HIGHLAND TOWNSHIP, MICH. — Devoted Dental Group has signed a new five-year lease for 5,500 square feet at 2287 S. Milford Road in Highland Township, a northwest suburb of Detroit. James Mitchell of Dominion Real Estate Advisors LLC represented both the tenant and the undisclosed landlord in the lease.
CASTLE ROCK, COLO. — San Diego-based investment firm MG Properties has acquired Ridge at Castle Rock, a garden-style apartment community in Castle Rock, for $67.1 million. Located approximately 30 miles south of Denver and built in 2019, Ridge at Castle Rock offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops, individual washers and dryers and private balconies/patios. Communal amenities include a pool, 24-hour fitness center, dog park and outdoor grilling and dining areas. David Potarf, Dan Woodward, Matt Barnett and Jake Young of Walker & Dunlop represented the seller, Wisconsin-based Continental Properties, in the transaction. Bryan Frazier and Blake Hockenberry, also with Walker & Dunlop, originated an undisclosed amount of Fannie Mae acquisition financing on behalf of MG Properties. The number of units at the property was not disclosed. “This acquisition will allow us to further expand our operational presence in the Denver market,” says Jeff Gleiberman, president of MG Properties. “We believe this submarket is ideally positioned to benefit from the region’s continued growth.”
Once bypassed by national developers and investors for larger, metropolitan cities like Miami, the real estate community is now realizing what locals have known for years: Tampa is trending. Tampa Bay’s recognition as one of the country’s top places to live has trickled into the region’s office market, which as of the first quarter of the year, has continued to reap the benefits. While some credit the Tom Brady effect to Tampa’s rise into the national spotlight, the Tampa Bay region is seeing growing demand in other economic sectors beyond sports, including housing, business and leisure. In fact, Time Magazine just featured Tampa as one of only four U.S. cities in its highly coveted 2023 list of the “World’s Greatest Places.” Flurry of activity to start 2023 For the first time in five quarters, the Tampa Bay office market recorded positive absorption of more than 55,000 square feet thanks to more companies moving into space rather than vacating it, JLL’s first-quarter Office Insight Report for 2023 shows. This can be largely attributed to Reliaquest’s move into its 140,000-square-foot headquarters located at Thousand & One Water Street, where it is currently occupying 120,000 square feet, and which made up the lion’s …
HOUSTON — Target (NYSE: T) will open a 1.4 million-square-foot distribution center at Generation Park, a 4,000-acre mixed-use development in northeast Houston. California-based Panattoni Development purchased 145 acres for the Minneapolis-based retailer’s facility from the owner of Generation Park, McCord Development, in 2022. Construction is underway and scheduled for completion next year.
SAN MARCOS, TEXAS — A partnership between two California-based developers, Ledo Capital Group and St. Clair Commercial Real Estate, will develop a 663,460-square-foot industrial project in the Central Texas city of San Marcos. San Marcos Business Park will consist of three buildings ranging in size from 84,000 to 375,000 square feet that will be situated on a 45.7-acre site within the Whisper South master-planned development. All buildings will have rear-load configurations, 32- to 36-foot clear heights and ESFR sprinkler systems. The site also includes additional space for outdoor storage or trailer parking. Dallas-based ARCO/Murray is handling design and construction of the project, with Kimley-Horn serving as the civil engineer. Stream Realty Partners will market the property for lease. Construction is set to begin in the fourth quarter.
LEANDER, TEXAS — Locally based firm Freehill Development Co. will build Hero Way West, a 227,200-square-foot industrial project that will be located on a 16.8-acre site in the northern Austin suburb of Leander. The development will consist of three shallow-bay buildings with 28-foot clear heights. Charlie Strauss, Tom Weber, Trent Agnew and Josh Villarreal of JLL arranged joint venture equity with an undisclosed partner for the capitalization of the project. Michael Johnson and Chris McColpin, also with JLL, arranged floating-rate construction financing. Construction is set to begin this summer and to last about 12 months.
HOUSTON — Colliers has negotiated a 116,161-square-foot office headquarters lease at West Memorial Place I, a 331,000-square-foot building in Houston’s Energy Corridor area. The building is one of two at a complex that offers a fitness center, conference center, walking trails and an onsite restaurant and bar. David Carter and Jay Kyle of Colliers represented the tenant, MODEC International Inc., a supplier of mooring and fluid transfer systems for offshore energy companies, in the lease negotiations. Johnny Knight, Stewart Smith and Aaron Ander of Fuller Realty represented the undisclosed landlord.
SWEETWATER, FLA. — AARE Sunbelt, an affiliate of Adam America Real Estate, and JW Capital Management have topped out Terrazul, a 22-story student housing development near Florida International University in Sweetwater. Upon completion, which is scheduled for the second quarter of 2024, the development will comprise 932 units and a total of 1,201 beds. Located along 107th Avenue, the property will also feature 647 parking spaces and 15,442 square feet of retail space. Amenities at Terrazul will include an indoor/outdoor study lounge, library and lounge areas, a gym and outdoor swimming pool. Units will feature private studio, one-, two- and four-bedroom layouts. Coastal Construction Group is the general contractor for the project, and Niles Bolton Associates is the architect.
HOUSTON — Houston-based energy firm Black Stone Minerals has signed a 55,082-square-foot office lease renewal at 1001 Fannin, a 47-story, 1.3 million-square-foot building in downtown Houston. Brad Beasley and Chip Colvill of Cushman & Wakefield represented the landlord, JMB Realty Corp., in the lease negotiations. Trey Strake, David Guion and Chris Oliver, also with Cushman & Wakefield, represented the tenant. The building, which includes 25,000 square feet of retail and restaurant space, recently underwent a capital improvement program that added new amenities, including a coffee shop, tenant lounge areas and a fitness center.
RUSKIN, FLA. — Madison Communities, a multifamily subsidiary of Madison Capital Group, has begun construction on Madison Palms, a 317-unit apartment community in Ruskin. Located at 210 Teco Road, the property will comprise 300,000 square feet of rentable space in the form of one-, two- and three-bedroom units. Apartments will range in size from 719 to 1,403 square feet. Amenities will include a clubhouse with a fitness center, outdoor lounge, swimming pool and deck with grilling stations, recreation areas and cabanas. A construction timeline for the project was not disclosed.
