BIRMINGHAM, ALA. — KIRCO has completed construction of The Bluffs at Greystone, a 137-unit seniors housing community in Birmingham. Phoenix Senior Living operates the property, which features 63 independent living units, 50 assisted living units and 24 memory care units. The community features a dog park, indoor pool, bocce ball court, movie theater, game room and an arts and crafts studio. The asset is located at 6328 Farley Lane, 13 miles southeast of downtown Birmingham.
WASHINGTON, D.C. — The U.S. Commerce Department reported in its advanced estimate Wednesday morning that retail spending rose 0.6 percent on a month-over-month basis in August. Total sales for the month were $537.5 billion, up from $534.6 billion in July. This marks the fourth straight month retail sales rose since April, when sales plummeted 16.4 percent due to the coronavirus pandemic shutting down the U.S. economy in mid-March. The National Retail Federation (NRF) said it expected August numbers to slow due to federal assistance waning at the end of July, but the Washington, D.C.-based organization believes consumers are “in good shape” heading into the holiday season. “Over the past several months, consumers have responded well to federal relief measures that have supported the recovery, so it comes as no surprise that they would take a pause on spending as some of these programs tapered off at the end of July,” says Matthew Shay, CEO and president of the NRF. “We continue to advocate for additional stimulus measures to help the economy recover. With the holidays quickly approaching, our retailers are prepared to serve customers to meet all of their holiday needs and are embracing the new holiday tradition of shopping …
TALLAHASSEE, FLA. — Berkadia has arranged a $23 million refinancing loan for College Town II, a 198-bed student housing community in downtown Tallahassee. Ameris Bank provided the 10-year term loan, which features a fixed 3.66 percent interest rate. The loan will be used to refinance the original construction loan, which Berkadia also arranged in 2015. The borrower is Seminole Boosters, the fundraising arm for Florida State University Athletics. College Town II comprises five seven-story buildings, 23,177 square feet of retail space and a seven-story parking garage. Retail tenants in the project include Township, 51 on Madison, Tin Lizzy’s Taqueria & Cantina, Barefoot Campus Outfitters, Little Masa and Sunstop Urban Market. The community is located at 805 W. Madison St., a half-mile from Florida State University (FSU) and two miles from Florida A&M University (FAMU). Brad Williamson of Berkadia arranged the loan on behalf of the borrower.
DALLAS — California-based CT Realty has acquired an 18.4-acre infill site in the South Stemmons submarket of Dallas for the development of Stadium Logistics Center, a 329,402-square-foot industrial project that is valued at $40 million. Offering 470 feet of frontage on U.S. Highway 183 just west of the I-35 Stemmons Freeway, the site is located within 7.5 miles of both Dallas Love Field Airport and DFW International Airport. Stadium Logistics Center will feature 36-foot clear heights and a front-park/rear-load configuration. Pross Design Group is the project architect, and Talley Riggins Construction Group is the general contractor. California Bank & Trust provided construction financing. CT Realty expects to break ground later this month and to deliver the project in September 2021. Mike McElwee of Avison Young represented the seller, NCH Corp., in the land deal. Craig Jones and Randy Touchstone of JLL represented CT Realty and will also market the project for lease.
ALLEN, TEXAS — McCarthy Building Cos. has completed construction of Collin College Technical Campus, a 340,000-square-foot civic project located in the northeastern Dallas suburb of Allen. The four-building complex will serve more than 7,000 students and includes 42,000 square feet of shared classroom space for the Allen Independent School District. In addition, the facility features 192,000 square feet of technical and trade classrooms with open lab spaces, mechanical electrical and plumbing shops, welding shops, auto shops, and carpentry shops as well as campus support areas. According to local newspaper The Allen American, this campus of the public college currently has an enrollment of about 1,650 students that are taking both online and in-person classes.
NEW BRAUNFELS, TEXAS — New York City-based Rosewood Realty Group has brokered the sale of Creekside Apartments, a 268-unit apartment community located in the San Antonio suburb of New Braunfels. The property offers one- two- and three-bedroom residences and amenities such as a pool, clubhouse and a fitness center. Jonathan Brody of Rosewood Realty represented the seller, Continental Properties, and the buyer, New Jersey-based Borei Olam Management, in the deal.
SAN ANTONIO — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Spanish Keys Apartments, a 154-unit community in San Antonio. Built in 1965, the property offers studio, one- and two-bedroom units and amenities such as a pool and a business center. Chris Siemasko and Bryce Smith of TMG represented the Dallas-based seller and procured the buyer in the transaction. Both parties requested anonymity.
DALLAS — A quartet of real estate veterans has launched Segovia Partners, a new firm that will offer advisory and brokerage services to tenants in the retail markets of Texas, Oklahoma, Arkansas and Louisiana and to landlords throughout the United States. Each member of the team of Jack Breard, Jennifer Frank, Michelle Waak and David B. Shelton has more than 20 years of experience in the industry. Frank most recently worked with Segovia Retail Partner; Breard and Shelton most recently worked with CBRE; and Waak most recently worked with The Howard Hughes Corp. Over the years, the team’s retail-using clients have included IKEA, Ulta Beauty, P.F. Chang’s and Flower Child. The firm’s office is located at 8080 Park Lane in Dallas and is officially open for business.
NEW YORK CITY — Town Sports International Holdings Inc. (NASDAQ: CLUB), the parent company of New York Sports Clubs, Boston Sports Clubs and Lucille Roberts gyms, has filed for Chapter 11 bankruptcy, according to reports from multiple new outlets including CNBC and The Wall Street Journal. The company filed its petition in the U.S. Bankruptcy Court in Wilmington, Del. Town Sports, which operates about 200 fitness centers throughout the region, said that it does not plan to permanently close the majority of its gyms, which serve about 600,000 members. The fitness chain joins Dallas-based Gold’s Gym and 24 Hour Fitness as the latest operator to file for Chapter 11 bankruptcy in response to COVID-19, which has forced many such facilities to either close or operate at reduced capacities.
RARITAN, N.J. — Burlington has opened a new store at Somerville Circle Shopping Center, a 150,000-square-foot property located at the intersection of Routes 202/206 and Route 28 in Raritan, about 45 miles southeast of New York City. Burlington has backfilled a space formerly occupied by Toys ‘R’ Us/Babies ‘R’ Us. Other tenants at the center include Staples, Petco, Jersey Mike’s, Burger King and Five Below. Levin Management Corp. manages the property. The square footage of the store was not disclosed.
