Property Type

Dollar Tree Sells Metro Charlotte Distribution Center for $10.5M

by John Nelson February 8, 2021

MATTHEWS, N.C. — Dollar Tree Inc. has sold a 354,518-square-foot cross-dock industrial property in metro Charlotte for $10.5 million. The property is located on 43.5 acres at 10301 Monroe Road in Matthews. The Silverman Group bought the property. Chris Skibinski of Avison Young’s Charlotte office and Jeff Heller in Avison Young’s New Jersey office represented Dollar Tree in the transaction. The building was sold vacant and is part of a larger complex, the remainder of which is occupied by Family Dollar, a subsidiary of Dollar Tree. The property, known as Eastside Logistics Center, is being marketed for last-mile distribution, light manufacturing and other uses that will have direct impact to nearby household density areas. The Silverman Group is a private equity and real estate development firm based in Basking Ridge, N. J. Dollar Tree is a discount retailer based in Chesapeake, Va.

February 8, 2021

Florida Leasing Activity Retail Southeast

GreenWise Market Opens 27,758 SF Store in Fort Lauderdale

by John Nelson February 8, 2021

FORT LAUDERDALE, FLA. — GreenWise Market has opened a new location in Fort Lauderdale. The grocer occupies the ground floor of The Main Las Olas building on Southeast Third Avenue. The 27,758-square-foot store is the first GreenWise Market to be located in a multiuse high-rise. The owner of the tower is a joint venture between Fort Lauderdale-based Stiles Corp. and San Francisco-based Shorenstein Properties, according to South Florida Business Journal. GreenWise Market is a grocery concept owned and operated by Publix Super Markets. The new store is the eighth location in the United States and features health-conscious and gourmet foods, as well as vitamins, nutritional supplements, natural soaps and shampoos, meats, seafood, made-to-order meals and grab-and-go foods like sandwiches and pizza. The Fort Lauderdale GreenWise Market also features a mural by Steven Teller depicting a variety of tropical plants common to South Florida.

February 8, 2021

Development Mixed-Use Texas

ARG Bull Creek Underway on 76-Acre Grove at Shoal Creek Mixed-Use Project in Austin

by Taylor Williams February 8, 2021

AUSTIN, TEXAS — Developer ARG Bull Creek Ltd. is underway on construction of The Grove at Shoal Creek, a 76-acre mixed-use project located at the intersection of 45th Street and Bull Creek Road in Austin. Master plans for the development call for 1,150 residential units in single-family and multifamily formats, 185,000 square feet of office space and 140,000 square feet of retail space. The developer is a joint venture between MileStone Community Builders, which is handling the residential portion of the project, and Castletop Capital, which is handling the mixed-use portion. To date, about 150 households have taken residence at The Grove, with several office and retail users also committing to the development. Weitzman is leasing the retail component of the project.

February 8, 2021

Acquisitions Multifamily Texas

Venterra Realty Acquires 324-Unit Elation at Grandway West Apartments in Metro Houston

by Taylor Williams February 8, 2021

KATY, TEXAS — Locally based investment firm Venterra Realty has acquired Elation at Grandway West, a 324-unit apartment community in the western Houston suburb of Katy. The property offers one- and two-bedroom units ranging in size from 671 to 1,116 square feet. Units feature quartz countertops, stainless steel appliances and smart door locks. Amenities include three outdoor grilling areas, two pools, a dog park, pergolas with swings, a yoga and spin studio, fire pits and a bocce ball court. Matt Philips and Clint Duncan of CBRE brokered the deal, the seller in which was not disclosed.

February 8, 2021

Acquisitions Multifamily Texas

IPA Brokers Sale of 320-Unit Park at Estancia Multifamily Property in Austin

by Taylor Williams February 8, 2021

AUSTIN, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Park at Estancia, a 320-unit multifamily property in Austin’s Far South submarket. Units come in one-, two- and three-bedroom floor plans, and amenities include a pool, fitness center, dog park, outdoor grilling stations and a resident clubhouse with a lounge and game area. Will Balthrope, Jordan Featherston and Kent Myers of IPA represented the seller, GenCap Partners, in the transaction. The team also procured the buyer, Churchill Forge Properties.

February 8, 2021

Acquisitions Multifamily Texas

JRK Property Holdings Buys 258-Unit Apartment Community in Southeast Houston

by Taylor Williams February 8, 2021

HOUSTON — Los Angeles-based investment firm JRK Property Holdings has purchased Carrington Park at Gulf Point, a 258-unit apartment community in southeast Houston. Built on 16 acres in 2017, the property features one-, two- and three-bedroom units. Amenities include a pool, fitness center, business center and a clubhouse, according to Apartments.com. The seller was not disclosed.

February 8, 2021

Leasing Activity NAI Office Texas

NAI Partners Negotiates 16,000 SF Office Sublease for Ring Energy in Metro Houston

by Taylor Williams February 8, 2021

THE WOODLANDS, TEXAS — NAI Partners has negotiated a 16,000-square-foot office headquarters sublease for exploration firm Ring Energy at 1725 Hughes Landing Blvd. in The Woodlands, about 30 miles north of Houston. Charlie Neuhaus and Harry Holmes of NAI Partners represented the tenant, which is relocating from Midland, in the lease negotiations. Jerrod McQuain of JLL represented the sublandlord.

February 8, 2021

Acquisitions Massachusetts Multifamily Northeast

CBRE Negotiates $95.5M Sale of Strata Apartments in Malden, Massachusetts

by Taylor Williams February 8, 2021

MALDEN, MASS. — CBRE has negotiated the $95.5 million sale of Strata, a 295-unit apartment community located in the northern Boston suburb of Malden. The sales price equates to approximately $324,000 per unit. The property, which was 100 percent occupied at the time of sale, is situated on 8.4 acres and offers one-, two- and three-bedroom units with an average size of 892 square feet. Amenities include a pool, outdoor grilling areas and fire pits and a fitness center. Simon Butler, Biria St. John and John McLaughlin of CBRE the seller, Boston-based Taurus Investment Holdings, and procured the buyer, an affiliate of The Green Cities Company of Portland, Oregon.

February 8, 2021

Development Healthcare Life Sciences Loans Massachusetts Multifamily Northeast Office

Joint Venture to Develop 194,000 SF Life Sciences Facility, 450-Unit Apartment Building in Boston

by Taylor Williams February 8, 2021

BOSTON — A joint venture between affiliates of Magellan Development Group, RAS Development, Cypress Equity Investments and USAA Real Estate will develop a 194,000-square-foot life sciences facility and a 450-unit apartment building in the Somerville area of Boston. The development represents the first phase of the master plan for the revitalization of Union Square, a project that will ultimately span 2.4 million square feet of commercial and residential space. The project also includes the addition of an MBTA Green Line station. Daniel Kaufman, Frederic Wittmann and Brett Paulsrud of JLL arranged construction financing through Bank OZK for both the life sciences and the multifamily components of the project.

February 8, 2021

Acquisitions Industrial New York Northeast

HGI, Turnbridge Sell 90,000 SF Industrial Property Leased to Amazon in Brooklyn

by Taylor Williams February 8, 2021

NEW YORK CITY — A joint venture between investment and development firms Harbor Group International (HGI) and Turnbridge Equities has sold a 90,000-square-foot industrial property leased to Amazon in Brooklyn. The joint venture acquired the property in 2018, when it was vacant, and invested $2.6 million in capital improvements. Institutional investor BentallGreenOak purchased the property for an undisclosed price.

February 8, 2021

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