Property Type

JLL Secures $72.5M Construction Financing for Residential Development in Tampa

by Julia Sanders February 3, 2022

TAMPA, FLA. — JLL Capital Markets has secured a $72.5 million construction loan for the development of Altura Bayshore, a 73-unit high-rise condominium project in Tampa. Steve Klein, Brian Gaswirth, Reid Carleton and Drew Jennewein of JLL worked on behalf of the developer and borrower, Naples, Fla.-based The Ronto Group, to secure the loan from MSD Partners LP. Slated to be complete by 2024, Altura Bayshore will stand 22 stories high. Community amenities will include a sky deck and pool, fitness center, club and entertainment room, guest suites, multiple sports courts, a synthetic turf putting green, dog park and barbecue grills. Unit features will include private elevator foyers, designer-selected finishes throughout, open terraces and energy-efficient sliding glass windows and doors. Located at 2910 W. Barcelona St. directly off Bayshore Boulevard, the property is situated near SOHO District, Hyde Park Village and the Downtown Tampa Arts District. The property is also located 8.2 miles from the Tampa International Airport.

February 3, 2022

Acquisitions Industrial Texas

Triten Real Estate Buys 100-Acre Outdoor Storage Portfolio in Northeast Houston

by Taylor Williams February 3, 2022

HOUSTON — Triten Real Estate Partners, a development and investment firm with offices in Houston and Dallas, has purchased a portfolio of outdoor storage facilities totaling 100 acres in northeast Houston. The sites are located near Interstates 610 and 10, as well as Union Pacific railyards, and can also support truck parking and drayage users. Andrew Jewett of CBRE represented Triten Real Estate in the transaction. Blake Gibson of Colliers represented the undisclosed seller.

February 3, 2022

Development Georgia Industrial Southeast

Dayton Street Partners Breaks Ground on 212,232 SF Distribution Center in Conyers, Georgia

by Julia Sanders February 3, 2022

CONYERS, GA. — Chicago-based Dayton Street Partners has broken ground on a 212,232-square-foot speculative distribution center in Conyers. Construction is slated for completion by July. The distribution center will feature 32-foot clear heights, 41 trailer and 203 auto stalls with separate access for cars and trucks and a 185-foot truck court. Located at 2020 East Park Road, the property is situated 28.6 miles east of downtown Atlanta and 31.3 miles from Hartsfield-Jackson Atlanta International airport. Dayton Street most recently completed the development of DSP Rock Hill, a 188,000-square-foot distribution center near Atlanta’s airport. Brookfield acquired the asset in December 2021.

February 3, 2022

Development Industrial Texas

Midway to Develop 128,000 SF Industrial Facility for Bluebonnet Nutrition in Sugar Land, Texas

by Taylor Williams February 3, 2022

SUGAR LAND, TEXAS — Houston-based Midway will develop a 128,000-square-foot build-to-suit industrial facility for Bluebonnet Nutrition Corp., a locally based provider of dietary supplements, in the southwestern Houston suburb of Sugar Land. Powers Brown Architecture is designing the project, and D.E. Harvey Builders is the general contractor. Completion is slated for the fourth quarter. Jarret Venghaus of JLL represented Midway in its acquisition of the 7.4-acre site from Houston-based energy firm Baker Hughes.

February 3, 2022

Loans Office Texas

Thorofare Capital Provides $41.9M Loan for Refinancing of Dallas Office Portfolio

by Taylor Williams February 3, 2022

DALLAS — Los Angeles-based Thorofare Capital has provided a $41.9 million loan for the refinancing of a portfolio of 13 office buildings in the Dallas Design District. The buildings total 160,687 square feet. The undisclosed, locally based borrower will use a portion of the proceeds to fund capital improvements. The loan was structured with interest-only payments and a flexible prepayment schedule.

