— By Charles Van Geel of Cushman & Wakefield — Despite broader economic headwinds, Southern Nevada’s commercial real estate market continues to showcase remarkable resilience – especially in the office sector. The demand for high-quality office space remains strong in the Southwest and Summerlin submarkets, underpinned by a flight to quality and shifting corporate priorities toward top-tier environments. The bulk of today’s office activity is concentrated along the critical Interstate 215 corridor, stretching from Green Valley to Summerlin parkways. This corridor has become the heartbeat of the region’s office market. However, within this high-demand stretch, the availability of true Class A product (particularly in the Southwest submarket) is diminishing. Small blocks of space are becoming increasingly rare, while sublease opportunities along this corridor are practically nonexistent. Adding pressure to this is the fact that new construction is largely stalled. Speculative development is not economically feasible with the current market dynamics. Lenders are unwilling to fund projects unless developers can demonstrate significant preleasing commitments, often north of 50 percent. This has been a challenge, as preleasing activity in the broader market remains minimal. Still, the area has received a few recent high-profile deliveries. These include Downtown Summerlin’s 1700 Pavilion, Phase II of …
NEW BRAUNFELS, TEXAS — Oldham Goodwin Group, a Texas-based development, management and brokerage firm, has broken ground on a 150-room hotel in the northeastern San Antonio suburb of New Braunfels. Designed by Niles Bolton Associates, the eight-story, 150,000-square-foot building will be operated under the Springhill Suites by Marriott brand. The site is located along the Guadalupe River, and the hotel will connect to the adjacent 125-room Courtyard by Marriott hotel. Amenities will include a pool, fitness center, business center, meeting rooms, boat docks and an onsite restaurant and bar. Completion is slated for late 2026.
ADDISON, TEXAS — Locally based investment firm Encore Enterprises has purchased a 61,356-square-foot medical office building located in the northern Dallas metro of Addison. The sales price was $7 million. The two-story building at 16980 N. Dallas Parkway was constructed on 3.1 acres in 1985 and was 58 percent leased at the time of sale to five tenants. Cadence Bank financed the acquisition of the property. The seller was not disclosed.
WEST MELBOURNE AND JACKSONVILLE, FLA. — JLL has arranged $114 million in bridge loans on behalf of BTR developer EDEN Living to refinance existing construction debt on two Florida properties. The package includes a $70 million loan for the 373-unit EDEN at Heritage Lakes in West Melbourne and a $44 million loan for the 265-unit EDEN at Kendall West in Jacksonville. The direct lender of the construction takeout loans was not disclosed. Both properties were developed in 2024. Max La Cava, Melissa Quinn, Rob Rothaug and Jade Starkey of JLL arranged the financing on behalf of the borrower.
NEW ORLEANS — Gayle Benson, owner of the NFL’s New Orleans Saints and NBA’s New Orleans Pelicans, plans to acquire 1515 Poydras, a 27-story office tower in downtown New Orleans’ central business district. Benson is under contract and the sale is expected to close in mid-July. The seller and sales price were not disclosed. Built in 1983, the tower comprises 529,000 rentable square feet of office space and a 494-space structured parking garage. The property occupies an entire city block bounded by Poydras, Perdido, LaSalle and Freret streets. Future development plans for 1515 Poydras were not disclosed, but Benson has shared she “has no plans” for the property to “compete in the traditional office tenant marketplace.” Benson has tapped Sue Tucker, formerly with JLL now with Corporate Realty Inc., to oversee property management at 1515 Poydras. Other New Orleans properties owned or once-owned by Benson include Dominion Tower (Benson Tower), the New Orleans Centre Mall (now Champions Square), the Mercedes-Benz Van Center of New Orleans and the 1,100-room Hyatt Regency Hotel.
SAVANNAH, GA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has secured $77.3 million in construction financing for Central Port Logistics Tract 3, an industrial development in Savannah. The property, which is situated within the Central Port Logistics Center industrial park near the Port of Savannah, will comprise three speculative industrial facilities totaling 1.2 million square feet. Sunny Sajnani and Travis Headapohl of IPA’s Dallas office arranged the non-recourse through an undisclosed life insurance company on behalf of the borrower, Capital Development Partners. The developer expects Central Port Logistics Tract 3 to deliver and be fully occupied by November 2026.
BRASELTON, GA. — Stonemont Financial Group has sold Braselton Broadway 85, a 234,133-square-foot distribution center located at 1394 Broadway Ave. in Braselton, about 49 miles northeast of Atlanta. The facility, which was fully leased at the time of sale, sits on a 21.5-acre site along State Highway 124. Nuveen purchased Braselton Broadway 85 for an undisclosed price. Also in the metro Atlanta region, Stonemont Financial recently sold Chamblee International Logistics Park and is nearing completion on Stonemont Park 75 South in Locust Grove.
HOUSTON — Stream Realty Partners has brokered the sale of a 60,486-square-foot industrial building in northwest Houston. According to LoopNet Inc., the building at 6450 Bingle Road was built on 3.6 acres in 1979 and features 18-foot clear heights, seven dock-high doors and 10,000 square feet of office space. Jack Rathe, Heath Donica and Tyler Maner of Stream Realty represented the seller, RAM Interests LP, in the transaction. Bill Ginder of Caldwell Cos. and Matt Catt of Kidder Matthews represented the buyer, an entity doing business as HS Property TX3 LLC.
PLANO, TEXAS — Bradford Commercial Real Estate Services has arranged a 17,861-square-foot office lease at One Legacy Circle, located northeast of Dallas in Plano. The 214,110-square-foot building, which recently underwent capital improvements, is now fully leased. Jared Laake of Bradford represented the landlord, an out-of-state partnership managed by local investment firm Gildenson Real Estate, in the lease negotiations. Michael Griffin of Transwestern represented the tenant, mortgage services company ServiceLink of Texas, which plans to relocate in October.
ENTERPRISE, ALA. — Legacy Realty Group has negotiated the sale of Westgate Shopping Center, a 132,737-square-foot shopping center located in Enterprise, roughly 30 miles east of Dothan. Piggly Wiggly anchors the center, which features a mix of additional tenants including Petsense, H&R Block, Rituals Salon & Day Spa, Rent-A-Center, Metro by T- Mobile, Beef ‘O’ Brady’s and Yancey Parker’s. Built in 1966, the property is situated on 6.4 acres, according to LoopNet. Jacob Baruch, Daniel Baruch and Ari Warshaw of Legacy Realty Group Advisors represented the buyer in the transaction. Pat Leggett of Century 21 Regency Realty represented the seller.