Property Type

Stonemont Financial, Davis Cos. Complete 2.7 MSF Industrial Campus in Metro Savannah

by John Nelson October 18, 2023

RINCON, GA. — Stonemont Financial Group and The Davis Cos. have completed two buildings within Georgia International Trade Center (GITC) in Rincon, a suburb of Savannah in Effingham County. The properties include the 1.2 million-square-foot Building 3A and the 1.5 million-square-foot Building 3B. An unnamed national home retailer is the sole occupant of both buildings and already occupies a 416,450-square-foot warehouse at GITC. Combined the two properties include 1,310 trailer spaces, 510 automobile spaces and 543 dock doors. Additionally, Britton Burdette, John Huguenard, Patrick Nally and Jim Freeman of JLL represented Stonemont Financial and Davis Cos. in the sale of Building 3A to an unnamed institutional real estate investment firm. The partnership’s final building within GITC is Building 4A, a 733,200-square-foot cross-dock warehouse that is set to open in early 2024. Gilbert & Ezelle Commercial Real Estate, a locally based Cushman & Wakefield alliance office, is handling leasing for the building. Stonemont Financial and Davis Cos. have developed 8 million square feet of industrial space at GITC in the past five years.

October 18, 2023

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Brokers $94M Sale of Seven Lakes at Carrollwood Apartments in Tampa

by John Nelson October 18, 2023

TAMPA, FLA. — Cushman & Wakefield has brokered the sale of Seven Lakes at Carrollwood, a 640-unit apartment community located at 3303 N. Lakeview Drive in Tampa. Bridge Investment Group acquired the property from a real estate fund managed by Covenant Capital Group LLC. The sales price was not disclosed, but Tampa Bay Business Journal reports that the community traded for $94 million. Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller in the transaction. Built in 1982, Seven Lakes at Carrollwood features a mix of studio, one- and two-bedroom units. Amenities include two swimming pools with pavered sundecks and lake views, a clubhouse housing a fitness center and games, car care center, walking paths and access to seven community lakes. The property has undergone $7 million in renovations in the past three years, according to Cushman & Wakefield.

October 18, 2023

Industrial Leasing Activity Texas

Johnson Controls Signs 43,000 SF Industrial Lease in Southwest Houston

by Taylor Williams October 18, 2023

HOUSTON — Johnson Controls, a provider of HVAC systems and equipment, has signed a 43,000-square-foot industrial lease in southwest Houston. The tenant is taking space at The Business Center at Five Corners, a five-building, 550,000-square-foot development by Levey Group. Joseph Smith, Nathan Wynne and Savannah Smith of CBRE represented Levey Group in the lease negotiations. Boomer White, also with CBRE, represented the tenant. The Business Center at Five Corners is now fully leased.

October 18, 2023

Acquisitions Retail Texas

Standridge Cos. Sells 28,119 SF Shopping Center in Metro Dallas

by Taylor Williams October 18, 2023

ROWLETT, TEXAS — Locally based investment firm Standridge Cos. has sold Expo Center, a 28,119-square-foot shopping center located in Rowlett, roughly 20 miles northeast of Dallas. Situated on 3.4 acres, the property was fully leased at the time of sale to tenants such as Fresenius Medical Care, Golden Pot Chinese and Opa! Greek Taverna. Jared Aubrey and Michael Austry of CBRE represented Standridge Cos. in the transaction. The buyer was a local private investment group that requested anonymity.

October 18, 2023

Acquisitions Industrial Lee & Associates Texas

Lee & Associates Negotiates Sale of 26,000 SF Industrial Building in Northwest Dallas

by Taylor Williams October 18, 2023

DALLAS — Lee & Associates has negotiated the sale of a 26,000-square-foot industrial building in northwest Dallas. According to LoopNet Inc., the single-tenant building at 2925 Merrell Road was built on 2.5 acres in 1965, renovated in 2015 and features 12-foot clear heights. Stephen Williamson of Lee & Associates represented the buyer, Motor Sports, in the transaction. UPS Supply Chain Solutions sold the building for an undisclosed price.

