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Taurus-Dallas
AcquisitionsIndustrialTexas

Taurus Investment Holdings Buys Six Dallas-Area Industrial Buildings Totaling 589,837 SF

by Taylor Williams

BOSTON — Boston-based investment firm Taurus Investment Holdings has purchased six industrial buildings totaling 589,837 square feet that are located throughout the greater Dallas area. Taurus acquired the buildings, the specific addresses of which were not disclosed, as part of a portfolio sale that also includes six buildings in the Atlanta area totaling 334,863 square feet. The portfolio, which has an average building size of 77,000 square feet, was 99 percent leased to 32 tenants at the time of sale. The seller and sales price were not disclosed.

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AcquisitionsFloridaOfficeSoutheast

Torose Equities, LNDMRK, Terranova Acquire 220,000 SF Office Building in Metro Miami

by John Nelson

CORAL GABLES, FLA. —  A joint venture between Torose Equities, LNDMRK Development and Terranova Corp. has acquired 255 Alhambra, a 220,000-square-foot office building located in downtown Coral Gables. Situated on 1.3 acres on Alhambra Circle, the property features floor-to-ceiling windows and a newly renovated lobby. An affiliate of Deutsche Bank/RREEF sold the building. The sales price was not disclosed, but South Florida Business Journal reported that the property traded for more than $50 million. The partnership plans to execute a business plan including leasing up the existing vacancies and upgrading amenities at the property. 255 Alhambra was built in 1974 and renovated in 1993, according to LoopNet Inc.

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FloridaLoansRetailSoutheast

Concord Summit Capital Arranges $42M Refinancing for Shopping Center in Kissimmee, Florida

by John Nelson

KISSIMMEE, FLA. — Concord Summit Capital has arranged a $42 million bridge loan for the refinancing of The Promenade at Sunset Walk – Margaritaville Resort, a 192,659-square-foot shopping center within the Sunset Walk master-planned development in Kissimmee. The property is situated along U.S. Highway 192 near Walt Disney World’s Magic Kingdom, EPCOT Center and MGM Studios. Kevin O’Grady and Justin Neelis of Concord Summit’s Miami office arranged the loan on behalf of the borrower, Encore Capital Management. The sponsor will use the loan to repay the original construction loan and access excess cash. Built in late 2019 and early 2020, The Promenade was fully leased at the time of financing to tenants including Skechers, BurgerFi, Cold Stone Creamery, Studio Movie Grill, Fat Tuesdays and Ford’s Garage.

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DevelopmentHospitalityTexas

AJ Capital Partners Nears Completion of Adaptive Reuse Project in Waco

by Taylor Williams

WACO, TEXAS — AJ Capital Partners is nearing completion of Hotel 1928, an adaptive reuse project located at 701 Washington St. in Waco. The project reimagines the historic Grand Karem Shrine Building as a 33-room hotel with multiple onsite food-and-beverage options, as well as a rooftop terrace and 6,000 square feet of meeting and event space. The grand opening is set for Nov. 1. The hotel features “an inspired  hospitality experience designed and developed by” Waco residents and TV personalities Chip and Joanna Gaines.

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AcquisitionsNorthmarqRetailTexas

Northmarq Arranges Sale of 10,556 SF Retail Property Leased to Dollar General in Metro Austin

by Taylor Williams

GEORGETOWN, TEXAS — Northmarq has arranged the sale of a 10,556-square-foot retail property in the northern Austin suburb of Georgetown that is leased to Dollar General. The newly constructed building sits on a 1.3-acre site just off I-35. The buyer and seller both requested anonymity. Jack Collins of Northmarq brokered the deal, which traded at a cap rate of 5.25 percent.

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Leasing ActivityOfficeTexas

Bradford Commercial Negotiates 8,247 SF Office Lease in Dallas

by Taylor Williams

DALLAS — Bradford Commercial Real Estate Services has negotiated an 8,247-square-foot office lease at 4514 Travis St. in the Knox-Henderson area of Dallas. The tenant, real estate services firm Douglas Elliman Inc., is tripling the size of its Dallas office within Travis Walk, a 100,000-square-foot building. Melanie Hughes and Richmond Collinsworth of Bradford Commercial represented the undisclosed landlord in the lease negotiations.

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IndustrialLeasing ActivityTexas

Liberty Litigation Support Signs 4,207 SF Office Lease in Northwest Houston

by Taylor Williams

HOUSTON — Liberty Litigation Support has signed a 4,207-square-foot office lease at 12777 Jones Road in northwest Houston. According to LoopNet Inc., the four-story building was constructed in 1982, renovated in 2021 and totals 119,388 square feet. Chase Mcateer of Oxford Partners represented the tenant in the lease negotiations. Adam Strauss of Belvoir Real Estate Group represented the landlord on an internal basis.

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Westin-Grand-Central
HospitalityLoansNew YorkNortheast

JLL Arranges Loan for Refinancing of 774-Room Hotel in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — JLL has arranged a loan of an undisclosed amount for the refinancing of Westin Grand Central, a 774-room hotel located at 212 E. 42nd St. in Midtown Manhattan. Built in 1981, the property features 13,000 square feet of meeting and event space, a restaurant and lobby bar, fitness center and a 144-space parking deck. Kevin Davis and Mark Fisher of JLL arranged the floating-rate financing through funds managed by Apollo Global Management. The borrower was an undisclosed global investment management firm that has owned the hotel since early 2019.

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Expressway-Commerce-Center
DevelopmentIndustrialNortheastPennsylvania

PCCP, MRP Industrial Break Ground on 674,000 SF Spec Industrial Project in York, Pennsylvania

by Taylor Williams

YORK, PA. — A partnership between Los Angeles-based PCCP LLC and MRP Industrial has broken ground on Expressway Commerce Center, a 674,000-square-foot speculative project that will be located west of Philadelphia in York. The development will consist of a 271,000 and 403,000-square-foot building, both of which will have rear-load configurations, 36-foot clear heights and combined parking for 563 cars and 175 trailers. Construction is slated for a third-quarter 2024 completion.

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Simmons-Airpark-North-Las-Vegas-NV
DevelopmentIndustrialNevadaWestern

Panattoni Begins Construction of 182,184 SF Simmons Airpark Industrial Building in North Las Vegas

by Amy Works

NORTH LAS VEGAS, NEV. — Panattoni Development has started construction on Simmons Airpark, a Class A industrial facility at 2880 Simmons St. in North Las Vegas. The asset is valued at $18 million. Completion is slated for April 2024. The 182,184-square-foot building will feature 36-foot clear heights, a full concrete truck court and drive aisles, potential for evaporative cooling or full HVAC and the potential for a fully secured truck court. Panattoni Development will own the property.

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