Property Type

JLL Brokers Sale of 170,172 SF Cornerstone Corporate Center in Plantation, Florida

by Jeff Shaw April 10, 2023

PLANTATION, FLA. — JLL Capital Markets has arranged the sale of Cornerstone Corporate Center I, a 170,172-square-foot, multi-tenant office building in Plantation, just west of Fort Lauderdale. Situated on 9.1 acres, the property was 80 percent leased at the time of sale to tenants including Marriott International, Morgan Stanley and MetLife. Amenities at the building include a covered parking deck, gym, café and access to nearby restaurants. Hermen Rodriguez, Ike Ojala, Matthew McCormack, Max Lescano and Blake Koletic of JLL represented the seller, an entity doing business as The AFL-CIO Building Investment Trust, advised by PNC Realty Investors. PIR Corner LLC acquired the property for an undisclosed price.

April 10, 2023

Acquisitions Georgia Loans Multifamily Southeast

Berkadia Arranges $45M Acquisition Financing for Prose Concord Apartments in Jefferson, Georgia

by Jeff Shaw April 10, 2023

JEFFERSON, GA. — Berkadia has arranged a $45 million loan for the acquisition of Prose Concord, a 300-unit apartment community in Jefferson, roughly 60 miles northeast of Atlanta. Located at 575 Concord Road, the community comprises one- and two-bedroom units ranging in size from 836 to 1,188 square feet. Amenities at the property include a swimming pool, clubroom with a catering kitchen, entertainment lounge, business center with coworking spaces, landscaped courtyards, concierge package locker system, fitness center and pet park. \ Scott Wadler, Matt Nihan and Mitch Sinberg arranged the Freddie Mac financing on behalf of the buyer, an affiliate of Coral Gables, Fla.-based Beacon Real Estate Group. The loan carries a 10-year term with a fixed-rate and five years of interest-only payments. The seller was not disclosed.

April 10, 2023

Acquisitions Georgia Industrial Southeast

EverWest Sells Industrial Portfolio in Metro Atlanta for $50M

by Jeff Shaw April 10, 2023

ATLANTA — EverWest Real Estate Investors has sold a five-building industrial portfolio in metro Atlanta for $50 million. Taurus Investment Holdings purchased the properties, which total 581,750 square feet. The portfolio is fully leased to tenants including Steelcase Inc., Bonded Services and Heritage Crystal Clean. Matt Wirth of JLL represented EverWest in the transaction.

April 10, 2023

Acquisitions Industrial Southeast Virginia

Red Rock, Westport Capital Divest of 353,044 SF Distribution Center in Metro Richmond

by Jeff Shaw April 10, 2023

CHESTER, VA. — A joint venture partnership between a fund managed by Red Rock Developments and a fund managed by Westport Capital Partners has sold a distribution center located at 1400 Digital Drive in Chester, roughly 20 miles southeast of Richmond. The 353,044-square-foot property was fully leased at the time of sale to CCBCC Operations LLC, which Coca-Cola Consolidated Inc. owns. Eric Robison and Bo McKown of Cushman & Wakefield | Thalhimer with Jonathan Carpenter and Graham Savage of Cushman & Wakefield’s Industrial Advisory Group arranged the sale. Bailard Real Estate Fund acquired the property for an undisclosed price.

April 10, 2023

Affordable Housing Development Multifamily Southeast Virginia

BLVD Breaks Ground on $13.5M Redevelopment of Aqua Vista Affordable Apartments in Newport News, Virginia

by Jeff Shaw April 10, 2023

NEWPORT NEWS, VA. — The BLVD Group is underway on the $13.5 million redevelopment of Aqua Vista Apartments, a 150-unit affordable housing community in Newport News. Built in 1970, the property will undergo improvements including updates to the building envelope, new finishes throughout the units and expanded amenities such as a grilling area, playground, dog park, business center and community room. BLVD also plans to convert the building systems from gas to electric power and seek the Enterprise Green Communities certification upon completion of the redevelopment. BLVD is the developer, with Hooker De Jong Architects and Metro Group Services serving as the architect and general contractor on the project, respectively. Enterprise Communities is the equity partner, and Virginia Housing is the construction lender. The redevelopment will preserve the affordability status of the community through 2072, with units reserved for individuals and families earning 60 percent or less of the area median income (AMI).

