Property Type

Mia Rose Holdings Unveils Plans for Multi-Building Multifamily Project in Dardenne Prairie, Missouri

by Kristin Harlow March 2, 2021

DARDENNE PRAIRIE, MO. — Mia Rose Holdings has unveiled plans for the development of Old Town Square, a multi-building apartment project in Dardenne Prairie, a western suburb of St. Louis. Mia Rose is developing the project in partnership with Benton Homebuilders and Jim Cook, Imo’s Pizza franchisee and co-owner of Sugarfire Smokehouse. The joint venture team, known as Bryan 364 Junction LLC, plans to break ground on the project in June. Completion is slated for December 2022. The development recently received zoning approval from the city. Plans call for the construction of five apartment buildings consisting of 120 one-bedroom units and 60 two-bedroom units. Additionally, Benton Homebuilders will construct nine buildings with 60 villas, each with three bedrooms, a basement and a two-car garage. The villas will be available for lease. One of the apartment buildings will feature 12,000 square feet of ground-floor retail space. An additional 4,500-square-foot retail space will be home to a new Imo’s Pizza. Amenities will include a pool, outdoor lounge, business room, coffee bar, fitness center and dog park. The project architects are Rosemann & Associates and DL Design. Premier Design Group is serving as civil engineer. The property manager will be 2B Residential.

March 2, 2021

Midwest Minnesota Retail

Target’s Comparable Sales Grew 20.5 Percent in Fourth Quarter, Aided by Spike in Digital Sales

by Kristin Harlow March 2, 2021

MINNEAPOLIS — Riding on the strength of digital sales, Target Corp. (NYSE: TGT) reported that its fourth-quarter sales grew 20.5 percent compared with the same period a year ago. The Minneapolis-based retailer’s quarter ended Jan. 30. Comparable store sales increased 6.9 percent while digital sales grew 118 percent, accounting for two-thirds of the company’s overall growth. Same-day services such as order pickup grew 212 percent, led by more than 500 percent growth in drive-up services. CNBC reported that Target’s earnings topped Wall Street’s estimates, as its sales got a lift from a strong holiday season and stimulus checks. For the year, Target’s 2020 sales growth of more than $15 billion was greater than the company’s total sales growth over the prior 11 years. “Following years of investment to build a durable, scalable and sustainable business model, we saw record growth in 2020, as our guests turned to Target to safely provide for their families throughout the pandemic,” said Brian Cornell, chairman and CEO, in a news release. Target’s stock price opened at $190.27 per share Tuesday, March 2, up from $109.06 per share one year ago.

March 2, 2021

Affordable Housing Loans Midwest Multifamily Ohio

KeyBank Secures $18.6M for Construction of Affordable Housing Property in Cleveland

by Kristin Harlow March 2, 2021

CLEVELAND — KeyBank has secured $18.6 million in financing for the construction of Slavic Village Gateway, an 88-unit affordable housing property in Cleveland. The two-building project will feature 21,000 square feet of ground-floor retail space as well as 10 townhomes. The property will feature 23 units for renters that earn at or below 30 percent of area median income (AMI) and 65 units for those who earn at or below 60 percent of AMI. KeyBank Community Development Lending and Investment (CDLI) secured a $12.5 million construction loan, while KeyBank’s Commercial Mortgage Group arranged a $6.1 million forward commitment for a Freddie Mac permanent loan. Additionally, the project will use 9 percent low-income housing tax credit equity from the Ohio Capital Corp. for Housing, $600,000 from the City of Cleveland and $1.5 million from University Settlement, which is a nonprofit social service agency that will occupy some of the project’s retail space. Kyle Kolesar of KeyBank’s CDLI team and Robbie Lyn of KeyBank’s Commercial Mortgage Group structured the financing on behalf of the developer, The NRP Group LLC.

March 2, 2021

Acquisitions Arkansas Leasing Activity Retail Southeast

CBRE Arranges $30.1M Sale-Leaseback of Grocery Store Portfolio Across Arkansas, Missouri

by Julia Sanders March 2, 2021

SPRINGDALE, ARK. — CBRE has arranged a $30.1 million sale-leaseback of 13 freestanding grocery stores leased to Harps Foods Stores Inc. totaling 459,525 square feet in Arkansas and Missouri. Harps sold the portfolio to New Jersey-based Essential Properties Realty Trust Inc. Will Lightfoot, Jason Little, David Erstine and Hunter Groce of CBRE represented the seller in the transaction. Since 2015, CBRE assisted Harps in sale-leaseback transactions totaling $110 million. All 13 properties were sold subject to new, long-term net leases with Harps and will continue to operate under Harps-operated brands, including Harps Food Stores and 10Box. The sale will not affect store operations in any way. Harp’s Food Stores Inc., based in Springdale, is a chain of 113 supermarkets located across Arkansas, Oklahoma, Missouri and Kansas. In 2001, the company did a leveraged buy-out with the Employee Stock Ownership Plan (ESOP) purchasing outstanding stock from the family and management. Harps is the largest employee-owned company headquartered in Arkansas and the 20th largest in the United States.

