Property Type

Mia Rose, ERC Construction Break Ground on 234-Unit Multifamily Community in Springdale, Arkansas

by Julia Sanders February 24, 2021

SPRINGDALE, ARK. — Mia Rose Holdings and ERC Construction Group have formed a joint venture to build Pure Springdale, a 16-building, 234,000-square-foot multifamily community in Springdale. Courtyard Building and Block LLC is the architect, Crafton Tull is the engineer of record and Trinity Multifamily is the property manager. Mia Rose and ERC recently broke ground on the 234-unit property, which is scheduled to be complete in fall 2022. The project includes new construction of one- and two-bedroom apartment units on 13.7 acres. The apartment complex will feature walking trails, three ponds, a resort-inspired pool, 1,300-square-foot fitness center, technology lounge/business center, gated dog park and numerous green spaces with grills and seating. All units will have washers and dryers, Energy Star-rated kitchen appliances, energy-efficient mechanical systems, upgraded interior finishes and window coverings. Single-car garages will be available for 32 residents at an additional fee. Pure Springdale is the first joint venture project between Mia Rose Holdings and ERC Construction Group LLC. Mia Rose Holdings is a St. Louis-based developer, and ERC Construction Group is an Arkansas-based general contractor.

February 24, 2021

Acquisitions Florida Industrial Southeast

McCraney Acquires 40 Acres in Ocoee, Florida for Spec Industrial Park Development

by Julia Sanders February 24, 2021

OCOEE, FLA. — McCraney Property Co., a private industrial real estate development and investment firm, has acquired 40 acres in an off-market assemblage of three parcels just south of East Fullers Cross Road in Ocoee. The purchase price was not disclosed. The company plans to develop Progress Commerce Park, a six-building, Class A speculative industrial park totaling 480,560 square feet. Currently, the proposed site plan is under review with the City of Ocoee, as well as a zoning change request. If approved, Progress Commerce Park will be developed in three phases. The sellers are Lawrence Levin, Patricia Donahue, Thomas West and West & West LLC, according to Orlando Business Journal. Neither the seller’s nor McCraney Property had brokers in the acquisition.

February 24, 2021

Development Life Sciences North Carolina Office Southeast

Trinity Capital, SLI Capital Top Out 210,000 SF Office and Life Sciences Center in Downtown Durham

by Julia Sanders February 24, 2021

DURHAM, N.C. — Trinity Capital Advisors and SLI Capital have topped out a new Class A office project in downtown Durham called The Roxboro at Venable. The eight-story office and life sciences center is located within the mixed-use Venable Center at 380 East Pettigrew St. Duda|Paine Architects is the designer for the 210,000-square-foot project, which is expected to be opened by 2022. The Roxboro at Venable will feature tall floor-to-floor heights, built-in accommodation for lab infrastructure and dedicated back-up power. The property also will include touchless entry and elevator systems, air purification systems in elevators and open-air sky terraces on the two upper floors. The Roxboro previously was a warehouse for Venable Tobacco Co., a subsidiary of the Dibrell Brothers tobacco business of Danville, Va. Trinity Capital Advisors is a real estate development and investment firm with offices in Charlotte and Raleigh. SLI Capital is a Raleigh-based real estate investment firm.

February 24, 2021

Georgia Loans Multifamily Southeast

American Street Capital Arranges $8.1M Loan for Multifamily Complex in Riverdale, Georgia

by Julia Sanders February 24, 2021

RIVERDALE, GA. — American Street Capital (ASC) has arranged an $8.1 million cash-out refinance loan for River Ridge Apartments, a 150-unit multifamily complex in Riverdale. The borrower and agency lender’s names were not disclosed. Edward Streit of ASC arranged the Fannie Mae loan, which features a 12-year term with two years of interest-only payments and a 30-year amortization schedule. The loan retired the existing agency debt. Built in 1972 and renovated in 2019, River Ridge is a 20-building community, with 110 two-bedroom and 40 three-bedroom apartments. The market-rate property is located at 235 Roberts Drive, approximately 7.4 miles from Hartsfield-Jackson Atlanta International Airport. Community amenities include 276 surface parking spaces, a common laundry facility, playground and an onsite property manager.

