Property Type

PSRS Arranges $30M in Financing for Office/Retail Property in Encinitas, California

by Amy Works March 3, 2022

ENCINITAS, CALIF. — PSRS has secured $30 million in financing for Pacific Station, a recently renovated office and retail property in Encinitas. Pasha Johnson of PSRS arranged the financing for the undisclosed borrower. The non-recourse loan allowed the ownership to capitalize on the value created by converting the previously dark space into a modern office and retail community. The loan’s first three years of interest-only payments allow for maximized cash flow and its 10-year, fixed-rate term hedges against interest rate risk.

March 3, 2022

Acquisitions California Multifamily Western

Matthews Brokers $10.1M Sale of Tuscania Apartment Homes in Ventura, California

by Amy Works March 3, 2022

VENTURA, CALIF. — Matthews Real Estate Investment Services has arranged the sale of Tuscania Apartment Homes, a multifamily property at 248 S. Hemlock St. in Ventura. A California-based investor sold the asset to a California-based buyer for $10.1 million. Built in 1965, Tuscania Apartment features 35 one- and two-bedroom units with select units offering ocean views. Daniel Withers, David Harrington and John Boyett of Matthews represented the seller and sourced the buyer in the deal.

March 3, 2022

Acquisitions Industrial Nevada Western

M&J Enterprises Acquires 17,300 SF Industrial Building in Henderson, Nevada

by Amy Works March 3, 2022

HENDERSON, NEV. — M&J Enterprises Construction has purchased an industrial property located at 7501 Eastgate Road in Henderson. Eastgate LLC sold the asset for $3.7 million. Greg Pancirov and Paul Hoyt of RealComm Advisors represented the buyer and seller in the transaction.

March 3, 2022

Acquisitions Multifamily Texas

SWBC Sells Two Dallas-Area Apartment Communities Totaling 566 Units

by Taylor Williams March 3, 2022

ROCKWALL AND MCKINNEY, TEXAS — Locally based developer SWBC Real Estate has sold two apartment communities totaling 566 units in the Dallas area. The Royalton at Rockwall Downes is a 295-unit property located east of Dallas that SWBC built in 2021 and that offers one-bedroom, two-bedroom, and three-bedroom units with an average size of 1,006 square feet. Amenities include a resort-style pool and spa, fitness center and spin studio, dog grooming facility and a gaming center. Central Park at Craig Ranch is a 271-unit community located north of Dallas within the Craig Ranch master-planned development in McKinney that was completed by SWBC in 2019. This property offers the same types of floor plans and a similar amenity package as Royalton at Rockwall Downes. Affiliates of Lightbulb Capital Group, the family office of Los Angeles-based Jay Schuminsky, purchased both properties for undisclosed amounts. Will Balthrope, Drew Kile, Joey Tumminello, Michael Ware and Taylor Hill of Marcus & Millichap’s Institutional Property Advisors (IPA) brokered the deals on behalf of SWBC.

March 3, 2022

Development Office Texas

Granite Properties Breaks Ground on 143,500 SF Office Project in Southlake, Texas

by Taylor Williams March 3, 2022

SOUTHLAKE, TEXAS — Granite Properties has broken ground on the second phase of Granite Place at Southlake Town Square, a project that will add 143,500 square feet of office space to the supply of Tarrant County. Designed by Corgan Associates, the five-story building will complement Granite Place I, which was completed in 2017 and is now fully leased. Granite Place II will feature a touchless path from the parking garage to the office, as well as touch-free entry doors and bathroom fixtures and clean air technology in the HVAC system. Additional amenities will include outdoor working and meeting space, a corporate living room, fitness center and grab-and-go food service. DPR Construction is the general contractor for the project, completion of which is slated for February 2023.

