Property Type

Turnbridge Equities, Manekin Receive $275M for Phase I Development of National Capital Business Park in Metro D.C.

by Kristin Harlow June 14, 2023

PRINCE GEORGE’S COUNTY, MD. — Turnbridge Equities and Manekin LLC have received $275 million in debt and equity financing for the development of Phase I of the National Capital Business Park (NCBP) in Prince George’s County, a suburb immediately east of Washington, D.C. The project will consist of five Class A industrial buildings totaling 1.3 million square feet. A fund managed by an affiliate of Apollo Global Management provided a $165 million construction loan. A joint venture of the Qatar Investment Authority and PCCP are providing roughly $110 million of equity. The buildings will range in size from roughly 160,000 to 360,000 square feet across 94 acres. Four of the buildings will be constructed on a speculative basis. Ferguson Enterprises, a plumbing, fire suppression and HVAC provider, will occupy a 358,400-square-foot facility. All of the properties will feature solar panels on the rooftops. At full build-out, NCBP will consist of up to 3.5 million square feet of Class A industrial space serving a variety of users, including distribution, logistics, light manufacturing, storage and cold storage. NCBP will also include an adjacent 20-acre park for the community and the onsite preservation of nearly 200 acres of stream valley and forest. Sitework …

June 14, 2023

Content Partner Features Industrial Leasing Activity Midwest NAI Northeast Southeast Texas Western

Rewards, Risk Mitigation Fuel Cell Tower Lease Sales

by Sarah Daniels June 14, 2023

A rapidly evolving connectivity frontier is shaping the future of cell tower lease sales and encouraging many commercial property owners who rent space to tower companies to sell their leases at values at the top of the market. Telecom carriers have considerably slowed their buildouts for 5G networks and are already preparing for 6G mobile networks, expected to roll out around 2024. Brokers are seeking to amend and renegotiate old cell tower leases in the face of predicted wireless infrastructure obsolescence and connectivity innovations, which may negate some physical infrastructure needs entirely. The key to maximizing sale proceeds in this landscape is to secure landlord-friendly terms and ensure clarity in a new lease or renewal. Among other elements, building owners must insist on strong insurance indemnities and well-defined subordination, non-disturbance and attornment (SDNA) in the amended agreements. But no landlord demand may be more important to future value than denying the tenant a right of first refusal to purchase the lease, says David Moore, CEO and principal of NAI Global Wireless, a Redlands, California-based national wireless real estate brokerage that represents landlords. Cell tower leases in which tenants don’t have right of first refusal are more appealing to buyers, a …

June 14, 2023

Development Georgia Multifamily Southeast

McShane Construction Delivers 240-Unit Authentix Cartersville Apartments in Metro Atlanta

by John Nelson June 13, 2023

CARTERSVILLE, GA. — McShane Construction Co. has delivered Authentix Cartersville, a 240-unit multifamily community located at 5000 Canton Highway in Cartersville. The 25-acre site is situated about 45 miles north of downtown Atlanta via I-75. Developed by Wisconsin-based Continental Properties, Authentix Cartersville comprises 10 two-story, wood-framed buildings housing one-, two- and three-bedroom floor plans. Excel Engineering designed the community to feature a clubhouse with a coffee bar, 24-hour fitness center, resort-style swimming pool, barbeque area and a sun deck. The pet-friendly community also offers a leash-free dog park and a pet spa. Authentix Cartersville is the 22nd apartment community that McShane has constructed for Continental Properties.

June 13, 2023

Acquisitions Office Texas

JLL Negotiates Sale of 94,404 SF Office Building in West Houston

by Taylor Williams June 13, 2023

HOUSTON — JLL has negotiated the sale of Briar Forest Crossing, a 94,404-square-foot office building in West Houston. The four-story building was 73 percent leased at the time of sale. Marty Hogan of JLL represented the seller, CapRidge Partners, in the off-market transaction. Doug Pack of Colliers represented the buyer, LM & Associates, which purchased the property via a 1031 exchange. Colliers has also been tapped to market the building for lease.

June 13, 2023

Acquisitions Industrial Texas

Blue Vista, Rycore Capital Acquire 78,116 SF Industrial Flex Property in Northwest Houston

by Taylor Williams June 13, 2023

HOUSTON — A partnership between Chicago-based investment firm Blue Vista Capital Management and Rycore Capital has acquired Techniplex Business Center, a two-building, 78,116-square-foot industrial property in northwest Houston. The first building exclusively offers industrial space with 18-foot clear heights and dock-high loading doors. The second building houses both industrial and lab space and offers 12-foot clear heights and grade-level doors. The seller and sales price were not disclosed.

