Property Type

JLL Arranges $110M Refinancing for Two Adjacent Beachfront Hotels in Pensacola Beach, Florida

by John Nelson December 13, 2022

PENSACOLA BEACH, FLA. — JLL has arranged the $110 million refinancing for two adjacent beachfront hotels totaling 481 rooms in Pensacola Beach. The properties include the 275-room Hilton Pensacola Beach and the 206-room Holiday Inn Resort Pensacola Beach. Located at 12 and 14 Via De Luna Drive, both hotels have approximately 300 square feet of frontage along Pensacola Beach. Jeff Bucaro, Maddie Blount and Mark DesLauries of JLL’s Hotels & Hospitality team represented the borrower, Innisfree Hotels, in securing the five-year, fixed-rate loan with flexible repayment options through an unnamed regional bank. The loan proceeds were used to pay off a maturing CMBS loan that JLL secured 10 years ago. In addition, the loan included over $18 million for future capital improvements and $23 million of cash back to the sponsorship. This transaction represents over $500 million that JLL has secured on behalf of Innisfree Hotels.

December 13, 2022

Development Industrial Southeast Tennessee

Stonemont Financial to Develop 1.4 MSF Industrial Park in Murfreesboro, Tennessee

by John Nelson December 13, 2022

MURFREESBORO, TENN. — Stonemont Financial Group, a private real estate investment firm, plans to develop Stonemont Commerce Park 840, a two-building, 157-acre industrial park in Murfreesboro. The developer plans to break ground in the first quarter of 2023 and wrap up construction in late first-quarter 2024. The industrial park will sit on Sulphur Springs Road with direct access to I-840 and proximity to I-24 and Nashville International Airport. The development will include a 1.2 million-square-foot facility with 40-foot clear heights, 280 auto parking stalls and 276 trailer stalls. It will also house a 273,000-square-foot facility to accommodate smaller tenants, with 36-foot clear heights, 200 auto parking stalls and 76 trailer stalls. The design-build team includes general contractor Frampton Construction, brokerage firm Lee & Associates and civil engineer Site Engineering Consultants Inc.

December 13, 2022

South-Belt-Central-Business-Park-Houston

Industrial Leasing Activity Texas

Cushman & Wakefield Negotiates 603,389 SF Industrial Lease in Southeast Houston

by Taylor Williams December 13, 2022

HOUSTON — Cushman & Wakefield has negotiated a 603,389-square-foot industrial lease at South Belt Central Business Park, a development that is under construction in southeast Houston. The tenant, a national third-party logistics firm, will occupy the entirety of the Building 4 upon completion in January 2023. The cross-dock building will feature 36-foot clear heights, 360 car parking spaces, 196 trailer parking stalls, an ESFR sprinkler system and 4,500 square feet of office space. Jim Foreman and Brooke Forrest of Cushman & Wakefield represented the landlord, an affiliate of Houston-based Investment & Development Ventures LLC, in the lease negotiations. Stephen Schneidau and Chuck Berger, also with Cushman & Wakefield, represented the tenant.

December 13, 2022

Acquisitions Industrial Texas

Fort Capital Acquires 465,648 SF Light Industrial Portfolio in San Antonio

by Taylor Williams December 13, 2022

SAN ANTONIO — Fort Worth-based investment firm Fort Capital has acquired The Starcrest Industrial Portfolio, a collection of eight Class B light industrial buildings totaling 465,648 square feet in San Antonio. The buildings are located within a mile of San Antonio International Airport and had a collective occupancy rate of 89 percent at the time of sale. The seller and sales price were not disclosed.

December 13, 2022

Acquisitions Retail Texas

NewQuest Properties Arranges Sale of 130,525 SF Tradewinds Shopping Center in Metro Houston

by Taylor Williams December 13, 2022

TEXAS CITY, TEXAS — Locally based investment and brokerage firm NewQuest Properties has arranged the sale of the 130,525-square-foot Tradewinds Shopping Center, located southeast of Houston in Texas City. At the time of sale, the property, which sits on 11.5 acres, was roughly 40 percent leased to tenants such as DD’s Discount, Family Dollar, Texas First Bank and Little Caesars. David Luther of NewQuest represented the seller, a limited partnership, in the transaction. Dakota Workman, also with NewQuest, represented the buyer, an entity doing business as 2020 Harwin 59 Shopping Center Ltd.

