Property Type

CT Realty Acquires Land for $40M Stadium Logistics Center in Dallas

by Taylor Williams September 16, 2020

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.

September 16, 2020

Civic Development Texas

McCarthy Completes 340,000 SF Collin College Technical Campus in Metro Dallas

by Taylor Williams September 16, 2020

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.

September 16, 2020

Acquisitions Multifamily Texas

Rosewood Realty Brokers Sale of 268-Unit Creekside Apartments Near San Antonio

by Taylor Williams September 16, 2020

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.

September 16, 2020

Acquisitions Multifamily Texas

The Multifamily Group Arranges Sale of 154-Unit Spanish Keys Apartments in San Antonio

by Taylor Williams September 16, 2020

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.

September 16, 2020

Company News Retail Texas

Segovia Partners Launches Retail Brokerage, Consulting Firm in Dallas

by Taylor Williams September 16, 2020

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.

September 16, 2020

Company News New York Northeast Retail

Reports: Town Sports International Files for Chapter 11 Bankruptcy, to Close About 200 Gyms

by Taylor Williams September 16, 2020

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.

September 16, 2020

Burlington-Somerville-Circle-Shopping-Center

Leasing Activity New Jersey Northeast Retail

Burlington Opens New Store at Somerville Circle Shopping Center in Raritan, New Jersey

by Taylor Williams September 16, 2020

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.

September 16, 2020

Industrial Leasing Activity New Jersey Northeast

Monster Pets Signs 57,930 SF Industrial Lease in Delran, New Jersey

by Taylor Williams September 16, 2020

DELRAN, N.J. — Monster Pets, a retailer that serves the Philadelphia area, has signed a 57,930-square-foot industrial lease in the Southern New Jersey city of Delran. The property, which is now fully leased, is located near U.S. Route 130 and Swedes Run Industrial Park. Scott Mertz of NAI Mertz represented the landlord, a partnership between Endurance Real Estate Group and PCCP, in the lease negotiations. The representative of the tenant was not disclosed.

September 16, 2020

Affordable Housing Loans Multifamily New York Northeast

Bellwether Provides $5.6M Agency Perm Loan for Affordable Housing Project in Brooklyn

by Taylor Williams September 16, 2020

NEW YORK CITY — Bellwether Enterprise Real Estate Capital has provided a $5.6 million Freddie Mac permanent loan for the construction of a 71-unit affordable housing project located at 461 Alabama Ave. in Brooklyn. More than half the residences will be reserved for homeless renters. The financing was structured with a 35-year amortization schedule and a 4.63 percent fixed interest rate. Jim Gillespie and Ilya Weinstein of Bellwether Enterprise originated the loan on behalf of the borrower, a partnership between developer CB Emmanuel Realty and nonprofit Services for the Underserved.

September 16, 2020

Development Hospitality Midwest Missouri

Midas Hospitality to Debut $40M Element by Westin Hotel in St. Louis

by Kristin Harlow September 16, 2020

ST. LOUIS — Midas Hospitality is set to open the first Element by Westin hotel in St. Louis on Friday, Oct. 30. The $40 million hotel rises seven stories with 153 extended-stay rooms. Located at 3763 Forest Park Ave., the property will feature a rooftop bar known as Upbar. Signature cocktails were created in partnership with Luxco, a St. Louis-based beverage company. Hotworx, a 24-hour fitness studio, is the first tenant for the hotel’s 10,000-square-foot retail space. Hotworx will occupy nearly 1,900 square feet. Amenities at the hotel include a fitness center, pool and bike rental program. Element hotels feature a nature-influenced environment and are constructed with efficiency and sustainability in mind, according to Midas. Regarding COVID-19, Upbar will be open and Midas intends to abide by all city and state regulations, including the potential removal of barstools or tables to provide for proper social distancing. The fitness center will also be open, following all restrictions by the city and state.

September 16, 2020

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