REBusinessOnline

CTO Realty Sells Retail Property Leased to Convenience Store Chain Wawa in Jacksonville for $7.1M

JACKSONVILLE, FLA. — CTO Realty Growth has sold a 6,267-square-foot retail property leased to Wawa in Jacksonville for $7.1 million. The property was delivered in 2017 and features gasoline pumps. Wawa has 17 years remaining on its lease. The asset sits on 2.2 acres at 4866 Gate Parkway, 10 miles southeast of downtown Jacksonville and near St. Johns Town Center. Brad Peterson, Michael Brewster and Joseph Naas of JLL represented the seller in the transaction. An undisclosed private investor …

Trademark, MetroNational Begin Redevelopment of Houston’s 1.7 MSF Memorial City Mall

HOUSTON — Fort Worth-based Trademark Property Co. and owner-operator MetroNational have begun the redevelopment of the 1.7 million-square-foot Memorial City Mall in Houston into a mixed-use destination. The project began on Tuesday with the demolition of the building formerly occupied by Sears, which was the mall’s original anchor tenant beginning in 1966. Gensler and Stantec are leading the project’s design efforts. Specific uses for the completed redevelopment have not yet been …

Koontz Sells 327,000 SF Foster Ridge Distribution Center in San Antonio

SAN ANTONIO — Locally based developer Koontz Corp. has sold Foster Ridge Distribution Center, a 327,000-square-foot industrial facility located at the junction of Foster Road and Interstate 10 in San Antonio. Koontz completed the Class A facility in October 2019. The buyer is metro Philadelphia-based industrial owner and developer Exeter Property Group. Building features at Foster Ridge Distribution Center include 32-foot clear heights, 75 dock-high overhead doors, 130-foot truck courts and …

Mill Creek Breaks Ground on 341-Unit Modera Washington Multifamily Project in Houston

HOUSTON — Mill Creek Residential has broken ground on Modera Washington, a 341-unit multifamily project that will be located at 2520 Washington Ave. adjacent to Houston’s Old Sixth Ward Historic District. Modera Washington will feature studio, one- and two-bedroom units with 10-foot ceilings, stainless steel appliances and quartz countertops. Amenities will include a rooftop deck, pool, outdoor grilling areas, a game room, fitness center, private office space and a golf simulator. The first …

Vista Acquires Two Office, Retail Properties Totaling 30,061 SF Near Houston

CLEAR LAKE, TEXAS — Vista Cos., a Houston-based development and management firm, has acquired two office and retail properties totaling 30,061 square feet in the Clear Lake area, located on the city’s southeast side. The assets had a combined occupancy rate of 95 percent at the time of sale. James Bell of Marcus & Millichap represented the seller, Visionary Investors Ltd., in the transaction. Frost Bank provided acquisition

Simon Property Group Seeks to Acquire Distressed Retailers, Create Value

INDIANAPOLIS — During its second-quarter earnings call on Monday, Simon Property Group (NYSE: SPG) said it is “capitalizing on various value-creating opportunities.” Sparc Group, a joint venture between Simon and Authentic Brands Group, made bids to acquire bankrupt retailers Brooks Brothers and Lucky Brand. Brooks Brothers has selected Sparc as the winning bidder with a $325 million offer. Since Sparc is buying the brands out of bankruptcy, it is acquiring the inventory at or below cost, …

Provender Partners Sells 232,556 SF Distribution Center in Berkeley, Missouri

BERKELEY, MO. — Provender Partners has sold a 232,556-square-foot distribution center leased to Dollar General in Berkeley near St. Louis. Provender also sold a separate Dollar General-occupied distribution center in San Antonio along with the Berkeley facility for a total of nearly $64 million. Provender acquired both facilities in 2019 and invested more than $6 million in improvements and renovations before securing 10-year leases with Dollar General for both properties. With freezer, …

Opus Breaks Ground on 131,000 SF Industrial Build-to-Suit for Cherne Industries in Minnesota

SHAKOPEE, MINN. — The Opus Group has broken ground on a 131,000-square-foot industrial build-to-suit for Cherne Industries in Shakopee, a southwestern suburb of the Twin Cities. Cherne, which produces pneumatic plugs, mechanical plugs, gauges and testing equipment, will use the building as its new headquarters and manufacturing facility. The project will feature a clear height of 32 feet, eight dock doors, three drive-in doors and 177 car parking stalls. The company’s 115-person workforce …

Avtex Signs 26,000 SF Office Lease Renewal at Northland Center in Metro Minneapolis

BLOOMINGTON, MINN. — Avtex, a full-service customer experience consulting firm, has renewed its 26,000-square-foot office lease at Northland Center in Bloomington within metro Minneapolis. Northland Center is a two-building, 492,514-square-foot office property. Amenities include a fitness center, hair salon, farmer’s market, café, outdoor lounge area, laundry service, covered parking, bike storage and conference rooms. Bill Rothstein of Cushman & Wakefield provides leasing services for …

High Street Logistics Acquires 432,000 SF Industrial Facility in Southern New Jersey

VINELAND, N.J. — Boston-based investment firm High Street Logistics Properties has acquired a 432,000-square-foot industrial facility located within the 2.7 million-square-foot Vineland Industrial Park, about 40 miles south of Philadelphia. The sales price was $23.2 million. Built in 1989 and expanded in 1997, the cross-dock property is fully leased to Ardagh Glass Inc., a provider of sustainable packing solutions. Building features include 28- to 34-foot clear heights, 24 dock doors, 18 …

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