Property Type

CDC Houston Acquires 268-Unit Mark at CityPlace Apartments in Houston

by Taylor Williams April 7, 2021

HOUSTON — An entity managed by CDC Houston, which is an affiliate of New York-based Coventry Development Corp., has acquired Mark at CityPlace Springwoods Village, a 268-unit apartment community in Houston. Designed by WGW Architects, the property features one-, two- and three-bedroom units ranging in size from 572 to 1,599 square feet. Residences are furnished with stone countertops, tile backsplashes, stainless steel appliances and full-sized washers and dryers. Amenities include a pool, outdoor kitchen, fitness center, demonstration kitchen, library, conference rooms and a club area. The seller, a subsidiary of Houston-based Martin Fein Interests Ltd., will continue to manage the property, which it originally opened in 2017.

April 7, 2021

California Development Industrial Loans Mixed-Use Retail Western

CBRE Arranges $52M Loan for PDR Redevelopment in San Francisco

by Amy Works April 7, 2021

SAN FRANCISCO — CBRE Capital Markets has secured construction financing for The Maclac Building, a five-story, 108,161-square-foot property located at 192-198 Utah St. and 151-191 Potrero Ave. in San Francisco. The borrower, a joint venture between affiliates of Comstock Realty Partners and Dune Real Estate Partners, plans to redevelop the asset, which is zoned as a production, distribution and repair (PDR). PDR refers to a variety of businesses encompassing dent and repair shops, marketing and advertising companies, traditional brick-and-mortar retailers and others, and according to the San Francisco Planning Department is used “instead of industrial to avoid conjuring images of heavy, ‘smoke-stack’ industry, such as large manufacturing plants, smelting operations and refineries.” Mike Walker and Brad Zampa of CBRE’s San Francisco office arranged the five-year, floating-rate, full-term interest-only financing for the borrower. The property spans five interconnected buildings over two parcels and half a city block in San Francisco’s SOMA Potrero District. Redevelopment started in May 2020 and is being completed in phases, with delivery expected for third-quarter 2022. The joint venture plans to reconfigure, upgrade and expand the current structures with 4,000 amps of power, updated building systems, green roof terraces and a multi-story glass atrium lobby tying the …

April 7, 2021

California Company News Office Western

Lee & Associates Founder Bill Lee Passes Away at 78

by Amy Works April 7, 2021

LOS ANGELES — Lee & Associates has announced that its founder, Bill Lee, has passed away at 78 years old after a long battle with cancer and cancer-related complications. Lee founded Lee & Associates Commercial Real Estate Services in 1979 in Orange County, Calif. Now, the company boasts 65 locations across North America and employs more than 1,300 people. Revolutionary for its time, Lee designed the Lee & Associates model to facilitate collaboration and investment across offices, with one key element being that Lee & Associates agents have the ability to make an investment into the growth of the company, according to the company. Additionally, Lee strategically designed Lee & Associates to operate in smaller components to allow the company capital to operate more efficiently than other existing methods at the time; also, allowing agents the opportunity to maximize their deals in terms of commission dollars. “On this difficult day, I stand in tremendous appreciation with the thousands of real estate professionals and their families that have been so positively impacted by the company Bill created and the unique structure that has served us for over 41 years,” says Jeffrey Rinkov, CEO of Lee & Associates. “Bill fostered and maintained incredibly …

April 7, 2021

Leasing Activity Office Texas

CBRE Negotiates 120,454 SF Office Lease Expansion in Metro Houston

by Taylor Williams April 7, 2021

THE WOODLANDS, TEXAS — CBRE has negotiated a 120,454-square-foot office lease expansion at Sierra Pines II in The Woodlands, about 30 miles north of Houston. The tenant, Linde Engineering, now requires more space following its merger with Connecticut-based Praxair. The newly formed company is now the world’s largest industrial gas supplier. Kevin Saxe and Jon Lee of CBRE represented Linde in the lease negotiations. Brad Fricks of Stream Realty Partners represented the landlord, VEREIT.

April 7, 2021

Leasing Activity Retail Texas

Crunch Fitness to Open 30,240 SF Gym at Former Michaels Store in Metro Houston

by Taylor Williams April 7, 2021

SUGAR LAND, TEXAS — A Crunch Fitness franchisee will open a 30,240-square-foot gym at a former Michaels store at First Colony Commons, a 410,000-square-foot retail power center in the southwestern Houston suburb of Sugar Land. The opening is set for Oct. 1. Neal Thomson of Houston-based NewQuest Properties represented the tenant in the lease negotiations. Kristen Barker of Wulfe & Co. Inc. represented the Dallas-based landlord, an entity doing business as TPP 306 First Colony LLC. New York-based Crunch Fitness currently operates 360 gyms across 30 states and five countries.

