Property Type

Buc-ee’s Unveils Plans for First Travel Center Outside the South in Colorado

by Amy Works February 22, 2022

JOHNSTOWN, COLO. — Buc-ee’s has unveiled plans to enter the Colorado market with a travel center in Johnstown, approximately 60 minutes north of Denver. The development, which is the company’s first location outside of the South, is set to open in 2024. Located south of Weld County Road 48 and west of Interstate 25, the 74,000-square-foot Buc-ee’s Johnstown will offer 120 fueling positions and a store with thousands of snack, meal and drink options, including Texas barbecue, homemade fudge, kolaches, jerky and fresh pastries, for travelers. The location will be the most western and highest altitude Buc-ee’s to date. Founded in 1982, Buc-ee’s has 35 stores across Texas. The company begin its multi-state expansion in 2019 and now has locations in Florida, Georgia, Alabama, South Carolina, Kentucky and Tennessee.

February 22, 2022

Acquisitions California Retail Western

Pacific Coast Commercial Negotiates $8.2M Sale of Shopping Center in El Cajon, California

by Amy Works February 22, 2022

EL CAJON, CALIF. — Pacific Coast Commercial has arranged the sale of a multi-tenant retail center located at 701-777 Broadway in El Cajon. Broadway Center Associates sold the asset to Alcatraz475 LP/Birch8330 LP for $8.2 million, or $323 per square foot. At the time of sale, the 25,460-square-foot property was 95 percent leased to a mix of local and regional retail tenants. Brian Crepeau and Vanessa Reza of Pacific Coast Commercial represented the seller, while Bing Udinsky of The Udinsky Group represented the buyer in the deal.

February 22, 2022

Development Florida Industrial Southeast

Stonemont to Develop Two Industrial Projects in Tampa Area Totaling 1.3 MSF

by Julia Sanders February 22, 2022

TAMPA, FLA. — Stonemont Financial Group has plans to develop two industrial projects in the Tampa area comprising two warehouses in Tampa and four warehouses in Lakeland. The two projects will total 1.3 million square feet. JLL is overseeing leasing. Frampton Construction is the general contractor for both projects. In Tampa, Stonemont will break ground this spring on Sunlake Business Center, which will encompass two speculative rear-load facilities located along State Road 54. Building 1 will total 190,000 square feet and will feature 32-foot clear heights and 309 parking spots. Building 2 will be a 171,000-square-foot building with 32-foot clear heights and 231 parking stalls. The two facilities are designed to accommodate a range of user types and sizes. In Lakeland, Stonemont is also underway on Lakeland Commerce Center at County Line, an industrial park that will include a 148,100-square-foot building; 150,600-square-foot rear-load facility; 258,000-square-foot rear-load facility; and a 348,740-square-foot cross-dock facility situated on the Interstate 4 corridor just over 30 miles outside of Tampa. The development will include clear heights ranging from 32 to 36 feet, a total of 254 dock doors, 840 parking spaces and 450 trailer parking stalls available onsite.

February 22, 2022

Acquisitions Georgia Office Southeast

CP Group, Cohen & Steers Purchase Buckhead Centre Office Campus in Atlanta

by Julia Sanders February 22, 2022

ATLANTA — Boca Raton, Fla.-based CP Group and an affiliate of New York City-based Cohen & Steers Capital Management Inc. have purchased Buckhead Centre, a 169,000-square-foot office property in Atlanta’s Buckhead Village. The seller and sales price were not disclosed. CP Group will manage the building. Steve Devinney, Billy Graddy and Jack Teken with Stream Realty Partners will oversee leasing for the property. Buckhead Centre includes two office buildings: an eight-story tower and an adjacent seven-story tower. The structures are situated on two contiguous land parcels totaling over four acres, including an attached restaurant building and structured parking. CP Group plans to renovate the buildings. The property has boasted an average office occupancy of 95 percent over the past 30 years. Located at 2970 Peachtree Road, the office buildings are within Buckhead Village, which offers over 800,000 square feet of shops, dining, residences and office. Buckhead Village offers tenants including Dior, Veronica Beard and Warby Parker. The property is also situated 8.3 miles from downtown Atlanta.

