Property Type

WDG to Develop 630,000 SF Industrial Park in Statesville, North Carolina

by Julia Sanders October 21, 2021

STATESVILLE, N.C. — Williams Development Group (WDG) plans to break ground on Statesville Commerce Center, a 630,000-square-foot speculative industrial park in Statesville. Grant Miller, Rob Speir and Justin Smith of Colliers | Charlotte have been hired by WDG to lease and market the property. Statesville Commerce Center will offer access to Interstates 77, 40 and 85 and will feature two Class A buildings with Building 1 set to include 370,136 square feet, 36-foot clear heights, 72 dock-high doors and 145 trailer spaces. Building 2 will include 263,701 square feet, 32-foot clear heights, 33 dock-high doors and 73 trailer spaces. Both buildings will feature an ESFR fire suppression system and LED lighting. Building 1 and 2 are slated for completion by 2023. WDG and Colliers | Charlotte are collaborating on this project with Merriman-Schmitt Architects Inc., Oak Engineering and Landmark Builders. Statesville Commerce Center is WDG’s fifth development in North Carolina following projects in Greensboro, Whitsett, Winston-Salem and High Point.

October 21, 2021

Development Florida Industrial Southeast

Foundry, Modlo Break Ground on 495,000 SF Modlo Air Logistics Center in Metro Miami

by Julia Sanders October 21, 2021

DORAL, FLA. — Foundry Commercial, in partnership with Modlo, the logistics platform of GLP Capital Partners, has broken ground on the Modlo Air Logistics Center, a three-warehouse property near Miami spanning over 495,000 square feet. The 23.7-acre site located at 7777 NW 41st St. in Doral once housed a PepsiCo bottling facility. The three structures include Building 1 with 171,254 square feet, Building 2 with 173,716 square feet and Building 3 with 150,103 square feet. The new warehouses will feature insulated glass, R-20 roofs, LED lighting, 36-foot clear heights, 54-foot column spacing and electric car charging stations. The project is slated for completion by the summer of 2022. The site is located within two miles of Miami International Airport’s cargo entrance and is also near major expressways and PortMiami. In addition to Foundry Commercial, which is serving as the fee developer for the build, project collaborators include Miller Construction, Puga & Associates International, DDA Engineers and Kimley-Horn.

October 21, 2021

Loans Office Texas

Howard Hughes Corp. Receives $250M in Financing for Metro Houston Office Building

by Taylor Williams October 21, 2021

THE WOODLANDS, TEXAS — The Howard Hughes Corp. (NYSE: HHC) has received $250 million in new financing for 1201 Lake Robbins, an approximately 806,000-square-foot Class A office tower in The Woodlands, about 30 miles north of Houston. The building, which at the time of the loan closing was fully leased to Occidental Petroleum (NYSE: OXY) through the end of 2032, represents half of The Woodlands Towers at the Waterway development. An undisclosed lender provided the nonrecourse, 10-year loan, which bears interest at a rate of roughly 3.8 percent and is interest-only for the full loan term. Howard Hughes Corp. CEO David O’Reilly stated that receipt of the new financing would free up capital proceeds for redeployment in other development opportunities. To that end, the company announced earlier this week that it had purchased 37,000 acres in Phoenix for the development of the Douglas Ranch master-planned community.

October 21, 2021

Acquisitions Industrial North Carolina Southeast

Avison Young Brokers $14.6M Sale of Industrial Building in Charlotte

by Julia Sanders October 21, 2021

CHARLOTTE, N.C. — Avison Young has brokered the sale of a 128,000-square-foot industrial building located at 2345 Township Road in Charlotte, about 9.9 miles from downtown Charlotte. The sales price was $14.6 million. The seller and buyer were not disclosed. The industrial building is fully leased by Magellan Aviation Group, a global supplier of aftermarket aircraft products and services. Built in 2000, this property features pre-cast panel construction, an ESFR sprinkler system and multiple storefronts. Chris Loyd, Tom Tropeano and Chris Skibinski of Avison Young’s Charlotte industrial team facilitated the transaction on behalf of the private seller.