December 13, 2022

Development Georgia Multifamily Southeast

Jamestown to Begin Leasing Active Adult Community Signal House in Atlanta in Early 2023

by John Nelson December 13, 2022

ATLANTA — Jamestown plans to begin leasing units at Signal House, a 21-story active adult community underway at Ponce City Market in Atlanta’s Old Fourth Ward, in first-quarter 2023. The Atlanta-based mixed-use owner and developer expects the apartments to be “move-in ready” by fall 2023. Located directly adjacent to the Atlanta BeltLine at North Avenue, the 162-unit Signal House will feature one-, two- and three-bedroom layouts. Residents will have access to a property app that will allow them to book a suite of services, including housekeeping, plant watering, dry cleaning, food delivery and dining reservations and massage and personal trainer appointments. Amenities will include a pool terrace with a shaded grotto lounge and outdoor shower, a multipurpose fitness room with connected outdoor fitness space, 3,300 square feet of retail space fronting the BeltLine, coworking space, wellness rooms for personal treatments, a clubhouse lounge, onsite lifestyle director and a dining room with a full commercial chef’s kitchen and connected outdoor seating. Other common spaces at Signal House will include a rooftop terrace with outdoor grilling, dining and lounging spaces, as well as community garden plots.

December 13, 2022

Development Industrial Loans Southeast Virginia

Bank OZK, ACORE Provide $80.5M Construction Financing for Industrial Project in Winchester, Virginia

by John Nelson December 13, 2022

WINCHESTER, VA. — Bank OZK and ACORE Capital have provided $80.5 million in construction financing for One Logistics Park’s building 2, a 1 million-square-foot warehouse in Winchester, about 75 miles west of Washington, D.C. Robert Carey and Drake Greer of JLL arranged the financing on behalf of the borrower, The Meridian Group. Located on 76.6 acres at 1486 Millwood Pike, building 2 will be the first asset delivered within One Logistics Park, a 280-acre business park that is expected to house six or seven industrial buildings totaling 2.7 million square feet and 45,000 square feet of retail space. Once completed, the facility will offer 40-foot clear heights, 100 dock doors, 78 additional knockouts, four drive-in doors, 50- by 56-foot column spacing with 65-foot speed bays, a 190-foot truck court, 770 car parking spaces and additional trailer storage space.

December 13, 2022

Development Multifamily South Carolina Southeast

Monday Properties, Glenmont Capital Break Ground on 338-Unit Willow Apartments in North Charleston

by John Nelson December 13, 2022

NORTH CHARLESTON, S.C. — Monday Properties, a multifamily developer with offices in New York City and Arlington, Va., and partner Glenmont Capital Management have broken ground on The Willow, a 338-unit apartment community located at 7562 Plantation Road in North Charleston. Monday Properties purchased the site in November 2021 and secured $48 million in construction financing from Sandy Spring Bank. The Class A multifamily community is expected to deliver in late first-quarter 2024. Amenities will include a zero-entry, saltwater pool, grilling cabana, pickleball court, outdoor fitness area, courtyards, 24-hour fitness center and yoga studio, a lounge and game room and a covered patio overlooking the pool, as well as coworking and conference spaces and a community room. The pet-friendly community will also feature a half-acre dog park.

December 13, 2022

Industrial Leasing Activity Lee & Associates Texas

Gold 3PL Signs 50,575 SF Industrial Lease in West Dallas

by Taylor Williams December 13, 2022

DALLAS — Gold 3PL, a Texas-based third-party logistics firm, has signed a 50,575-square-foot industrial lease at 1602 Terre Colony Court in West Dallas. According to LoopNet Inc., the property totals 131,412 square feet and sits on a 5.7-acre lot. Mark Graybill and Adam Graham of Lee & Associates represented the landlord, Chicago-based First Industrial Realty Trust, in the lease negotiations. The representative of the tenant was not disclosed.

December 13, 2022

California Development Loans Multifamily Western

Gantry Secures $14.3M Construction Loan for Office-to-Multifamily Conversion in Monterey, California

by Amy Works December 13, 2022

MONTEREY, CALIF. — Gantry has secured $14.3 million of construction financing for the adaptive reuse of an office property into workforce multifamily housing. The borrower is an undisclosed local developer. Located at 2300 Garden Road, the property will feature 64 one- and two-bedroom market-rate apartments on a 7.23-acre site. Robert Slatt, Jeff Wilcox and Andrew Ferguson arranged the financing for the borrower. Gantry’s secured the three-year construction loan through one of its correspondent life company lenders.

December 13, 2022

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