Property Type

VanTrust Underway on 2 MSF Industrial Build-to-Suit Facility for Burlington Near Savannah

by John Nelson December 15, 2023

ELLABELL, GA. — VanTrust Real Estate is underway on the development of a 2 million-square-foot building within the 515-acre Interstate West industrial park in Ellabell, roughly 30 miles outside Savannah. Burlington Stores Inc. will occupy the build-to-suit property. Dubbed Building D, this marks the fourth and final project at the park, construction of which began in 2021. Buildings A and B span 637,868 and 992,000 square feet, respectively. Building C totals 1.2 million square feet and is leased to The Webstaurant Store Inc. Completion of Building D is scheduled for May 2025. Evans General Contractor is constructing the building, and Pieper O’Brien Herr is the architect. Danny Chase and David Sink of Colliers represented VanTrust in the lease negotiations. Chris Tomasulo and Bennett Rudder of JLL represented Burlington.

December 15, 2023

Acquisitions Florida Retail Southeast

CRC Sells Cypress Run Marketplace Shopping Center in Coral Springs, Florida for $23.3M

by John Nelson December 15, 2023

CORAL SPRINGS, FLA. — Continental Realty Corp. (CRC) has sold Cypress Run Marketplace, an 87,000-square foot retail center located at 10599 W. Atlantic Blvd. in Coral Springs, a city in South Florida’s Broward County. The Q.V.H. Corp. acquired the property for $23.3 million. Walmart Neighborhood Market anchors the center, which was constructed in 1989. Popeye’s Louisiana Kitchen recently signed a 15-year lease at the center, bringing the property to full occupancy. CRC originally acquired Cypress Run Marketplace in 2015 for $13.6 million and executed more than 17,000 square feet of leases during its ownership. Dennis Carson, Sriram Rajan and Casey Rosen of CBRE represented CRC in the transaction.

December 15, 2023

Acquisitions Florida Restaurant Retail Southeast

SRS Brokers $4.6M Sale of Chipotle-Occupied Retail Property in Margate, Florida

by John Nelson December 15, 2023

MARGATE, FLA. — SRS Real Estate Partners has brokered the $4.6 million sale of a retail property located at 5671 W. Atlantic Blvd. in Margate, a city in South Florida’s Broward County. Chipotle Mexican Grill occupies the 2,462-square-foot building, which is an outparcel to Lakewood Shopping Center, on a triple-net-lease basis. Other tenants at the center include Walmart Supercenter, Marshalls, Harbor Freight Tools and Ross Dress for Less. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based partnership, in the transaction. The buyer was a New York-based private investor.

December 15, 2023

District of Columbia Retail Southeast

Holiday Retail Sales Will Meet Expectations, Predicts NRF

by John Nelson December 15, 2023

WASHINGTON, D.C. — Retail spending in November aligned with expectations and portends a strong holiday season, reports the National Retail Federation (NRF). Citing information for November provided by the U.S. Census Bureau, the NRF says that core retail sales — excluding automobile dealers, gasoline stations and restaurants — were up 3.3 percent year-over-year on a three-month moving average. According to the bureau, overall retail sales in November were up 4.1 percent year-over-year. The NRF predicts that holiday retail sales, which fall between Nov. 1 and Dec. 31, will meet the federation’s forecast and increase between 3 percent and 4 percent relative to 2022, reaching between $957.3 billion and $966.6 billion. The Wall Street Journal reports that the deceleration of inflation might “make consumers feel better” and “weigh on retail revenue.” The consumer price index (CPI) slipped from 3.2 percent in October to 3.1 percent in November, according to the U.S. Bureau of Labor Statistics.

