Property Type

GW, Virtus Real Estate Capital Break Ground on 279-Unit Apartment Community in Charlottesville, Virginia

by John Nelson August 4, 2023

CHARLOTTESVILLE, VA. — GW Real Estate Partners and Virtus Real Estate Capital have broken ground on a 279-unit apartment community located at the entrance to North Pointe, a 224-acre mixed-use development in Charlottesville. Dubbed The Ridge at North Pointe, the community will comprise seven three-story buildings with units in one-, two- and three-bedroom floor plans averaging 988 square feet, as well as 502 parking spaces. Delivery is scheduled for the second quarter of 2024. United Bank provided construction financing for the project.

August 4, 2023

Acquisitions Industrial Leasing Activity North Carolina Southeast

Cushman & Wakefield Brokers Sale-Leaseback of 183,509 SF Manufacturing Facility in Monroe, North Carolina

by John Nelson August 4, 2023

MONROE, N.C. — Cushman & Wakefield has brokered the sale-leaseback of a 183,509-square-foot manufacturing facility located at 1710 Airport Road in Monroe. Circor International sold the property, which will continue to serve as the headquarters for the company’s IMO Pump brand. Built in 1979, the building was expanded in 2008. Rob Cochran, Bill Harrison, Nolan Ashton and Tommy Whitmore of Cushman & Wakefield represented Circor International in the transaction. Monroe Airport Industrial LLC, an affiliate of Welcome Group, acquired the facility for an undisclosed price. Ted Kakambouras of Welcome Group and Allen de Olazarra of Equity Real Estate Partners represented Welcome Group in the transaction. Jason Hochman, Ron Granite and Bradley Geiger of Cushman & Wakefield secured acquisition financing on behalf of the buyer.

August 4, 2023

Acquisitions Louisiana Retail Southeast

SRSA Arranges Sale of 228,000 SF Shopping Center in New Orleans

by John Nelson August 4, 2023

NEW ORLEANS —SRSA Commercial Real Estate has arranged the sale of Algiers Plaza, a 228,000-square-foot shopping center located at 4100 General De Gaulle Drive in New Orleans. Tenants at the property include Winn-Dixie, Walgreens, Ross Dress for Less, T.J. Maxx, Petco, Five Below and Chick-fil-A. Steve Reisig, Kirsten Early and Christopher Robertson Jr. of SRSA, along with Scott DeYoung and Jeff Conover of Faris Lee Investments, represented the seller, N3 Real Estate, in the transaction. The buyer and sales price were not disclosed.

August 4, 2023

Acquisitions Arizona Multifamily Western

Greenlight Communities Sells Cabana Encanto Apartments Near Phoenix for $61M

by Amy Works August 4, 2023

GOODYEAR, ARIZ. — Greenlight Communities has completed the disposition of Cabana Encanto, an attainable housing property located within the Palm Valley master-planned community in Goodyear. A partnership between Sunrise Multifamily and Ascent Equity Group acquired the asset for $61 million, or $213,287 per unit. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction. Situated on 8.8 acres, Cabana Encanto features 286 apartments with 9-foot ceilings, 8-foot keyless entry doors and front porches or patios. Community amenities include controlled access, a leasing office, clubhouse with social space, coworking booths with soundproof panels, a swimming pool, grilling stations, a multipurpose event lawn and Zen gardens.

August 4, 2023

Development Multifamily Texas

Olive Tree Holdings Completes Renovation of 308-Unit Apartment Community in Metro Houston

by Taylor Williams August 4, 2023

PASADENA, TEXAS — An affiliate of New York City-based Olive Tree Holdings has completed the $4 million renovation of The Life at Beverly Palms, a 308-unit apartment community located in the eastern Houston metro of Pasadena. The property was built in 1971 and offers one-, two- and three-bedroom units. Unit interiors received new paint and windows, and exterior upgrades included refreshed sidewalks, roofs and landscaping. Olive Tree also enhanced the amenity spaces, which include a community room, pool, picnic area, laundry center, dog park and playground.

August 4, 2023

Raceway-Northwest-Distribution-Center-Houston

Industrial Leasing Activity Texas

KHD Group Signs 156,483 SF Industrial Lease in Northwest Houston

by Taylor Williams August 4, 2023

HOUSTON — Furniture vendor and supplier KHD Group has signed a 156,483-square-foot industrial lease at Raceway Distribution Center Northwest in northwest Houston. The tenant will occupy the entirety of the speculative building, which was developed by Stream Realty Partners and completed earlier this year. Building features include 36-foot clear heights, 25 dock-high doors and parking for 109 vehicles and 22 trailers. Jeremy Lumbreras and Boone Smith represented Stream in the lease negotiations on an internal basis. Pinnacle Real Estate Group represented KHD Group.

August 4, 2023

Leasing Activity Office Texas

Cushman & Wakefield Negotiates 90,609 SF Office Headquarters Lease in Uptown Dallas

by Taylor Williams August 4, 2023

DALLAS — Cushman & Wakefield has negotiated a 90,609-square-foot office headquarters lease at One Victory Park in Uptown Dallas. The tenant, energy company HF Sinclair Corp., will occupy three of the building’s 20 floors. Matt Schendle, Cynthia Cowen and Carrie Halbrooks of Cushman & Wakefield represented the landlord, New York-based Clarion Partners, in the lease negotiations. Phil Puckett and Harlan Davis of CBRE represented HF Sinclair.

August 4, 2023

Acquisitions Industrial Texas

Marcus & Millichap Brokers Sale of 21,000 SF Industrial Complex in Midland, Texas

by Taylor Williams August 4, 2023

MIDLAND, TEXAS — Marcus & Millichap has brokered the sale of a two-building, 21,000-square-foot industrial complex in the West Texas city of Midland. Built on 10 acres in 2011, the property was fully occupied at the time of sale by Arkos Field Services, which provides compression equipment for the natural gas industry. Adam Abushagur, Davis Cagle and Nathan Parkey of Marcus & Millichap represented the seller, a private investor, in the transaction. Additional terms of sale were not disclosed.

August 4, 2023

Acquisitions Retail Texas

STRIVE Negotiates Sale of 10,033 SF Retail Strip Center in Northwest Houston

by Taylor Williams August 4, 2023

HOUSTON — Dallas-based brokerage firm STRIVE has negotiated the sale of Greenwillow Shopping Center, a 10,033-square-foot, fully leased retail strip center in northwest Houston. According to LoopNet Inc., the property was built in 2003. Michael Hill and Jake Dutson of STRIVE represented the seller, a California-based private investor, in the transaction. The duo also procured the buyer, a local investor. Both parties requested anonymity.

August 4, 2023

Acquisitions Multifamily New Jersey Northeast

Colony Hills Capital Acquires Central New Jersey Apartment Community for $115M

by Taylor Williams August 4, 2023

PLAINSBORO, N.J. — Massachusetts-based investment firm Colony Hills Capital has acquired Addison at Princeton Meadows, a 440-unit apartment community located in the Central New Jersey community of Plainsboro. The sales price was $115 million. The garden-style property offers studio, one- and two-bedroom units and amenities such as a pool, fitness center, tennis court, basketball court, dog park and outdoor grilling and dining stations. Allan Szlafrok, Eli Maryl, Ohad Babo, and Michael Weiser of GFI Realty Services represented Colony Hills Capital, which plans to implement a value-add program, in the transaction. JLL represented the seller, New Jersey-based Kushner Real Estate Group (KRE).

August 4, 2023

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