March 2, 2021

Acquisitions Midwest Minnesota Multifamily Seniors Housing

JLL Negotiates $5.5M Sale of Memory Care Facility in Suburban Minneapolis

by Kristin Harlow March 2, 2021

CHANHASSEN, MINN. — JLL Capital Markets has negotiated the $5.5 million sale of Olive Branch Estates in Chanhassen, a suburb of Minneapolis. The 24-unit, 28-bed memory care facility was constructed in 2015. The one-story property sits on 4.6 acres. John Klement of JLL represented the seller, a private owner and operator. The buyer, a limited liability company, has retained Elysian Senior Homes to operate the community. The sales price represents a cap rate of 8.75 percent.

March 2, 2021

Acquisitions Hospitality Texas

NewcrestImage Buys 325-Room Historic Magnolia Hotel in Downtown Dallas

by Taylor Williams March 2, 2021

DALLAS — Locally based hospitality investment firm NewcrestImage has purchased the Magnolia Hotel, a 325-room hotel located at 1401 Commerce St. across the street from AT&T’s headquarters office in downtown Dallas. The historic 29-story building was originally constructed in 1922 as the headquarters for Magnolia Petroleum and was redeveloped into a boutique hotel in 1999. NewcrestImage purchased the property from Denver-based Stout Street Hospitality for an undisclosed price. John Bourret, Daniel Peek, Austin Brooks and David Auer of Hodges Ward Elliott brokered the deal.

March 2, 2021

Development Office Texas

Hicks Ventures, Taconic Capital Complete Renovation of 341,947 SF Houston Office Building

by Taylor Williams March 2, 2021

HOUSTON — A partnership between locally based investment firm Hicks Ventures and New York City-based Taconic Capital has completed the $6 million renovation of 1177 West Loop South, a 341,947-square-foot office building in Houston. The program upgraded the 18-story building’s lobby, conference facilities, common areas, café, fitness center and outdoor patios. Transwestern provides leasing services for the property. Hicks Ventures purchased the building in the spring of 2019 and started the renovation in early 2020.

March 2, 2021

Acquisitions Florida Industrial Southeast

Birtcher Anderson & Davis, Belay Investment Group Purchases $17.1M Sunstate Business Park in Tampa

by Julia Sanders March 2, 2021

TAMPA, FLA. — A joint venture between Birtcher Anderson & Davis and Belay Investment Group has purchased Sunstate Business Park in Tampa for $17.1 million. The property’s eight buildings total 180,323 square feet of flex and industrial space and are located at the intersection of West Waters Avenue and Sunstate Street, two miles from Tampa International Airport. Ryan Vaught, Robyn Hurrell and Nathan Lynch of Colliers International represented the seller, Indianapolis-based Citimark. The buyer was self-represented. At the time of the sale, Sunstate Business Park was 91.1 percent leased to 26 tenants, including Freedom Scientific Inc., Cooper Speed, Calta’s Fitness Center and American Technologies Group. The property recently underwent capital improvements to refresh signage, landscaping and exterior paint. Having sold off over 1 million square feet in Tampa-based assets over the past two years, Sunstate Business Park is currently the only property Birtcher Anderson & Davis owns in the Tampa Bay market.

March 2, 2021

Development Multifamily Oklahoma Seniors Housing Texas

Sparrow Partners Underway on 268-Unit Active Adult Community in Norman, Oklahoma

by Taylor Williams March 2, 2021

NORMAN, OKLA. — Austin-based Sparrow Partners is underway on construction of Sage Cobblestone, a 168-unit active adult community in Norman. The property will be located adjacent to the Cobblestone Creek Golf Course and 2.5 miles from the University of Oklahoma. The first residents are scheduled to move in to the six-acre property in the spring 2022. Sparrow Partners will build and own Sage Cobblestone, while its subsidiary Sparrow Living will manage the property. The project team includes architect Fugleberg Koch, landscape designer Norris Design and engineering firms Kimley-Horn, Integrity Structural and Joseph Lawrence & Co. Rents will start at approximately $1,400 and $2,055 a month for one- and two-bedroom units, respectively.

March 2, 2021

Development Florida Retail Southeast

JLL Secures Construction Financing for Publix-Anchored Center Near Fort Myers, Florida

by Julia Sanders March 2, 2021

BABCOCK RANCH, FLA. — JLL Capital Markets has secured construction financing for the development of Crescent B Commons, an 82,640-square-foot, Publix-anchored neighborhood shopping center in Babcock Ranch, a new town situated northeast of Fort Myers. Tarik Bateh and Jennifer Swanson of JLL arranged the loan through Ameris Bank on behalf of the developer, Kitson & Partners. Construction on Crescent B Commons began in August 2020 and is slated to be completed in summer 2021. The Publix is set to open shortly after. Crescent B Commons will be located in the front of Babcock Ranch, a Kitson & Partners’ planned community that is self-described as the United States’ first solar-powered town.

March 2, 2021

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