December 15, 2023

Development Multifamily Texas

Presidium Breaks Ground on 374-Unit Multifamily Project in North Austin

by Taylor Williams December 15, 2023

AUSTIN, TEXAS — Texas-based developer Presidium has broken ground on Presidium 183, a 374-unit multifamily project in North Austin. Designed by O’Brien Architects, Presidium 183 will offer several different floor plans, and units will be furnished with stainless steel appliances, quartz-style countertops and individual washers and dryers. Amenities will include a coworking lounge with private offices, fitness center with yoga and spin studios, a speakeasy-style bar, entertainment room with a theater and golf simulator, outdoor game lawn, pool and a dog run. Completion is slated for mid-2025.

December 15, 2023

Acquisitions Multifamily Texas

Colliers Brokers Sale of 244-Unit Clear Lake Apartments in Metro Houston

by Taylor Williams December 15, 2023

CLEAR LAKE, TEXAS — Colliers has brokered the sale of Clear Lake Apartments, a 244-unit multifamily complex located on the southeastern outskirts of Houston. Built in 1979, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, clubhouse and outdoor grilling and dining stations. Chip Nash, Bob Heard and Jaleel Adatia of Colliers represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.

December 15, 2023

Development Retail Texas

Costco to Open 154,648 SF Store at Grand at Aliana in Richmond, Texas

by Taylor Williams December 15, 2023

RICHMOND, TEXAS — Costco will open a 154,648-square-foot store at The Grand at Aliana, a 400,000-square-foot, 80-acre mixed-used development in the southwestern Houston suburb of Richmond. The Washington-based discount retailer purchased the 20-acre site on which the store will be located. The opening is slated for next summer. The store will be Costco’s 39th in Texas and third in the Houston area. Locally based developer NewQuest Properties owns The Grand at Aliana.

December 15, 2023

Industrial Leasing Activity Texas

EV Company Signs 15,110 SF Industrial Lease at The Archetype in West Dallas

by Taylor Williams December 15, 2023

DALLAS — An undisclosed electric vehicle (EV) company has signed a 15,110-square-foot industrial lease at The Archetype, an industrial redevelopment in West Dallas that was formerly known as Commonwealth Center. The deal brings The Archetype’s occupancy level to 86 percent. Chase Miller and Everett James of NAI Robert Lynn represented the landlord, North Texas-based developer M2G Ventures, in the lease negotiations. The tenant representative was not disclosed.

December 15, 2023

Industrial Leasing Activity Texas

Holt Lunsford Negotiates 10,800 SF Industrial Lease in Fort Worth

by Taylor Williams December 15, 2023

FORT WORTH, TEXAS — Holt Lunsford Commercial has negotiated a 10,800-square-foot industrial lease at Riverbend Business Park in Fort Worth. The 32-building, 1.4 million-square-foot development is located on the city’s east side. William Wilson and George Jennings with Holt Lunsford represented the landlord, Riverbend Properties, in the lease negotiations. The representative of the tenant, Worldwide Import Goods, was not disclosed.

December 15, 2023

Development Mixed-Use Multifamily Nevada Restaurant Retail Western

Agora Realty Receives Financing for 73-Acre Hylo Park Mixed-Use Project in North Las Vegas, Nevada

by Amy Works December 15, 2023

NORTH LAS VEGAS, NEV. — Agora Realty & Management has received an undisclosed amount of financing for the development of Hylo Park, a 73-acre mixed-use project at the corner of Rancho Road and Lake Mead Boulevard in North Las Vegas. Construction is slated to begin in June 2024. The planned development includes entitlements for 1,300 residential units spanning a 37-acre residential component, a grocery-anchored retail center, restaurants and commercial services. The project will also include Champion Square, a sports village and public plaza. The sports-anchored center will serve the community and traveling teams. The center of Hylo Park will be a multi-purpose sports rink and separate field house. The development will anchor a community village featuring public space and an outdoor digital video screen for sports watch parties, as well as other local programming and events. The square will also include shops, restaurants and service-oriented retail in proximity to an extended-stay hotel. The city’s National Hockey League team, the Las Vegas Golden Knights, will provide management and programming for the existing ice arena at the property.

December 15, 2023

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