October 21, 2021

Georgia Loans Multifamily Southeast

Berkadia Secures $26.1M Acquisition Loan for Multifamily Property in Atlanta

by Julia Sanders October 21, 2021

ATLANTA — Berkadia has secured financing for Winters Creek, a garden-style multifamily property in Atlanta. Andy Hill and Tyler Nowlin of Berkadia secured the $26.1 million in acquisition financing for the property on behalf of Western Wealth Capital. The five-year, non-recourse, adjustable-rate bridge loan, financed through Bridge Investment Group, features interest-only payments and future funding for planned capital improvements. Winters Creek features one- and two-bedroom floor plans with in-unit washers and dryers. Community amenities include a swimming pool, fitness center, playground, courtyard and a tennis court. Located at 1600 Winters Creek Drive, Winters Creek is located close to Interstate 285. Winters Creek is near Assembly Yards, a redevelopment project on the site of the former General Motors plant in Doraville.

October 21, 2021

Acquisitions Office Texas

Group RMC Acquires 491,092 SF Office Building in Houston’s Galleria District

by Taylor Williams October 21, 2021

HOUSTON — Group RMC, a New York City-based investment firm focused on the office sector, has acquired a 491,092-square-foot building located at 5718 Westheimer Road in Houston’s Galleria District. The 22-story building was renovated in 2017 and offers a fitness center and a full-service café. Kevin McConn and Rick Goings of JLL represented the undisclosed seller in the transaction. John Ream, also with JLL, arranged an undisclosed amount of floating-rate acquisition financing through Sound Point Capital Management on behalf of Group RMC. At the time of sale, 5718 Westheimer was approximately 68 percent leased.

October 21, 2021

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 714-Unit Self-Storage Facility in Metro Dallas

by Taylor Williams October 21, 2021

MIDLOTHIAN, TEXAS — Marcus & Millichap has brokered the sale of Midlothian Self Storage, a 714-unit facility located on the southern outskirts of Dallas. The property spans 94,385 net rentable square feet. Brandon Karr of Marcus & Millichap represented the seller, a private owner, and procured the buyer, a 1031 exchange investor. Both parties involved in the transaction requested anonymity.

October 21, 2021

Development District of Columbia Retail Southeast

Wegmans to Open 84,000 SF Store in Northwest D.C.

by Julia Sanders October 21, 2021

WASHINGTON, D.C. — Wegmans Food Markets is opening its first store in Northwest Washington, D.C. at City Ridge. Located at the intersection of Wisconsin Avenue and Rodman Street, the Wegmans Wisconsin Ave. store will be part of the historic building formerly occupied by Fannie Mae’s headquarters. Roadside Development and North America Sekisui House LLC are the developers of the City Ridge development. Wegmans Wisconsin Ave. is part of the $640 million City Ridge development, which includes commercial, residential and retail facilities. The 84,000-square-foot Wegmans supermarket will include a Market Café, coffee shop and the casual restaurant called The Burger Bar. The store site will include parking below and residential units above. The new store is slated to open in the summer of 2022. Wegmans plans to employ approximately 450 people at the City Ridge location, including 150 full-time positions. Wegmans now operates 106 stores in seven states and has more than 50,000 employees chainwide. The company is set to open three Mid-Atlantic locations in 2022: in Alexandria, Va.; Washington, D.C.; and Wilmington, Del.

October 21, 2021

Leasing Activity Office Texas

Energy Consulting Firm Signs 62,535 SF Office Lease Renewal, Expansion in Downtown Houston

by Taylor Williams October 21, 2021

HOUSTON — Global energy consulting firm Opportune has signed a 62,535-square-foot office lease renewal and expansion at Pennzoil Place, a 1.4 million-square-foot office complex located at 711 Louisiana St. in downtown Houston. The firm will now occupy floors 31 through 34 at Pennzoil Place, which also houses a Starbucks Coffee and a Chick-fil-A. Tyler Garrett and Eric Anderson of Transwestern represented the landlord, Metropolis Investment Holdings Inc., in the lease negotiations. Lucian Bukowski of CBRE represented Opportune, which has been a tenant at Pennzoil Place since 2005.

October 21, 2021

Acquisitions Multifamily Texas

Wellington Realty Arranges Sale of 85-Unit Crestview Apartments in Dallas

by Taylor Williams October 21, 2021

DALLAS — Locally based brokerage firm Wellington Realty has arranged the sale of Crestview Apartments, an 85-unit multifamily complex located near Highland Park in Dallas. According to Apartments.com, the property was built in 1962 and offers a picnic area and onsite laundry facilities. The buyer and seller were both undisclosed. David Shaffer, Caleb Jones and Will Miller of Wellington Realty brokered the deal.

October 21, 2021

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