DECATUR, ALA. — JRW Realty has arranged the sale of Point Mallard Centre, a grocery-anchored shopping center in Decatur. Situated near I-65, the property features a 45,600-square-foot Publix store and 16,800 square feet of small shop, restaurants and healthcare tenants. The buyer is an unnamed institutional investor that is actively acquiring net-leased and value-add properties. The seller and sales price were not disclosed.
HALETHORPE, MD. — MacKenzie Commercial Real Estate Services has brokered the $10.3 million sale of a 103,640-square-foot warehouse in Baltimore County. The transaction includes a vacant, single-story property located at 1407 Parker Road in Halethorpe and an adjacent development site located at 1441 Knecht Ave. Built in 1960, the property features office space, 16- to 21-foot clear heights, five loading bays, interior dock positions and surface parking spaces. Ohio-based Pioneer Cladding & Glazing Systems Inc. purchased the property and land from Pitts Realty LP, which formerly operated David Edwards Furniture from the site. Daniel Hudak and Andrew Meeder of MacKenzie represented the seller in the transaction.
WASHINGTON, D.C. — Greysteel has arranged the sale of Ravenel and Barclay, two multifamily properties totaling 120 units in the Dupont Circle neighborhood of downtown Washington, D.C. The buyer and sales prices were undisclosed. Situated two doors down from one another, the properties are located at 1610 and 1616 16th St. NW. Built in 1933, Ravenel totals 63 units and contains a mix of studio and one-bedroom apartments. Built in 1926, Barclay totals 57 units and includes a mix of one-bedroom and two-bedroom apartments. Amenities include a fitness center, laundry rooms, package concierge, bike storage, outdoor patio and an onsite management office. Renovations to the lobbies, leasing office, hallways, common areas and unit interiors were completed by the seller upon its acquisition.
REVERE, MASS. — The HYM Investment Group, Cathexis and National Real Estate Advisors have broken ground on the redevelopment of the former racetrack site at Suffolk Downs in Revere, about five miles north of Boston. The project will ultimately span 16.2 million square feet of development, including 10,000 apartments and condominiums; 5.2 million square feet of life sciences and office space; 450,000 square feet of retail and civic space; and 40 acres of parks and open space. The Suffolk Downs thoroughbred racetrack opened in 1935 and was shuttered in 2019. HYM purchased the property in 2017. The 161-acre redevelopment project will connect Revere to the East Boston neighborhood. The groundbreaking marks the official launch of a joint venture partnership between HYM and National on the initial residential components of the redevelopment project. According to a news release, National’s equity participation will enable the delivery of nearly 4 million square feet of residential development (or 4,200 units) to be built at Suffolk Downs over the next eight years. The Boston Globe reports that National committed $775 million in equity financing. The first phase of construction includes a life sciences and biomanufacturing facility as well as a residential building. Named 100 Salt …
By Brad Frisby, director of land acquisitions, Rhodes Enterprises Demand for housing of all types continues to outpace supply in the Rio Grande Valley (RGV), and developers’ best efforts to add much-needed product throughout the region appear to be reaching a crescendo. Like the rest of the country, residential development in the RGV has been stymied and exacerbated by global supply chain disruption over the last year. Nor have developers in the region been spared from the pricing volatility of key construction materials, from basic building blocks like lumber and steel to more precise pieces such as air conditioning units and kitchen appliances. These factors, along with rising labor costs generated by the reheating of the regional economy, have negatively impacted conventional multifamily construction timelines and budgets over the past 12 to 18 months. While traditional single-family projects have not been hit nearly as hard as their multifamily counterparts, the net result of all this activity has been a widening of the gap between housing supply and demand. Though the regional vacancy rate for multifamily product is up on a year-over-year basis — about 4.5 percent today versus 3.5 percent at the end of the first quarter of 2021 — …
GEORGETOWN, TEXAS — Stonelake Capital Partners, a private equity firm with offices located in Texas and Atlanta, has broken ground on Georgetown Logistics Park, a 619,740-square-foot speculative industrial project that will be located on the northern outskirts of Austin. The development will consist of three buildings on a 48-acre site that is situated along the Interstate 35 corridor. The 426,240-square-foot cross-dock building will feature 40-foot clear heights and 82 trailer parking stalls. The 123,200-square-foot rear-load building will house 36-foot clear heights, and the 70,300 square-foot rear-load building will have 32-foot clear heights. Powers Brown Architecture is designing the project, and Zapalac Reed is serving as the general contractor. Pape Dawson is the civil engineer, and JLL is the leasing agent. Completion is slated for March 2023.
HOUSTON — A partnership between locally based developer Sueba USA and McCormack Commercial has broken ground on Kingfield Lofts, a 370-unit multifamily project that will be situated on a 14.5-acre site in West Houston. Kingfield Lofts will feature studio, one-, two- and three-bedroom units that will range in size from 480 to 2,196 square feet. Residences will be furnished with stainless steel appliances, granite countertops and tile backsplashes. Amenities will include a pool, fitness center, clubroom, conference center and a catering kitchen. Preleasing will begin in fall 2023, with full completion slated for March 2024.
HOUSTON — Axiom Space, a developer of infrastructure for space exploration, will open a new, 106,000-square-foot headquarters facility at the Houston Spaceport, a center for aerospace research and development that is located on the city’s southwest side. Developer Griffin Partners recently broke ground on the campus, which will house offices, astronaut training areas, engineering development/testing labs and a high bay production facility to house Axiom’s space station modules. Project partners include Jacobs Engineering and general contractor Turner Construction Co. Axiom Space currently employs more than 400 people, the majority of which work at its current Houston facilities. The company has plans to grow the number to 600 by the end of the year and 1,000 by 2025.
ARLINGTON, TEXAS — Global Real Estate Advisors (GREA) has arranged the portfolio sale of three multifamily properties totaling 217 units in Arlington that were all built in the 1960s. The properties include Avalon (75 units), Tuscany Square (70 units) and Regency (72 units). Mark Allen of GREA represented the buyer and seller, both of which requested anonymity, in the transaction. The new ownership plans to implement a value-add program.
IRVING, TEXAS — Marcus & Millichap has brokered the sale of The Vanderbilt, a 152-unit multifamily complex in Irving. The property offers studio, one- and two-bedroom floor plans and amenities such as a pool, dog park, outdoor grilling and dining areas and onsite laundry facilities. David Fersing, Nick Fluellen, Bard Hoover and Wesley Racht of Marcus & Millichap represented the buyer, private investor Tony Lin, in the transaction.
