Property Type

DLP Real Estate Capital Acquires 1,086-Unit Multifamily Portfolio in Mississippi, Alabama

by Julia Sanders March 26, 2021

ST. AUGUSTINE, FLA. — DLP Real Estate Capital has acquired the 1,086-unit Prosper Gulf Coast portfolio, a four-property multifamily portfolio in Mississippi and Alabama. DLP entered into an Interest Purchase Agreement with its investment partners in the portfolio, Dallas-based RREAF Holdings and Houston-based Mosaic Residential Inc., to gain full ownership of the four communities. The properties in the portfolio includes Prosper Gulfport, Prosper Jackson, Prosper Orange Beach and Prosper Senatobia. Prosper Gulfport is a 426-unit multifamily property located in Gulfport, Miss. The property sits on 18.4 acres with 19 residential buildings and features a clubhouse, fitness center and resort-style saltwater pool with a sundeck. Units include one- to three-bedroom floor plans that average 1,134 square feet. Interiors include natural oak kitchen cabinetry, built-in microwave, vaulted ceilings, pantry, screened patio/balcony and washer/dryer hook-ups. Prosper Jackson is a 280-unit multifamily complex located in Jackson. The gated community sits on 15.9 acres with 30 residential buildings and includes a clubhouse, fitness center, two pools with sundecks, a spa and an outdoor entertainment area. Units include options for one to three bedrooms and average 1,035 square feet. Community amenities include faux hardwood floors, white on white kitchen appliances, walk-in closets and covered patios. Prosper …

March 26, 2021

Acquisitions Kentucky NAI Office Southeast

NAI Isaac Brokers Sale of 120,000 SF Corporate Plaza Office Building in Lexington, Kentucky

by Julia Sanders March 26, 2021

LEXINGTON, KY. — NAI Isaac has brokered the sale of 771 Corporate Drive, a 120,000-square-foot office building in Lexington. An entity doing business as Corporate Drive LLC sold the 10-story property was sold to a private, undisclosed buyer. Al Isaac of NAI Isaac represented the seller in the transaction. The price was not disclosed. The Corporate Plaza is located about four miles from Bluegrass Airport. The new property owner has retained NAI Isaac as the exclusive leasing agent and property manager for the building, marking over two decades of the local firm managing Corporate Plaza.

March 26, 2021

Development North Carolina Office Southeast

JLL to Open New 41,000 SF Office at Legacy Union in Uptown Charlotte

by Julia Sanders March 26, 2021

CHARLOTTE, N.C. — JLL will open its new office at 650 S. Tryon at Legacy Union in Uptown Charlotte. The office spans nearly two floors and 41,000 square feet at the mixed-use development. Jaime Boast, Bryan White and Chris Schaaf of JLL represented the company internally in the lease negotiations. Lincoln Harris is the developer and landlord of Legacy Union. JLL’s Charlotte team has grown 47 percent year-over-year since 2019. The firm’s new location consolidates four offices spread throughout the city, bringing together 150 professionals in a larger setting. The space can accommodate up to 200 employees, with additional options for future expansions available. Designed by Gensler, the new office will feature flexible furniture selections that can be reconfigured based on need, as well as floor plans that allow for social distancing, enhanced collaboration for in-person and remote workers and easy movement throughout the space. Charlotte-based Rodgers Builders was the general contractor of the new space, and JLL’s Project and Development Services group oversaw the build-out. Additionally, the new office will pursue both LEED Gold and WELL Silver certifications. While LEED focuses on sustainability within the building’s materials and processes, WELL seeks to increase employee productivity and happiness through biophilic …

March 26, 2021

Acquisitions Industrial North Carolina Southeast

McCraney Purchases 150 Acres in Charlotte, Plans to Develop 1.2 MSF Industrial Park

by Julia Sanders March 26, 2021

CHARLOTTE, N.C. — McCraney Property Co. has purchased 150 acres in an off-market assemblage of four parcels at the intersection of Garrison Road and West Boulevard in Charlotte. This transaction is believed to be the last remaining premium parcel in Charlotte’s Southwest Airport industrial submarket. If the site plan is approved by the City of Charlotte, McCraney will build 485 Logistics Industrial Park, a speculative, Class A industrial park encompassing approximately 1.2 million square feet across five buildings. The new park would bring McCraney’s Charlotte portfolio to more than 2 million square feet. Christopher Skibinski and Chris Loyd of Avison Young represented one of the four sellers in the land transaction.

