Property Type

GLL Real Estate Partners Acquires 1.1 MSF Industrial Development Near Baltimore for $90M

by Kristin Harlow April 8, 2020

CURTIS BAY, MD. — Germany-based GLL Real Estate Partners has acquired Brandon Woods III, a two-building industrial development in Curtis Bay, for $90 million. Chesapeake Real Estate Group LLC (CREG) and EverWest Real Estate Investors LLC sold the buildings. The sale also includes two land parcels with the potential for another 250,000 square feet of development. The two assets span 840,000 square feet at 7550 Perryman Court and 7659 Solley Road, just south of Baltimore near the Patapsco River. The building at 7550 Perryman Court is considered the largest speculative industrial building ever constructed in Anne Arundel County, according to CREG. Best Buy leased the entire building in summer 2018 and currently employs approximately 300 workers at the facility. The building is used as a warehouse and distribution center for large products, as well as a repair site for major appliances and televisions. The other building, 7659 Solley Road, is a recently delivered, 340,000-square-foot speculative property. It features a clear height of 36 feet, 87 dock doors, four drive-in doors, a 130-foot truck court and parking for 257 cars and 61 trailers. CREG was retained to oversee the construction, leasing and management at Brandon Woods III, which should total approximately …

April 8, 2020

Development Multifamily Southeast Student Housing Virginia

Eyzenberg & Co. Structures Ground Lease and Selects Greystar to Develop a 424-Unit Student Housing Property Near Virginia Tech

by Alex Tostado April 7, 2020

BLACKSBURG, VA. — Greystar will redevelop an 11.5-acre site near Virginia Tech University into 424 student housing units. Sturbridge Square Apartments currently sits at the property, which is located at 1001 University City Blvd., one mile north of campus. The developer expects to break ground on the development this summer, with completion slated for fall 2022. Sturbridge Square Apartments currently comprises 11 buildings. The new community will offer six buildings offering one- through four-bedroom floor plans as well as townhomes. Communal amenities will include green recreational space, a half basketball court, swimming pool and a picnic area. David Eyzenberg of Eyzenberg & Co. with help from analyst Fan Yu structured the ground-lease on behalf of Sturbridge Square LLC and procured Greystar to develop the student housing community. BSB Design Inc. is serving as the architect of the redevelopment.

April 7, 2020

Development Florida Industrial Southeast

Brennan Investment Group Delivers 411,000 SF Industrial Property in Port St. Lucie, Florida

by Alex Tostado April 7, 2020

PORT ST. LUCIE, FLA. — Brennan Investment Group has delivered a 411,000-square-foot industrial facility for City Electric Supply/Tamco in Port St. Lucie. The property, which features 40,000 square feet of office space, will also serve as City Electric’s North American Manufacturing headquarters. The tenant manufactures and distributes lighting and electrical equipment products through City Electric Supply branches throughout the country. Tamco, one of City Electric’s retail brands with stores nationwide, is consolidating its space from five locations around Port St. Lucie to the new facility. In addition to developing the new facility, Brennan also acquired the five locations that Tamco occupied before selling them to an undisclosed Florida-based investor.

April 7, 2020

Company News Industrial Mississippi Southeast Tennessee

Nissan to Furlough 10,000 Manufacturing Employees in Tennessee, Mississippi Due to Coronavirus

by Alex Tostado April 7, 2020

SMYRNA, TENN. AND CANTON, MISS. — Nissan Group of North America will furlough 10,000, hourly manufacturing employees in its Tennessee and Mississippi plants. The decision comes on the heels of the Japanese automaker closing its manufacturing plants in Smyrna and Canton until at least the end of April due to the coronavirus pandemic. The plant in Smyrna is located 27 miles southeast of downtown Nashville. The plant produces 640,000 vehicles annually and employs 7,250 workers. The plant in Canton is located 22 miles north of Jackson. The plant produces 450,000 vehicles annually and employs 5,250 workers.

