Thursday, July 10, 2025
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The Hendricks
DevelopmentFloridaLoansMultifamilySoutheast

CBRE Arranges Financing for 133-Unit Apartment Project in Jacksonville

by Julia Sanders

JACKSONVILLE, FLA. — CBRE has arranged financing for a new 133-unit multifamily project in Jacksonville called The Hendricks at San Marco. The $30 million apartment development in the city’s San Marco neighborhood will be located near the corner of Atlantic Boulevard and Hendricks Avenue. Jeff Kinney and Phil Rachels of CBRE arranged the funding on behalf of the development team, Harbert Realty Services and Corner Lot Development. The financing included a three-year construction loan through First Horizon Bank and joint venture equity from GMC Properties, which will also manage the property upon completion. The Hendricks at San Marco will be located next to the Publix-anchored East San Marco shopping center. Construction on the apartment community is expected to start this month.

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AcquisitionsFloridaNorth CarolinaRetailSoutheast

Westwood Financial Acquires Two Publix-Anchored Shopping Centers in Metro Charlotte, Orlando

by Julia Sanders

LOS ANGELES — Westwood Financial LLC has acquired Prosperity Village Square and Fountains West, two Publix-anchored shopping centers in the Southeast. Prosperity Village Square was developed in 2016 and is located in the Highland Creek suburb of Charlotte. Fountains West is a neighborhood center located in the western Orlando suburb of Ocoee, Fla. Westwood Financial acquired the assets in a single transaction from one undisclosed, private seller. CBRE acted as lead broker on the deal, the price of which was not disclosed. The Los Angeles-based investor financed the purchase of Prosperity Village using a combination of existing cash on hand and proceeds from its unsecured credit facility. Westwood completed the closing of Fountains West subsequent to assuming an existing loan on the property and funded the remaining portion of the purchase price with cash on hand. Prosperity Village was 96 percent occupied at closing, while Fountains West was fully occupied and experienced little turnover during 2020.

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West-Medical-One
DevelopmentHealthcareTexas

Healthpeak Properties to Renovate 168,790 SF Medical Office Building in Houston

by Taylor Williams

HOUSTON — Denver-based REIT Healthpeak Properties Inc. (NYSE: PEAK) will renovate West Medical One, a 168,790-square-foot medical office building located on the HCA Houston Healthcare West campus. The project will add new patient drop-off areas, dining spaces, a tenant lounge and medical spec suites, as well as upgrade the lobby and other common areas. Healthpeak is in the process of securing permits and expects to complete the renovations in the first quarter of 2022. Identity Architects is designing the project, and E.E. Reed Construction is the general contractor.

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Bogart-Dallas
DevelopmentOfficeTexas

M2G Ventures Completes 50,000 SF Office Redevelopment Project in East Dallas

by Taylor Williams

DALLAS — Locally based developer M2G Ventures has completed Bogart, a 50,000-square-foot office building at 4621 Ross Ave. in East Dallas that is a redevelopment of the former Dallas Can Academy site. The property offers headquarters, studio and spec office spaces and amenities such as a tenant lounge, fitness room and an outdoor gaming area. In addition, food and beverage concept Fiction Coffee has signed a lease to open a store at the property.

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AcquisitionsHospitalityTexas

Marcus & Millichap Brokers Sale of 97-Room Hotel in Houston

by Taylor Williams

HOUSTON — Marcus & Millichap has brokered the sale of OYO Townhouse Houston, a 97-room hotel located at 12701 North Freeway in Houston. The four-story property was built in 1996. Andrew Frosch, Louis Dan, Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, a private investor, in the transaction. Frosch, Gomes and Miller also secured the buyer, a local individual/personal trust that plans to convert the independent hotel into a national franchise brand.

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IndustrialLeasing ActivityTexas

Holt Lunsford Negotiates 40,625 SF Industrial Lease in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Dallas-based Holt Lunsford Commercial has negotiated a 40,625-square-foot industrial lease within Suffolk Business Park in Fort Worth. George Jennings and Thomas Grafton with Holt Lunsford represented the landlord, DFW SD Industrial. Gibson Duwe of Transwestern represented the tenant, Jess Hall’s Serendipity, a provider of food seasonings and sauces.

