Property Type

Dermody Properties to Develop 154,440 SF Industrial Property in Metro Atlanta

by Alex Tostado October 15, 2020

DECATUR, GA. — Dermody Properties will develop LogistiCenter at Miller Road, a 154,440-square-foot industrial property in Decatur. Dermody expects to break ground by the end of this year and to deliver the asset in the third quarter of 2021. The facility will be divisible by 77,220 square feet and will offer build-to-suit office space, 35 dock-high doors, 32-foot clear heights, 145 car parking spaces, 23 trailer spaces and ESFR sprinklers. Dermody recently closed on the 11-acre plot, which is situated at 2800 Miller Road, 14 miles east of downtown Atlanta and one mile from Interstate 20. Austin Brannen and Matt Bentley of NAI Brannen Goddard will be the leasing brokers for the project. Jacob & Hefner Associates is engineering the site plans, and Ware Malcomb is the architect for the shell design.

October 15, 2020

Acquisitions Florida Multifamily Southeast

NKF Arranges $66M Sale of Apartment Community in Orlando

by Alex Tostado October 15, 2020

ORLANDO, FLA. — Newmark Knight Frank (NKF) has arranged the $66 million sale of CODA Apartments, a 296-unit multifamily community in Orlando. The four-story property features studio, one- and two-bedroom floor plans. Communal amenities include a business center, 24-hour fitness center, clubhouse, conference room, pool, sundeck and a game room. CODA Apartments is located at 13645 E. Colonial Drive, 13 miles east of downtown Orlando. Scott Ramey, Erik Bjornson and Patrick Dufour of NKF represented the sellers, Catalyst Multifamily Management and The Carlyle Group, in the transaction. Long Beach, Calif.-based RK Properties acquired the asset, which the sellers delivered in 2019.

October 15, 2020

Florida Leasing Activity Office Southeast

Cresa Negotiates 10,566 SF Office Sublease Within Brickell City Centre in Miami

by Alex Tostado October 15, 2020

MIAMI — Cresa has negotiated a 10,566-square-foot office sublease for Pillsbury Winthrop Shaw Pittman LLP (Pillsbury) in Miami’s Brickell City Centre. Pillsbury, which focuses on the technology and media, energy, financial services, and real estate and construction sectors, has occupied the space at 600 Brickell Ave. since 2017 and will now lease the space until at least 2025. The office space, which is located on the 31st floor, features private restrooms, a conference room, break room with kitchen and a large multipurpose interior with workstations. Bob Orban of Cresa represented the subtenant in the transaction. Nick Wigoda, Clay Sidner and Brandon Shores of Newmark Knight Frank (NKF) represented the tenant, Global Specialty Metals Inc., in the transaction. Brickell City Centre features a 500,000-square-foot, open-air shopping center; a 40,000-square-foot food hall; and five million square feet of office, residential and hotel space in Miami’s Brickell district.

October 15, 2020

Development Retail Texas

Lionstone to Renovate 1.4 MSF Mixed-Use Destination in Metro Houston

by Taylor Williams October 15, 2020

SUGAR LAND, TEXAS — A development team led by Houston-based Lionstone Investments will renovate Sugar Land Town Square, a 1.4 million-square-foot mixed-use destination located on the southwestern outskirts of Houston. Lionstone is partnering with Dallas-based creative real estate firm Rebees and Planned Community Developers on the project, which will upgrade landscaping and outdoor common areas to allow for social distancing and more public seating as part of Phase I. In addition, the team will add new signage and tenant storefronts and revamp the tenant roster to include local entrepreneurs with original shopping and dining concepts. Completion of the first phase of the project is scheduled for mid-2021.

October 15, 2020

Development Multifamily Texas

HPI Residential Completes 262-Unit Rhythm Apartments in Austin’s Tech Row Area

by Taylor Williams October 15, 2020

AUSTIN, TEXAS — Developer HPI Residential has completed Rhythm Apartments, a 262-unit multifamily community in Austin’s Tech Row area. Designed by Britt Design Group and Charlan Brock Associates, the community features studio, one- and two-bedroom units. Amenities include a club lounge with a kitchenette, coffee bar, TV and socially distant workstations, as well as a separate business center with built-in desks and a conference room. Rhythm also offers a game room, pool, fitness center, pet park and bike storage area. Rents start at $1,000 per month for a studio apartment.

