Property Type

JLL Arranges $43.9M Sale of Industrial Property Leased to Bed Bath & Beyond in North Georgia

by Alex Tostado August 12, 2020

PENDERGRASS, GA. — JLL has arranged the $43.9 million sale of an 811,000-square-foot distribution center leased to Bed Bath & Beyond in northeast Georgia. The property is located at 860 John B. Brooks Road in Pendergrass. The asset, which is situated on 62 acres along Interstate 85, features tilt-up construction, 32-foot clear heights and a cross-dock configuration. Alex Sharrin, Britton Burdette, Brian Shanfeld, Matt Wirth and Dennis Mitchell of JLL represented the seller, Oak Street Real Estate Capital LLC, in the transaction. An unnamed institutional investment group purchased the property.

August 12, 2020

Company News Multifamily South Carolina Southeast

Greystar Launches $600M Fund Focused on Acquiring Multifamily Debt

by Alex Tostado August 12, 2020

CHARLESTON, S.C. — Greystar Real Estate Partners LLC has launched Greystar Credit Partners II LP (GCP II), a $600 million fund focused on the acquisition of securitized subordinated debt issued by government-sponsored enterprises (GSEs) as well as private label securitizations, junior notes or mezzanine debt collateralized by multifamily assets. GCP II is the successor to GCP I, a $500 million fund created in 2018 that completed its investment activities concurrent with the formation of GCP II. Brett Lashley and Patrick Reilly of Greystar will oversee GCP II’s investment and portfolio management activities.

August 12, 2020

Acquisitions Arkansas Multifamily Southeast

The Multifamily Group Brokers Sale of 242-Unit Apartment Complex in North Little Rock

by Alex Tostado August 12, 2020

NORTH LITTLE ROCK, ARK. — The Multifamily Group (TMG) has brokered the sale of Arrowhead Estates, a 242-unit apartment complex in North Little Rock. The property, which was originally built in 1968, offers one- and two-bedroom floor plans. Communal amenities include a pool, playground, basketball court, picnic area and a sundeck. The community is situated at 1707 Arrowhead Road, six miles north of downtown Little Rock. Paul Yazbeck of Dallas-based TMG represented the undisclosed seller in the transaction and procured the undisclosed buyer. The sales price was also not disclosed.

August 12, 2020

Loans Louisiana Multifamily Southeast

Columbia Pacific Provides $15.5M Refinancing Loan for Mobile Home Park in Lake Charles, Louisiana

by Alex Tostado August 12, 2020

LAKE CHARLES, LA. — Columbia Pacific Advisors has provided a $15.5 million refinancing loan for Gulf Stream Manor, a mobile home park in Lake Charles. Billy Meyer of Columbia Pacific originated the loan on behalf of the undisclosed borrower, which plans to use the funds to refinance its existing mortgage, as well as provide working capital and finance expenditures. The property offers 265 residences with three- and four-bedroom floor plans ranging from 1,152 to 1,368 square feet. Amenities include a clubhouse, pool, playground and basketball courts. Southern Choice Properties manages the community, which is located at 8559 Gulf Highway, 10 miles south of downtown Lake Charles.

August 12, 2020

Development Industrial Texas

Gruene Real Estate, Weber & Co. to Develop 1.4 MSF Industrial Facility Near Fort Worth

by Taylor Williams August 12, 2020

HASLET, TEXAS — A joint venture between two Dallas-area developers, Gruene Real Estate Partners and Weber & Co., will construct Intermodal Commerce Park, a 1.4 million-square-foot industrial facility in the northern Fort Worth suburb of Haslet. The three-building, Class A complex will be situated on an 82-acre site approximately one mile from Interstate 35 and near the southern end of Alliance Airport. Intermodal Commerce Park will consist of one front-load and two cross-dock buildings that feature 32- to 40-foot clear heights, deep truck courts, 186 dock doors, 10 ramp doors, 313 trailer stalls and ample car parking. Dustin Volz, John Rose, Stephen Bailey and Wells Waller of JLL arranged a five-year construction loan through First United Bank on behalf of the developers and delivered a private real estate fund advised by Crow Holdings Capital as a joint venture equity partner. JLL is also handling leasing of the project.

August 12, 2020

Acquisitions Florida Retail Southeast

CTO Realty Sells Retail Property Leased to Convenience Store Chain Wawa in Jacksonville for $7.1M

by Alex Tostado August 12, 2020

JACKSONVILLE, FLA. — CTO Realty Growth has sold a 6,267-square-foot retail property leased to Wawa in Jacksonville for $7.1 million. The property was delivered in 2017 and features gasoline pumps. Wawa has 17 years remaining on its lease. The asset sits on 2.2 acres at 4866 Gate Parkway, 10 miles southeast of downtown Jacksonville and near St. Johns Town Center. Brad Peterson, Michael Brewster and Joseph Naas of JLL represented the seller in the transaction. An undisclosed private investor purchased the asset.

August 12, 2020

Development Retail Texas

Trademark, MetroNational Begin Redevelopment of Houston’s 1.7 MSF Memorial City Mall

by Taylor Williams August 12, 2020

HOUSTON — Fort Worth-based Trademark Property Co. and owner-operator MetroNational have begun the redevelopment of the 1.7 million-square-foot Memorial City Mall in Houston into a mixed-use destination. The project began on Tuesday with the demolition of the building formerly occupied by Sears, which was the mall’s original anchor tenant beginning in 1966. Gensler and Stantec are leading the project’s design efforts. Specific uses for the completed redevelopment have not yet been disclosed.

August 12, 2020

Foster-Ridge-Distribution-Center-San-Antonio

Acquisitions Industrial Texas

Koontz Sells 327,000 SF Foster Ridge Distribution Center in San Antonio

by Taylor Williams August 12, 2020

SAN ANTONIO — Locally based developer Koontz Corp. has sold Foster Ridge Distribution Center, a 327,000-square-foot industrial facility located at the junction of Foster Road and Interstate 10 in San Antonio. Koontz completed the Class A facility in October 2019. The buyer is metro Philadelphia-based industrial owner and developer Exeter Property Group. Building features at Foster Ridge Distribution Center include 32-foot clear heights, 75 dock-high overhead doors, 130-foot truck courts and an ESFR sprinkler system. Trent Agnew of JLL represented Koontz Corp. in the sale, and Exeter Property Group was self-represented.

August 12, 2020

Development Multifamily Texas

Mill Creek Breaks Ground on 341-Unit Modera Washington Multifamily Project in Houston

by Taylor Williams August 12, 2020

HOUSTON — Mill Creek Residential has broken ground on Modera Washington, a 341-unit multifamily project that will be located at 2520 Washington Ave. adjacent to Houston’s Old Sixth Ward Historic District. Modera Washington will feature studio, one- and two-bedroom units with 10-foot ceilings, stainless steel appliances and quartz countertops. Amenities will include a rooftop deck, pool, outdoor grilling areas, a game room, fitness center, private office space and a golf simulator. The first units are expected to be available for occupancy in late 2021.

August 12, 2020

Acquisitions Office Retail Texas

Vista Acquires Two Office, Retail Properties Totaling 30,061 SF Near Houston

by Taylor Williams August 12, 2020

CLEAR LAKE, TEXAS — Vista Cos., a Houston-based development and management firm, has acquired two office and retail properties totaling 30,061 square feet in the Clear Lake area, located on the city’s southeast side. The assets had a combined occupancy rate of 95 percent at the time of sale. James Bell of Marcus & Millichap represented the seller, Visionary Investors Ltd., in the transaction. Frost Bank provided acquisition financing.

August 12, 2020

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