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Leasing ActivityRetailTexas

Conn’s HomePlus Signs 40,000 SF Retail Lease at Capital Plaza in Austin

by Taylor Williams

AUSTIN, TEXAS — Furniture and appliance retailer Conn’s HomePlus has signed a 40,000-square-foot retail lease at Capital Plaza, a shopping center located at the junction of IH-35 and Cameron Road in Austin. Matt Epple and Britt Morrison of Weitzman represented the undisclosed landlord in the lease negotiations. Sean Murphy of CLD Realty represented Conn’s HomePlus. Other tenants at the center include Target, Ross Dress for Less, Boot Barn, Foot Locker and Walgreens.

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Affordable HousingIndianaLoansMidwestMultifamily

Merchants Capital Secures $21M in Financing for Workforce Housing Property Under Development in Indiana

by Kristin Harlow

EVANSVILLE, IND. — Mortgage banking company Merchants Capital has secured $21 million in financing for Forge on Main, a 180-unit workforce housing property currently under development in Evansville. Located in an Opportunity Zone, the project will include 15,000 square feet of commercial space. Of the 180 units, 18 will be reserved for residents earning no more than 60 percent of the area median income (AMI), while the rest of the units will be priced for tenants at 60 to 120 percent of the AMI. Construction began in August and pre-leasing is underway for fall 2021 move-ins. Developers are working to put a grocery store in the commercial space. The three-year construction loan is combined with an equity bridge loan of $3.4 million in redevelopment tax credits from the Indiana Economic Development Corp. (IEDC). The borrower was House Investments. Project partners include the Partnership for Affordable Housing Inc., IEDC and the City of Evansville, which awarded tax-increment financing bonds and a 10-year property tax abatement. Additionally, the Centerpoint Energy Foundation, a nonprofit arm of Centerpoint Energy, provided a grant for the project. Indianapolis-based Blackline is the architect.

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DevelopmentIndustrialMichiganMidwest

Meridian Design Build Nears Completion of Two Spec Industrial Buildings in Romulus, Michigan

by Kristin Harlow

ROMULUS, MICH. — Meridian Design Build is nearing completion of two speculative industrial buildings at Ecorse Commons Industrial Park in Romulus. NorthPoint Development is the developer. The scope of the projects involved the redevelopment of a 69.5-acre parcel that was previously home to a General Motors engine test facility. Building 1 spans 409,158 square feet with a clear height of 36 feet, four drive-in doors, 213 auto parking spaces and 107 trailer parking stalls. Building 2 spans 245,390 square with a clear height of 32 feet, 195 auto parking spaces and 68 trailer parking stalls. Eugene Agnone III and Lauren Scarpace of CBRE marketed the buildings, which have been fully leased. Studio North Architecture and Hennessey Engineers made up the project team.

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AcquisitionsIndustrialKansasMidwest

SparrowHawk Acquires Four-Building College and Renner Business Center in Lenexa, Kansas

by Kristin Harlow

LENEXA, KAN. — Houston-based SparrowHawk LLC has acquired College and Renner Business Center in Lenexa for an undisclosed price. The 226,009-square-foot light industrial portfolio consists of four buildings ranging in size from 44,700 to 76,200 square feet. There are also 13 additional acres of developable land that SparrowHawk can utilize to expand the business center. At acquisition, the property was 91 percent leased to tenants such as GEICO, CVS Caremark, Mortgage Residential Center, SAFC BioSciences and US Foods. There is one vacancy of 19,871 square feet in Building A. SparrowHawk has selected JLL to manage the portfolio and the JLL brokerage team of Phil Algrim, Kevin Wilkerson and Erik Lund as the leasing agents. John Huguenard and Ed Halaburt of JLL represented the seller, BentallGreenOak.

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