April 7, 2020

Acquisitions Leasing Activity Retail South Carolina Southeast

Colliers Arranges $13.9M Sale-Leaseback of Walmart in Sumter, South Carolina

by Alex Tostado April 7, 2020

SUMTER, S.C. — Colliers International has arranged the $13.9 million sale of a triple-net leased, Walmart Neighborhood Market-occupied property in Sumter. Hutton Development developed and sold the 41,990-square-foot building, which is situated at 343 Pinewood Road, three miles south of downtown Sumter and 40 miles east of downtown Columbia. Walmart signed a new 13-year lease with the new owner, an undisclosed private investor based in Florida completing a 1031 exchange. Jereme Snyder of Colliers represented the seller in the transaction.

April 7, 2020

Development Florida Loans Multifamily Seniors Housing Southeast

LV Lending Provides $4.2M Refinancing for Seniors Housing Development Site on Florida’s Space Coast

by Alex Tostado April 7, 2020

CAPE CANAVERAL, FLA. — LV Lending, a local private lender, has provided a $4.2 million refinancing loan for a 7.7-acre vacant site in Cape Canaveral, a town on Florida’s Space Coast. The borrower, Danny Ringdahl of La Casa Canaveral LLC, plans to build a four-story, 248-bed assisted living and memory care community on the site. Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending arranged the financing. Hart Advisors Group was the mortgage broker.

April 7, 2020

Development Multifamily Texas

Embrey Receives Financing for 338-Unit Multifamily Redevelopment Project in San Antonio

by Taylor Williams April 7, 2020

SAN ANTONIO — Locally based developer Embrey Partners has received financing from Wells Fargo for the construction of a 338-unit multifamily community at the historic Borden Creamery property, located adjacent to the Pearl District in San Antonio. Construction is scheduled to begin in July with the demolition of a self-storage facility currently on the 5.1-acre site. Humphreys & Partners is designing the project, completion of which is slated for July 2023. The Borden building will be preserved in a separate project by AREA Real Estate LLC to include 60,000 square feet of office and retail commercial space. Embrey’s development pipeline currently includes more than 6,000 new units.

April 7, 2020

Acquisitions Multifamily Texas

Multifamily Property Group Acquires 128-Unit Apartment Community in Arlington

by Taylor Williams April 7, 2020

ARLINGTON, TEXAS — Multifamily Property Group, a California-based private equity firm, has acquired 2121 Apartments, a 128-unit community in Arlington. The property features one-, two- and three-bedroom units with tile backsplashes, walk-in closets and private patios or balconies. Amenities include a pool, tennis court, fitness center and a lounge and café bar. Dougherty Mortgage arranged a 12-year acquisition loan through a partnership with Old Capital Lending for the transaction.

April 7, 2020

Acquisitions Office Texas

Colliers Arranges Sale of 121,420 SF Office Building in Metro Dallas

by Taylor Williams April 7, 2020

RICHARDSON, TEXAS — Colliers International has arranged the sale of 2703 Telecom, a 121,420-square-foot office building located in the northeastern Dallas suburb of Richardson. Construction firm Hill & Wilkinson recently signed a 10-year lease as the anchor tenant at the building, which was 100 percent leased at the time of sale. Dallas-based Pillar Commercial sold the asset to Goldenberg & Associates Inc. for an undisclosed price. Creighton Stark and Chris Boyd of Colliers handled the transaction.

April 7, 2020

Acquisitions Healthcare Texas

Avison Young Brokers $8.1M Sale of Healthcare Portfolio in Dallas Area

by Taylor Williams April 7, 2020

DALLAS, GARLAND AND PLANO, TEXAS — Avison Young has brokered the $8.1 million sale of a trio of single-tenant healthcare properties occupied by DaVita Dialysis in the Dallas area. The portfolio included an 8,436-square-foot property in Plano that was built in 2008 and is adjacent to a senior living home; a 7,400-square-foot building in Garland that was built in 1992 and is situated within a major commercial corridor; and a 7,954-square-foot asset in Dallas that was built in 2007 within a mile of Methodist Dallas Medical Center. Patrick Barnes of Avison Young represented the seller, a California-based private investor. Christopher Goodman-Triolo of NLF Advisors represented the buyer, a Dallas-based investor.

April 7, 2020

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