March 26, 2021

Development Office Texas

KBS Completes Renovation of 522,043 SF Legacy Town Center Office Complex in Plano

by Taylor Williams March 26, 2021

PLANO, TEXAS — California-based KBS has completed the renovation of Legacy Town Center, a three-building, 522,043-square-foot office complex in Plano. The property was developed in phases between 2001 and 2006 and offers amenities such as a fitness center, conference center, bike sharing program, car wash and a wellness room. KBS renovated the leasing office, conference center and locker rooms and added two new spec suites as part of the capital improvement program.

March 26, 2021

Development Industrial Texas

Trammell Crow, Clarion Partners Begin Work on 255,704 SF Spec Industrial Project in Houston

by Taylor Williams March 26, 2021

HOUSTON — A partnership between Dallas-based Trammell Crow Co. and New York-based Clarion Partners has begun work on Seton Lake Logistics Center, a 255,704-square-foot speculative industrial project in northwest Houston. Designed by Powers Brown Architecture, the cross-dock building will feature 32-foot clear heights, 36 trailer parking stalls and an ESFR sprinkler system. Rosenberger Construction is the general contractor for the 16.8-acre project, which is expected to be complete in October. CBRE has been tapped to lease the building.

March 26, 2021

West-Gulf-Bank-Distribution-Center-Houston

Development Industrial Texas

Molto Properties Breaks Ground on 115,642 SF Distribution Center in Northwest Houston

by Taylor Williams March 26, 2021

HOUSTON — Illinois-based Molto Properties has broken ground on West Gulf Bank Distribution Center, a 115,642-square-foot industrial project located within Brookhollow West Business Park in northwest Houston. Building features include 97 car parking spaces, 24 trailer parking spaces, 28 loading docks and two drive-in doors and ramps. Nick Peterson and John Ferruzzo of Transwestern represented Molto Properties in its site selection and acquisition of the land. The duo also represented the developer in a subsequent sale of the land and building to moving company Armstrong Relocation, which plans to take occupancy of the building upon completion in September.

March 26, 2021

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 100-Unit Richelieu at Bluffview Apartments in Dallas

by Taylor Williams March 26, 2021

DALLAS — Marcus & Millichap has brokered the sale of The Richelieu at Bluffview, a 100-unit multifamily complex in Dallas. The property was built in 1963 and consists of 11 buildings situated on 3.3 acres. Al Silva and Ford Braly of Marcus & Millichap represented the seller, family of the original developer, in the transaction. The duo also procured a California-based 1031 investor as the buyer. Both parties requested anonymity.

March 26, 2021

Acquisitions Retail Texas

Phillips Edison Acquires 28,134 SF Shopping Center in Denton, Texas

by Taylor Williams March 26, 2021

DENTON, TEXAS — Phillips Edison & Co., a Cincinnati-based retail owner and developer, has acquired Hickory Creek Plaza, a 28,134-square-foot shopping center in the North Texas city of Denton. Shadow-anchored by Kroger, the center is leased to tenants such as Papa Murphy’s Pizza, Great Clips, H&R Block, Mathnasium, ATI Physical Therapy, Envy Nail Spa, Good Morning Donuts and Pizza Hut. The seller was not disclosed.

March 26, 2021

Acquisitions Indiana Midwest Multifamily

RADCO Cos. Sells 1,426-Unit Multifamily Portfolio in Indianapolis for $108.5M

by Kristin Harlow March 26, 2021

INDIANAPOLIS — The RADCO Cos. has sold a portfolio of three multifamily properties comprising 1,426 units in Indianapolis for $108.5 million. Aion Partners was the buyer. The portfolio includes the 220-unit Ashford Georgetown, the 728-unit Ashford Meridian Hills and the 478-unit Creekside at Meridian Hills. All three assets are situated in the northwest portion of the city and include newly renovated one-, two- and three-bedroom floor plans. George Tikijian, Hannah Ott and Cameron Benz of Cushman & Wakefield Indiana brokered the transaction.

March 26, 2021

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