February 3, 2022

Acquisitions Net Lease Oklahoma Retail Texas

Stan Johnson Co. Arranges $7.3M Sale of Tulsa Retail Property Leased to CVS

by Taylor Williams February 3, 2022

TULSA, OKLA. — Stan Johnson Co., a locally based brokerage firm focused on net-leased assets, has arranged the $7.3 million sale of a 13,225-square-foot retail property in Tulsa that is leased to CVS. The property was built in 2011. B.J. Feller of Stan Johnson Co. represented the seller in the transaction. A California-based institutional investor acquired the asset. The deal traded at a cap rate of 5.25 percent and was executed via a 1031 exchange.

February 3, 2022

Acquisitions Florida Retail Southeast

Sleiman Enterprises Acquires 160,000 SF Shopping Center in Delray Beach, Florida

by Julia Sanders February 3, 2022

DELRAY BEACH, FLA. — Sleiman Enterprises has acquired Delray Square, a 160,000-square-foot shopping and dining destination in Delray Beach. Berkeley Capital Advisors represented the undisclosed seller in the transaction. The sales price was not disclosed. Built in 1976 on approximately 16 acres, Delray Square has tenants including Publix, Hobby Lobby, Walgreens, Chipotle and Chick-fil-A. Publix recently relocated to a newly constructed 45,600-square-foot space at the property, while Hobby Lobby recently signed a long-term lease with plans to open in the next few months. Redevelopments occurred in 2019 at Delray Square, which included new LED lighting for the parking lot, newly built anchor store and shops, roof renovation of Hobby Lobby and an overhauled façade. The property was 96 percent occupied at the time of sale. Located at 4771 W. Atlantic Ave., the property is situated 3.2 miles from Delray Beach and 10.4 miles from Boca Raton. The property is also 8.7 miles from the Boca Raton Airport and 7.9 miles from Florida Atlantic University.

February 3, 2022

Loans Multifamily North Carolina Southeast Student Housing

Ready Capital Closes $16.4M Acquisition Loan for Student Housing Property in Chapel Hill, North Carolina

by Julia Sanders February 3, 2022

CHAPEL HILL, N.C. — Ready Capital has closed a $16.4 million acquisition loan for an unnamed student housing property near the University of North Carolina at Chapel Hill. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures. Upon acquisition, the sponsor will implement a capital improvement plan to fix deferred maintenance, renovate unit interiors and exteriors and make common area upgrades.

February 3, 2022

Acquisitions Net Lease New York Northeast

iStar Inc. Agrees to Sell National Portfolio of Net-Leased Assets for $3B

by Taylor Williams February 3, 2022

NEW YORK CITY — New York City-based investment firm iStar Inc. (NYSE: STAR) has entered into an agreement to sell its portfolio of net-leased office, industrial and entertainment properties for roughly $3 billion. The properties are located in various markets throughout the country and total approximately 18.3 million square feet. The buyer is an affiliate of New York City-based private equity firm Carlyle Group. The deal is expected to close before the end of the first quarter. The stock price of iStar Inc. closed at $24.94 per share on Wednesday, Feb. 2, the first full day of trading after the deal was announced. The stock price is currently up more than 50 percent from its mark of $15.81 a year ago.

February 3, 2022

Gillette-Stadium-Foxborough-Massachusetts

Civic Development Massachusetts Northeast

Kraft Group Selects Suffolk as General Contractor for Redevelopment of Gillette Stadium

by Taylor Williams February 3, 2022

FOXBOROUGH, MASS. — The Kraft Group has selected Boston-based general contractor Suffolk as its construction partner for the redevelopment of Gillette Stadium, the home of the NFL’s New England Patriots and MLS’ New England Revolution. The stadium was built in 2002 and is located south of Boston in Foxborough, Mass. The redevelopment will feature a redesigned plaza leading into the stadium, including an enhanced lighthouse. In addition, the north end of the stadium will be renovated with 75,000 square feet of hospitality and event spaces that bridge the gap between the East and West Putnam Clubs, the Dell Technologies Suite Levels and the upper concourse. The development team expects to complete the project in advance of the 2023 NFL season.

February 3, 2022

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