CHESAPEAKE, VA. — Cushman & Wakefield | Thalhimer has brokered the $4.9 million sale of Cedar Lakes Center, a retail center located at 561-565 Cedar Road in Chesapeake. Sola Salon Studios anchors the property, which totals 35,659 square feet and was 97 percent leased at the time of sale. Dean Martin of Thalhimer represented the undisclosed seller in the transaction. An entity doing business as Cedar Lakes Associates LLC acquired the property.
DURHAM, N.C. — Marcus & Millichap has arranged the $4.6 million sale of Park Terrace, a 24,813-square-foot shopping center located in Durham. Situated on 2.7 acres at 2223 NC Highway 54, the property comprises 11 suites averaging 2,255 square feet. The center was 95 percent leased at the time of sale. Andrew Margulies and Harrison Creason of Marcus & Millichap represented the seller, a California-based limited liability company, in the transaction. The buyer was also not disclosed.
FORNEY, TEXAS — Newmark has arranged the sale of Forney Logistics Crossing, a 904,495-square-foot industrial property located on the eastern outskirts of Dallas. Delivered in January, the cross-dock facility features 40-foot clear heights, 161 total dock doors and 198 trailer stalls (expandable to 352). Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe, Taylor Hare, Chloie Mercer and Caroline Wilson of Newmark represented the seller, a partnership between Stillwater Capital and Grandview Partners, in the transaction. The buyer was EQT Exeter. The property was fully leased at the time of sale to trucking company Knight-Swift.
DALLAS — Brazos Residential has acquired The Thread Apartments, a 606-unit garden-style community in Dallas. The Thread was built in three phases between 1969 and 1978 and offers studio, one- and two-bedroom floor plans. Northmarq’s Taylor Snoddy brokered the deal, and Kevin Leamy of Northmarq arranged the acquisition financing. The deal marks Brazos Residential’s 16th acquisition since the firm’s inception in 2022. The seller and sales price were not disclosed.
SEGUIN, TEXAS — A joint venture between Periscope Capital Investment and Verdot Capital has received a $32.1 million construction loan for The Virginia, a 198-unit development in the western San Antonio suburb of Seguin. The Virginia will rise three stories and offer one-, two- and three-bedroom units. Alanna Ellis, Jeff Lepley and Alex Sheaffer of JLL arranged the 15-year, floating-rate loan through an undisclosed regional bank on behalf of the development team. The first phase of the project is slated for a 2024 completion. A second phase is set to deliver in 2025, bringing the total units at the community to 424.
CYPRESS, TEXAS — Locally based investment advisory firm Granite Harbor Advisors has arranged an undisclosed amount of equity funding to finance the expansion of Spring Cypress Senior Living, a facility located in the northwestern Houston suburb of Cypress. The property offers independent living, assisted living and memory care living services. The expansion project will add 43 new independent living units split between townhomes and cottages, 95 new assisted living apartments and 14 new memory care units. The project’s first phase is complete and is roughly 95 percent occupied.
FORT WORTH, TEXAS — USI Insurance Services Inc. has signed an 8,321-square-foot office lease at Summit Office Park in Fort Worth. The two-building, 242,000-square-foot development is located on the perimeter of the downtown area. Jake Neal, Vic Meyer and Matt Carthey of Holt Lunsford Commercial represented the landlord, Albany Roads, in the lease negotiations. David Walters of CBRE represented the tenant.
HOPEWELL, N.J. — A partnership between Lincoln Equities Group and New York City-based H.I.G. Realty will develop a three-building, 380,000-square-foot life sciences project in Hopewell, located just outside of Trenton. The site is located within Princeton West Innovation Campus, which is a redevelopment of the former campus of pharmaceutical giant Bristol Myers Squibb. The campus also features 250,000 square feet of traditional office space, and 200 acres of the site have been preserved as farmland and open public space. JLL handles leasing of Princeton West Innovation Campus. Construction is expected to begin in January. The partnership acquired the property in summer 2020.
MIDDLEBOROUGH, MASS. — Massachusetts-based Christmas Tree Shops will close all of its roughly 70 stores, according to reports from multiple mainstream news outlets including CNN and USA Today. Previously, the chain planned to sell, following filing for Chapter 11 bankruptcy in May. Now, all stores will be closed, unless a last-minute buyer comes forward. Formerly, the brand was owned by Bed Bath & Beyond, which sold the concept to Handil Holdings in 2020 and filed for bankruptcy itself earlier this year.
NEWPORT, DEL. — Agilent Technologies, a provider of lab instruments and software, will undertake a $22 million expansion of its manufacturing facility in Newport, located just outside of Wilmington. Agilent is leasing 12,000 square feet of new space in a building that is adjacent to the existing facility and fitting out 9,900 square feet as lab space with new infrastructure, equipment and instrumentation. Over half of the remaining square footage will become a warehouse, storage and shipping/receiving area. The remaining balance will be used for offices. Agilent currently employs more than 100 people at its Newport facility and more than 900 throughout Delaware.