June 13, 2023

Build-to-Rent Development Georgia Multifamily Single-Family Rental Southeast

ARK Homes Begins Leasing 237-Unit Build-to-Rent Property in Brunswick, Georgia

by John Nelson June 13, 2023

BRUNSWICK, GA. — Single-family rental operator ARK Homes for Rent has begun leasing Walker Point, a 237-unit build-to-rent residential property in Brunswick, a coastal city about 80 miles south of Savannah. The property features three floor plan options ranging from two to four bedrooms. Amenities will include a clubhouse, fitness center, swimming pool and a dog park. Monthly rents will start at $1,650, according to ARK Homes.

June 13, 2023

Acquisitions Multifamily South Carolina Southeast

Cushman & Wakefield Brokers Sale of 318-Unit Lively Victor Park Apartments in Upstate South Carolina

by John Nelson June 13, 2023

GREER, S.C. — Cushman & Wakefield has brokered the sale of Lively Victor Park, a 318-unit apartment community located at 250 Victor Ave. in Greer, a city in South Carolina’s Upstate region that includes Greenville and Spartanburg. John Phoenix, Louis Smart and Austin Green of Cushman & Wakefield represented the undisclosed buyer in the transaction. The locally based developer, Orange Capital Advisors, sold the property for an undisclosed price. Jim Sewell, Dave Lansbury, Erika Maston and Andrew Burns of CBRE represented the seller. Built in 2022, the four-story property includes a resort-style saltwater pool with adjacent bocce ball area, sky lounge, dog park, multiple gathering areas and a two-story gym with an indoor climbing wall. Lively Victor Park’s apartments range from studio to three-bedroom units commanding rental rates from $1,225 to $1,785, according to Apartments.com. Floor plans range from 478 to 1,206 square feet in size.

June 13, 2023

Development Healthcare Texas

Adolfson & Peterson Construction Completes 52,000 Healthcare Project in El Paso

by Taylor Williams June 13, 2023

EL PASO, TEXAS — Adolfson & Peterson Construction has completed a two-building, 52,000-square-foot healthcare project at Rio Vista Behavioral Health Hospital in El Paso. The project delivered 40 inpatient beds, outdoor recreation spaces and a one-story outpatient center. The project team also renovated 5,000 square feet of the existing 12-bed facility and added 14,000 square feet of parking space. Stengel Hill Architects designed the project. Construction began in February 2022.

June 13, 2023

Development Leasing Activity Mixed-Use Restaurant Retail South Carolina Southeast

RocaPoint Signs Perch Kitchen & Tap to Lease at $1B Greenville County Square Development

by John Nelson June 13, 2023

GREENVILLE, S.C. — RocaPoint Partners has signed Perch Kitchen & Tap to open a restaurant and brewery at Greenville County Square, a $1 billion mixed-use development in Greenville. Perch Kitchen & Tap is the first committed food-and-beverage tenant and will join Whole Foods Market in the development’s first phase. Charleston-based Palmetto Brewing Co. is partnering with Perch to operate the restaurant’s brewery portion. Perch is based in Chicago and is part of the 4 Star Restaurant Group. The new restaurant and brewery will feature 7,200 square feet of indoor dining and kitchen space and a 2,100-square-foot outdoor patio. Additionally, the new 250,000-square-foot Greenville County administrative building is set to open soon at the development.

June 13, 2023

Development Florida Mixed-Use Office Southeast

Brand Atlantic, Wheelock Street Capital Complete Redevelopment of Office Building in Downtown West Palm Beach

by John Nelson June 13, 2023

WEST PALM BEACH, FLA. — Brand Atlantic Real Estate Partners and Wheelock Street Capital have completed the redevelopment of 111 Olive, a boutique office building in downtown West Palm Beach. The building is the first phase of Banyan & Olive, a Class A mixed-use development within the city’s Clematis Waterfront District. 111 Olive features newly renovated offices with 14-foot ceilings and pine timber wood ceilings. The building offers two 9,000-square feet suites and two 5,000-square feet suites, with one of the smaller suites fully built out for immediate move-in. Tenant amenities include a golf simulator lounge and clubroom seating; art installations throughout the main lobby, elevator lobby lounges and office corridors; shower cabana changing rooms with private lockers and towel service; dedicated parking at 300 Banyan garage with direct connection from the main lobby; concierge attendant at main lobby desk for security, guest registry, mail, package storage and tenant requests; and club-level amenities at 300 Banyan, featuring an indoor/outdoor fitness center, open-air lounge and reservable outdoor event space.

June 13, 2023

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