October 15, 2020

Loans Multifamily Texas

Colliers Provides $9.8M Fannie Mae Acquisition Loan for Multifamily Asset in San Angelo, Texas

by Taylor Williams October 15, 2020

SAN ANGELO, TEXAS — Colliers Mortgage has provided a $9.8 million Fannie Mae acquisition loan for Arroyo Square, a 182-unit multifamily asset in San Angelo, located roughly midway between Austin and Lubbock. Built in 1977, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, picnic area and tennis and basketball courts. Colliers originated the loan, which carried a 10-year term and a 30-year amortization scheduled through a partnership with Old Capital Lending on behalf of the borrower, Arroyo Square LLC.

October 15, 2020

Leasing Activity Retail Texas

Kids Empire Opens at 1 MSF Firewheel Town Center in Metro Dallas

by Taylor Williams October 15, 2020

GARLAND, TEXAS — Kids Empire, which provides secure indoor playgrounds for children, has joined the tenant roster at the 1 million-square-foot Firewheel Town Center in the northeastern Dallas suburb of Garland. Kids Empire now occupies 11,703 square feet at the open-air mall, which is owned by Simon Property Group and anchored by Macy’s, Dillard’s, AMC Theatres, Dick’s Sporting Goods and others. Robin Barrow of Weitzman, along with Stephan Ktorza and Shelby Dopps of Kidder Matthews, represented the tenant in the lease negotiations.

October 15, 2020

Development Industrial Midwest Missouri Office

Contegra Construction Completes 367,000 SF Headquarters for Melton Machine in Missouri

by Kristin Harlow October 15, 2020

WASHINGTON, MO. — Contegra Construction Co. has completed building a new headquarters and manufacturing facility for Melton Machine & Control Co. in Washington, about 50 miles west of St. Louis. The 367,000-square-foot project more than doubles the size of the company’s existing 154,000-square-foot operations. The development includes a 74,000-square-foot corporate office, training and conference space, and is designed to improve collaboration and support with nearby subsidiary Computech Manufacturing Co. The headquarters is situated on 42 acres within Heidmann Industrial Park. Joining Contegra on the project team were Gray Design Group, 21 Design Group, Case Structural Engineering, RJP Electric, Wiegmann Associates, Heggemann Plumbing, Bi-State Fire Protection and Washington Engineering & Architecture. Melton designs and builds automated welding systems for a variety of industries. The company employs 132 workers and plans to add another 20 employees at the new facility.

October 15, 2020

Kansas Midwest Retail

AMC Theatres Focuses on Raising Cash While its Cinemas Remain Open

by Kristin Harlow October 15, 2020

LEAWOOD, KAN. — AMC Entertainment Holdings Inc. (NYSE: AMC) anticipates that existing cash resources will be largely depleted by the end of this year or early 2021 and will therefore require additional liquidity or increases in attendance levels, according to an SEC filing from Tuesday. As of Oct. 9, Leawood-based AMC had resumed operations at 494 of its 598 U.S. theaters, with limited seating capacities between 20 and 40 percent. Since the resumption of operations in U.S. markets, AMC has served more than 2.2 million customers, representing an attendance decline of roughly 85 percent compared with the same period a year ago. AMC cites new movie releases in October and November as incentive to stay open, even when other movie chains like Regal Cinemas have announced plans to temporarily suspend U.S. operations. In a recent interview with Bloomberg, CEO Adam Aron said AMC was doing everything it could to raise money to weather the COVID-19 pandemic and wasn’t considering bankruptcy at this time. AMC’s stock price closed at $2.96 per share Wednesday, Oct. 14, down from $8.95 per share one year ago.

October 15, 2020

Acquisitions Illinois Midwest Multifamily Seniors Housing

Strawberry Fields REIT Acquires Skilled Nursing Facility in East Moline, Illinois for $4M

by Kristin Harlow October 15, 2020

EAST MOLINE, ILL. — Strawberry Fields REIT LLC has acquired Hope Creek Nursing and Rehabilitation Center in East Moline within the Quad Cities for $4 million. The 245-bed skilled nursing facility sits on 12 acres on Kennedy Drive. Built in 2007, it is the newest skilled nursing facility in the Quad Cities, according to Strawberry Fields. The property offers full inpatient rehabilitation, respite stays, hospice services, individualized care plans, restorative therapy programs, a secured memory care unit and a variety of activities for socialization. Strawberry Fields worked with Infinity Healthcare Consultants to lease the property to an entity expected to improve overall performance. The seller was undisclosed. Strawberry Fields REIT is a non-traded real estate investment trust based in South Bend, Ind.

October 15, 2020

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