Property Type

BDP Holdings Acquires 265,942 SF Sabre Headquarters Office Building in Southlake, Texas

by Taylor Williams November 16, 2022

SOUTHLAKE, TEXAS — New Jersey-based investment firm BDP Holdings has acquired a 265,942-square-foot office building in Southlake, located north of Fort Worth, that houses the headquarters of Sabre. The travel software and technology firm has occupied the five-story building, which offers a cafeteria, outdoor courtyard and a fitness center, since 2002. JLL represented the seller, a joint venture between Dallas-based Cawley Partners, Staubach Capital and Los Angeles-based PCCP LLC, in the transaction. JLL also arranged an undisclosed amount of acquisition financing through Wells Fargo on behalf of BDP Holdings.

November 16, 2022

Acquisitions Retail Texas

CBRE Arranges Sale of 214,625 SF Lake Air Shopping Center in Waco

by Taylor Williams November 16, 2022

WACO, TEXAS — CBRE has arranged the sale of Lake Air Shopping Center, a 214,625-square-foot retail property in Waco. At the time of sale, the center was 85 percent leased to tenants such as Dollar Tree, Melrose, Tuesday Morning, Twin Liquors, AT&T, Starbucks Coffee and Domino’s Pizza. Blaine Dozier, Jim Batjer, Chris Cozby, Mark Witcher and Harrison Tye of CBRE represented the undisclosed seller in the transaction. Clay Fuller of Coldwell Banker Commercial assisted in closing the deal. The buyer was also not disclosed.

November 16, 2022

Development Georgia Industrial Southeast

SJP Properties, Manulife Begin Construction on Phase I of 6.5 MSF Industrial Park in Savannah

by John Nelson November 16, 2022

SAVANNAH, GA. — SJP Properties and Manulife Investment Management have begun construction on the first phase of Georgia International Commerce Centre (GICC), an 809-acre industrial park in Savannah. At full buildout, GICC will comprise 12 buildings spanning 6.5 million square feet. SJP is partnering with Manulife on the first facility and with Chesterfield and Atalaya Capital Management on the overall development. Plans for GICC call for 250,000- to 1.3 million-square-foot buildings, each with cross-dock, front-load or rear-load configurations. The first building, which will span 1 million square feet, will feature 40-foot clear heights, 228 dock doors, four drive-in ramps, 273 trailer parking spots, a 185-foot-deep truck court and car parking for roughly 190 employees. The building is set to be delivered in July 2023 and is available for lease. Stephen Ezelle of Gilbert & Ezelle Inc., a regional non-owned affiliate of Cushman & Wakefield, is serving as the exclusive leasing agent for GICC. The park is situated within three miles of I-16, 22 miles from the Port of Savannah and near the recently announced, 16 million-square-foot Hyundai manufacturing facility.

November 16, 2022

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of 55-Room Hotel in Alvin, Texas

by Taylor Williams November 16, 2022

ALVIN, TEXAS — Marcus & Millichap has brokered the sale of the 55-room La Quinta Inn & Suites Hotel in Alvin, located south of Houston. The Wyndham-branded property was built on 1.4 acres in 2009 and offers a pool, fitness center, business center and onsite laundry facilities. Andrew Frosch and Joseph Manuel of Marcus & Millichap represented the buyer and seller, both of which were private investors that requested anonymity, in the transaction. Allan Miller and Chris Gomes of Marcus & Millichap assisted in closing the deal as supporting brokers.

November 16, 2022

Development Georgia Office Southeast

Sterling Bay, Asana Break Ground on 14-Story Spec Office Building in Atlanta’s West Midtown

by John Nelson November 16, 2022

ATLANTA — Chicago-based Sterling Bay and Charlotte-based Asana Partners have broken ground on 1050 Brickworks, a 14-story office building located at West Marietta Street and Brady Avenue in Atlanta’s West Midtown district. The co-developers are building the 225,000-square-foot property on a speculative basis. The duo recently secured an undisclosed amount of construction financing from Bank OZK. The design-build team includes architect HKS and general contractor Gilbane. The local Stream Realty Partners team of Bryan Heller, Peter McGuone and Parker Welton are leasing the property on behalf of Sterling Bay and Asana. 1050 Brickworks will feature a fitness center, private tenant balconies, open-air conference spaces and lounges and 14,000 square feet of retail space. The property will also feature creative office space with floor plates averaging 33,000 square feet. Upon completion, which is set for early 2024, 1050 Brickworks will anchor Asana’s adjacent Brickworks campus that currently features 166,000 square feet of shops and restaurants.

