IRVING, TEXAS — Marcus & Millichap has arranged the sale of The Colony, a 179-unit apartment community in Irving. Built in phases in the 1960s, the property offers proximity to multiple schools, as well as the 12,000-acre Las Colinas business and entertainment district. The Colony’s amenities include three pools, a dog park and onsite laundry facilities. Al Silva and Ford Braly of Marcus & Millichap represented the seller, Florida-based Capital Vision Management, and procured the buyer, a Dallas-based private investment group.
KATY, TEXAS — Hoover Ferguson, a provider of bulk containers and chemical tanks, has signed a 16,603-square-foot office lease at Katy Ranch Office for its new corporate headquarters. Approximately 60 employees will relocate from the current headquarters building at 2135 Highway 6 S. in Houston beginning in December. Sam Hansen and Doug Pack of Avison Young represented the landlord, Freeway Properties, in the lease negotiations.
CORAL GABLES, FLA. — Moss Construction has delivered University of Miami Lakeside Village, a $134 million, 1,115-bed student housing community on the University of Miami campus. The 569,441-square-foot, seven-story project features 25 interconnected buildings and several outdoor spaces. The property offers classrooms, music rooms, study areas, recreation rooms, a 200-seat auditorium and offices. The buildings also have food options, a package center and an exhibition hall. The university opened for in-person classes Monday, Aug. 17, a week earlier than planned due to the coronavirus pandemic. The fall semester will conclude Friday, Nov. 20, the week before Thanksgiving. To support sustainability initiatives, the property includes green roofs that absorb carbon dioxide to help clean the air and regulate the climate. Also, existing plant life was evaluated and, when possible, integrated into the landscape or relocated elsewhere on campus. Miami-based Arquitectonica designed the community. — Alex Tostado
By Brian Leonard and Mark Volkman Tides are changing throughout the U.S. as companies work to confront COVID-19 and its implications on the national supply chain. Changing consumer preferences are forcing businesses to reevaluate their current supply chain and diversify their sources of supply. Since COVID-19, retailers across the country have experienced a 54 percent increase in online sales. This shows the value shoppers place on convenience and accessibility — the only missing factor from online shopping is the immediacy of a physical store. As a result, 51 percent of global retailers now offer same-day shipping to available areas, and 65 percent plan to offer same-day delivery services within a year. These factors, combined with the expectations of a “next normal,” will require fulfillment centers to be positioned close to customers to ensure timely deliveries. And finding a well-equipped, centrally located space can be a challenge. Luckily for investors, the Cincinnati market is emerging as a destination for warehouse and fulfillment centers. Cincinnati is nationally recognized for its accessibility to major markets, talented workforce and plentiful intermodal properties. Because of these reasons, major retailers like Wayfair and Hayneedle are dominating the market, making larger footprints harder to come by. Here …
Construction has been one of the lucky few segments of the economy that has continued humming along during the pandemic. Student housing projects are still going on as planned, as construction has mostly fallen into the “essential” category of business during the shutdown. While builders report there have been few supply-chain issues, there were some initial slowdowns related to delivery. “The only significant supply side issue we have had was on a project that we have under construction serving UMass Amherst,” says Brent Little, president of Fountain Residential Partners. The project, North 116 Flats, is under construction for delivery for fall of this year. “When the outbreak hit fever pitch, we had all of our cabinets and countertops for the project on a ship coming from China in the middle of the ocean. We were very puckered up until those six containers hit the port in Connecticut, and we received pictures of them on the dock. We are now installing those cabinets in the fourth building of five buildings, so that issue has been mitigated. We were worried about some other items, such as laminate flooring, that were coming from overseas as well, but it has all arrived. If it …
CHATTANOOGA, TENN. — CBL Properties (NYSE: CBL) announced this morning that it has struck a deal with its lenders on a restructuring plan that will eliminate $900 million in debt and reduce annual interest expense by $20 million. Although the official press release from CBL did not mention bankruptcy, a representative from the company told the Chattanooga Times Free Press that the company plans to use the Chapter 11 bankruptcy process to complete the restructuring. The announcement follows yesterday’s second-quarter earnings call, where CBL revealed that it had drawn down its entire revolving credit facility, experienced $215.3 million in losses over the first half of the year, and expected to enter foreclosure proceedings on four malls. Those properties include Park Plaza in Little Rock, Arkansas, with $77.6 million in outstanding debt; Hickory Point in Forsyth, Illinois, with $27.4 million outstanding; EastGate Mall in Cincinnati with $31.9 million outstanding; and Burnsville Center in Minneapolis with $64.5 million outstanding. In addition, CBL is in discussion with lenders about restructuring or extending a $64.5 million loan on Greenbrier Mall in Chesapeake, Virginia; a $63 million loan on Asheville Mall in Ashville, North Carolina; and a $131.5 million loan on Oak Park Mall in …
SUMMERVILLE, S.C. — The Silverman Group will develop a 520,000-square-foot speculative industrial building within Foreign Trade Zone industrial park in Summerville. The cross-dock building will feature 36-foot clear heights, 76 dock doors, an ESFR sprinkler system, 120 trailer parking spaces and 485 parking spaces for vehicles. The building will be located near Interstate 26 and 27 miles northwest of the Port of Charleston. Silverman Group expects to begin site work in September and deliver the property in spring 2021. Bob Barrineau and Brendan Redeyoff of CBRE are handling leasing efforts on behalf of the developer.
MOORESVILLE, N.C. — Lowe’s Home Improvement posted a 30 percent increase in same store sales during its second quarter, which ended July 31. The total sales reached $27.3 billion, compared with $21 billion in the second quarter of 2019. Lowe’s also invested $460 million during the quarter to support frontline hourly associates. In 2020, the company thus far has invested $560 million in COVID-19-related financial support for its associates and community pandemic relief, with a focus on minority and rural small businesses and healthcare workers. Mooresville-based Lowe’s is an essential retailer, meaning it has remained open throughout the COVID-19 pandemic. As of July 31, Lowe’s operates 1,968 home improvement and hardware stores in the United States and Canada.
DUNWOODY, GA. — Seattle-based Zillow Group will open its Southeastern regional hub in Dunwoody and create 200 jobs. According to the Atlanta Business Chronicle, the online residential real estate company leased two floors at Three Ravinia Drive, a 31-story office tower in Atlanta’s Central Perimeter submarket. A majority of the jobs will support Zillow Offers, the company’s home buying program. Kristi Brigman of the Georgia Department of Economic Development represented the Global Commerce division on this project in partnership with the Metro Atlanta Chamber, Decide DeKalb and the City of Dunwoody Development Authority. According to LoopNet Inc., CBRE handles leasing efforts on behalf of the undisclosed owner. A timeline for Zillow moving into the space was not disclosed.
NASHVILLE, TENN. — JLL has arranged the $41.2 million sale of Axis and Mosaic, two multifamily properties totaling 363 units in Nashville. Bond Cos. acquired the portfolio in an off-market transaction from Archway Equities LLC, an affiliate of Archway Holdings. Ian Anderson and Peter Chacon of JLL brokered the transaction. Axis comprises 130 units, offering one- and two-bedroom floor plans. Communal amenities include a clubhouse, fitness center, pool and laundry facilities. The property was built in 1969 and is situated at 307 Glengarry Drive, seven miles southeast of downtown Nashville. Mosaic, which was built in 1967, totals 233 units and offers two-bedroom floor plans. Communal amenities include a courtyard, package services, grilling area and a picnic area. The asset is located at 1019 Patricia Drive, seven miles southeast of downtown Nashville and one mile from Axis.