Property Type

Overton Moore Properties Acquires Concourse Tech Park in San Jose for $13.5M

by Amy Works October 21, 2020

SAN JOSE, CALIF. — Overton Moore Properties has purchased Concourse Tech Park, an office, research and development building in San Jose. A private family sold the asset for $13.5 million. Located at 1953-1965 Concourse Drive, the 110,148-square-foot property features two loading docks, eight at-grade roll-up doors, substantial power, ample parking and significant clear heights. At the time of sale, the building was 10 percent leased. Steven Golubchik, Seth McKinnon, Darren Hollak and Jack Phipps of Newmark represented the buyer and the seller in the transaction.

October 21, 2020

Development Industrial Michigan Midwest Top Stories

Detroit City Council Approves Sale of Former State Fairgrounds, Amazon to Open 3.8 MSF Facility at Site

by Kristin Harlow October 21, 2020

DETROIT — The Detroit City Council has approved the sale of the former Michigan State Fairgrounds, providing the green light for a $400 million redevelopment of the site. Detroit-based Sterling Group and Dallas-based Hillwood Investment Properties have agreed to pay $9 million for the land, with plans to build a 3.8 million-square-foot distribution center for Amazon at the property. The e-commerce giant will occupy half of the 142-acre site, located at the corner of Woodward Avenue and 8 Mile Road. Its facility is projected to bring more than 1,200 new full-time jobs to the area. The remaining acreage will be dedicated to auto part suppliers or other employers, according to the developers. The Michigan State Fair took place annually in Detroit from 1849 to 2009 when the publicly funded event was removed from the budget. In 2011, the fair went private and moved to nearby Novi. The redevelopment plans call for the demolition of several buildings at the old fairgrounds, including the 5,600-seat arena built in 1922, according to local news outlets. The project also includes the development of a new indoor transit center to replace the current one on Woodward Avenue near the fairgrounds. As part of the agreement, …

October 21, 2020

Acquisitions Georgia Multifamily Southeast

Carroll Purchases Three Multifamily Communities in Metro Atlanta for $220M

by Alex Tostado October 20, 2020

SANDY SPRINGS AND MARIETTA, GA. — Carroll Organization has purchased three multifamily communities in metro Atlanta for $220 million. Carroll will rebrand two of the properties, Cascade at Morgan Falls and Fountains at Morgan Falls in Sandy Springs, under the singular name Arium Morgan Falls. The adjacent communities total 1,180 units. Carroll plans to invest $30 million in property upgrades to overhaul exteriors, amenities and unit interiors. The third property is in Marietta, the 418-unit Columns at Bentley Manor, which Carroll will rebrand to Arium on Bentley. Carroll plans to remodel and update the community’s amenities and units. The seller(s) of the three communities was not disclosed.

October 20, 2020

Development Florida Mixed-Use Southeast

Ferber Breaks Ground on 164-Acre Mixed-Use Development in Metro Tampa

by Alex Tostado October 20, 2020

LAND O’ LAKES, FLA. — The Ferber Cos. has broken ground on Cypress Ranch, a 164-acre mixed-use development in Land O’ Lakes. At full buildout, the project will include 330 multifamily units, 134 townhomes, 132 single-family homes and retail and office space. Commercial tenants will include EoS Fitness, Aldi, Burger King, Circle K, Honest-1 and Woodie’s Wash Shack. A remaining 6.4-acre tract can be subdivided for retail, office or hotel uses. Cypress Ranch is located near the intersection of State Road 154 and Ballantrae Boulevard, 21 miles north of downtown Tampa. The NRP Group will develop the multifamily component of the project, while Lennar Homes will build the single-family homes. Ferber expects the commercial space to open to tenants by early 2022.

