Property Type

Sleiman Enterprises to Renovate Three Historic Retail Buildings in Jacksonville

by Alex Tostado July 14, 2020

JACKSONVILLE, FLA. — Sleiman Enterprises will renovate three historic retail buildings in Jacksonville’s San Marco Square. The buildings were built in 1926 and 1927, and are located at 1974, 1980 and 1972 San Marco Blvd., two miles south of downtown Jacksonville. Marsh & Saxelbye originally developed the property, which locally based Sleiman Enterprises acquired in August 2019. The two-story, 8,200-square-foot building situated at 1974 San Marco Blvd. is currently vacant. A Starbucks Coffee occupies the space at 1980 San Marco, and a Beau Outfitters leases the building at 1972 San Marco. The facelift will focus mostly on exterior renovations, including adding a new roof, painting the property similar to its original color and adding a “winged” feature to Starbucks and Beau Outfitters. Sleiman is working with architect Jaycox Architects & Associates, as well as with the San Marco Preservation Society and residents of San Marco, to ensure the renovations evoke the building’s original integrity. A timeline for completion was not disclosed.

July 14, 2020

Acquisitions Florida Industrial Leasing Activity Southeast

Commercial Partners Realty Negotiates Sale-Leaseback of 94,000 SF Industrial Property in Metro Tampa

by Alex Tostado July 14, 2020

PINELLAS PARK, FLA. — Commercial Partners Realty has negotiated the sale-leaseback of a 94,000-square-foot industrial building in Pinellas Park. Woodhill Real Estate LLC acquired the asset for $6 million. The seller and tenant, Nautical Structures, specializes in manufacturing, designing, distributing and engineering yachting equipment. The property spans five acres and is situated at 7301 114th Ave., 20 miles west of downtown Tampa. Scott Clendening of Commercial Partners Realty represented the seller in the transaction.

July 14, 2020

Development Office Texas

Westdale, StreetLights Open 310-Unit Hamilton Apartments in Dallas’ Deep Ellum District

by Taylor Williams July 14, 2020

DALLAS — Westdale Real Estate Investment & Management and StreetLights Residential have opened The Hamilton, a 310-unit apartment community in the Deep Ellum neighborhood of Dallas. The 26-story building is located within The Epic mixed-use development and features studio, one-, two- and three-bedroom units that are furnished with custom cabinetry, floor-to-ceiling windows and built-in desks. Amenities include a pool, outdoor entertainment space with fire pits, resident bar, fitness center, media space and 23,000 square feet of attached retail and restaurant space. Rents for studio units start at $1,685 per month, according to apartments.com.

July 14, 2020

Leasing Activity Office Texas

Global Finance Firm Signs 250,000 SF Office Lease at 600 Travis Street in Downtown Houston

by Taylor Williams July 14, 2020

HOUSTON — An undisclosed global financial services firm has signed a 250,000-square-foot office lease at 600 Travis Street, a 1.7 million-square-foot building in downtown Houston that is also known as the JPMorgan Chase Building. The 75-story property, which is the tallest building in the city, will soon be renovated to upgrade its lobby, exterior plaza, collaborative workspace and conference center. Michael Anderson, Diana Bridger and Margaret Elkins of Cushman & Wakefield, along with Chanse McLeod of law firm Hunton Andrews Kurth LLP represented the landlord, a partnership between Hines and Cerberus Capital Management, in the lease negotiations.

July 14, 2020

Leasing Activity Office Texas

SkyWalker Property Partners Expands, Relocates DFW Office Headquarters

by Taylor Williams July 14, 2020

GRAND PRAIRIE, TEXAS — Locally based investment firm SkyWalker Property Partners has expanded and relocated its metroplex office headquarters to Brookhollow Riverside, a 119,314-square-foot building in Grand Prairie that the company originally purchased in 2006. SkyWalker relocated from Arlington, where it has operated for the past 12 years, and has since added three full-time professionals to its team.

July 14, 2020

Leasing Activity Office Texas

Poynter Commercial Negotiates 20,270 SF Office Lease in Houston

by Taylor Williams July 14, 2020

HOUSTON — Poynter Commercial Properties Group has negotiated a 20,270-square-foot office lease expansion at 11700 Katy Freeway in Houston. The 14-story property spans 325,000 square feet. Kevin Poynter and Peyton Poynter of Poynter Commercial represented the landlord, an affiliate of ATCAP Partners, in the lease negotiations. David Bale and Don Foster of JLL represented the tenant, human resource consulting firm Robert Half International.

July 14, 2020

Acquisitions Retail Texas

Marcus & Millichap Arranges Sale of 14,218 SF Retail Center in Roanoke, Texas

by Taylor Williams July 14, 2020

ROANOKE, TEXAS — Marcus & Millichap has arranged the sale of Roanoke Corners, a 14,218-square-foot retail center in Roanoke, located north of Fort Worth. The property was fully leased at the time of sale to tenants such as AT&T, Donut Paradise and Cinch Cleaners. Philip Levy of Marcus & Millichap represented the seller, a partnership, in the transaction. Levy also procured the buyer, a private investor. Both parties requested anonymity.

July 14, 2020

Company News Massachusetts Northeast Restaurant Retail

MGM Reopens Casino in Springfield, Massachusetts, at 25 Percent Capacity

by Taylor Williams July 14, 2020

SPRINGFIELD, MASS. — MGM Resorts International (NYSE: MGM) has reopened its casino in the western Massachusetts city of Springfield at 25 percent of its original capacity due to the COVID-19 pandemic. As of July 13, there were 112,000 confirmed coronavirus cases in the state of Massachusetts and 8,330 deaths. At this time, the resort’s 240-room hotel and spa remain closed, limiting the amenity options for guests to the 125,000-square-foot casino and three of the property’s food and beverage establishments, which will also operate at limited occupancies. Valet parking is also unavailable at this time. Employees and guests are required to wear masks in public settings, and plexiglass barriers have been installed in certain areas where social distancing is difficult to maintain. MGM has also set up handwashing stations throughout casino floor and will use digital menus as its restaurants to minimize sharing of surfaces.

July 14, 2020

Acquisitions Industrial Massachusetts Northeast

Investcorp Sells 1.8 MSF Industrial Portfolio in Boston, Chicago for $200M

by Taylor Williams July 14, 2020

BOSTON AND CHICAGO — Investcorp, a global private equity firm based in Bahrain, has sold a 1.8 million-square-foot portfolio of industrial buildings located in the Boston and Chicago areas for $200 million. The Boston component of the portfolio includes a warehouse, distribution center and flex building totaling roughly 1.1 million square feet. The Chicago component features three cold storage properties totaling approximately 700,000 square feet. Investcorp initially acquired the portfolio, which was 98 percent leased at the time of sale, in 2017. The buyer was not disclosed.

July 14, 2020

Loans New York Northeast Office

PGIM Real Estate Provides $100M Loan for Refinancing of 52 Broadway Office Building in Manhattan

by Taylor Williams July 14, 2020

NEW YORK CITY — PGIM Real Estate has provided a $100 million loan for the refinancing of 52 Broadway, a 19-story, 426,000-square-foot office building located two blocks from the New York Stock Exchange in Manhattan. The borrower was a joint venture between Jack Resnick & Sons and Ruben Cos. Resnick acquired the building, which was originally constructed in 1898, in 1978 and implemented an extensive renovation and expansion to add six more floors. Today, the building is net leased on a long-term basis to the United Federation of Teachers.

July 14, 2020

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