Property Type

SRS Brokers Sale of 50,275 SF Shopping Center in Marion, Virginia

by Julia Sanders January 19, 2022

MARION, VA. — SRS Real Estate Partners’ Investment Properties Group has brokered the sale of Marion Shopping Center, a 50,275-square-foot multi-tenant retail center in Marion. The buyer, Eire Investments USA LLC, purchased the property for an undisclosed price. Kyle Stonis and Pierce Mayson of SRS represented the undisclosed seller in the transaction. Anchored by Food Lion, Marion Shopping Center is fully occupied by retailers such as CVS/pharmacy and Fresenius Medical Care. Both Food Lion and CVS/pharmacy have been at the property for over 35 years. Fresenius recently signed a 10-year lease at the property. Located on 4.6 acres, the property is situated along Interstate 81 near where the North Carolina, Tennessee and Virginia borders intersect.

January 19, 2022

Development Multifamily Texas

D’Agostino Cos. Breaks Ground on 300-Unit Multifamily Project in Metro Houston

by Taylor Williams January 19, 2022

CYPRESS, TEXAS — Locally based developer D’Agostino Cos. has broken ground on Reserve at Cypress, a 300-unit multifamily project located on the northwestern outskirts of Houston. The community will feature one-, two- and three-bedroom units that will average 972 square feet and will be furnished with stainless steel appliances, stone countertops, tile backsplashes and individual washers and dryers. Amenities will include a pool, outdoor dining and entertainment areas and a fitness center. Austin-based OHT Partners is the general contractor for the project, which is slated for a January 2023 completion. Chris Bergmann Jr. of JLL represented the developer in its acquisition of the land, which occurred last June.

January 19, 2022

Acquisitions Florida Retail Southeast

CBRE Arranges $3.1M Sale of Tampa Bay Retail Strip Center

by Julia Sanders January 19, 2022

ST. PETERSBURG, FLA. — CBRE has arranged the sale of Bayview Plaza II, a 16,146-square-foot retail strip center in St. Petersburg. Millan Enterprises, a Tennessee-based real estate firm, purchased the property for $3.1 million. Mark Shellabarger and Ari Ravi of CBRE represented the seller, Sarasota, Fla.-based ICORR Properties. Built in 1985 and partially renovated in 2018, Bayview Plaza II was 83 percent leased at the time of sale to eight tenants, including Brewers’ Tasting Room, H & R Block, MCI Metro, Critical Hit Games and Thai Wok restaurant. Located at 11270 4th St. N, the property is situated adjacent to Bayview Office Building and Bayview Plaza, a 78,000-square-foot, Winn-Dixie-anchored shopping center. The property is located 14.7 miles from Tampa and 7.3 miles from downtown St. Petersburg.

January 19, 2022

Acquisitions Office Texas

JLL Negotiates Sale of 192,313 SF Office Building in Houston’s Westchase District

by Taylor Williams January 19, 2022

HOUSTON — JLL has negotiated the sale of 1500 Citywest, a 192,313-square-foot office building in Houston’s Westchase District. Built on roughly four acres in 1981, the property was 65 percent leased at the time of sale, primarily to tenants in the energy and engineering sectors. Rick Goings and Jack Moody of JLL represented the seller, a partnership controlled by Salt Lake City-based Bridge Investment Group, in the off-market transaction. Josh Morrow and Collin Roach of Avison Young represented the buyer, locally based commodities trader BioUrja Group.

January 19, 2022

Acquisitions Retail Texas

Steeplechase Ventures Acquires 166,225 SF Shopping Center in Denton, Texas

by Taylor Williams January 19, 2022

DENTON, TEXAS — Dallas-based investment firm Steeplechase Ventures LLC has acquired Presidio Plaza, a 166,225-square-foot shopping center located in the North Texas city of Denton. The property, which was 91 percent leased at the time of sale, was originally constructed as a regional outlet mall known as Stonehill Center. Adam Howells, Ryan Shore and Matthew Barge of JLL represented the seller, locally based firm LAD Ventures LLC, which purchased the asset in 2016 and subsequently expanded it, in the transaction.

January 19, 2022

Company News Multifamily Texas

Global Real Estate Advisors Launches Three Texas Offices

by Taylor Williams January 19, 2022

NEW YORK CITY — Global Real Estate Advisors (GREA), a full-service brokerage and advisory firm specializing in multifamily acquisitions and financing, has launched 11 offices across the country, including three in the major Texas markets of Dallas, Houston and Austin. The firm brings together representatives of regional brokerages including National Apartment Advisors, Greystone SG, Brown Realty Advisors, HFO Investment Real Estate, Rittenhouse Realty Advisors and Bel Real Estate Advisors. Combined, the brokerages transacted more than $4.5 billion in 2021 sales volume.

