Property Type

BALTIMORE — A joint venture between Kemp Byrnes and Brad Byrnes of Byrnes & Associates Inc. and local entrepreneur Dave Gupta has purchased two historic buildings in downtown Baltimore for an undisclosed price. The assets, situated at 225 and 233 E. Redwood St., combine to span 90,000 square feet of office and retail space. The buyers plan to implement a $5 million renovation and rebranding into the properties. The four-story building at 225 E. Redwood St. will be known as the Vickers Building, and the 13-story building located at 233 E. Redwood St. will be dubbed the Redwood Exchange. The buyers will transform the upper floors of the Redwood Exchange, which currently houses the law office of Gordon Feinblatt LLC, into a multi-tenant space. The ground floors of both buildings will be leased to restaurant and retail users. More than $3 million has been invested in the properties over the past five years by the previous undisclosed owner to upgrade the exterior, interior common areas and HVAC system. Vickers Exchange was originally built in 1904 and includes Werner’s Restaurant, a pop-culture icon that has been featured in TV shows and movies such as “The Wire,” “Liberty Heights,” “Ladder 49,” “Tin …

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SAVANNAH, GA. — Berkadia has arranged the $33.8 million sale of Georgetown Woods/Waterford Plantation, a 248-unit multifamily community in Savannah. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, fitness center, clubhouse and tennis courts. The property is situated at 1 Saint George Blvd., 13 miles south of downtown Savannah. Mark Boyce and Blake Coffey of Berkadia represented the seller, South Carolina-based Waterford Plantation LLC, in the transaction. The buyer was Texas-based Napali Capital.

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BROWNSVILLE, TEXAS — An affiliate of Milwaukee-based Phoenix Investors has acquired the 1 million-square-foot former tire plant of Titan International Inc. in Brownsville. The property spans 108 acres and was originally built in 1997. Titan, which manufactures road tires and wheel technology for a variety of industries, ceased production at the site in 2003 and converted the facility into a multi-tenant property. Michael Reid of Newmark represented Titan in the sale of the plant. The sale included land for future industrial development.

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DALLAS — NorthMarq has arranged the sale of The Muse, an 804-unit workforce housing community located at 3035 W. Pentagon Parkway in South Dallas. The Muse features approximately 30 different unit types with an average size of 926 square feet. Units include nickel finishes, pantries, private patios/balconies, tile backsplashes, walk-in closets and individual washer and dryer connections. Amenities include a fitness center, business center and onsite laundry facilities. Taylor Snoddy, James Roberts and Philip Wiegand of NorthMarq represented the seller, S2 Capital LLC, in the transaction. Houston-based Nitya Capital purchased The Muse for an undisclosed price.

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SAN ANTONIO — Hodges Ward Elliott (HWE) has brokered the sale of the 265-room Hotel Contessa, located at 306 W. Market St. in the Riverwalk area of downtown San Antonio. The 12-story luxury hotel was built in 2005 and features 10,000 square feet of event space, a rooftop pool and a restaurant/bar with Riverwalk views and access, as well as a full-service spa. John Bourret, Austin Brooks and David Auer of HWE represented the seller in the transaction. Lawrence Britvan and Pete Fehlman of HWE arranged acquisition financing on behalf of the undisclosed buyer.

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BRYAN, TEXAS — Houston-based self-storage developer The Jenkins Organization has broken ground on a 304-site RV resort in Bryan. The project, which will be located near Texas A&M University, is one of the company’s five planned RV developments. Jenkins will operate the new park, which will also include 64 cabins, under the Great Escapes brand. Amenities will include two clubhouses with resort-style pools, covered pavilions for tailgating and events, walking trails, a sports court, two dog parks, a camp store and two workout facilities. The opening is scheduled for summer 2021.

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AUSTIN, TEXAS — New York City-based Dwight Capital has provided a $27.9 million HUD 223(f) loan for the refinancing of Terrazzo Apartments, a 224-unit multifamily community in North Austin. Built in 1997 and renovated in 2007, the property consists of 12 three-story buildings on an 18-acre tract. Units feature one-, two- and three-bedroom floor plans, and amenities include a pool, fitness center, business center, coffee bar, clubhouse and a playground. Brandon Baksh and Brian Yee of Dwight Capital originated the financing.

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RICHFIELD, MINN. — Best Buy Co. Inc. (NYSE: BBY) reported that its comparable store sales grew 23 percent in the third quarter versus the same period a year ago, a figure CEO Corie Barry called “remarkable.” The Richfield, Minn.-based retailer’s third quarter ended Oct. 31. Barry cited the company’s supply chain expertise, flexible store operating model and ability to shift quickly to digital for the growth in sales. Best Buy’s domestic online sales grew 174 percent in the third quarter. Barry also explained that there is elevated demand for products that help customers work, learn, cook, entertain and connect from home throughout the pandemic that is accelerating Best Buy’s growth. Best Buy reported third-quarter net income of $391 million, up from $293 million a year earlier. The retailer’s stock price closed at $122.04 per share Monday, Nov. 23, up from $74.25 per share one year ago.

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SHAKOPEE, MINN. — Monument Capital Management has acquired White Pines Apartments in Shakopee, about 25 miles south of Minneapolis, for $19.7 million. The 123-unit apartment property, built in 1999, is located at 1321-1364 Eagle Creek Blvd. It features one-, two- and three-bedroom units. Amenities include a fitness center, laundry facility, patio areas and Amazon Hub lockers. Ted Bickel of Colliers International represented the seller, Abacus Capital Group. Monument plans to implement a capital improvement program.

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PITTSBURGH — Dick’s Sporting Goods (NYSE: DKS) reported a 23.2 percent increase in same-store sales for its fiscal third quarter that ended on Oct. 31, the company’s best performance in same-store sales since going public nearly two decades ago. In addition, the Pittsburgh-based retailer saw its e-commerce sales rise by 95 percent relative to the third quarter of 2019, ending the period with roughly $1.1 billion in cash. Net income for the third quarter stood at approximately $177 million, a healthy 67 percent increase from the $57.5 million in net income reported in the third quarter of last year. Dick’s Sporting Goods also announced that as of Feb. 1, 2021, chairman and CEO Edward Stack will assume the role of executive chairman. Lauren Hobart will be the new president and CEO under the long-term succession plan. The company’s stock price opened at $58.74 per share on Tuesday, up from $40.41 per share a year ago.      

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