Property Type

JLL Arranges $101.2M Refinancing for Kenect Nashville Apartments

by John Nelson November 7, 2023

NASHVILLE, TENN. — JLL has arranged the $101.2 million refinancing for Kenect Nashville, a 420-unit, Class A apartment community located at 800 19th Ave. in Nashville’s Midtown district. Jesse Wright, Kenny Cutler, Brian Dawson, Joshua Odessky and J.J. Hovenden of JLL arranged the loan through MF1 on behalf of the borrower, Akara Partners. Built in 2019, Kenect Nashville features a mix of studio, one-, two- and three-bedroom units ranging in size from 360 to 612 square feet, according to Apartments.com. Amenities include coworking spaces via membership for all residents, as well as a pool, business center, fitness center, concierge, pet play area and a clubhouse.

November 7, 2023

Development Multifamily North Carolina Southeast

Joint Venture Opens 263-Unit Beckon Apartments in Downtown Durham

by John Nelson November 7, 2023

DURHAM, N.C. — A joint venture between Ivanhoe Cambridge, Public Sector Pension Investment Board (PSP Investments) and Greystar has opened Beckon, a six-story, 263-unit apartment community located at 311 Liggett St. in Durham. The property features a mix of 52 studios, 142 one-bedroom, 64 two-bedroom and five three-bedroom apartments. Rental rates start at $1,570 per month and renters can receive one month of free rent, according to the property website. Amenities include a pool, courtyard, fitness center, sky lounge, clubroom, outdoor kitchen, coworking spaces, private conference rooms, pet wash station, dog park, an urban pocket park and an onsite parking garage with EV charging capabilities. Additionally, Beckon features 5,600 square feet of ground-floor retail space that will include Crank Arm Brewery.

November 7, 2023

Acquisitions Maryland Southeast Student Housing

TSB Realty Brokers Sale of 328-Bed Student Housing Community Near Johns Hopkins University in Baltimore

by John Nelson November 7, 2023

BALTIMORE — TSB Realty has brokered the sale of The Academy on Charles, a 328-bed student housing community located adjacent to the Johns Hopkins University campus in Baltimore. Randall Calvert of TSB Realty arranged the disposition from GMH Communities to an undisclosed buyer. The luxury property was originally built in the early 1930s and renovated and converted into student housing in 2014. The community offers fully furnished units alongside shared amenities including a rooftop terrace, fitness center, games center, garage and surface parking and private and group study lounges. The community is fully leased for the 2023-2024 academic year.

November 7, 2023

Leasing Activity Office South Carolina Southeast

Colliers Arranges 37,654 SF Office Lease Renewal in Downtown Greenville

by John Nelson November 7, 2023

GREENVILLE, S.C. — Colliers has arranged a 37,654-square-foot office lease renewal at 55 Beattie Place in downtown Greenville. The tenant, regional law firm Gallivan White & Boyd, is renewing its space within One Liberty Square. Bailey Tollison, Brantley Anderson and Taylor Allen of Colliers represented the tenant in the lease transaction. The landlord was not disclosed. In addition to the One Liberty Square renewal, the Colliers team recently represented Gallivan White & Boyd in other office leases in Columbia, S.C., and Charlotte.

November 7, 2023

Industrial Leasing Activity Texas

Colliers Secures 118,258 SF Industrial Lease in Metro Houston

by Taylor Williams November 7, 2023

MISSOURI CITY, TEXAS — Colliers has secured a 118,258-square-foot industrial lease at Cravens Logistics Center, a 249,370-square-foot development located in the southwestern Houston suburb of Missouri City. The newly built facility sits on 17.6 acres and features 36-foot clear heights, 180-foot truck court depths and 49 trailer parking spaces. John Nicholson of Colliers represented the landlord, Johnson Development, in the lease negotiations. The tenant was medical supplies provider Optimal & Medpro.

November 7, 2023

Leasing Activity Retail Texas

Desi Brothers Farmers Market to Open 47,814 SF Grocery Store in Metro Austin

by Taylor Williams November 7, 2023

ROUND ROCK, TEXAS — Desi Brothers Farmers Market will open a 47,814-square-foot grocery store at Round Rock Crossing on the northern outskirts of Austin. Britt Morrison and Nick Naumann of Weitzman represented the undisclosed landlord in the lease negotiations. Michael DuBois of Dallas-based Pride Commercial Properties represented Desi Brothers. Other tenants at Round Rock Crossing include Target, Best Buy, Michaels and Salons by JC. The opening is slated for some time next year.

