STAFFORD, TEXAS — Zeno Truck Parts has signed a 12,564-square-foot industrial lease renewal and expansion at 4007 Greenbriar Drive in Stafford, a southwestern suburb of Houston. According to commercialcafé.com, the multi-tenant building totals 34,705 square feet and was constructed on 2.1 acres in 1982. Dylan Stiteler of Oxford Partners represented the tenant in the lease negotiations. William Carpenter of Stream Realty Partners represented the landlord, DRA Advisors.
GAITHERSBURG, MD. — WRS Real Estate Investments, a retail and mixed-use owner-operator based in Mount Pleasant, S.C., has successfully rezoned a 100-acre site in Gaithersburg that houses Lakeforest Mall. The Gaithersburg City Council approved the rezoning of the site to mixed-use in a 5-0 vote and also approved the sketch plan of the future development. Gensler has been engaged to lead the creation of overall design guidelines for the project. WRS purchased the core of the 1.1 million-square-foot regional mall in 2019. On a single day in 2022, the developer purchased the mall’s remaining department stores: J.C. Penney, Lord & Taylor, Sears and Macy’s. The plan calls for WRS to redevelop Lakeforest Mall as a mixed-use village comprising up to 1,600 new residential units — a mix of for-sale and rental units — and up to 1.25 million square feet of commercial uses such as retail, restaurant, dining, hospitality and life sciences. Construction may commence as early as 2024, according to WRS.
BETHESDA, MD. — JBG Smith, the developer behind Amazon’s HQ2 campus in Arlington, Va., has sold an 80 percent stake for its corporate headquarters at 4747 Bethesda Ave. in Bethesda. An undisclosed investor purchased the interest for $196 million, according to several media outlets. Built in 2019, the LEED Gold-certified building spans 300,508 square feet and was 98 percent leased at the time of sale to tenants including JBG Smith. The property, which is located adjacent to the popular Bethesda Row destination, features a rooftop lounge, modern fitness facility and a penthouse conference room with floor-to-ceiling glass windows. Jim Meisel, Matt Nicholson, Andrew Weir, Dave Baker and Kevin Byrd of JLL represented JBG Smith in the transaction.
NASHVILLE, TENN. — Atlanta-based Portman and locally based Creed Investment Co. have delivered The Moore Building, a 16-story, Class A office building in Nashville’s Music Row district. Legal advertising firm Whitehardt and Boston-based Albany Road Real Estate Partners are the building’s first announced tenants, both of which are expected to move into the building this summer. J.T. Martin of CBRE handles office leasing on behalf of Portman and Creed Investment. The Moore Building, which comprises 236,000 square feet of office space and 8,500 square feet of ground-floor retail space, is named after Scotty Moore, Elvis Presley’s longtime guitarist. The building is located on the site of the former Music City Recorders studio where Elvis and Moore recorded music. The Moore features a sky lobby on the eighth floor that leads to a 4,000-square-foot amenity deck that offers views of Midtown Nashville and Vanderbilt University. The project team includes general contractor Hoar Construction and Nashville-based architect Greshman Smith. U.S. Bank provided construction financing for the project.
DANIA BEACH, FLA. — Cymbal DLT Cos. has obtained a $95 million loan for Oasis Pointe Residences, a newly built, 301-unit apartment community located at 150 S. Bryan Road in South Florida’s Dania Beach. Kookmin Bank and Related Fund Management provided the financing, which allows Cymbal DLT to keep the asset in its portfolio. Patrick Martin from Related, Will (Woosuk) Cha from Kookmin Bank and the Cymbal DLT team of Asi Cymbal, Hector Torres, Jacob Nunez and Jake Fleischer worked together to close this deal. Cymbal DLT previously paid off its $60.3 million construction loan to 3650 REIT and distributed a 130 percent return to the project’s equity investors. Oasis Pointe spans eight stories on 2.4 acres and was 97 percent occupied at the time of loan closing. The waterfront property features a mix of studios, one-, two- and three-bedroom apartments, as well as an amenity package including a waterfront boardwalk with a 19-slip marina, Zoom lounge with private office suites and workstations, outdoor lap pool, fire pit with outdoor BBQ and picnic areas, open-air fitness facility and yoga studio, indoor lounge and game room and a dog park.