April 7, 2021

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Arranges Sale of 710,962 SF Distribution Center in Lakeland, Florida

by Julia Sanders April 7, 2021

LAKELAND, FLA. — Cushman & Wakefield has arranged the sale of Dragstrip Logistics Center, a 710,962-square-foot, Class A distribution center located in Lakeland. Amazon is a tenant at the facility, according to the Tampa Bay Business Journal. Mike Davis, Rick Brugge, Stewart Calhoun, Rick Colon, Casey Masters, Dominic Montazemi and Zachary Eicholtz of Cushman & Wakefield represented the seller, Atlanta-based Ackerman & Co., in the transaction. Led by Steve Centrella, Intercontinental Real Estate Corp. acquired the property on behalf of one of its managed funds. The purchase price was not disclosed. Located at 8100 State-Road 33, Dragstrip Logistics Center is located between Tampa and Orlando and is situated along the Interstate 4 corridor. The building features a cross-dock design with 146 dock-high doors, 40-foot clear heights, 185-foot truck court depths plus 60-foot concrete aprons, 183 trailer drops, 858 van stalls and ESFR fire protection.

April 7, 2021

Acquisitions Maryland Multifamily Southeast

Concord Communities Acquires Four Apartment Properties in Northeast Baltimore for $29.5M

by Julia Sanders April 7, 2021

BALTIMORE, MD. — Concord Communities, a Washington, D.C.-based affordable housing owner and developer, has acquired four apartment properties totaling 340 units in northeast Baltimore for $29.5 million. Ralph Crozier led the acquisition on behalf of Concord Communities on an internal basis, and Christine Espenshade of Newmark represented the seller. The sales price and seller were not disclosed. The communities — Walther Avenue Apartments, Hazelcrest Apartments and Northern Village Apartments East and West — are located within one mile of each other. Built in 1967, the 64-unit Walther Avenue Apartments offers residences ranging from studio to two-bedroom floor plans across six three-story buildings. The community was 95 percent occupied at the time of sale. Hazelcrest Apartments, located at 5717 Plainfield Ave., was built in 1965. The 48-unit apartment community features two-bedroom apartment units across eight two-story buildings. Hazelcrest was 95 percent occupied at the time of sale. Northern Village Apartments East and West, located at 6623 Pioneer Drive, was built in 1972 and consists of 228 units in total. The communities offer a mix of one-, two- and three-bedroom floor plans across 23 two-story buildings. The Northern Village property was 97 percent occupied at the time of sale. Concord Communities is …

April 7, 2021

1099-Wall-Street-West-Lyndhurst-New-Jersey

Acquisitions New Jersey Northeast Office

Colliers Negotiates Sale of 118,465 SF Office Building in Lyndhurst, New Jersey

by Taylor Williams April 7, 2021

LYNDHURST, N.J. — Colliers International has negotiated the sale of 1099 Wall Street West, a 118,465-square-foot office building in Lyndhurst, located outside of New York City. Originally built in 1971, the property recently received $1.2 million in capital improvements, including the upgrading of amenities such as a café, game room and lounge and a conference center. Locally based investment and management firm Bergman Real Estate Group sold the property to BHN Associates for an undisclosed price. Jackelene Chesler, Matthew Brown and Patrick Norris of Colliers brokered the deal.

April 7, 2021

Acquisitions Georgia Restaurant Retail Southeast

Selig Enterprises, Pension Fund Acquire 421,000 SF Lenox Marketplace in Atlanta’s Buckhead District

by Julia Sanders April 7, 2021

ATLANTA — Atlanta-based Selig Enterprises and State Teachers Retirement System of Ohio have acquired Lenox Marketplace, a 421,000-square-foot retail center in Atlanta’s Buckhead district. Selig will oversee leasing at the center and will serve as the asset and property manager. The seller and sales price were not disclosed. Located at the intersection of Peachtree and Wieuca roads and across the street from Phipps Plaza, Lenox Marketplace spans 9.4 acres with a mix of retail and dining options. The multi-level retail center is anchored by Publix, Target, Dick’s Sporting Goods and LA Fitness, with additional tenants such as Ethan Allen, Roam and Iron Hill Brewery & Restaurant. The property is also one block from Lenox Square Mall and adjacent to Selig’s Buckhead Triangle property. With the addition of Lenox Marketplace, Selig’s retail portfolio spans almost 4 million square feet across the Southeast. The firm’s Buckhead portfolio includes Buckhead Triangle, Brookwood Place, Buckhead Square I and II, The Shops of Buckhead, Buckhead Commons and Peachtree Plaza. Selig is also the master developer of The Works, an 80-acre mixed-use development in Atlanta’s West Midtown neighborhood.

April 7, 2021

Acquisitions North Carolina Retail Southeast

Marcus & Millichap Brokers $7.6M Sale of Store in Rockingham, North Carolina Leased to Lowe’s

by Julia Sanders April 7, 2021

ROCKINGHAM, N.C. — Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group has brokered the $7.6 million sale of a 129,529-square-foot retail store leased to Lowe’s Home Improvement in Rockingham, a suburb of Charlotte. Realty Income, a net-lease REIT based in San Diego, purchased the property from the seller, an entity doing business as Tri City Rockingham LLC. The Lowe’s Home Improvement property is located at 1300-A E Broad Ave. and is located near a FastMed Urgent Care, McDonald’s, KFC, Taco Loko and a Walgreens. The property is located 72 miles from Charlotte, and is 17 miles away from Wallace, S.C. “This transaction illustrates the demand for essential net-lease retail. Home improvement was one of the sectors that got a boost from the pandemic, and institutional and private capital are looking to deploy into these and other essential tenants,” says McMinn.

April 7, 2021

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