Property Type

Berkadia Arranges Sale of 276-Unit Apartment Property in Fort Lauderdale

by Julia Sanders March 16, 2022

FORT LAUDERDALE, FLA. — Berkadia has arranged the sale of Riverland Apartments, a 276-unit, garden-style apartment community located in Fort Lauderdale. Roberto Pesant, Jaret Turkell, Omar Morales and Jose Mota of Berkadia represented the Houston-based seller, Morgan, in the transaction. The buyer and sales price were not disclosed. Developed by Morgan in 2021, Riverland Apartments features six, four-story buildings with a unit mix of 24 studios, 164 one-bedroom, 80 two-bedroom and eight three-bedroom apartments. Community amenities include a business center, internet lounge, clubroom for gatherings, entertaining kitchen, fitness center, mailroom with parcel lockers, covered seating area with gas grill stations, covered veranda for relaxation, pool pavilions, sunbathing deck, dog park and a heated pool that overlooks a lake. Located at 420 SW 27th Ave., the property is situated close to Interstate 95 and the Tri-Rail Station. Additionally, the property is situated two miles from downtown Fort Lauderdale and 7.8 miles from Fort Lauderdale-Hollywood International Airport.

March 16, 2022

Georgia Retail Southeast

Walmart Plans to Open Tech Hub in Atlanta

by Julia Sanders March 16, 2022

ATLANTA — Walmart has plans to open the Walmart Global Tech hub in Atlanta in order to accelerate its digital capabilities. The Arkansas-based retailer says it selected Atlanta because of the city’s growing tech presence in the United States, its connection to Walmart and the strong talent base in the area. The location of Walmart’s new offices was not disclosed. The Walmart Global Tech hub will develop and manage cloud, data, enterprise architecture, DevOps, infrastructure and security functions to support stores and customer experience. Most of the new positions will be for data scientists and software engineers, as well as cybersecurity professionals, architects, developers, data engineers, technical program managers and product managers. Along with Atlanta, Walmart plans to build 15 other Walmart Global Tech hubs, including in Toronto, Austin, Dallas, Silicon Valley, Seattle and Charlotte. Globally, the Walmart Global Tech hub includes more than 20,000 associates, with plans to hire over 5,000 more tech workers in the next year.

March 16, 2022

Acquisitions Multifamily Texas

Lynd Group Sells Suburban Houston Apartment Community for $61.3M

by Taylor Williams March 16, 2022

HUMBLE, TEXAS — San Antonio-based multifamily investment firm The Lynd Group has sold Paramount at Kingwood, a 372-unit apartment community located on the northern outskirts of Houston. Massachusetts-based Colony Hills Capital purchased the property for $61.3 million. Built in 2000, Paramount at Kingwood features one-, two- and three- bedroom units and amenities such as a clubhouse, business center, pool and a fitness center. Lynd acquired the property in June 2021 for $44.5 million and implemented approximately $2 million in capital improvements.

March 16, 2022

Build-to-Rent Development Single-Family Rental Texas

Mill Creek Residential Underway on 271-Unit Build-to-Rent Community in Celina, Texas

by Taylor Williams March 16, 2022

CELINA, TEXAS — Mill Creek Residential is underway on construction of Amavi Celina, a 271-unit build-to-rent residential community that will be located about 35 miles north of Dallas. The unit mix will consist of 155 cottages, 94 townhomes and 22 single-family detached homes. Amavi Celina will span 45 acres and will feature a trail system, dog park, fitness center and resort-style pool. Keaton Merrell and Shannon Hersker of Walker & Dunlop originated a four-year, interest-only construction loan to Mill Creek Residential for the project, a completion date for which was not disclosed.

March 16, 2022

Acquisitions Multifamily Texas

Sentinel Real Estate Buys 164-Unit Multifamily Property in Downtown Dallas

by Taylor Williams March 16, 2022

DALLAS — New York City-based Sentinel Real Estate Corp. has purchased Third Rail Lofts, a 164-unit multifamily property in downtown Dallas that also houses three retail spaces. The three-building complex features studio, one- and two-bedroom units with stainless steel appliances, walk-in closets, custom cabinetry and granite countertops. Amenities include a pool, bowling alley, billiards room, movie theater, wine tasting room, outdoor bar with a grilling area and a private dog walk. Sentinel plans to implement a value-add program and rebrand the community as Main 3 Downtown.

