Property Type

Terrain Capital Buys 326-Unit Haven at Westover Hills Apartments in San Antonio

by Taylor Williams October 1, 2021

SAN ANTONIO — Terrain Capital Partners has purchased Haven at Westover Hills, a 326-unit apartment community located on San Antonio’s west side. Constructed in 2005 on 24 acres, the garden-style property’s amenities include a resort-style pool with sundeck and heated spa, fitness center, sand volleyball court, playground and a massage room. The average unit size is 1,010 square feet. Will Balthrope and Drew Garza of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, Flournoy Development Co., and procured the buyer in the transaction.

October 1, 2021

Acquisitions Multifamily Texas

Cushman & Wakefield Brokers Sale of 200-Unit Multifamily Property in North Austin

by Taylor Williams October 1, 2021

AUSTIN, TEXAS — Cushman & Wakefield has brokered the sale of The Plaza at Windsor Hills, a 200-unit multifamily property in North Austin. Built in 1983 and recently updated, the property features an amenity package that includes a pool, courtyard, bark park, clubhouse, outdoor grilling area, playground and a business center. John Carr and Ben Fuller of Cushman & Wakefield represented the seller, Miami-based One Real Estate Investment, in the transaction. The buyer was Comunidad Partners.

October 1, 2021

Industrial Leasing Activity Texas

Louis Vuitton North America Signs 211,100 SF Industrial Lease Near Fort Worth

by Taylor Williams October 1, 2021

COPPELL, TEXAS — Louis Vuitton North America Inc. has signed a 211,100-square-foot industrial lease at 220 Freeport in the Fort Worth suburb of Coppell. Blake Anderson, Tom Carragher, Adam Petrillo, Al Petrillo, Craig Engelhardt, Jeff Cannon, Chris Koeck and Steve Korfiatis of Newmark represented the tenant in the lease negotiations. Transwestern represented the landlord, Prologis.

October 1, 2021

Acquisitions Retail Texas

Weitzman Arranges Sale of 74,837 SF Shops at Vista Ridge Retail Center in Metro Dallas

by Taylor Williams October 1, 2021

LEWISVILLE, TEXAS — Weitzman has arranged the sale of The Shops at Vista Ridge, a 74,837-square-foot retail center located in the northern Dallas suburb of Lewisville. Texas Family Fitness and Harbor Freight Tools are the center’s anchor tenants, and other users include Salons by JC, McAlister’s Deli, Smoothie King and Hobbytown USA. Matthew Rosenfeld, Kevin Butkus and Giovanni Scardino of Weitzman handled negotiations on behalf of the seller, a partnership between New Jersey-based Lamar Cos. and Colorado-based Real Capital Solutions. The buyer was an undisclosed, locally based investment group.

October 1, 2021

Development Hospitality Texas

Esperanto Developments to Open 103-Room Hotel Indigo in Metro Houston in November

by Taylor Williams October 1, 2021

SPRING, TEXAS — Esperanto Developments, an El Paso-based hospitality firm, will open the 103-room Hotel Indigo in Spring, a northern suburb of Houston, on Nov. 17. The four-story property includes four suites and amenities such as a pool, fitness center and a business center. In terms of food and beverage, Hotel Indigo offers a sit-down restaurant, room service, a grab-and-go bar and a poolside bar.

October 1, 2021

Development Industrial New Jersey Northeast

Dermody Properties Breaks Ground on 1.1 MSF Industrial Project in Woolwich Township, New Jersey

by Taylor Williams October 1, 2021

WOOLWICH TOWNSHIP, N.J. — Nevada-based developer Dermody Properties has broken ground on a LogistiCenter at Woolwich, an approximately 1.1 million-square-foot industrial project in Southern New Jersey’s Gloucester County. The Class A development will consist of three buildings totaling 262,200, 552,585 and 336,700 square feet. Building features will include clear heights of 36 to 40 feet, 50 to 110 dock-high doors, ESFR sprinkler systems and build-to-suit office space. CBRE is the leasing agent for the project. Construction of the first building is slated for a fall 2022 completion.