November 7, 2023

Leasing Activity Office Texas

Meritage Homes Signs 17,899 SF Office Lease Renewal in Houston

by Taylor Williams November 7, 2023

HOUSTON — A subsidiary of national homebuilder Meritage Homes (NYSE: MTH) has signed a 17,899-square-foot office lease renewal at Reserve at Westchase, a 194,919-square-foot building in Houston’s Westchase District. Jack Scharnberg and John Heard of Transwestern represented the undisclosed landlord in the lease negotiations. Neil Elliott, Dustin Cruz and Lawson Martin of Cresa represented the tenant. Reserve at Westchase is currently undergoing a capital improvement program to upgrade the lobby and other common areas.

November 7, 2023

Acquisitions Retail Texas

Cypressbrook Negotiates Sale of 13,585 SF Single-Tenant Retail Building in West Houston

by Taylor Williams November 7, 2023

HOUSTON — Locally based brokerage firm Cypressbrook Co. has negotiated the sale of a 13,585-square-foot retail building in West Houston. According to LoopNet Inc., the single-tenant property at 5226 Elm St. was originally built in 1998. George Montes of Cypressbrook represented the seller, a limited liability company, in the transaction. Craig Appleby of Remax Fine Properties represented the seller, Redfish Management LLC.

November 7, 2023

Midwest Ohio Retail

SITE Centers to Spin Off Convenience Retail Assets into Separate Publicly Traded REIT

by Kristin Harlow November 7, 2023

BEACHWOOD, OHIO — SITE Centers Corp. (NYSE: SITC), a Beachwood-based owner of open-air shopping centers in suburban communities, has approved a plan to spin off its convenience retail assets into a separate publicly traded REIT to be named Curbline Properties Corp. (CURB). According to SITE Centers, the spin-off creates the first and only public REIT exclusively focused on convenience assets, which generally consist of a row of unanchored shops that are positioned on the curb line of well-trafficked intersections. The tenants within these centers cater to daily convenience trips. Examples include Starbucks, Darden, JPMorgan Chase, Verizon and Chipotle. “The convenience sector offers attractive, inflation-protected returns driven by high renewal and retention rates and limited operating capital expenditures,” states SITE Centers. There are more than 68,000 unanchored assets in the U.S., according to ICSC, with over $40 billion of assets traded between 2018 and 2022. The median asset size of the CURB portfolio as of Sept. 30 was 20,000 square feet, with 91 percent of base rent generated by units less than 10,000 square feet. Since launching its convenience strategy in 2019, the company has amassed a portfolio of 61 wholly owned properties. As of Sept. 30, the CURB portfolio was …

November 7, 2023

Development Midwest Missouri Office

Clayco to Relocate St. Louis-Area Offices to 230,000 SF Building in Berkeley, Missouri

by Kristin Harlow November 7, 2023

BERKELEY, MO. — Clayco, a full-service development, architecture, engineering and construction firm, is relocating its St. Louis offices and operations center to a redeveloped 230,000-square-foot building within NorthPark Development in Berkeley, a northwest suburb of St. Louis. Clayco currently maintains multiple offices in Overland and Clayton, Mo., and will relocate 580 St. Louis-based team members to the new facility, which is located at 8640 Evans Ave. The new office will be able to accommodate over 1,000 employees, as the company expects to expand in the coming years. While Clayco’s corporate headquarters will remain in Chicago, the Berkeley office will serve as the home of many of the company’s design-build functions, including operations, business unit leadership, architecture, process engineering, safety, IT, marketing, finance/accounting and talent management. Clayco subsidiaries, Concrete Strategies, Clayco Design & Engineering and Consolidated Distribution Co., will be headquartered in the new office. Clayco and its real estate development subsidiary, CRG, have partnered with Missouri’s Department of Economic Development and Missouri Development Finance Board as well as the City of Berkeley to facilitate the move. As part of an incentive proposal from the state, Clayco will retain its existing Missouri workforce and is committed to creating at least 400 …

November 7, 2023

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