FREDERICKSBURG, VA. — JLL Capital Markets has arranged joint venture equity for the development of a seniors housing community in Fredericksburg, approximately midway between Richmond and Washington, D.C. Centric Development LLC is developing the property, which will feature 106 assisted living and 36 memory care units. The three-story, 153,000-square-foot property will be situated on a 16.2-acre parcel within an established, regional medical hub. Joel Mendes, Anthony T. Fertitta Jr. and Billy Lichtenstein led the JLL Capital Markets Advisory team. Completion is scheduled for 2025.
BRIDGEVILLE, DEL. — New York City-based Dwight Capital has provided a $38.3 million HUD-insured construction loan for Villas at Bridgeville, a 152-unit multifamily project in Delaware. The project will consist of 34 townhome and duplex buildings and one amenity building on a 23-acre site. Units will have private patios/balconies and two-car garages, and amenities will include a pool, fitness center, playground and walking trails. Daniel Malka and Jacob Gauptman of Dwight Capital originated the financing on behalf of the borrower, Allen & Rocks Inc. A construction timeline was not disclosed.
CHICAGO — This summer, Vornado Realty Trust will debut new amenities at THE MART office building that it owns in Chicago. Gensler designed the revitalization project. The South Lobby now features new lounge seating with furnishings sourced exclusively from design showrooms at THE MART. An amenity space on the second floor features a 23,000-square-foot health club with state-of-the-art equipment, studios offering a full range of classes and a juice bar. A tenant-exclusive speakeasy lounge overlooks the river and new retail offerings focus on beauty, health and well-being. There is also a 21,000-square-foot conference center and workspace with meeting rooms, lounge areas, flexible programming space and a private café. Additionally, the River Park public space now includes a plaza for pedestrian traffic and gathering as well as a central lawn for community events. The outdoor space features new food and beverage offerings and new landscaping completed by Hoerr Schaudt. Totaling 4.2 million square feet, THE MART is the largest privately held commercial building in the U.S., according to Vornado. The owner also completed a round of improvements in 2016 that included the “Grand Staircase,” as well as dining destination Marshall’s Landing, a food hall and a reception and information desk.
OMAHA, NEB. — Koelbel & Co., in partnership with the University of Nebraska Medical Center (UNMC) and GreenSlate Development, has broken ground on the Innovation Hub at Catalyst, a $65 million project at the historic Omaha Mill site. The project is part of UNMC’s larger Saddle Creek redevelopment in Midtown Omaha that will serve to accelerate innovation in the healthcare industry. The Catalyst building will bring UNMC’s UNeMed and UNeTech branches together to facilitate the growth of research and innovation, and enable entrepreneurs, investors and innovators to collaborate on the former Omaha Steel Castings industrial site, which dates back to 1906. The 170,000-square-foot development will include a food hall and market, event center and collaborative office space. Completion is slated for late 2024. Koelbel previously built a Catalyst project in Denver.
NORTH AURORA, ILL. — The Opus Group has begun construction on the third and final building at Tollway Corporate Center in North Aurora. The 408,195-square-foot speculative project is a joint venture with Principal Asset Management. The building will feature immediate access to I-88 along with a clear height of 36 feet, 55 dock doors, four drive-in doors, 134 auto parking stalls and 94 trailer stalls. Completion is slated for December. Opus is the developer, design-builder, architect and structural engineer. Brian Kling and Reed Adler of Colliers and Dan Leahy and Packy Doyle of NAI Hiffman are marketing the space for lease. Opus completed the first two buildings at Tollway Corporate Center in December 2022. The properties are fully leased to Soligent Distribution, Karat Packaging and Ryder Integrated Logistics.