Property Type

Two Class B Mall Redevelopment Projects Near Atlanta, St. Louis Unveiled

by Katie Sloan January 27, 2022

NORTH DECATUR, GA. AND CRESTWOOD, MO. — Real estate developer EDENS and the City of Crestwood have separately announced two massive mall redevelopment projects in the Atlanta and St. Louis metropolitan areas, respectively. The redevelopment of Class B malls into mixed-use, open-air centers has continued to grow in popularity as shopping center owners and operators look to compete with e-commerce through the delivery of thoughtful spaces that provide an experience for visitors. North Dekalb Mall EDENS purchased North Dekalb Mall last year with plans to redevelop the property into a mixed-use project. This week, a Development of Regional Impact (DRI) application was filed with the Georgia Department of Community Affairs detailing plans for the project. Located roughly seven miles outside in Atlanta in North Decatur, the development is set to include 300,000 square feet of office space, 200,000 square feet of hospitality, 150 multifamily units and 1,700 townhomes, in addition to retail and restaurant space. A timeline for the project and further information was not disclosed. The property’s previous owner, Sterling Organization, teamed up with developer Hendon Properties and Lennar Commercial Investors in 2014 with plans to turn the 622,297-square-foot enclosed mall into an open-air shopping center, which ultimately did …

January 27, 2022

Market Reports Retail Texas Texas Market Reports

Demand Resurfaces in Dallas Retail Market as Supply Wanes, New Households Arrive

by Taylor Williams January 27, 2022

By Philip Levy, senior managing director, investments, Marcus & Millichap The Dallas retail climate is more favorable entering 2022 than it has been for most of the COVID-19 crisis. Overall, the marketwide retail vacancy rate fell 50 basis points during the first three quarters of 2021, ending at an even 6 percent in September. Nevertheless, that rate is about 100 basis points above the pre-pandemic level. A strong rebound in tenant demand is helping lower vacancy, however, with net absorption across the opening nine months of 2021 totaling more than 2.2 million square feet, compared with a net loss of 1.5 million square feet in 2020. Additionally, the construction pipeline has shrunk considerably, helping mitigate supply-side pressure as the market bounces back. As of the fourth quarter of 2021, less than 1 million square feet of new retail product with an expected completion date in 2022 was under construction in the greater Dallas area. This is a sharp contrast to the 2 million-plus square feet that developers delivered in each year between 2014 and 2020. Strengthening demand drivers amid a reduction in development suggest that downward pressure on vacancy will continue in the coming quarters. New Households Spend Near-term uncertainty …

January 27, 2022

Acquisitions Retail Texas

Fidelis Realty Partners Buys 613,468 SF Retail Power Center in Metro Houston

by Taylor Williams January 26, 2022

PEARLAND, TEXAS — Locally based investment and development firm Fidelis Realty Partners has purchased Shadow Creek Ranch, a 613,468-square-foot retail power center located in the southern Houston suburb of Pearland. Built in 2008 and anchored by grocer H-E-B, Shadow Creek Ranch was roughly 98 percent leased at the time of sale. Other retailers include Academy Sports + Outdoors, Ashley HomeStore, Burlington, Dynamic Fitness, Hobby Lobby, Men’s Wearhouse and Pure Barre. Restaurant users include Salata, Taco Cabana, Longhorn Steakhouse and Subway. Ryan West, Chris Gerard, Barry Brown, Wendy Vandeventer and Katherine Miller of JLL represented the seller, Edens, in the transaction. Fidelis also tapped JLL to arrange post-acquisition financing for the property.

January 26, 2022

Acquisitions Industrial Texas

JLL Negotiates Sale of 144,128 SF Industrial Facility in Allen, Texas

by Taylor Williams January 26, 2022

ALLEN, TEXAS — JLL has negotiated the sale of a 144,128-square-foot industrial facility in the northeastern Dallas suburb of Allen that is fully leased to KONE, a provider of elevator and escalator systems. The complex was constructed in 2016 and consists of a 121,852-square-foot building with 28-foot clear heights and a seven-story, 22,276-square-foot elevator testing tower with office space. Stephen Bailey, Dustin Volz, Dom Espinosa, Wesley Gilmer and Beth Copeland of JLL represented the seller, Houston-based Sentinel Capital, in the transaction. Tradition Senior Living LP purchased the property for an undisclosed price via a 1031 exchange as part of an effort to increase its exposure to other asset classes.

January 26, 2022

Affordable Housing Development Loans Multifamily Texas

MVAH Partners Underway on 226-Unit Mixed-Income Housing Project in Plano

by Taylor Williams January 26, 2022

PLANO, TEXAS — Ohio-based developer MVAH Partners LLC is underway on construction of K Avenue Lofts, a 226-unit mixed-income housing project in the northern Dallas suburb of Plano. Within the five-story building, 79 percent of the units will be reserved for households earning 60 percent or less of the area median income (AMI). The remaining residences will be rented at market rates. Amenities will include a leasing office/clubhouse, crafts room, fitness center, business center, media room, pet park, playground and a pool. Completion is slated for summer 2023. David Lacki and Alton Tinker of KeyBank originated a $39.6 million construction loan for the project. The Plano Housing Authority issued $19 million in bonds that were sold by KeyBanc Capital Markets, and $19 million of KeyBank’s construction loan will serve as collateral for the bondholders. In addition, The Texas Department of Housing and Community Affairs awarded Low Income Housing Tax Credits for the deal.