October 18, 2023

Leasing Activity Louisiana Office Southeast

Feil Organization Signs Law Firm to Two Office Leases in Metairie, Louisiana Totaling 11,158 SF

by John Nelson October 18, 2023

METAIRIE, LA. — The Feil Organization has signed personal injury law firm Morris Bart to two leases in the New Orleans suburb of Metairie totaling 11,158 square feet. The tenant will occupy 2,248 square feet on the first floor of Oakwood Corporate Center, as well as 1,644 square feet on the first floor of Three Lakeway and another 7,266 square feet on the building’s 24th floor. Barry Spizer of SRSA Real Estate represented the tenant in both lease deals. Meghan Reed of Property One represented Feil Organization in the Oakwood Corporate Center lease, and Bruce Sossaman of Corporate Realty represented the landlord in the Three Lakeway lease. Morris Bart employs more than 100 attorneys and more than 150 legal professionals across 15 offices in Louisiana, Mississippi, Alabama and Arkansas.

October 18, 2023

Alabama Leasing Activity Restaurant Retail Southeast

Voodoo Brewing to Open Brewery at Eastern Shore Centre in Spanish Fort, Alabama

by John Nelson October 18, 2023

SPANISH FORT, ALA. — Voodoo Brewing Co., an independent brewer based in Meadville, Pa., has signed a lease to join the tenant roster at Eastern Shore Centre, a 560,350-square-foot regional shopping center located at 30500 Highway 181 in Spanish Fort. Joseph AmecAngelo and Patti AmecAngelo of CBRE’s New Jersey office represented Voodoo Brewing in the lease deal. Shannon Tyndall of CBRE’s Birmingham office represented both the tenant and the undisclosed landlord. Situated about nine miles east of Mobile, Ala., Eastern Shore Centre’s tenant roster includes Belk, Dillards and Mountain High Outfitters. The new 5,035-square-foot brewery will be Voodoo’s first in Alabama. The company operates 12 breweries in six states that include both corporate and franchised locations. Voodoo Brewing plans to open more in the coming years in Pennsylvania, South Carolina, Texas and Nevada as part of its U.S. expansion plan announced in early 2022.

October 18, 2023

Development Loans Multifamily New York Northeast

SCALE Lending Provides $142M Construction Loan for Queens Multifamily Project

by Taylor Williams October 18, 2023

NEW YORK CITY — SCALE Lending, the debt financing arm of locally based development and investment firm Slate Property Group, has provided a $142 million construction loan for a 521-unit multifamily project in the Jamaica area of Queens. The building at 147-35 95th Ave. will rise 24 stories and offer studio, one- and two-bedroom units. The property will also house 363 parking spaces and 1,231 square feet of retail space. Residential amenities will include a gym with a yoga room, children’s playroom, business center and conference rooms, rooftop lounge, game room, theater room and a TikTok room. The sponsor, Sutphin Boulevard Equities, will use the proceeds to fund the final stages of construction, as well as lease-up and stabilization of the property. Steve Hersko of SHB Group arranged the 30-month, floating-rate loan. Completion is slated for next summer. Other project partners include Heartfelt Townhouse Builders, structural engineer Thorton Tomassetti and J Frankl Architects.

October 18, 2023

Development Life Sciences Massachusetts Northeast

Partnership Delivers 288,000 SF Life Sciences Project in Bedford, Massachusetts

by Taylor Williams October 18, 2023

BEDFORD, MASS. — A partnership between Redgate, Optimum Asset Management and AEW Capital Management has delivered Bedford Labs, a 288,000-square-foot life sciences project located about 20 miles northwest of Boston. The partnership delivered the project fully preleased to biotechnology firm Sarepta Therapeutics, and with the building shell and core completed, the development team is now underway on the interior build-out. Bedford Labs sits on a 52-acre site and includes a 28,000-square-foot amenity space.

October 18, 2023

Arizona Loans Multifamily Student Housing Western

Coastal Ridge Receives $130M Recapitalization for Nine20 Student Housing Community Near Arizona State

by Amy Works October 18, 2023

TEMPE, ARIZ. — Coastal Ridge has received a $130 million recapitalization for Nine20, a 775-bed student housing community located near the Arizona State University campus in Tempe. Through the transaction, Coastal Ridge will remain as owner of the property alongside Virtus Real Estate Capital. Constructed in 2018, the community offers a mix of studio through five-bedroom units. Shared amenities include a resort-style swimming pool, two-story fitness center, poolside cabanas with hammocks, a grilling area, “muscle beach,” outdoor green space and a private parking garage. TSB Capital Advisors acted as the exclusive financial advisor to Coastal Ridge on the transaction.

October 18, 2023

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