MCKINNEY, TEXAS — Lee & Associates has negotiated a 171,398-square-foot industrial lease in the northern Dallas suburb of McKinney. The tenant, farm equipment and accessories provider Pegasus Industries, will occupy the entirety of Building 4 within McKinney Trade Center, which is currently under construction. Ken Wesson and Adam Graham of Lee & Associates represented the landlord, Chicago-based ML Realty Partners, in the lease negotiations. Brett Lewis, also with Lee & Associates, represented the tenant.
DALLAS — Law firm Munsch Hardt Kopf & Harr has taken occupancy of its 77,009-square-foot office space at Ross Tower, a 1.1 million-square-foot building located at 500 N. Akard St. in downtown Dallas. The firm relocated from floors 36, 38 and 39, where it leased space since 2005, to floors 40 through 42. The new lease term is 15 years, and the space features a variety of conference room layouts, a work café and an internal stairwell that connects all three floors. HPI Real Estate Services & Investments owns Ross Tower.
HOUSTON — Guardian, a provider of height safety products and systems, has signed a 71,645-square-foot industrial lease at The Mill at 249 in Tomball, a northwestern suburb of Houston. Beau Kaleel and Brooke Swerdlow of Cushman & Wakefield represented the landlord, an affiliate of Greystar, in the lease negotiations. Tom Condon, Jr., Greg Cizik, Edward Edson and John Grimsley of Colliers represented Guardian.
WASHINGTON, D.C. — A public-private partnership between American Campus Communities (ACC) and Georgetown University has broken ground on the redevelopment of Henle Village, an existing residence hall on the university’s campus in Washington, D.C. Following renovations, the community will offer an additional 278 beds, bringing the property’s bed count to 740. The residence hall will offer apartment-style units with kitchens and in-unit bathrooms. The project, which is expected for completion in summer 2025, is targeting LEED Platinum certification. The development team for the project includes RAMSA Robert A.M. Stern Architects and John Moriarty & Associates.
MIAMI — Dadeland Greenery LP, an entity sponsored by Orion Capital Partners, has purchased a mixed-use project located on an 8.4-acre site at 7700 N. Kendall Drive in Miami. The property, known as both Greenery Mall and Dadeland Square, features 129,585 square feet of street-level retail space attached to an eight-story, 84,913-square-foot office building. Major retail tenants include T.J. Maxx, HomeGoods, Guitar Center, JoAnn Fabric, Mattress Firm, Starbucks, Don Pan, The UPS Store and Jamba Juice. The buyer purchased the development from an entity doing business as Cofe ZM Dadeland LLC for $58 million, a price that is subject to an assumption of an existing $39 million mortgage. Orion Real Estate Group will manage the property and lease the retail space in cooperation with other brokers and tenant representatives. Fairchild Partners will continue to lease the office building. Danny Finkle, Eric Williams, Jorge Portela, Ike Ojala and Kim Flores of JLL’s Miami office represented the seller in the transaction. John Crotty and Michael Fay of Avison Young’s Miami office consulted with both parties.
SOUTHERN SHORES, N.C. — Baltimore-based Klein Enterprises has purchased Southern Shores Marketplace, a 140,000-square-foot shopping center in North Carolina’s Outer Banks region. The grocery-anchored property is located at 5539 N. Croatan Highway in Southern Shores. Situated near the Wright Memorial Bridge, Southern Shores Marketplace is anchored by Food Lion and leased to tenants including Starbucks, Verizon Wireless, CVS, Jersey Mike’s, OBX Optical and Coastal Rehabilitation. The seller, Charlotte-based Aston Properties, recently redeveloped the shopping center and executed brand new leases with Marshalls, Rack Room Shoes and Five Below. An affiliate of Klein Enterprises purchased the property for an undisclosed price using acquisition financing from TD Bank. Berkeley Capital Advisors brokered the transaction. Southern Shores Marketplace represents Klein’s entry into North Carolina.
HUNTERSVILLE, N.C. — TD Bank has provided $23.3 million in construction financing to MDH Partners for the development of Phase II of Northcross Commerce Center in Huntersville, a suburb of Charlotte. The second phase will comprise two industrial facilities totaling approximately 254,000 square feet. Chris Drew, Taylor Allison and Jimmy Calvo of JLL arranged the financing, which is the first transaction between MDH Partners and TD Bank. The Atlanta-based developer plans to break ground on the project this month and complete the development in third-quarter 2024.
JACKSONVILLE, FLA. — SRS Real Estate Partners has brokered the $4.6 million sale of a new 3,937-square-foot restaurant building located at 9725 Applecross Road in Jacksonville. Completed earlier this year as an outparcel to Oakleaf Town Center, the 1.5-acre site is triple-net leased to Panera Bread. The 15-year lease has scheduled rental increases every five years. Patrick Nutt and William Wamble of SRS represented the seller, a national real estate development firm, in the transaction. The 1031 buyer was a private investor based in South Florida.
HOPKINS, MINN. — Kraus-Anderson has completed Phase I construction of The Hallon, a luxury apartment community located adjacent to the future Blake Road Metro Green Line Extension Transit Station in Hopkins, a southwest suburb of Minneapolis. Developed by Trilogy Real Estate Group and designed by ESG Architects, the three-phase project will connect three buildings with 770 units. Located across from Cedar Lake Trail, the development features a public community space. The first phase consists of a seven-story building with 219 units, garage parking and retail space on the first level. Amenities include an outdoor pool, fitness center, sport simulator room, bike shop, clubroom, lounge, work-from-home spaces and a conference room. The second phase will feature a seven-story building with 250 units. Construction on Phase II has begun, and completion is slated for summer 2024. Details are still pending on the third phase.
OAK CREEK, WIS. — Heyday has broken ground on Heyday Oak Creek, a 130-unit build-to-rent community in the Milwaukee suburb of Oak Creek. The project marks Heyday’s second build-to-rent community in Wisconsin. Floor plans come in one-, two- and three-bedroom layouts ranging from 832 to 1,701 square feet. Each residence features an attached two-car garage with personal electric vehicle charging outlets. Private patios or covered porches accompany each home. Residents have access to bike and walking paths as well as a dog parka and community garden. Leasing is slated to begin in early 2024.