January 19, 2022

Development New York Northeast Retail

Federal Realty to Undertake $75M Redevelopment of Long Island Shopping Center

by Taylor Williams January 19, 2022

HUNTINGTON STATION, N.Y. — Federal Realty Investment Trust (NYSE: FRT) will undertake a $75 million redevelopment of Huntington Shopping Center, a 21-acre shopping center in the Long Island community of Huntington Station. Enhancements to the center will include updated facades; reconstructed parking lots; new landscaping and walkways; the development of two pad sites; and the addition of outdoor seating areas. In addition, Whole Foods Market will open a new store as part of the redevelopment. The center currently houses tenants such as PetSmart, Ulta Beauty and Michaels, all of which will remain open during construction. The site will span 277,000 square feet upon completion of the redevelopment, which is slated for 2024.

January 19, 2022

JW-Marriott-Desert-Springs-Resort-Spa-Palm-Springs-CA

California Hospitality Loans Western

Kam Sang Co. Receives $128M in Financing for JW Marriott Desert Springs Resort & Spa in Palm Desert

by Amy Works January 19, 2022

PALM DESERT, CALIF. — Kam Sang Co. has obtained a $128 million loan for the JW Marriott Desert Springs Resort & Spa in Palm Desert. JLL’s Hotels & Hospitality Group secured the five-year, fixed-rate, interest-only loan, which Goldman Sachs Bank USA originated. The owner used proceeds to repay the existing loan, which was scheduled to mature in February 2022. The 884-key hotel underwent a $40 million renovation in early 2020 that resulted in the creation of additional suites and substantial upgrades to all guest rooms. Spanning 286 acres, the resort features five swimming pools; two 18-hole golf courses; a Peter Burwash International Tennis Court; a 47-treatment-room spa facility; an aviary; 35 acres of streams, lakes and cascading waterfalls; a 12,000-square-foot entertainment zone; and more than 234,000 square feet of indoor and outdoor event space. The resort also offers a broad collection of food and beverage outlets, including T&T Innovation Kitchen, Mikado Japanese Steakhouse, Blue Star Lounge, Rockwood Grill and Aquifer65. Mike Huth and Shalin Patel of JLL Hotels & Hospitality represented the borrower in the financing.

January 19, 2022

Acquisitions Affordable Housing Hawaii Multifamily Western

CPP Acquires 164-Unit Smith-Beretania Affordable Housing Tower in Honolulu

by Amy Works January 19, 2022

HONOLULU — Community Preservation Partners (CPP) has purchased Smith-Beretania Apartments, an affordable multifamily property in Honolulu. Terms of the transaction were not released. The 22-floor housing complex features 164 one- and two-bedroom units, all of which receive subsidy under a Section 8 HAP contract. The property also features a community room, on-site management, laundry facilities, controlled access entry and dedicated parking in the adjacent parking structure. The site also provides access to a public park with a playground, basketball court, pet park and open green space. CPP plans to work with Hawaii-based business partners to invest nearly $10 million to rehabilitate the complex, with renovations to include exterior paint, unit turns, energy-efficiency improvements, accessibility upgrades and site amenity updates. CPP partnered with local lenders BlackSand Capital and Bank of Hawaii to finance the property acquisition. The company also worked with Hawaii affordable housing specialist Ahe Group in the transaction. Now under CPP ownership, future renovations to the Smith-Beretania Apartments will be financed through the Low-Income Housing Tax Credit (LIHTC) program, which will preserve its affordable housing designation for decades.

January 19, 2022

Acquisitions Midwest Minnesota Retail

JLL Brokers Sale of Ridgehaven Shopping Center in Suburban Minneapolis

by Kristin Harlow January 19, 2022

MINNETONKA, MINN. — JLL Capital Markets has brokered the sale of Ridgehaven shopping center in the Minneapolis suburb of Minnetonka for an undisclosed price. Located at 13081 Ridgedale Drive and shadow anchored by Target, the fully leased property spans 140,418 square feet. Tenants include Lunds & Byerlys, Barnes & Noble, Ulta Beauty, Rosenthal Furniture Co., Massage Envy and Supercuts. Amy Sands, Clinton Mitchell, Michael Nieder and Ted Gonsior of JLL represented the seller, Invesco Real Estate. Bianco Properties was the buyer.

January 19, 2022

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