March 3, 2022

Acquisitions Florida Georgia Retail Southeast

Retailers Merge: Aaron’s to Acquire BrandsMart USA for $230M

by Julia Sanders March 3, 2022

ATLANTA AND FORT LAUDERDALE, FLA. — Atlanta-based furniture retailer The Aaron’s Co. Inc. has entered into a definitive agreement to acquire BrandsMart U.S.A. Founded in 1977, BrandsMart is one of the leading appliance and consumer electronics retailers in the Southeast, with 10 stores in Florida and Georgia. For the 12 months that ended Dec. 25, 2021, BrandsMart generated revenues of $757 million. Total consideration is approximately $230 million in cash, subject to certain closing adjustments, and the transaction is expected to close in the second quarter of 2022. Upon closing of the transaction, the BrandsMart business will report to Aaron’s president, Steve Olsen, and continue to be headquartered in Fort Lauderdale, Fla. Additionally, Aaron’s will acquire 100 percent of the outstanding equity interests of Interbond Corp. of America, which does business as BrandsMart U.S.A., from the Perlman family for consideration at closing of $230 million in cash, subject to certain post-closing adjustments. BofA Securities Inc. is acting as financial advisor to Aaron’s and Jones Day is acting as legal advisor. Cassel Salpeter & Co. LLC is acting as financial advisor to BrandsMart and Cooley LLP is acting as legal advisor.

March 3, 2022

Florida Leasing Activity Retail Southeast

SJC Ventures Signs Whole Foods to Anchor Boynton Beach Marketplace in South Florida

by Julia Sanders March 3, 2022

BOYNTON BEACH, FLA. — Atlanta-based SJC Ventures has signed a new lease with Whole Foods Market at Boynton Beach Marketplace, a 69,204-square-foot shopping center underway in Boynton Beach. Located at 7499 W Boynton Beach Blvd., Boynton Beach Marketplace is expected to house sit-down restaurants, fast-casual eateries, service establishments and boutique fitness options. The property is 11.4 miles away from Delray Beach and 15.1 miles from Boca Raton.

March 3, 2022

Acquisitions Florida Hospitality Southeast

Marcus & Millichap Brokers $23.6M Sale of Hotel in Fort Walton Beach, Florida

by Julia Sanders March 3, 2022

FORT WALTON BEACH, FLA. — Marcus & Millichap has brokered the sale of the Best Western Fort Walton Beachfront, a six-story, 100-room hotel in Fort Walton Beach. The 1.4-acre property sold for $23.6 million. David Altman, Robert Hunter and Leo Reilly of Marcus & Millichap marketed the property on behalf of the seller, Ft. Walton Beach Hotel Group Inc., as well as secured and represented the buyer, Spartanburg, S.C.-based OTO Development LLC. Built in 1998, Best Western Fort Walton Beachfront includes amenities such as offsite fitness center access at Gold’s Gym, a business center, ocean-facing outdoor pool area, Cabana Bar and live entertainment nightly in the Swizzle Stick Lounge. Located at 380 Santa Rosa Blvd., the Best Western Fort Walton Beachfront provides guests with direct beach access and private balconies overlooking the Gulf of Mexico.

March 3, 2022

Industrial Leasing Activity Texas

Dynamic Glass Products Signs 116,980 SF Industrial Lease in Coppell, Texas

by Taylor Williams March 3, 2022

COPPELL, TEXAS —Dynamic Glass Products, a Wisconsin-based provider of glass products for the real estate and advertising industries, has signed a 116,980-square-foot industrial lease at 611 S. Royal Lane in Coppell, located near Dallas-Fort Worth International Airport. According to LoopNet Inc., the property was built in 2001 and totals 383,925 square feet. Matt Hyman and Bryan Parker represented the landlord, Indianapolis-based Duke Realty, in the lease negotiations on an internal basis. David Eseke and Clay Balch of Cushman & Wakefield represented Dynamic Glass.

March 3, 2022

Acquisitions Industrial NAI Texas

NAI Rio Grande Valley Brokers Sale of 61,000 SF Cold Storage Facility in McAllen, Texas

by Taylor Williams March 3, 2022

MCALLEN, TEXAS — NAI Rio Grande Valley has brokered the sale of a 61,000-square-foot cold storage facility in McAllen, located near the Texas-Mexico border. The property features 17 climate-sensitive loading docks and 26,000 square feet of cold storage space, as well as dry storage and office space. Wonderful Citrus Packaging LLC sold the property to Green Light Go, a California-based provider of logistics services to the agriculture sector. The sales price was not disclosed. The property had been vacant for several years at the time of sale.

March 3, 2022

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