February 24, 2021

California Retail Western

Fry’s Electronics Permanently Closes Business Operations, Shuttering 31 Stores, Online Presence

by Amy Works February 24, 2021

SAN JOSE, CALIF. — San Jose-based Fry’s Electronics has decided to shut down its operations and close business permanently as a result of changes in the retail industry and challenges created by the COVID-19 pandemic. After nearly 36 years as a one-stop shop and online resource for high-tech consumers, Fry’s says it will implement a shutdown of its 31 stores across nine states through a wind-down process that will be in the best interests of the company, its creditors and other stakeholders. Fry’s ceased regular operations and began the closing process today. The intentions of the wind-down process are to reduce costs, avoid additional liabilities, minimize the impact to customers, vendors, landlords and associates, as well as maximize the value of the company’s assets for its creditors and stakeholders. Currently, Fry’s is in the process of reaching out to its customers with repairs and consignment vendors to help them understand the closing process and the proposed next steps.

February 24, 2021

Development Mixed-Use Texas

Crescent Real Estate Reveals Plans for $250M Mixed-Use Project in Fort Worth

by Taylor Williams February 24, 2021

FORT WORTH, TEXAS — Locally based developer Crescent Real Estate has revealed plans for a new mixed-use project in Fort Worth’s Cultural District that is valued at $250 million, according to The Dallas Morning News. Current plans call for 175 residential units, a 200-room boutique hotel and a 160,000-square-foot office building that will house the headquarters of tenants such as Goff Capital, Canyon Ranch and Contango Oil & Gas. Crescent Real Estate also plans to move its headquarters into the new office building. Construction is scheduled to begin this summer and to be complete in mid-2023.

February 24, 2021

Acquisitions Office Texas

JLL Arranges Sale of 20-Story Pier 1 Imports Tower to City of Fort Worth

by Taylor Williams February 24, 2021

FORT WORTH, TEXAS — JLL has arranged the sale of the 20-story, 409,997-square-foot Pier 1 Imports office tower to the City of Fort Worth. The city plans to occupy about 260,000 square feet of space by 2022 at the building, which is located at 100 Energy Way in the downtown area, including the relocation of Fort Worth City Hall. Amenities include a fitness center and a cafeteria. Todd Burnette, Pat McDowell, David Berzina and John Davidson of JLL brokered the deal. According to the Fort Worth Business Press, Pier 1 sold the building in 2008 to Chesapeake. Hines acquired the property in 2014 and sold it to Hertz Investment Group in 2018. Pier 1 Imports filed for Chapter 11 bankruptcy in February 2020 and subsequently announced a full liquidation plan in May.

February 24, 2021

Acquisitions Multifamily Texas

Morningside Group Acquires 232-Unit Urban Crest Apartments in North San Antonio

by Taylor Williams February 24, 2021

SAN ANTONIO — An affiliate of Chicago-based investment firm Morningside Group has acquired Urban Crest, a 232-unit apartment community in north San Antonio. Built in 2015, the property features studio, one-, two- and three-bedroom floor plans and amenities such as a pool, fitness center, social lounge, conference center, game room, outdoor grilling areas and a pet park. Patton Jones and Matt Michelson of Newmark represented the seller, Austin-based CFH Investment Partners, in the transaction. Urban Crest was 88 percent occupied at the time of sale.

February 24, 2021

Acquisitions Office Texas

Newmark Brokers Sale of 246,060 SF Office Building in Arlington

by Taylor Williams February 24, 2021

ARLINGTON, TEXAS — Newmark has brokered the sale of AmeriCredit Center I, a 246,060-square-foot office building in Arlington that is fully leased to automotive finance firm AmeriCredit. According to LoopNet Inc., the three-story property was built on 25.4 acres in 1998. Gary Carr, Ken Hedrick, Jerry Hopkins and Andrew Ragsdale of Newmark represented the undisclosed seller in the transaction. The buyer was CFT Developments LLC.

February 24, 2021

Industrial Leasing Activity Texas

CBRE Negotiates 38,400 SF Industrial Lease for Logistics Company in El Paso

by Taylor Williams February 24, 2021

EL PASO, TEXAS — CBRE has negotiated a 38,400-square-foot industrial lease at 9660 Joe Rodriguez Drive in El Paso. Arturo De la Mora and Andres Sandoval of CBRE represented the tenant, cross-border customers and logistics firm G-Global, in the lease negotiations. The duo also represented the landlord, a partnership between Boston-based Equity Industrial Partners and New York-based Raith Capital Partners. G-Global previously occupied 20,000 square feet at the building at 9600 Joe Rodriguez Drive, which the partnership also owns.

February 24, 2021

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