Property Type

Limestone, Orion Purchase Two Retail Properties in Sarasota, Florida for $15.5M

by Alex Tostado September 30, 2020

SARASOTA, FLA. — A joint venture between Miami-based Limestone Asset Management and Orion Real Estate Group has purchased two retail properties in Sarasota for $15.5 million. The properties are located at 362 and 371 St. Armands Circle on Lido Key, four miles west of downtown Sarasota. French pastry shop Le Macaron, fashion retailer Breezin’ Up and women’s clothing store Sahara occupy the property at 362 St. Armands. Tommy Bahama occupies the space at 371 St. Armands. Florida-based Ocean Bank provided acquisition financing to the buyers. The seller(s) was not disclosed.

September 30, 2020

Development Office Texas

Adolfson & Peterson Begins Work on Frisco Headquarters Building for PGA of America

by Taylor Williams September 30, 2020

FRISCO, TEXAS — General contractor Adolfson & Peterson has broken ground on the new headquarters building in Frisco for the PGA of America, which is relocating to the northern Dallas suburb from South Florida. The 106,622-square-foot building will be situated on 6.2 acres within the new 660-acre campus, which will also include two golf courses, a 500-room Omni hotel and a golf entertainment district. Architecture firm Page designed the building, which will initially house about 150 employees, and Cushman & Wakefield is managing the construction team on behalf of PGA of America. The new headquarters campus is expected to come on line during the first quarter of 2022. The PGA of America is an organization of about 29,000 members dedicated to elevating the standards of and growing interest in golf.

September 30, 2020

Acquisitions Florida Office Southeast

Boutique National Negotiates $8.3M Sale of Four-Building Office Portfolio in Tallahassee

by Alex Tostado September 30, 2020

TALLAHASSEE, FLA. — Boutique National LLC has negotiated the $8.3 million sale of four office buildings within Woodcrest Office Park in Tallahassee. The buildings total 89,284 square feet and are located at 323-325 John Knox Road, three miles north of downtown Tallahassee. At the time of sale, the assets were leased to 26 tenants. Nick Ganey, Tommy Szarvas and Estevan Lamas of Boutique National represented the buyer, an undisclosed private investor, in the transaction. Jimmy Nystrom of NAI Talcor represented the seller, an undisclosed limited liability company.

September 30, 2020

Development Hospitality Texas

RREAF Holdings Nears Completion of 240-Room Delta by Marriott Hotel in Southlake

by Taylor Williams September 30, 2020

SOUTHLAKE, TEXAS — RREAF Holdings is nearing completion of a 240-room Delta by Marriott hotel in the Fort Worth suburb of Southlake, with an expected opening date of mid-November. Hotel amenities will include a grab-and-go food market, a 24-hour pantry, fitness center, outdoor pool and lounge area and an onsite restaurant and bar. The 10-story building will also feature 10,000 square feet of meeting and event space. Aimbridge Hospitality will manage the property.

September 30, 2020

Industrial Leasing Activity Texas

Lowe’s to Open 120,000 SF Distribution Center at Kyle Crossing in Metro Austin

by Taylor Williams September 30, 2020

KYLE, TEXAS — Lowe’s has signed a lease to open a 120,000-square-foot distribution center at Kyle Crossing Business Park, a 40-acre development located about 20 miles south of downtown Austin. Lowe’s will occupy approximately 60 percent of Building 1 at 1980 Kohlers Crossing, adjacent to the nearly 308,000-square-foot facility that was leased by Amazon in July. California-based Majestic Realty owns Kyle Crossing Business Park.

September 30, 2020

Development Office Texas

Manifold Real Estate Breaks Ground on 45,600 SF Office Project in Austin

by Taylor Williams September 30, 2020

AUSTIN, TEXAS — Locally based investment and development firm Manifold Real Estate has broken ground on a 45,600-square-foot office project at 1608 W. 5th St. in Austin. Designed by Studio8 Architects, the three-story, Class A project includes three levels of underground parking and is 75 percent preleased. Zapalac/Reed Construction Co. is the general contractor. Construction is expected to last about 14 months.

September 30, 2020

Development Loans Multifamily Seniors Housing Texas

Hunt Capital Partners Raises $11M in LIHTC Financing for Seniors Housing Development in Waco

by Taylor Williams September 30, 2020

WACO, TEXAS — Hunt Capital Partners, in collaboration with co-developers Mears Development & Construction Inc. and Harris284 Team Inc., has raised $11 million in low-income housing tax credit (LIHTC) financing for the construction of Residences at Lake Waco in Waco. Designed for seniors 55 and older, the new development will feature 11 market-rate and 79 LIHTC units set aside for households earning up to 30, 50 and 60 percent of the area median income. Crossroads Housing Development Corp. is the general contractor, and Brownstone Architects & Planners Inc. is the project architect. Construction of the development began in August 2020 and is scheduled for completion in January 2022.

September 30, 2020

Leasing Activity Massachusetts Northeast Office

Columbia Threadneedle Signs New Headquarters Lease at Atlantic Wharf in Downtown Boston

by Taylor Williams September 30, 2020

BOSTON — Global asset management firm Columbia Threadneedle Investments has signed an office lease for its new headquarters at Atlantic Wharf, a 32-story office building located at 290 Congress St. in downtown Boston. John Boyle, Michael Joyce, Tom O’Regan and Maeve Cleary of Cushman & Wakefield represented the tenant, which expects to move in next summer, in the lease negotiations. Boston Properties owns the building. Columbia Threadneedle employs more than 2,000 people and has offices in 17 countries.

September 30, 2020

Development Multifamily New York Northeast

Falcon Pacific Builders Completes 50-Unit Apartment Building in Queens

by Taylor Williams September 30, 2020

NEW YORK CITY — Locally based construction firm Falcon Pacific Builders has completed a 50-unit apartment building at 28-16 21st St. in the Astoria neighborhood of Queens. Architect Mark Markowitz designed the seven-story building, and The Saab Family LP developed it. The building’s total footprint is 45,498 square feet, with 7,200 square feet reserved for commercial usage. Residences come in one-, two- and three-bedroom formats, with 20 percent of the units designated as affordable.

September 30, 2020

Acquisitions Industrial New Jersey Northeast

Colliers Arranges Sale of 48,000 SF Industrial Flex Property in West Berlin, New Jersey

by Taylor Williams September 30, 2020

WEST BERLIN, N.J. — Colliers International has arranged the sale of a 48,000-square-foot industrial flex property at 436 Commerce Lane in West Berlin, located outside of Philadelphia. The sales price was $2.7 million. The property is located off Route 73 and features 18-foot ceiling heights. The buyer was Velocity Venture Partners, and the seller was undisclosed. Marc Isdaner and Ian Richman of Colliers brokered the transaction.

September 30, 2020

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