February 22, 2022

Connection-Park-Logistics-Center-San-Antonio

Development Industrial Texas

Triten Real Estate Partners to Develop 490,083 SF Industrial Project in San Antonio

by Taylor Williams February 22, 2022

SAN ANTONIO — Triten Real Estate Partners, a developer with offices in Houston and Dallas, will build Connection Park Logistics Center, a 490,083-square-foot industrial project that will be located on the east side of San Antonio. The site, which spans 32 acres at 6851 Cal Turner Drive, will offer proximity to Interstate 10 and Loop 410, as well as the industrial facilities of major users like Amazon, Dollar General and H-E-B. Construction of the Class A, cross-dock building is scheduled to begin by the end of the first quarter and to be complete by the end of the year.

February 22, 2022

Acquisitions Florida Office Southeast

Joint Venture Acquires Two Office Buildings in Downtown West Palm Beach

by Julia Sanders February 22, 2022

WEST PALM BEACH, FLA. — A joint venture between Wexford Real Estate Investors, Related Cos. and Key International has acquired two office buildings in downtown West Palm Beach. The seller and sales price were not disclosed. The two buildings are each 60,000 square feet and have a half-acre auxiliary parking lot. Located at 400 and 450 S. Australian Ave., the office properties are located close to Interstate 95 and the proposed University of Florida graduate campus that is currently being planned. The two office buildings are also situated within one mile of The Square, the open-air shopping, dining and entertainment complex.

February 22, 2022

Acquisitions Life Sciences Office Texas

Welcome Group Buys Two Office, Lab Buildings Totaling 124,291 SF in San Antonio

by Taylor Williams February 22, 2022

SAN ANTONIO — Welcome Group, a Houston-based investment firm, has purchased two office and lab buildings in San Antonio totaling 124,291 square feet. The first building spans 80,431 square feet, sits on an 11.9-acre site and is leased by KCI USA Inc., a provider of wound care services and treatments. The second facility totals 43,860 square feet and was built in phases between 1987 and 1995. Frost Bank provided an undisclosed amount of financing for both acquisitions. Ryan Wassaff of Welcome Realty Advisors, along with internal agents Cole Bercher and John Wilson, represented Welcome Group in the deals. John Taylor of JLL and Luis Garza of Transwestern respectively represented the sellers of the first and second buildings.

February 22, 2022

Acquisitions Georgia Multifamily Southeast

Mill Creek, Wexford Sell 318-Unit Modera Prominence Apartments in Atlanta’s Buckhead District

by Julia Sanders February 22, 2022

ATLANTA — West Palm Beach, Fla.-based Wexford Real Estate Investors and Boca Raton, Fla.-based Mill Creek Residential Trust have sold Modera Prominence, a 318-unit apartment community in the Buckhead neighborhood of Atlanta, to an affiliate of Dallas-based Lone Star Funds. Alex Brown and Robert Stickel of Cushman & Wakefield arranged the sale. John Harkey and Patrick Chesser of Mill Creek represented the firm on an internal basis. Built in 2021, Modera Prominence offers studio, one-, two- and three-bedroom floorplans. The property has approximately 319,000 square feet of rentable area with an average unit size of just over 1,000 square feet. Unit features include walk-in closets, hardwood floors and in-unit washer and dryers. The ground-floor retail space totals approximately 21,000 square feet. Community amenities include a pool, fitness center, laundry facilities, elevator, movie theater and onsite maintenance. Located on 2.8 acres at 3699 Lenox Road NE, the apartment property is situated next to the Atlanta Tech Village and a MARTA station. The property is also located nine miles from downtown Atlanta and 19.6 miles from Hartsfield-Jackson Atlanta International Airport.

February 22, 2022

Loans Multifamily Texas

Ready Capital Closes $14.3M Acquisition Loan for North Austin Multifamily Property

by Taylor Williams February 22, 2022

AUSTIN, TEXAS — New York City-based Ready Capital has closed a $14.3 million loan for the acquisition, renovation and stabilization of an unnamed, 112-unit apartment complex in North Austin. The nonrecourse, interest-only loan features a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The sponsor was not disclosed.

February 22, 2022

Loans Multifamily Texas

Terrydale Capital Arranges $12.6M Acquisition Loan for Dallas Multifamily Portfolio

by Taylor Williams February 22, 2022

DALLAS — Dallas-based Terrydale Capital has arranged a $12.6 million acquisition loan for a portfolio of three multifamily properties totaling 108 units that are located in Old East Dallas. Culby Culbertson of Terrydale Capital arranged the three-year loan, which carried a 4.5 percent fixed interest and an 80 percent loan-to-value ratio. The names of the properties and the borrower were not disclosed.

February 22, 2022

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