Property Type

Realty Capital Management to Develop 20-Acre Mixed-Use Project in Corinth, Texas

by Taylor Williams January 25, 2023

CORINTH, TEXAS — Locally based developer Realty Capital Management will build The Parkway District, a 20-acre mixed-use project in Corinth. Situated at the corner of I-35 and Corinth Parkway, the site is located about 40 miles northeast of Fort Worth. Plans currently call for 275 market-rate apartments, 16 townhomes, a select service hotel, 22,000 square feet of retail and restaurant space and a central park that connects the various uses. Texas Bank & Trust provided financing for the land acquisition. Construction will begin over the summer.

January 25, 2023

Acquisitions Development Multifamily Office Texas

Partnership Buys 314,514 SF Office Building in Downtown Fort Worth, Plans Multifamily Redevelopment

by Taylor Williams January 25, 2023

FORT WORTH, TEXAS — A partnership between two Chicago-based investment firms, 3L Real Estate and Syndicated Equities, has purchased The Oncor, a 314,514-square-foot office building in downtown Fort Worth. The new ownership plans to convert the building into a 330-unit multifamily community with Class A amenities, including a pool, fitness center, rooftop deck and a business center. The seller and sales price were not disclosed. A construction timeline was also not released.

January 25, 2023

Affordable Housing Development Multifamily Texas

NHP Foundation to Develop 149-Unit Affordable Housing Project in Houston

by Taylor Williams January 25, 2023

HOUSTON — The NHP Foundation, a nonprofit real estate corporation based in New York City, has finalized a ground lease with Magnificat Houses Inc. to develop a 149-unit affordable housing project in Houston’s Midtown neighborhood. The property at 3300 Caroline St. will be known as RoseMary’s Place and will be reserved for those currently experiencing homelessness. Life skills training, budgeting, anger management coping skill and interpersonal relationship skills will be among the third-party social services provided at RoseMary’s Place. The City of Houston Housing & Community Development Department provided $18.6 million in financing for the project.

January 25, 2023

Acquisitions Multifamily Texas

TMG Negotiates Sale of 103-Unit Multifamily Property in Arlington

by Taylor Williams January 25, 2023

ARLINGTON, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of Villas at the Parks, a 103-unit multifamily property in Arlington. The property was built in 1983 and houses one- and two-bedroom units that are furnished with quartz countertops, individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center and onsite laundry facilities. Trey Caldwell of TMG represented the seller in the transaction, and Jon Krebbs of TMG procured the out-of-state buyer. Both parties requested anonymity

January 25, 2023

Acquisitions Retail Texas

NewQuest Arranges Sale of 15,750 SF Retail Property in Richmond, Texas

by Taylor Williams January 25, 2023

RICHMOND, TEXAS — Locally based brokerage firm NewQuest Properties has arranged the sale of a 15,750-square-foot retail property in Richmond, a southwestern suburb of Houston. The property, which was fully leased at the time of sale, represents Phase II of a larger project known as Commons at Harvest Green. Rick Ragan of NewQuest represented the buyer in the deal. Matt Berry, Drew Reinking and Robbie Kilcrease of CBRE represented the seller. Both parties were limited liability companies that requested anonymity.

January 25, 2023

Development Industrial Life Sciences North Carolina Southeast

Eli Lilly to Invest $450M at Research Triangle Park Campus in Durham

by John Nelson January 25, 2023

DURHAM, N.C. — Eli Lilly and Co., a pharmaceutical giant based in Indianapolis, plans to invest $450 million to expand its campus within Research Triangle Park (RTP) in Durham. The expansion includes additional parenteral filling, device assembly and packaging capacity to support an increased demand for the company’s incretin products that treat diabetes. The move is expected to create at least 100 new jobs, primarily comprising manufacturing personnel who will produce incretin treatments and medical devices. Eli Lilly expects the new facility to come on line in 2027. Since 2020, the company has committed roughly $4 billion to new manufacturing facilities in North Carolina, including $1.7 billion for the development and expansion of its RTP base.

January 25, 2023

Development Florida Industrial Southeast

Graham & Co. to Develop 262,440 SF Industrial Park in Tampa

by John Nelson January 25, 2023

TAMPA, FLA. — Birmingham, Ala.-based Graham & Co. has purchased 21 acres at the intersection of U.S. Highway 301 and Florida Palm Drive in Tampa. The developer plans to build a 262,440-square-foot, three-building industrial park on the site called East Tampa Commerce Center. The three facilities will range in size from 85,500 to 91,440 square feet and feature 32-foot clear heights within a concrete tilt-wall structure. Set to deliver in early 2024, the buildings will be available for single-tenant users or could be divided into smaller suites to accommodate multiple tenants. The development team includes the previous landowner and development partner, an entity doing business as Palm River JLM Center Ltd., as well as Graham & Co.’s affiliate Graham Capital. Other members of the project team include general contractor ARCO/Murray and civil engineer Kimley-Horn. Truist provided an undisclosed amount of construction financing for the project. Additionally, included in the land acquisition was a separate purchase of an existing industrial facility located at 9208 Palm River Road.

January 25, 2023

Acquisitions Alabama Arkansas Georgia Kentucky Oklahoma Retail Southeast Tennessee

Matthews Arranges $16.1M Portfolio Sale of Eight Stores Leased to Family Dollar-Dollar Tree

by John Nelson January 25, 2023

NASHVILLE, TENN. — Nashville-based Matthews Real Estate Investment Services has arranged the $16.1 million portfolio sale of eight stores leased to the combo Family Dollar-Dollar Tree discount retail concept. The stores are located in Blountsville and Clayton, Ala.; Pauls Valley, Warner and Maud, Okla.; Edison, Ga.; Lincoln, Ark.; and Coldiron, Ky. Josh Bishop of Matthews represented the seller, an unnamed developer that built the stores. The undisclosed institutional buyer purchased the assets at a cap rate of 6.4 percent.

January 25, 2023

Acquisitions Restaurant Retail South Carolina Southeast

NAI Charleston Brokers $12M Sale of Two Retail Buildings in Charleston’s Upper King District

by John Nelson January 25, 2023

CHARLESTON, S.C. — NAI Charleston has brokered the $12 million sale of two retail buildings located at 585 and 587 King St. in Charleston’s Upper King Street district. These buildings, which span approximately 13,700 square feet, were leased to Fuji Sushi Bar and Uptown Social at the time of sale. Thomas Boulware of NAI Charleston represented the undisclosed buyer in the transaction. Tim Weldon of Colony Commercial Real Estate represented the locally based seller, Vanderking Properties.

January 25, 2023

Georgia Leasing Activity Office Southeast

CBRE Negotiates Office Lease Expansion in Downtown Atlanta for Financial Advisory Firm

by John Nelson January 25, 2023

ATLANTA — CBRE has negotiated a 10,000-square-foot office lease at 55 Allen Plaza, a 14-story office building located at 55 Ivan Allen Blvd. in downtown Atlanta. The tenant, global retail payment advisor CMSPI, is doubling its footprint with this lease and will continue to occupy the office building’s fifth floor. The firm has been a tenant at 55 Allen Plaza since 2018 and uses the space as its North American headquarters. Paul Holmes of CBRE represented CMSPI in the lease negotiations. The landlord is Lone Star Funds, a global private equity firm that purchased the 348,658-square-foot property in 2020. In addition to offices, 55 Allen Plaza features a 5,000-square-foot fitness center with private lockers and showers, a 100-person conference center, catering kitchen, sundry shop and covered parking. Tenants have walkability to downtown’s nearby hotels, museums, restaurants and the Civic Center MARTA station.

January 25, 2023

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