October 1, 2021

Monroe-Marketplace-Selinsgrove-Pennsylvania

Acquisitions Northeast Pennsylvania Retail

JLL Negotiates $44.8M Sale of Grocery-Anchored Power Center in Selinsgrove, Pennsylvania

by Taylor Williams October 1, 2021

SELINSGROVE, PA. — JLL has negotiated the $44.8 million sale of Monroe Marketplace, a 372,794-square-foot retail power center in Selinsgrove, about 170 miles northwest of Philadelphia. Giant Food Stores anchors the property, and other soft goods retailers include T.J. Maxx, Dick’s Sporting Goods, Kohl’s, Ross Dress for Less, Michaels, Old Navy, PetSmart and Ulta Beauty. Restaurant users include Longhorn Steakhouse and Buffalo Wild Wings. Christopher Munley, Jim Galbally and Colin Behr of JLL represented the undisclosed institutional seller in the transaction. Acadia Realty Trust purchased the asset for an undisclosed price.

October 1, 2021

Acquisitions Northeast Retail Rhode Island

Greenberg Gibbons Acquires 112,497 SF Shopping Center in North Providence, Rhode Island

by Taylor Williams October 1, 2021

NORTH PROVIDENCE, R.I. — Maryland-based investment and development firm Greenberg Gibbons has acquired North Providence Marketplace, a 112,497-square-foot shopping center in Rhode Island. Grocer Shaw’s is the anchor tenant of the property, which was 82 percent leased at the time of sale to tenants such as Dollar Tree, Sally Beauty Supply, H&R Block and EbLens. Justin Smith, Chris Peterson, Bryan Anderson, Ben Starr, Sam Koonce and Molly Lynch of Atlantic Capital Partners represented Greenberg Gibbons and the unnamed seller in the transaction. The sales price was not disclosed, but Greenberg Gibbons acquired the asset in conjunction with a 92,000-square-foot center in Maryland for a combined $34.6 million.

October 1, 2021

Acquisitions Industrial New Jersey Northeast

Cushman & Wakefield Brokers $34.5M Sale of Industrial Asset in Elizabeth, New Jersey

by Taylor Williams October 1, 2021

ELIZABETH, N.J. — Cushman & Wakefield has brokered the $34.5 million sale of a 240,000-square-foot industrial asset located within a Qualified Opportunity Zone in the Northern New Jersey community of Elizabeth. Building features include 58 loading positions, 185-foot truck court depths and an adjacent lot for tractors/employee parking. Gary Gabriel, Kyle Schmidt, Ryan Larkin, Eli Millstein, Chuck Fern and Gary Casaletto represented the undisclosed seller in the transaction. The buyer was also undisclosed. The property was fully leased to seven tenants at the time of sale.

October 1, 2021

Conference Coverage Features Net Lease

Rising Deal Volume Favors Sellers in Net-Lease Investment Market, Says InterFace Panel

by Taylor Williams October 1, 2021

NEW YORK CITY — As more players enter the market, rising demand for net-leased commercial properties in the United States is leading to higher prices and lower capitalization rates, making it a good time to be a seller of such assets. According to a new report by national brokerage firm The Boulder Group, average cap rates for net-leased retail, office and industrial properties fell by 22, 15 and 19 basis points, respectively, between the second and third quarters of this year. The number of net-leased retail and office properties on the market both grew between the second and third quarters of this year, but the report noted that the sector is still defined by “significant investor demand combined with a limited supply of quality assets.” Like any other asset class, certain subcategories of net-leased product are performing better than others. Due to the compounding forces of e-commerce and a global pandemic, industrial remains a pack leader while office is shrouded with uncertainty. By the same logic, in the net-lease retail space, properties leased to essential service retailers and quick-service restaurants with outdoor seating are among the preferred investment vehicles. But on a broader level, institutional investors are growing their presence …

October 1, 2021

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