliances, quartz countertops with designer backsplashes, plank flooring and washers/dryers. Select units include a kitchen island, separate shower, walk-in closet and private balcony. Community amenities include communal workspaces, a fitness center, top-floor resident lounge, dog wash station, private courtyard with fireplaces and barbecues, and a rooftop terrace with views of downtown Portland, as well as one floor of subterranean parking. Charles Halladay and Charlie Watson of JLL Capital Markets Debt Advisory arranged the non-recourse loan.

July 9, 2024

Acquisitions California Industrial Western

Dunleer Buys Industrial Park in Huntington Beach, California for $5.8M

by Amy Works July 9, 2024

HUNTINGTON BEACH, CALIF. — Los Angeles-based Dunleer has acquired a two-building industrial business park at 7602 Talbert Ave. in Huntington Beach, southeast of Los Angeles. A local private owner, a family member of the original developer, sold the asset for $5.8 million in an off-market transaction. Built in 1978 on 1.15 acres, the 22,382-square-foot park features 16 industrial units, eight small office units, 15 ground-level doors, 12-foot ceiling heights and 33 parking spaces. At the time of sale, the property was fully occupied by 19 tenants. Alexander Harrold of Matthews Real Estate Investment Services represented the buyer and seller in the deal.

July 9, 2024

Acquisitions Colorado Loans Multifamily Western

JLL Arranges $11.9M in Acquisition Financing for Eastglen Apartments in Longmont, Colorado

by Amy Works July 9, 2024

LONGMONT, COLO. — JLL Capital Markets has arranged $11.9 million in acquisition financing for Eastglen Apartments in Longmont, a suburb north of Denver. The borrower is a joint venture between Two Arrows Group and LEM Capital. Tony Nargi and Brock Yaffe of JLL Capital Markets Debt Advisory arranged the five-year, fixed-rate loan through its Freddie Mac Targeted Affordable Housing team. Jones Lang LaSalle Multifamily, a Freddie Mac Optigo lender, will service the loan. Located at 630 Lashley St., Eastglen Apartments features 102 apartments, laundry facilities, a community swimming pool, courtyard, on-site surface parking lot and access to parks and trails.

July 9, 2024

California Loans Retail Western

Majestic Realty Co. Receives $12.6M Refinancing for Two Shopping Centers in Walnut, California

by Amy Works July 9, 2024

WALNUT, CALIF. — Majestic Realty Co. Capital Markets has completed the refinancing of two shopping centers in Walnut, located between Los Angeles and the Inland Empire. PGIM Real Estate provided a $12.6 million first trust deed loan on Snow Creek Village West Shopping Center and retired the existing debt on Snow Creek Village East Shopping Center. Both assets are located at the intersection of Valley Boulevard and Grand Avenue. Developed by Majestic Realty Co. affiliates, the properties offer a total of 128,922 square feet of retail space. Current tenants include TJ Maxx, HomeGoods, Aldi, Panera Bread, McDonalds, Starbucks Coffee and Applebee’s Grill + Bar.

July 9, 2024

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