ALVARADO, TEXAS — Dallas-based Holt Lunsford Commercial has negotiated a 69,828-square-foot industrial lease in Alvarado, located about 35 miles south of Fort Worth. George Jennings and Thomas Grafton with Holt Lunsford Commercial represented the landlord, Hearthstone Properties, in the lease negotiations. The representative of the tenant, waste management firm Clean Earth, was not disclosed.
MCKINNEY, TEXAS — Dallas-based brokerage firm STRIVE has arranged the sale of Virginia Commons, a 13,878-square-foot retail strip center in the northern Dallas suburb of McKinney. The property was built in 2007. Hudson Lambert of STRIVE represented the seller, a locally based investor, in the transaction. The name and representative of the buyer were not disclosed.
CHESAPEAKE, VA. — Summit Pointe Realty LLC has broken ground on Mosaic, a mixed-use multifamily community in the Hampton Roads town of Chesapeake. The $68 million project will include 507,495 square feet of apartments, restaurants, shops and a public parking garage. The six-story apartment community will offer 270 one-, two- and three-bedroom residences with full balconies. Eight residences are designed as two-story lofts with street-level access. Community amenities will include a clubhouse, fitness center, concierge services, swimming pool, lap pool with infinity edge, cabanas, firepits, dog walk and a dog-wash station. Mosaic property will also have more than 30,000 square feet of street-level retail and restaurant spaces. An imbedded 515-car public parking garage comprising 185,000 square feet will also be developed as part of Mosaic. Construction will commence April 1, and delivery of the first residential and commercial spaces is anticipated in summer 2022. Mosaic is the multifamily component of Phase II of Summit Pointe, a $330 million mixed-use development situated on 69 acres along Volvo Parkway. When complete, Summit Pointe will include more than 1 million square feet of office space, up to 500,000 square feet of retail space, approximately 250,000 square feet of hospitality and conference space and …
ATLANTA — Trammell Crow Co. and High Street Residential are co-developing the remaining phases of Technology Enterprise Park (TEP) in Midtown Atlanta. Georgia Advanced Technology Ventures (GATV), a Georgia Tech-led cooperative organization that is overseeing this project, chose the two firms to deliver a mixed-use, life sciences center within TEP. Construction is slated to begin in early 2022. For each of the five planned project phases of TEP, there is a grant to establish a sustainable education and training program for residents, Georgia Tech students and teachers in surrounding neighborhoods to expose them to careers in the biomedical and life sciences industries. TEP currently has two existing buildings that house research and lab space. The property will begin the park’s long-term expansion with Phase I, which will feature two buildings that include 370,000 square feet of lab and office space and 280 residential apartments.
WHITE MARSH, MD. — Merritt Properties has purchased 10301 Philadelphia Road in White Marsh for $34.5 million. The property is a former GM Baltimore Global Propulsions Systems site that opened in 2000 to produce transmissions and electric motors before it closed in 2019. Bo Cashman and Jonathan Beard of CBRE represented the unnamed seller in the transaction. Located off Interstate I-95 near Interstate 695, the 56-acre project will be known as White Marsh Interchange Park. White Marsh Interchange Park is located within Merritt’s Baltimore County east portfolio, which has been 97 percent occupied since 2016. Baltimore-based Merritt Properties plans to construct up to nine, one-story buildings totaling approximately 750,000 square feet, which will create space for 50 to 100 businesses, leasing from 2,700 to 50,000 square feet or more. The company anticipates that these businesses will provide jobs for 1,200 to 1,500 people. Merritt Construction Services, the construction division of Merritt Cos., will manage future construction.
EDISON AND ISELIN, N.J. — New Jersey-based REIT Mack-Cali Corp. (NYSE: CLI) has sold its Metropark office portfolio, which consists of four buildings totaling 945,906 square feet in the Northern New Jersey cities of Edison and Iselin, to New York City-based Opal Holdings for $254 million. The sale of the property, which was approximately 90 percent leased at closing, comes as part of Mack-Cali’s stated objective of divesting of its office holdings. The initiative has already led to the sale of office assets in Parsippany and Woodbridge. The company plans to use the proceeds to pay down its unsecured corporate debt in the second quarter. A Cushman & Wakefield team of Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso, Seth Zuidema, Adam Spies, Kevin Donner, Todd Elfand and Kevin Carton brokered the deal on behalf of Mack-Cali.
PHILADELPHIA — PIDC, in partnership with Ensemble Real Estate Investments and Mosaic Development Partners, will build a 220,000-square-foot life sciences project at the Philadelphia Navy Yard. The two-building project is part of the $400 million Phase I of a $2.5 billion expansion at the 7.5 million-square-foot mixed-use development. The building at 1201 Normandy Place will span 100,000 square feet of lab, office and research and development space. The building at 33 Rouse Blvd. will total 120,000 square feet and will house similar uses, along with manufacturing and warehousing space. Both buildings are slated for completion by the end of 2022. PIDC is the public-private partnership behind and master developer of the Philadelphia Navy Yard.
WOODLAND PARK, N.J. — A partnership between two New Jersey-based firms, Kushner Real Estate Group and The STRO Cos., has acquired land for the development of a 205,000-square-foot industrial building in Woodland Park, located in the northern part of the state. The cross-dock building will feature a clear height of 36 feet and is scheduled for completion early next year. Construction is scheduled to begin soon with the demolition of the existing 220,000-square-foot building, which formerly served as the headquarters of Kearfott Guidance & Navigation. Vertical construction is set to begin over the summer.
CLEVELAND — Compass Self Storage has acquired several self-storage centers that in total added over 183,000 net rentable square feet to the firm’s portfolio. The newest storage units are located at 9085 SW State Road 200 in Ocala, Fla.; 3300 Jodeco Road and 3497 Jodeco Road in McDonough, Ga.; and 5A Estate Drive in Bluffton, S.C. These three acquisitions bring Compass’ total property count to 98. Compass Self Storage has plans to upgrade all three properties, including upgraded security by offering smart locks, high definition video, lighting and individual access control. Compass Self Storage will also offer onsite truck rental services. These Compass Self Storage locations, as well as all Compass Self Storage centers nationwide, now offer contactless rentals. Compass Self Storage is a member of Cleveland-based Amsdell Cos. The three Southeast acquisitions were made by separate affiliates of Amsdell Group LLC and Compass Self Storage LLC. The sellers and sales prices were not disclosed.
GARNER, N.C. — Wigeon Capital has broken ground on a new flex and warehouse construction project at Greenfield Business Park in the Raleigh suburb of Garner. Construction on the first building, a 58,000-square-foot facility, is underway at 3300 Waterfield Drive. The site is located at the intersection of US Highway 70 and Interstate 40. During the second quarter of this year, Wigeon Capital plans to break ground on a 96,000-square-foot shallow bay industrial facility that will feature tilt wall concrete walls and 32-foot clear heights. The Raleigh-based firm is also planning a three-building project on an adjacent parcel that will offer a 150,000-square-foot bulk distribution facility and two additional shallow bay industrial buildings of 58,000 and 48,000 square feet in size. Jimmy Barnes of Tri Properties | NAI Carolantic is overseeing leasing efforts at Greenfield Business Park.