Property Type

SRS Arranges Sale of 101,392 SF Shopping Center in Lake Mary, Florida

by Julia Sanders September 16, 2021

LAKE MARY, FLA. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of Heathrow Square, a Winn-Dixie-anchored, 101,392-square-foot shopping center in Lake Mary. Kevin Yaryan, Kyle Stonis and Pierce Mayson of SRS represented the undisclosed seller in the transaction. The buyers, Equinox Development and Harbour Retail Partners, were self-represented. The sales price was not disclosed. Heathrow Square was nearly 97 percent leased at the time of sale to tenants including CVS/pharmacy, Pure Barre, Quest Diagnostics and Subway. Winn-Dixie has occupied the store at Heathrow Square for 29 years. The center is situated on 11.9 acres at 120 International Parkway at the signalized intersection of West Lake Mary Road and International Parkway. The property is situated only a quarter-mile from Interstate 4.

September 16, 2021

Development Multifamily Southeast Tennessee

RangeWater Breaks Ground on 353-Unit Apartment Community in Nashville

by Julia Sanders September 16, 2021

NASHVILLE, TENN. — RangeWater Real Estate has broken ground on a 353-unit apartment community in Nashville’s River North Development District, a former industrial neighborhood undergoing revitalization. The project is RangeWater’s 100th development. Located at 201 Cowan St., the apartment project will include studio, one- and two-bedroom apartments located close to downtown Nashville and Germantown. When completed, the apartments will have two floors of amenities and a sky lounge with views of downtown Nashville. Community amenities will include a listening lounge with recording equipment for musicians and a pool deck atop a green rooftop space. The apartments will feature nine-foot ceilings and modern finishes with stainless steel appliances, quartz countertops and washer and dryer units in each residence. Groundbreaking will take place this month with first apartment homes delivering spring 2023. RangeWater is an Atlanta-based multifamily real estate company. The apartment project will be RangeWater’s second development in Nashville, with the first being The Gossett on Church in the city’s Gulch neighborhood.

September 16, 2021

Acquisitions Multifamily Texas

Hamilton Zanze Sells 530-Unit Point at Cypress Woods Apartments in Metro Houston

by Taylor Williams September 16, 2021

CYPRESS, TEXAS — San Francisco-based Hamilton Zanze has sold The Point at Cypress Woods, a 530-unit apartment community located in the northwestern Houston suburb of Cypress that was originally built in 1983. Units offer one-, two- and three-bedroom floor plans, and amenities include two pools, a fitness center, playground, outdoor grilling stations and onsite laundry facilities. The Point at Cypress Woods was 94 percent occupied at the time of sale. The buyer and sales price were not disclosed. Hamilton Zanze purchased the property in 2014 and implemented a range of capital improvements during its seven-year holding period.

September 16, 2021

Acquisitions Retail Southeast Tennessee

Palomar Group Brokers $7.8M Sale of Portland Village Shopping Center Near Nashville

by Julia Sanders September 16, 2021

PORTLAND, TENN. — The Palomar Group has brokered the sale of Portland Village, an 84,250-square-foot, grocery-anchored shopping center in Portland, about 40.2 miles north of Nashville. The undisclosed buyer, a private investor based in Greenville, S.C., bought the property for $7.8 million. The seller was Cincinnati-based Phillips Edison & Co. The Palomar Group represented the buyer and the seller in the transaction. Located at 112 W Knight St., Portland Village is about 11.3 miles from Franklin, Ky. The center was 94 percent leased at the time of sale to tenants including Cash Saver, Planet Fitness and Family Dollar. Built in 1975, Portland Village has had the current tenants for an average of 11.7 years. Cash Saver has been the anchor tenant since 1997.