March 16, 2022

Acquisitions Retail Texas

SRS Real Estate Arranges $6M Sale of Retail Building in Midland

by Taylor Williams March 16, 2022

MIDLAND, TEXAS — Dallas-based brokerage firm SRS Real Estate Partners has arranged the $6 million sale of a 94,579-square-foot retail building in the West Texas city of Midland that is occupied by Kohls and Crunch Fitness. Both tenants operate on long-term, triple-net leases. The building was originally constructed in 2005 and is situated within a 250,000-square-foot shopping center that includes Ashley HomeStore, Cracker Barrel, Sherwin-Williams and Jack in the Box. Britt Raymond and Kyle Fant of SRS represented the seller, a Texas-based developer, in the transaction. Jake Bordelon of Marcus & Millichap represented the buyer, a California-based private investor.

March 16, 2022

Acquisitions Office Retail Texas

Stockdale Investment Group Acquires 85,000 SF Office, Retail Property in Dallas

by Taylor Williams March 16, 2022

DALLAS — Locally based firm Stockdale Investment Group has acquired Knox Park Village, an 85,000-square-foot office and retail property located in the Knox-Henderson area of Dallas. The two-acre property comprises roughly 59,000 square feet of office space and 26,000 square feet of retail space that is designed to accommodate about 30 tenants. Current retail users include Pei Wei Asian Diner, T-Mobile, Mattress Firm and Fadi’s Mediterranean Grill. The seller and sales price were not disclosed.

March 16, 2022

Acquisitions Multifamily Northeast Pennsylvania

OneFive Capital Acquires Modular Housing Community in Philadelphia for $88M

by Taylor Williams March 16, 2022

PHILADELPHIA — Locally based investment firm OneFive Capital has acquired Next LVL, a 281-unit modular housing community in Philadelphia’s University City neighborhood, for $88 million. The seven-story building includes 7,391 square feet of commercial space and 54 underground parking spots. Ken Wellar, Douglas Sitt, Mark Duszak and Corey Lonberger of Rittenhouse Realty Advisors represented the seller and developer, Philadelphia-based Alterra Property Group, in the transaction. The Rittenhouse team also procured OneFive Capital, which plans to rebrand the community as SOLO on Chestnut, as the buyer. ACORE Capital provided acquisition financing.

March 16, 2022

Industrial Leasing Activity New York Northeast

IBM Signs 328,000 SF Office Lease at One Madison Avenue in Manhattan

by Taylor Williams March 16, 2022

NEW YORK CITY — IBM has signed a 328,000-square-foot office lease at One Madison Avenue in Manhattan. The tenant will occupy portions of floors two and seven, the entirety of floors eight through 10 and a portion of the ground floor, where IBM will have an exclusive lobby entrance. The lease term is 16 years. Owned by SL Green Realty Corp. (NYSE: SLG), One Madison Avenue houses a 56,000-square-foot Chelsea Piers Fitness; a 13,000-square-foot restaurant; a 10,000-square-foot artisanal food market; a 7,000-square-foot tenant lounge; and a 5,000-square-foot rooftop terrace. Patrick Murphy, Josh Kuriloff and Winston Schromm of Cushman & Wakefield represented IBM in the lease negotiations. Paul Glickman, Alex Chudnoff, Diana Biasotti and Ben Bass of JLL represented SL Green.

March 16, 2022

Development Industrial Northeast Pennsylvania

Aeroterm to Develop Cargo Facility at Pittsburgh International Airport

by Taylor Williams March 16, 2022

PITTSBURGH — Aeroterm, a division of global logistics operator Realterm, will enter into a 30-year ground lease with the Allegheny County Airport Authority to develop a cargo facility at Pittsburgh International Airport. The facility will be situated on an 8.8-acre site and will span between 140,000 and 170,000 square feet. Completion is slated for the second quarter of 2023. More than 250 million pounds of freight passed through the airport in 2021, a 30 percent increase in volume from 2020, according to Aeroterm executives.

March 16, 2022

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