January 26, 2022

Development Florida Industrial Southeast

Amazon to Open 220,000 SF Delivery Station in Port St. Lucie, Florida

by Julia Sanders January 26, 2022

PORT ST. LUCIE, FLA. — Amazon will be opening a 220,000-square-foot delivery station in Legacy Park at Tradition, a distribution park in Port St. Lucie. Construction is expected to be complete by September. The Seattle-based e-commerce giant plans to hire 200 full-time workers to prepare customer orders for last-mile delivery at the project. The facility will be a single-story building standing 44 feet. Sansone Group is the project developer, while Threecore is the general contractor. Robert Smith of CBRE worked with Sansone Group to sign Amazon on as a tenant at Legacy Park. Once completed, Legacy Park at Tradition will total approximately 5.4 million square feet of single and multitenant light industrial and distribution facilities. Other tenants at the Class A distribution park includes FedEx Ground and Cheney Brothers.

January 26, 2022

Loans Multifamily Texas

Dwight Capital Provides $32.4M HUD Construction Loan for Gibson Apartments in Metro Dallas

by Taylor Williams January 26, 2022

GRAND PRAIRIE, TEXAS — New York City-based Dwight Capital has provided a $32.4 million HUD construction loan for The Gibson, a 199-unit apartment community in the central metroplex city of Grand Prairie. The five-story building will be situated on a 4.4-acre site and will house studio, one- and two-bedroom units. Amenities will include a clubhouse, dog park and a rooftop terrace. Josh Sasouness of Dwight Capital originated the financing on behalf of the undisclosed borrower. Completion is slated for the first half of 2023.

January 26, 2022

Industrial Loans Texas

MMCC Arranges $18.5M Acquisition Loan for Houston Industrial Portfolio

by Taylor Williams January 26, 2022

HOUSTON — Marcus & Millichap Capital Corp. (MMCC) has arranged an $18.5 million acquisition loan for a portfolio of three industrial buildings totaling 225,000 square feet in Houston. The portfolio was built in phases, with the most current component delivered in 2019, and is occupied by metal products supplier G&H Diversified Manufacturing. Frank Montalto and Dean Giannakopoulos of MMCC arranged the 10-year loan, which carried a 65 percent loan-to-value ratio and five years of interest-only payments. The borrower was not disclosed.

January 26, 2022

Acquisitions Development Mixed-Use Office Retail Southeast Tennessee

CBRE Investment Management Acquires Sylvan Supply Mixed-Use Development in Nashville

by Julia Sanders January 26, 2022

NASHVILLE, TENN. — CBRE Investment Management, on behalf of the Strategic Partners U.S. Value 9 fund, has acquired Sylvan Supply, an eight-building, 193,663-square-foot mixed-use development in Nashville. The sellers are the project’s developers: FCP and Third & Urban. The sales price was not disclosed. Originally built in 1959, Sylvan Supply was formally used as a specialty wood mill. Between 2018 and 2020, the site was redeveloped by FCP and Third & Urban. Now, the property includes about 158,000 square feet of creative office space and 36,000 square feet of retail space. The property was 61 percent leased at the time of sale to five restaurants and a variety of other retail tenants, including a brewery, fitness studio and a salon. In addition to creative office space, Sylvan Supply offers a common area, Wi-Fi and numerous outdoor plazas for retail and dining, in addition to private patios for office tenants. The site offers abundant parking for tenants and visitors. Located at 4101 Charlotte Ave. on a 7.8-acre site, Sylvan Supply is situated less than four miles from downtown Nashville.

January 26, 2022

Development Georgia Industrial Southeast

Dermody Completes 154,440 SF Spec Industrial Property in Metro Atlanta

by Julia Sanders January 26, 2022

DECATUR, GA. — Reno, Nev.-based Dermody Properties has completed LogistiCenterSM at Miller Road, a 154,440-square-foot distribution facility in Decatur. Located at 2800 Miller Road, LogistiCenterSM is situated 16.7 miles east of downtown Atlanta. The property features 32-foot clear heights, 150 car parking stalls, 23 trailer stalls, 35 dock-high doors, an ESFR fire protection system and build-to-suit office space. LogistiCenterSM, a nationally trademarked brand owned and developed by Dermody Properties, represents the company’s business philosophy of developing Class A distribution and logistics facilities that meet the supply chain requirements for companies. Matt Bentley of NAI Brannen Goddard is the leasing broker for the project. The building is immediately available for lease.

January 26, 2022

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