Property Type

Mesa-Del-Sol-Innovation-Park-Mesa-Del-Sol-NM

Albuquerque’s Industrial Market Is Booming

by Jeff Shaw July 11, 2023

— By Will Strong, Executive Vice Chair, Industrial Capital Markets, Cushman & Wakefield — Albuquerque has emerged as a vibrant hub for industrial development, showcasing a thriving economy and a favorable business climate. With its strategic location, robust infrastructure and supportive policies, the city has become an attractive destination for ecommerce and logistics companies seeking growth and expansion. Situated in the heart of the Southwest, Albuquerque enjoys a prime location that serves as a gateway to various markets. It is conveniently connected to major transportation networks, including interstates 25 and 40, making it accessible for shipping goods across the region. The city is served by the Albuquerque International Sunport, facilitating efficientair freight and business travel. The market’s availability of reliable utilities, such as water, electricity and high-speed internet, further strengthens the city’s industrial ecosystem. The Albuquerque industrial market grew more than 300,000 square feet in the past year. Demand has been strong enough to continually outpace deliveries, enabling vacancies to tighten below the historical average, according to CoStar. Vacancies have fallen to just 2.4 percent, well below the national average of 4.5 percent. Albuquerque has a diversified base of industries, led by aerospace, high-tech manufacturing, distribution and logistics, technology and …

July 11, 2023

Acquisitions Florida Hospitality Southeast

CBRE Secures Sale of Two Hotels Within Dania Pointe Development in South Florida

by John Nelson July 10, 2023

DANIA BEACH, FLA. — CBRE has secured the sale of two adjacent hotels within the 102-acre Dania Pointe mixed-use development in Dania Beach, an oceanfront city in Broward County. The properties, Hyatt House and Hyatt Place, total 292 rooms and are surrounded by more than 1 million square feet of office and retail space, as well as 1,000 apartments within Dania Pointe. Florida-based Kolter Hospitality purchased the hotels for an undisclosed price. Christian Charre, Paul Weimer and Jennifer Jin of CBRE represented the undisclosed seller in the transaction.

July 10, 2023

Acquisitions Georgia Self-Storage Southeast

Spartan Investment Group Acquires 515-Unit Self-Storage Facility in Macon, Georgia

by John Nelson July 10, 2023

MACON, GA. — Colorado-based Spartan Investment Group has purchased Max Storage, a 515-unit self-storage facility located at 1955 Dove St. in Macon. The seller and sales price were not disclosed. The buyer plans to rebrand the property to FreeUp Storage Macon Dove Street. The 10-building asset totals 66,705 rentable square feet, about a third of which is climate-controlled. The facility also features a 13,800-square-foot warehouse that Spartan plans to lease. The Macon facility is the 15th FreeUp property in Georgia and fourth in Macon.

July 10, 2023

Acquisitions Multifamily South Carolina Southeast

Cushman & Wakefield Arranges $13.3M Sale of Retreat at Palm Pointe Apartments in North Charleston

by John Nelson July 10, 2023

NORTH CHARLESTON, S.C. — Cushman & Wakefield has arranged the $13.3 million sale of Retreat at Palm Pointe, a 112-unit apartment community located at 2561 Fassitt Road in North Charleston. Prospect Lane acquired the property from Cohen Investment Group. John Phoenix, Richard Gore, Tyler Fish and Pat O’Brien of Cushman & Wakefield represented the seller in the transaction. Donny Rosenberg of Greystone originated a Fannie Mae acquisition loan on behalf of the buyer.

July 10, 2023

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $5.9M Sale of Retail Strip Center in Treasure Island, Florida

by John Nelson July 10, 2023

TREASURE ISLAND, FLA. — Marcus & Millichap has brokered the $5.9 million sale of Treasure Island Plaza, a 20,000-square-foot retail strip center located at 118 107th Ave. in Treasure Island, a city in the Tampa Bay metro area. Built in 1981, the property was leased to 11 tenants at the time of sale. The buyer, an unnamed investment firm based in Miami, plans to redevelop the one-acre parcel into a mixed-use building with 40 residences atop 10,000 square feet of retail space. Evan Cannan and Reid Thedford of Marcus & Millichap’s Tampa office brokered the transaction.