October 20, 2020

Acquisitions Florida Industrial Self-Storage Southeast

Cushman & Wakefield Arranges $14M Sale of Self-Storage Facility in Palm City, Florida

by Alex Tostado October 20, 2020

PALM CITY, FLA. — Cushman & Wakefield has arranged the $14 million sale of Safe & Sound Palm City, an 868-unit self-storage facility in Palm City. The property comprises 78,521 square feet of rentable space on 3.1 acres. The facility includes 216 non-climate-controlled units and 652 climate-controlled units, as well as video surveillance, electronic gates and access to a freight elevator. The asset is situated at 3501 SW Martin Downs Blvd., 11 miles south of downtown Port St. Lucie. Mike Mele and Luke Elliott of Cushman & Wakefield represented the seller, Safe & Sound, in the transaction. A joint venture between two private limited liability companies acquired the property and rebranded it under the CubeSmart brand.

October 20, 2020

Acquisitions Healthcare Office Southeast Virginia

Montecito Medical Acquires 31,000 SF Medical Office Building in Virginia Beach

by Alex Tostado October 20, 2020

VIRGINIA BEACH, VA. — Montecito Medical Real Estate has acquired Virginia Beach Orthopedic Medical Office, a 31,000-square-foot building in Virginia Beach. At the time of sale, the asset was fully leased to anchor tenant Jordan-Young Institute and Patient First. Jordan-Young Institute, which specializes in orthopedic surgeries, joint replacements and rehabilitations, occupies 85 percent of the building. Patient First operates urgent care and walk-in clinics around Virginia Beach. The property is situated at 5716 Cleveland St., 12 miles west of downtown Virginia Beach and seven miles east of downtown Norfolk. Further details of the transaction were not disclosed.

October 20, 2020

Development Retail South Carolina Southeast

DD’s Discounts to Open 22,000 SF Store in Columbia, South Carolina on Oct. 24

by Alex Tostado October 20, 2020

COLUMBIA, S.C. — DD’s Discounts will open a 22,000-square-foot store within Fashion Place Shopping Center in Columbia Friday, Oct. 24. The property will be located at 2720 Decker Blvd., 10 miles northeast of downtown Columbia and the University of South Carolina. This will be dd’s Discounts third location in South Carolina and 270th overall in 20 states. Jake Dugan of JBL Asset Management represented the undisclosed landlord in the lease negotiations.

October 20, 2020

Development Office Texas

Patrinely Group Tops Out 440,000 SF Office Project for HPE in Houston

by Taylor Williams October 20, 2020

HOUSTON — Patrinely Group, in a joint venture with USAA Real Estate and CDC Houston, has topped out the new 440,000-square-foot office building for Hewlett Packard Enterprise (HPE) in North Houston. The building, construction of which began earlier this year, is located within the 2,000-acre Springwoods Village development and is expected to be complete in spring 2022. Amenities include a fitness center, café, kitchen, pharmacy, laboratory and office space, and a large central courtyard with a multi-use basketball pavilion, fitness/yoga lawn, water features, outdoor tables and open green space.

October 20, 2020

Development Multifamily Texas

Realty Capital, PointOne Break Ground on 266-Unit Apartment Community Near Fort Worth

by Taylor Williams October 20, 2020

MANSFIELD, TEXAS — A partnership between locally based firm Realty Capital Management and South Florida-based PointOne Holdings has broken ground on Phase II of Main Street Lofts, a project in the Fort Worth suburb of Mansfield that will add 266 apartments to the local supply. Phase II will deliver amenities such as a pool, fitness center, multiple lounges, resident clubhouse and access to walking and biking trails. JHP Architecture is designing the project, and NRP Construction is the general contractor. First United Bank provided construction financing. Completion is scheduled for the first quarter of 2022.

October 20, 2020

Development Office Texas

Billingsley Completes 187,100 SF Office Project at International Business Park in Plano

by Taylor Williams October 20, 2020

PLANO, TEXAS — Locally based developer Billingsley Co. has completed a 187,100-square-foot project that is the first office building within International Business Park in Plano. The project also included the construction of a 9,000-square-foot amenity center on the campus that houses a fitness center, conference center and grab-and-go food service. Adolfson & Peterson served as the general contractor for the four-story office building, which is situated on 9.2 acres and includes a coffee bar with TVs and complimentary Wi-Fi. GFF Architects designed the building, and JLL is handling leasing.

October 20, 2020

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