Property Type

FunCity Adventure Park Buys Former Sports Authority Building in Wichita

by Kristin Harlow March 31, 2023

WICHITA, KAN. — FunCity Adventure Park has purchased a 52,259-square-foot building formerly home to a Sports Authority store in North Wichita for an undisclosed price. The property is located at 6959 E. 21st St. FunCity, an indoor adventure park operator, maintains 18 locations and several sites under construction across the country. FunCity is actively seeking to acquire or lease vacant retail buildings. By this summer, the company expects to have 25 locations open and operating. Don Mace of KeyPoint Partners advised FunCity on the acquisition in Wichita.

March 31, 2023

Indiana Leasing Activity Midwest Retail

At Home Opens New Store in Fort Wayne, Indiana

by Kristin Harlow March 31, 2023

FORT WAYNE, IND. — Home décor retailer At Home is opening a new store at 4120 Illinois Road in Fort Wayne. A ribbon-cutting ceremony will take place Tuesday, April 4. Dallas-based At Home now operates 262 stores in 40 states. At Home sells a variety of merchandise such as furniture, mirrors, rugs and seasonal décor with collections from designers such as Laila Ali, Tracey Boyd, Willow Crossley, Grace Mitchell and Ty Pennington.

March 31, 2023

Affordable Housing Development Loans Massachusetts Multifamily Northeast Top Stories

MassDevelopment Issues $151M in Bond Financing for Affordable Housing Projects Near Boston

by Jeff Shaw March 31, 2023

BOSTON — MassDevelopment, Massachusetts’ state development finance agency and land bank, has issued $151.7 million in tax-exempt bonds to public housing authorities in the Boston suburbs of Brookline, Cambridge, Framingham and Medford. The proceeds will be used to renovate and preserve 368 units of housing for families, seniors, individuals living with disabilities and people experiencing homelessness. Additionally, the bonds will be used to create 46 new affordable apartments as well as to upgrade common areas, infrastructure, safety systems and landscaping. Brookline Housing Authority will use $40 million in proceeds to renovate the Sussman House Apartments in the southwest Boston suburb of Brookline. The community is a 100-unit complex that was built in 1969. Renovations include installing a new roof, windows and exterior cladding system; replacing the central heating and cooling system; upgrading elevators and unit interiors; and a new community room. Cambridge Housing Authority will use $21 million in proceeds to renovate and expand its building at 116 Norfolk St. in Cambridge, which is across the Charles River from Boston. The property, which was built in 1920, will be converted from 38 single-room units into studio apartments with their own kitchens and full bathrooms. Additionally, the project calls for 24 …

March 31, 2023

California Market Reports Retail Western Western Market Reports

Orange County’s Retail Vacancy is Tight, but Capital Markets Activity Will Be Sluggish this Year

by Jeff Shaw March 31, 2023

— By Terrison Quinn, Managing Principal, SRS Real Estate Partners — The Orange County retail property market was very active last year for both leasing and capital markets. At 4 percent, Orange County’s retail vacancy was back down to pre-pandemic levels. There was an annual net positive absorption of 445,000 square feet with 191,000 square feet of new space delivered in 2022, per CoStar. Average rents increased 5 percent from an average market rent of $34.84 per square foot, per year to $36.58 — the highest rate of rent growth in 10 years. We don’t see rents coming down at all this year, especially as there’s only 170,000 square feet of new space currently under construction and we continue to experience favorable consumer demand. From a capital markets perspective, investment activity remains to be seen. In line with national trends, many investors and lenders are putting capital deployment on pause as they analyze economic activity and adjust to a period of higher interest rates, higher inflation and, perhaps surprisingly, strong employment. Despite the angst that comes from uncertainty, there is a lot of positive sentiment toward economic corrections, creating investment opportunities over the coming years. This is certainly the …

March 31, 2023

Development Georgia Loans Multifamily Southeast

Santander Bank, TD Bank Provide $100M Construction Loan for Multifamily High-Rise Project in West Midtown Atlanta

by John Nelson March 30, 2023

ATLANTA — Santander Bank and TD Bank have provided a $100 million construction loan to The Allen Morris Co. for Stella at Star Metals, a 21-story multifamily high-rise development in Atlanta’s West Midtown district. The 327-unit tower is the latest phase for Allen Morris Co.’s Star Metals District, a mixed-use development straddling Howell Mill Road that includes the Sentral at Star Metals apartments and Star Metals Offices. Brasfield & Gorrie constructed the other two properties and will serve as general contractor for Stella at Star Metals. The property will feature units with floor-to-ceiling windows, 10-foot ceiling heights, Italian cabinetry, stone countertops and outdoor balconies. Amenities will include a two-story, full-service bar and green roof terrace on the 17th floor; infinity pool, cabana and grilling stations on the seventh floor; an indoor/outdoor fitness center; dog spa; and a theater-style screening room. Additionally, Stella’s ground level will house 25,000 square feet of retail space anchored by chef-driven restaurants from the restaurateurs at Grass Fed Culture and Fishmonger. Stella residents are expected to move-in by mid-2025. Allen Morris Co. recently acquired 3.3 acres that will house fourth, fifth and sixth phases of Star Metals District.

