Property Type

Marcus & Millichap Brokers $44M Sale of Hills at Hoover Apartments in Metro Birmingham

by John Nelson September 23, 2022

HOOVER, ALA. — Marcus & Millichap has brokered the $44 million sale of The Hills at Hoover, a 320-unit apartment community in Hoover, a suburb of Birmingham. Josh Jacobs and Royce Emerson of Marcus & Millichap represented the seller, a family office based in New Jersey, and procured the buyer, a Florida-based multifamily owner/operator. Built in the early 1970s, The Hills at Hoover has recently undergone a significant remodel across several interior units, according to Jacobs. According to Apartments.com, the property features one-, two- and three-bedroom apartments, as well as a business center, clubhouse, fitness center, pool, playground, tennis court and a grilling/picnic areas.

September 23, 2022

Development Industrial North Carolina South Carolina Southeast

GCP, Phelan-Bennett to Develop Two Metro Charlotte Industrial Projects Totaling 442,896 SF

by John Nelson September 23, 2022

GASTONIA, N.C. AND FORT MILL, S.C. — Birmingham, Ala.-based Growth Capital Partners (GCP) is partnering with Houston-based Phelan-Bennett Development to develop two speculative industrial projects in metro Charlotte totaling 442,896 square feet. GCP acquired a 17.3-acre site at 1215 Jenkins Road in Gastonia in April. Set in Northwest Gateway Logistics Park off I-85, Phelan-Bennett will break ground in late September to build a 132,395-square-foot facility and a 166,370-square-foot warehouse with an expected delivery of third-quarter 2023. The buildings will feature 32-foot clear heights, 57 total dock-high doors and a shared 200-foot truck court. The 15.5-acre site that GCP acquired mid-August in Fort Mill at Lakemont Business Center will break ground in December, with an expected delivery in fourth-quarter 2023. The 144,131-square-foot project will feature 32-foot clear heights, dock-high doors and a 122-foot truck court. GCP will manage and lease the properties upon completion. Henry Lobb and Abby Smith of Avison Young are marketing all three buildings for lease. GCP and Phelan-Bennett have also partnered this year on three development projects in Texas and one in Tennessee. The six projects, which will deliver nine buildings spanning nearly 1.7 million square feet, are part of GCP’s Fund II, an investment vehicle targeting …

September 23, 2022

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 411-Unit Self-Storage Facility in Odessa, Texas

by Taylor Williams September 23, 2022

ODESSA, TEXAS — Marcus & Millichap has brokered the sale of Advance A-1 Self Storage, a 411-unit facility in the West Texas city of Odessa. The property sits on 3.2 acres at 3151 E. Business Loop 20. Dave Knobler and Mixson Staffel of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, a REIT, in the transaction. Both parties requested anonymity.

September 23, 2022

Loans Multifamily Texas

Three Pillars Receives $46M Loan for Refinancing of Two Houston Apartment Communities

by Taylor Williams September 23, 2022

HOUSTON — Locally based investment firm Three Pillars Capital Group has received a $46 million loan for the cash-out refinancing of Mainridge Point and Westridge Gardens, two apartment communities totaling 520 units in Houston. Three Pillars purchased the properties, which offer one- and two-bedroom units, in October 2020 then implemented a series of capital improvements. Upgrades included new countertops, cabinetry, flooring and kitchen and bath fixtures. An undisclosed, California-based bank provided the loan.

September 23, 2022

Acquisitions Retail Texas

Centergy Retail Sells 114,120 SF Left Bank Shopping Center in Fort Worth

by Taylor Williams September 23, 2022

FORT WORTH, TEXAS — Dallas-based developer Centergy Retail has sold Left Bank, a 114,120-square-foot shopping center in Fort Worth. Grocer Tom Thumb anchors the center, which was 98 percent leased at the time of sale. Other tenants include Hopdaddy Burger Bar, Crumbl Cookies, Nékter Juice Bar and Buffalo Wild Wings. Jim Batjer, Chris Cozby, Mark Witcher, Blaine Dozier and Harrison Tye of CBRE represented Centergy in the transaction. The buyer and sales price were not disclosed.

September 23, 2022

Leasing Activity Office Texas

BW Energy Signs 68,000 SF Office Headquarters Lease in Houston

by Taylor Williams September 23, 2022

HOUSTON — BW Energy has signed a 68,000-square-foot office headquarters lease in Houston’s Memorial City district. The locally based oil and gas firm will occupy the top three floors at 9753 Katy Freeway, a 190,000-square-foot building that is under construction and slated for a second-quarter 2023 completion. Brad MacDougall and Warren Alexander represented the landlord, MetroNational, in the lease negotiations. Griff Bandy of Partners represented the tenant.

September 23, 2022

Acquisitions Retail Texas

STRIVE Arranges Sale of 50,267 SF Retail Property in Dallas

by Taylor Williams September 23, 2022

DALLAS — Locally based retail brokerage firm STRIVE has arranged the sale of a 50,267-square-foot retail property in Dallas. The spaces are primarily leased to Burlington and Planet Fitness. Jennifer Pierson and Hudson Lambert of STRIVE represented the seller, a locally based partnership, and procured the buyer, an institutional out-of-state investor, in the transaction.

September 23, 2022

Development Life Sciences Massachusetts Northeast

Lendlease, Ivanhoe Cambridge Break Ground on $500M Life Sciences Project in Boston

by Taylor Williams September 23, 2022

BOSTON — A partnership between Lendlease and Ivanhoe Cambridge has broken ground on a $500 million life sciences project within Boston Landing, a mixed-use destination in the Allston/Brighton area. The nine-story, 350,000-square-foot building at 60 Guest St. will be branded FORUM and will feature traditional office space in addition to lab and research/development space. SGA Architects is designing the project, and Consigli Construction Co. is serving as the general contractor. Completion is slated for 2024. The partnership first acquired the land for the project from NB Development Group, the master developer of Boston Landing, in March 2021.

September 23, 2022

Acquisitions Delaware Northeast Retail

Atlantic Realty Sells Shopping Center in Newark, Delaware, for $33.5M

by Taylor Williams September 23, 2022

NEWARK, DEL. — Atlantic Realty Cos., a Virginia-based development, investment and brokerage firm, has sold a 145,400-square-foot shopping center located at 230 E. Main St. in Newark for $33.5 million. Built in 1955 and renovated in 2017, the center was 93 percent leased at the time of sale to a roster of 31 tenants, with grocer Newark Natural Foods and Main Street Movies 5 serving as the anchors. Other retailers and restaurants include PNC Bank, Wing Stop, Dollar Tree, Goodwill, T-Mobile and Tropical Smoothie Café. Gil Neuman of Neuman Commercial Group represented Atlantic Realty in the transaction. The buyer was not disclosed.

September 23, 2022

Civic Development New York Northeast

EW Howell Construction Completes Elementary School Project in Manhattan

by Taylor Williams September 23, 2022

NEW YORK CITY — New York-based general contractor EW Howell Construction Group has completed PS 464, an elementary school in Manhattan’s Financial District. The school occupies 92,000 square feet across the first nine floors within 42 Trinity Place, a 40-story residential building, and serves students in grades pre-K through 5. In addition, the school’s south wing comprises four stories in the Robert & Anne Dickey House, a renovated historical building. In addition to new classrooms, the school features a science lab, art and music room, gymnasium, cafeteria and two outdoor playgrounds.

September 23, 2022

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