November 16, 2022

Leasing Activity Office Texas

Strike Construction Signs 43,230 SF Office Lease in The Woodlands, Texas

by Taylor Williams November 16, 2022

THE WOODLANDS, TEXAS — General contractor Strike Construction has signed a 43,230-square-foot office lease at Wildwood Corporate Centre in The Woodlands, about 30 miles north of Houston. The two-building, 330,000-square-foot complex was built in phases between 2014 and 2016 and offers a fitness center and conference facilities. Steve Rocher and Jason Presley of CBRE represented the landlord, an entity doing business as GeoSouthern Budde Road LLC, in the lease negotiations. Jon Silberman of Partners represented the tenant. Wildwood Corporate Centre is now fully leased.

November 16, 2022

Acquisitions Florida Multifamily Southeast

Lerner Enterprises Purchases Parc at Gatlin Commons Apartments in Port St. Lucie, Florida for $65M

by John Nelson November 16, 2022

PORT ST. LUCIE, FLA. — Lerner Enterprises, a Rockville, Md.-based multifamily developer and manager owned by Washington Nationals’ principal owner Mark Lerner, has purchased Parc at Gatlin Commons, a 200-unit apartment community in Port St. Lucie. Miami-based JSB Capital sold the property to Lerner for $65 million. Aaron Jungreis of Rosewood Realty represented the buyer and seller in the transaction. Built in 2020, Parc at Gatlin Commons features a pool, fitness center, pet play area and a basketball court. The community is located on a 14.4-acre site at 1900 Aledo Lane in Port St. Lucie’s Newport Isles neighborhood. Rental rates range from $1,800 to $2,970, according to Rosewood Realty.

November 16, 2022

Development Florida Hospitality Multifamily Southeast

Estate Cos. Completes Multifamily Conversion of Former Ramada Inn Hotel in Metro Miami

by John Nelson November 16, 2022

HIALEAH, FLA. — The Estate Cos. has completed the conversion of a former Ramada Inn hotel located at 1950 W. 49th St. in Hialeah, a suburb of Miami. The redevelopment, known as Alture Westland, is a four-story garden-style community housing 251 apartments and 5,522 square feet of retail space. The Estate Cos. acquired the shuttered hotel and the five-acre site for $15.3 million in August 2020 and broke ground on the adaptive reuse project in April 2021. Alture Westland, which represents Estate’s first Alture-branded property, features studios and one-bedroom apartments, as well as a pool with a sundeck, fitness center and a clubhouse. The community is currently 85 percent leased, with rental rates starting at $1,636, according to the property website. Additionally, Panera plans to open a new 2,036-square-foot outparcel restaurant on the site with a drive-thru fronting West 49th Street.

November 16, 2022

Development Kentucky Mixed-Use Restaurant Retail Southeast

North American Properties, Galley Group to Open Food Hall at Newport on the Levee in Kentucky

by John Nelson November 16, 2022

NEWPORT, KY. — Cincinnati-based North American Properties (NAP) has partnered with Galley Group, a Pittsburgh-based food hall operator, to open a new food hall and bar at Newport on the Levee, a mixed-use destination along the Ohio River in Newport. The 7,900-square-foot venue, dubbed The Galley on the Levee, will feature four restaurants and a signature bar that will be able to accommodate 200 patrons. Designed by Reztark Design Studio, the food hall will open onto Bridgeview Box Park, an open-air shipping container park that opened in 2020 as part of NAP’s redevelopment of Newport on the Levee, which originally opened in 2001. The Galley on the Levee is set to open in summer 2023 and will mark Galley Group’s entry into the Kentucky market. In addition to the food hall, several other restaurants are currently under construction at the mixed-use development, including Shiners on the Levee, 16 Lots Brewing Co. and Amador. Shiners will soft-open during Thanksgiving week and host grand opening festivities in early December, while 16 Lots and Amador are slated to open next spring, according to NAP.

November 16, 2022

Industrial Leasing Activity Texas

Bradford Commercial Negotiates 12,000 SF Industrial Flex Lease in Hurst, Texas

by Taylor Williams November 16, 2022

HURST, TEXAS — Bradford Commercial Real Estate Services has negotiated a 12,000-square-foot industrial flex lease at 10728 S. Pipeline Road in Hurst. According to LoopNet Inc., the property was built on 1.3 acres in 1964. Jason Finch and Michael Spain of Bradford represented the landlord, an entity doing business as Euless Industrial LLC, in the lease negotiations. The representative of the tenant, Mid-Cities Classics Inc., a provider of automotive repair and restoration services, was not disclosed.

November 16, 2022

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