March 30, 2023

Courtyard-by-Marriott-Houston-Hobby-Airport

Acquisitions Hospitality Texas

NewcrestImage, HCP Acquire 153-Room Marriott-Branded Hotel in Houston

by Taylor Williams March 30, 2023

HOUSTON — A joint venture between Dallas-based NewcrestImage and Phoenix-based Hospitality Capital Partners (HCP) has acquired the 153-room Courtyard by Marriott Houston Hobby Airport. The joint venture acquired the property, which is located just two miles from the airport, as part of a $137.3 million portfolio deal that comprised 16 Marriott-branded hotels totaling 2,155 rooms across nine states. Al Calhoun and Mark Fair of CBRE represented the seller, Massachusetts-based REIT Service Properties Trust, in the portfolio sale.

March 30, 2023

Development Florida Mixed-Use Southeast

Barron Collier, Metro Commercial Break Ground on Winchester Mixed-Use Project in Southwest Florida

by John Nelson March 30, 2023

NAPLES, FLA. — Barron Collier Investment Partners, a joint venture between Barron Collier Cos. and Metro Commercial Development Group, has broken ground on Winchester, a 21-acre mixed-use property in Naples. The development is the second project between the two firms, joining the nearby Founder’s Square development. Situated on Immokalee Road and Orange Tree Boulevard, Winchester will include a major medical tenant, quick-serve restaurant, storage facility and retail space. The joint venture expects to announce tenants soon and to open by mid-2024. In addition to Founder’s Square and Winchester, Barron Collier and Metro Commercial plan to co-develop more mixed-use projects throughout the state of Florida, both ground-up opportunities and redevelopments.

March 30, 2023

Development Seniors Housing Southeast Tennessee

Home Communities Delivers 180-Unit Seniors Housing Property in Memphis

by John Nelson March 30, 2023

MEMPHIS, TENN. — Home Communities Co. has delivered Brightmore of East Memphis, a 180-unit seniors housing development in Memphis. The property comprises 122 independent living apartments and 34 assisted living units in the main building, 24 memory care units in an adjoining single-story building, multiple outdoor spaces and dining options. The design-build team includes architect and landscape architect Baker Barrios and general contractor Montgomery Martin Contractors. Liberty Senior Living is the operator of Brightmore of East Memphis.

March 30, 2023

Acquisitions Florida Retail Southeast

PGIM Sells Two Publix-Anchored Centers in Florida to Phillips Edison & Co. for $32M

by John Nelson March 30, 2023

MIRAMAR AND JENSEN BEACH, FLA. — PGIM Real Estate has sold two Publix-anchored shopping centers in Florida to Phillips Edison & Co. for a combined $32 million. The properties include the 70,288-square-foot Shops at Sunset Lakes in Miramar and the 109,811-square-foot Town Center at Jensen Beach. Danny Finkle, Eric Williams, Jorge Portela and Kim Flores of JLL represented PGIM in both transactions. Built in 1999, Shops at Sunset Lakes was 98.4 percent leased at the time of sale to Goodwill, State Farm Insurance, Sedation Dental Spa, Small World Montessori, The Tutoring Center and Sushi Ski. Town Center Shops at Jensen Beach was built in 2000 and was 83.5 percent leased at the time of sale to tenants including Culvers, Orangetheory Fitness, Party City, Parents Choice Preschool, All Partners Network and Coastal Animal Hospital.

March 30, 2023

Acquisitions Retail Texas

SVN | J. Beard Real Estate Arranges Sale of 92,724 SF Shopping Center in Magnolia, Texas

by Taylor Williams March 30, 2023

MAGNOLIA, TEXAS — SVN | J. Beard Real Estate — Greater Houston has arranged the sale of Renaissance Center, a 92,724-square-foot shopping center located in Magnolia, roughly 44 miles northwest of Houston. Tenants at the property, which is anchored by Brookshire Brothers and was 95 percent leased at the time of sale, include Woodforest National Bank, Petsense and Anytime Fitness. An undisclosed buyer purchased the center from a private seller. Matt Knagg and Brittany Jameson of SVN | J. Beard Real Estate represented the seller and buyer, respectively, in the transaction.

March 30, 2023

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