September 16, 2021

Loans Multifamily Texas

JLL Arranges $39.5M Loan for Refinancing of South Houston Multifamily Property

by Taylor Williams September 16, 2021

HOUSTON — JLL has arranged a $39.5 million loan for the refinancing of South Main, a 186-unit multifamily property located near the Texas Medical Center in South Houston. The property was built in 2019 and was 99 percent occupied at the time of sale. Units features stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a pool, fitness center, outdoor grilling stations and indoor/outdoor lounges. Mark Brandenburg of JLL arranged the loan through a fund sponsored by CBRE Global Investors on behalf of the borrower, locally based development firm Allen Harrison. The loan was structured with a floating interest rate and an initial term of three years.

September 16, 2021

Acquisitions Office Texas

Behringer, Orangestar Acquire 120,234 SF McKinney Corporate Center Office Building

by Taylor Williams September 16, 2021

MCKINNEY, TEXAS — A partnership between two locally based firms, Behringer and Orangestar, has acquired McKinney Corporate Center, a 120,234-square-foot office building located within the Craig Ranch master-planned community on the northern outskirts of Dallas. The three-story building was fully leased at the time of sale. The seller was not disclosed, but Kansas City-based VanTrust Real Estate originally developed the property.

September 16, 2021

Loans Lument Multifamily Texas

Lument Provides $37.8M Loan for Refinancing of Metro Houston Apartments

by Taylor Williams September 16, 2021

KINGWOOD, TEXAS — Lument has provided a $37.8 million loan for the refinancing of Paramount at Kingwood, a 372-unit apartment community in the northern Houston suburb of Kingwood. The property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center and a clubhouse. The loan carried a fixed interest rate and a three-year term. The borrower, San Antonio-based investment firm LYND Co., will use a portion of the proceeds to fund capital improvements. Marc Suarez led the transaction for Lument.

September 16, 2021

Industrial Leasing Activity Texas

PG Golf Signs 87,214 SF Industrial Lease in Metro Houston

by Taylor Williams September 16, 2021

SUGAR LAND, TEXAS— PG Golf, a supplier of recycled and refinished golf balls, has signed an 87,214-square-foot industrial lease at 12520 W. Airport Blvd. in the southwestern Houston suburb of Sugar Land. Darryl Noon and Nick Peterson of Transwestern represented the undisclosed landlord in the lease negotiations. Jarret Venghaus and Jordan Raney of JLL represented the tenant.

September 16, 2021

Loans Michigan Midwest Multifamily

JLL Arranges Financing for Development of 253-Unit Multifamily Project in Ann Arbor

by Kristin Harlow September 16, 2021

ANN ARBOR, MICH. — JLL Capital Markets has arranged $17.8 million in joint venture equity and $39.9 million in construction financing for Avant, a 253-unit multifamily project in Ann Arbor. With an anticipated completion date of April 2023, Avant will include one-, two- and three-bedroom units averaging 1,029 square feet with a mix of flats and townhomes. Amenities will include a dog park, clubhouse, pool, walking trail, fitness center, bike parking and personal storage. Matthew Schoenfeldt of JLL represented the development team, S.R. Jacobson Development Corp. and ARCO Construction, and arranged the equity partnership with a life insurance company. Flagstar Bank provided the 42-month, floating-rate construction loan.

September 16, 2021

Development Illinois Industrial Midwest

Bridge Industrial Acquires Land in Mundelein, Illinois, for Development of 320,196 SF Spec Industrial Project

by Kristin Harlow September 16, 2021

MUNDELEIN, ILL. — Bridge Industrial has acquired land at 290 Townline Road in Mundelein, a northern suburb of Chicago. The developer plans to build Bridge Point Mundelein, a 320,196-square-foot speculative industrial project. Plans call for 271 car parking stalls, 101 trailer parking stalls, two drive-in doors and a clear height of 36 feet. Located in the Lake County submarket, the infill project offers direct access to the four-way intersection at I-94 and Route 60. Construction is scheduled to begin immediately with completion slated for the third quarter of 2022. Whit Heitman, Sam Badger and Jared Paff of CBRE brokered the land sale.

September 16, 2021

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