Property Type

Insite Arranges Sale of 106,000 SF Flex Portfolio in Charlotte

by John Nelson March 6, 2023

CHARLOTTE, N.C. — Insite Properties has arranged the sale of a three-building flex portfolio in Charlotte on behalf of a joint venture partnership managed by the company. Located at 4324 Revolution Park Drive, 801 Clanton Road and 920 Blairhill Road in the city’s South End district, the properties comprise 106,000 square feet in total. A client of Manchester Capital Management purchased the portfolio, which was 97 percent leased at the time of sale. Insite will manage and lease the properties on behalf of the new ownership. The sales price was not disclosed.

March 6, 2023

Acquisitions Development Industrial Texas

MDH Partners Agrees to Acquire 554,960 SF Industrial Park in El Paso

by Taylor Williams March 6, 2023

EL PASO, TEXAS — Atlanta-based investment firm MDH Partners has entered into an agreement to acquire Loop 375 Industrial, a three-building, 554,960-square-foot development that is nearing completion in El Paso. The site spans 36.7 acres, and the development features 191 trailer parking spaces, 230 car parking spaces and clear heights of 32 to 36 feet. Bret Felberg and Jeff Morris of Colliers represented the seller and developer, Houston-based NIT Industrial, in the transaction. MDH Partners also provided NIT Industrial with mezzanine debt to complete construction. The financing is coterminous with the senior construction loan, which was provided by Veritex Community Bank. CBRE is leasing the development, which is scheduled to come on line this fall.

March 6, 2023

Development Multifamily Texas

Wood Partners Opens 248-Unit Apartment Community in Denton, Texas

by Taylor Williams March 6, 2023

DENTON, TEXAS — Atlanta-based multifamily developer Wood Partners has opened Alta Denton Station, a 248-unit apartment community in North Texas. Units come in one-, two- and three-bedroom formats and are furnished with stainless steel appliances, granite countertops, tile backsplashes and individual washers and dryers. Amenities include a pool, fitness center, coworking space, pet care facilities and outdoor grilling and dining areas. Rents start at $1,300 per month for a one-bedroom unit.

March 6, 2023

Acquisitions Civic Texas

CBRE Arranges $5.3M Sale of Event Center in Downtown San Antonio

by Taylor Williams March 6, 2023

SAN ANTONIO — CBRE has arranged the $5.3 million sale of the Villita Assembly Building, a 24,785-square-foot event center in downtown San Antonio. The single-story building was constructed on 1.1 acres in 1958 and includes a banquet hall, kitchen and an outdoor plaza. Andrew Price of CBRE represented the seller, CPS Energy, in the transaction. The buyer, GrayStreet Partners, intends to upgrade and restore the Villita Assembly Building and keep it as an event venue.

March 6, 2023

Leasing Activity Office Texas

KCI Technologies Signs 23,000 SF Office Lease in North San Antonio

by Taylor Williams March 6, 2023

SAN ANTONO — KCI Technologies, an engineering, surveying and construction management firm, has signed a 23,000-square-foot office lease to be the anchor tenant at Inwood Village II, a 74,265-square-foot building under construction on the north side of San Antonio. David Ballard and Parker LaBarge of CBRE represented the tenant in the lease negotiations. Rob Gish and Shawn Gulley internally represented the landlord, locally based developer Worth & Associates. Completion of Inwood Village II is slated for the summer.

March 6, 2023

Development Retail Texas

SVN | J. Beard Real Estate Begins Leasing 9,615 SF Retail Project in Magnolia, Texas

by Taylor Williams March 6, 2023

MAGNOLIA, TEXAS — SVN | J. Beard Real Estate has begun leasing Country Forest Plaza, a 9,615-square-foot retail project located at 11828 FM 1488 in Magnolia, about 45 miles northwest of Houston. Retail spaces will range in size from 1,300 to 5,715 square feet. Kane Dunbar served as general contractor for the project, construction of which began in January and is expected to be complete during the summer.

March 6, 2023

Connecticut Development Multifamily Northeast

Continental Properties to Undertake 172-Unit Multifamily Redevelopment in West Hartford, Connecticut

by Taylor Williams March 6, 2023

WEST HARTFORD, CONN. — New York-based investment and development firm Continental Properties will undertake a 172-unit multifamily redevelopment project in West Hartford. The site at 950 Trout Brook Drive previously housed a children’s museum and preschool. John Cafasso and Ian Hunt of Colliers represented the seller, Kingswood Oxford School, in the disposition of the land. The new apartment community will offer one-, two- and three-bedroom units and amenities such as a pool, dog park, coworking space and a rooftop lounge. Continental Properties, which purchased the site for $10.5 million, has received approvals and is underway on preliminary sitework.

March 6, 2023

Industrial Leasing Activity Lee & Associates New Jersey Northeast

Lee & Associates Negotiates 189,000 SF Industrial Lease in South Plainfield, New Jersey

by Taylor Williams March 6, 2023

SOUTH PLAINFIELD, N.J. — Lee & Associates has negotiated a 189,000-square-foot industrial lease in South Plainfield, about 35 miles south of Manhattan. The tenant, an undisclosed logistics group, will occupy the entirety of the building at 602 New Market Ave., which sits on 21 acres. Building features include a clear height of 36 feet, 40 exterior docks and 70 trailer parking spots. Drew Maffey and Rick Marchisio of Lee & Associates represented the tenant in the lease negotiations. Colliers represented the landlord, Bridge Development.

March 6, 2023

Acquisitions Northeast Pennsylvania Retail

JLL Brokers Sale of 124,262 SF Shopping Center in Metro Philadelphia

by Taylor Williams March 6, 2023

NEW BRITAIN, PA. — JLL has brokered the sale of Town Center of New Britain, a 124,262-square-foot shopping center located on the northern outskirts of Philadelphia. Giant Food anchors the center, which was built in 1990 and renovated in 2002. At the time of sale, Town Center of New Britain was 91 percent leased, and other tenants include Rite Aid, Dollar Tree, Verizon Wireless and AutoZone. Christopher Munley, Jim Galbally and Colin Behr of JLL represented the seller, Federal Realty Investment Trust, in the transaction. Milbrook Properties acquired the asset for an undisclosed price.

March 6, 2023

Industrial Loans New Jersey Northeast

G.S. Wilcox Arranges $15M Loan for Refinancing of Industrial Flex Campus in Northern New Jersey

by Taylor Williams March 6, 2023

FAIRFIELD, N.J. — Locally based mortgage banking firm G.S. Wilcox & Co. has arranged a $15 million loan for the refinancing of Madison Corporate Campus, a 350,000-square-foot industrial flex property located in the Northern New Jersey community of Fairfield. David Fryer of G.S. Wilcox arranged the financing through Ohio National Life Insurance Co. The borrower was not disclosed.

March 6, 2023

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