July 10, 2023

Affordable Housing Development Multifamily Texas

Palladium USA Breaks Ground on $48M Affordable Housing Community in McKinney, Texas

by Taylor Williams July 10, 2023

MCKINNEY, TEXAS — Dallas-based owner-operator Palladium USA has broken ground on a $48 million affordable housing community in McKinney. The four-story complex will house one-, two- and three-bedroom units and amenities such as a pool, children’s play area, clubroom with a communal kitchen, fitness center, dog park and a computer lounge. Cross Architects designed the project, and Treymore Construction is the general contractor. The Texas Department of Housing & Community Affairs issued $23 million in tax-exempt bonds for the project that were purchased by Cedar Rapids Bank & Trust. PNC Bank also provided over $19 million in equity. Palladium is developing the project in partnership with The McKinney Housing Finance Corp. The first units are set to be delivered in late 2024.

July 10, 2023

Development Loans Multifamily Seniors Housing Texas

Ziegler Arranges $25.3M Bond Financing for Seniors Housing Project in San Antonio

by Taylor Williams July 10, 2023

SAN ANTONIO — Ziegler has arranged $25.3 million in bond financing for Forefront Living San Antonio (FLSA), which plans to use the funds to acquire a 27-acre tract in the city and pay for pre-construction development costs of a seniors housing project. FLSA will own and operate the community, which is slated to include 153 independent living apartments, 40 independent living cottages and 16 memory support assisted living units, as well as a covered parking deck, common areas and administrative support spaces. The financing comprises $22.3 million in tax-exempt notes and $3 million in taxable notes placed with affiliates of FLSA. The development will be named Bella Vida at La Cantera.

July 10, 2023

Leasing Activity Retail Texas

EVO Entertainment to Open 53,300 SF Venue in Hutto, Texas

by Taylor Williams July 10, 2023

HUTTO, TEXAS — EVO Entertainment Group has signed a 53,300-square-foot lease at Townwest Commons in Hutto, with plans to open a cinema, bowling and entertainment venue at the property in 2024. Nathan Nickerson of Common Ground represented the tenant in the leasing negotiations and secured an incentives package with the City of Hutto. Josh Friedlander and David Meyers represented the landlord, NewQuest Properties, on an internal basis.

July 10, 2023

Acquisitions Retail Texas

Partners Real Estate Brokers Sale of 13,400 SF Retail Strip Center in Corpus Christi

by Taylor Williams July 10, 2023

CORPUS CHRISTI, TEXAS — Partners Real Estate has brokered the sale of River Court Shopping Center, a 14,000-square-foot retail strip center in Corpus Christi. Tenants include First Cash Pawn, Pro Cleaners and Hu-Dat Noodle House. Gustavo Torres of Partners, along with Lynann Pinkham of Cravey Real Estate Services, represented the seller, an entity doing business as KCP River Court, in the transaction. The buyer and sales price were not disclosed.

July 10, 2023

Leasing Activity Office Texas

IT Service Provider Signs 3,986 SF Office Lease in Fort Worth

by Taylor Williams July 10, 2023

FORT WORTH, TEXAS — The David L. Aldridge Co., a provider of information technology (IT) services, has signed a 3,986-square-foot office lease at One Ridgmar Centre in Fort Worth. The 10-story, 177,199-square-foot building recently underwent a capital improvement program. Matt Carthey and Jake Neal of Holt Lunsford Commercial represented the landlord, Frontier Equity, in the lease negotiations. Justin Utay of NAI Robert Lynn represented the tenant.

July 10, 2023

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