April 10, 2023

Loans Multifamily Northmarq Texas

Northmarq Provides Agency Financing for 506-Unit Oasis Apartments in North Dallas

by Taylor Williams April 10, 2023

DALLAS — Northmarq has provided an undisclosed amount of Fannie Mae financing for Oasis Apartments, a 506-unit multifamily community in North Dallas. The seven-year, fixed-rate bridge loan carries a 35-year amortization schedule and takes out existing debt. Oasis Apartments features one-, two- and three-bedroom units, with private balconies/patios available in select residences. Amenities include a pool, fitness center, clubhouse, picnic areas and a playground. James Currell and Kyle Summerford of Northmarq originated the financing on behalf of the borrower, locally based investment firm Willowood Group.

April 10, 2023

Industrial Leasing Activity Texas

Colliers Negotiates 393,625 SF Industrial Lease in West Dallas

by Taylor Williams April 10, 2023

DALLAS — Colliers has negotiated a 393,625-square-foot industrial lease in West Dallas. According to LoopNet Inc., the property at 3700 Pinnacle Point Drive was built in 2001 and spans roughly 1 million square feet. James Min, Brad Balke, Chris Teesdale and Tom Pearson of Colliers represented the tenant, Kumho Tire, in the lease negotiations. Southern California-based investment firm Cohen Asset Management owns the property in partnership with Dallas-based Lincoln Property Co. The deal brings the building to full occupancy.

April 10, 2023

Development Industrial Texas

Lovett Industrial, Cresset Partners Break Ground on 274,416 SF Project in Wylie, Texas

by Taylor Williams April 10, 2023

WYLIE, TEXAS — A partnership between Houston-based developer Lovett Industrial and Chicago-based investment firm Cresset Partners has broken ground on Wylie Business Center, a 274,416-square-foot project that will be located on the southern outskirts of Dallas. Building features will include a rear-load configuration, 36-foot clear heights, 55 dock-high doors, 185-foot truck court depths, 77 trailer parking stalls and 154 car parking spaces. Ware Malcolmb is the project architect, and Conlan Co. is the general contractor. JLL will market the property for lease. Completion is slated for December.

April 10, 2023

Acquisitions Multifamily Texas

Brixton Capital Acquires 144-Unit Atlee Apartments in San Antonio

by Taylor Williams April 10, 2023

SAN ANTONIO — California-based investment firm Brixton Capital has acquired The Atlee, a 144-unit apartment complex in San Antonio’s Olmos Park neighborhood. The property features one-, two- and three-bedroom units and amenities such as a pool, courtyard, dog park and a clubhouse. Michael Wardlaw and Colin Cannata of CBRE represented the undisclosed seller in the transaction. Brixton Capital, which will implement a value-add program, was self-represented. The Atlee was 97 percent occupied at the time of sale.

April 10, 2023

Leasing Activity Office Texas

Goree Architects Signs 21,392 SF Office Lease Expansion at Sage Plaza in Houston

by Taylor Williams April 10, 2023

HOUSTON — Goree Architects has signed a 21,392-square-foot office lease expansion at Sage Plaza, a 25-story building in Houston’s Galleria district. Sage Plaza spans 530,977 square feet and offers a fitness center, auditorium, coffee bar and an outdoor lounge area. Jessica Ochoa of CBRE represented the landlord, institutional investment firm BlackRock, in the lease negotiations. Anthony Squillante and Collin Roach of Avison Young represented the tenant, which is doubling its space and will now occupy the entire 16th and 17th floors.

April 10, 2023

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