Property Type

Gebroe-Hammer Brokers $19.5M Sale of Apartment Complex in East Newark, New Jersey

by Taylor Williams August 19, 2020

EAST NEWARK, N.J. — Gebroe-Hammer Associates has brokered the $19.5 million sale of St. George Harrison Apartments, a 60-unit multifamily community in East Newark. The property comprises 25 one-bedroom units and 35 two-bedroom units ranging in size from 720 to 1,184 square feet. Units are equipped with stainless steel appliances, hardwood floors and individual washers and dryers. Amenities include a resident lounge and a fitness center. Niko Nicolaou of Gebroe-Hammer represented the seller, Madison Hill Properties, in the transaction. Adam Zweibel, also with Gebroe-Hammer, procured the buyer, SELA Realty Investments.

August 19, 2020

Development Office Texas

Kaizen to Develop 200,000 SF Spec Office Project at District 121 in McKinney

by Taylor Williams August 19, 2020

MCKINNEY, TEXAS — Kaizen Development Partners, in a public-private partnership with the McKinney Economic Development Corp., will develop a 200,000-square-foot speculative office project within the District 121 mixed-use development in the northern Dallas suburb of McKinney. Construction of the eight-story, Class A building is expected to begin in the first quarter of 2021 and to be complete in the second quarter of 2022. Perkins & Will is designing the project, and JLL is handling leasing.

August 19, 2020

Loans Multifamily Texas

Phillips Realty Capital Arranges $63.2M Acquisition Loan Through Freddie Mac for Plano Apartments

by Taylor Williams August 19, 2020

PLANO, TEXAS — Maryland-based mortgage banker Phillips Realty Capital has arranged a $63.2 million Freddie Mac loan for the acquisition of Evoke, a 459-unit apartment community located in the northern Dallas metro of Plano. Built in 2017, the property features one-, two- and three-bedroom units with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a pool, fitness center, sauna, playground, business center, dog park and a resident clubhouse. The borrower, a partnership between CAF Capital Partners and a family office operating as The Generic Management, purchased the asset in a 1031 exchange. Adam Bieber and William Lawson led the transaction for Phillips.

August 19, 2020

Acquisitions Multifamily Texas

IPA Brokers Sale of 286-Unit Jefferson Eastshore Apartments in Irving

by Taylor Williams August 19, 2020

IRVING, TEXAS — Institutional Property Advisors, a division of Marcus & Millichap, has brokered the sale of Jefferson Eastshore, a 286-unit apartment community in Irving. Built in 2018, the property is situated on Lake Carolyn within Irving’s Las Colinas business district. Units come in one- and two-bedroom floor plans, and amenities include a pool, business center, resident lounge, fitness center and outdoor grilling areas. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of IPA represented the seller, locally based developer JPI, in the transaction. The team also procured the buyer, an affiliate of Lone Star Funds.

August 19, 2020

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Negotiates Sale of 287-Unit Self-Storage Facility in Metro Houston

by Taylor Williams August 19, 2020

CYPRESS, TEXAS — Marcus & Millichap has negotiated the sale of 290 Storage, a 287-unit self-storage facility located on five acres in the northwestern Houston suburb of Cypress. The facility comprises 169 climate-controlled and 118 non-climate-controlled units across 53,015 net rentable square feet. Brian Kelly, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller in the transaction. Additional terms of sale were not disclosed.

August 19, 2020

Leasing Activity Retail Texas

Harbor Freight Tools to Open 16,000 SF Store in Metro Austin This Week

by Taylor Williams August 19, 2020

GEORGETOWN, TEXAS — Harbor Freight Tools, a discount hardware and equipment retailer based in California, will open a 16,000-square-foot store in the northern Austin suburb of Georgetown this week. The store will be located within Republic Square, a retail center at the northeast corner of Interstate 35 and Williams Avenue that also houses tenants such as Dollar Tree, Starbucks and Chipotle Mexican Grill. Jeff Lewis and Brett Maze of Weitzman handled lease negotiations on behalf of the locally based landlord. CLD Realty represented the tenant.

August 19, 2020

Development Florida Hospitality Southeast

Moss Construction Breaks Ground on 167-Room J.W. Marriott Hotel Near Tampa

by Alex Tostado August 18, 2020

CLEARWATER, FLA. — Moss Construction has broken ground on J.W. Marriott Clearwater Beach, a 167-room beachfront hotel that will also feature 31 residential units in Clearwater. The 391,059-square-foot building will feature a pool on the 11th floor, bar, spa, meeting rooms, ballrooms, fitness center, a beachfront restaurant and about 250 feet of private beach. Baker Barrios designed the project, which is situated on Clearwater Beach at 691 S. Gulfview Blvd., 25 miles west of downtown Tampa. Kiran Patel is the developer. A timeline for completion was not disclosed.

August 18, 2020

Arkansas Company News Retail Southeast

E-Commerce Sales for Walmart Grow 97 Percent in Second Quarter, Same Store Sales Up 9.3 Percent

by Alex Tostado August 18, 2020

BENTONVILLE, ARK. — Walmart’s e-commerce sales jumped 97 percent in the second quarter, which ended July 31. The Bentonville-based retailer increased its e-commerce capabilities, including increasing same-day delivery and curbside pick-up options as well as hiring at least 200,000 people during the pandemic. Walmart includes a grocery section, deeming the retailer essential and allowing it to remain open through the crisis. Additionally, the U.S. government passed the CARES Act, which included stimulus checks for millions of Americans. As a result of increased spending, Walmart’s same-store sales increased 9.3 percent in the second quarter. Total revenues rose 5.6 percent to $137.74 billion from $130.38 billion a year earlier. The company incurred $1.5 billion of COVID-related costs during the second quarter, including benefit payments and inventory purchases. Sales at Sam’s Club locations were up 8.8 percent in the second the quarter. E-commerce sales increased 39 percent.

August 18, 2020

Development Multifamily Southeast Virginia

Capital Square Begins Construction on Multifamily Development in Richmond

by Alex Tostado August 18, 2020

RICHMOND, VA. — Capital Square’s development division has begun construction on Scott’s Collection I, a five-story, 80-unit multifamily community in Richmond’s Scott’s Addition neighborhood. The property will offer private balconies, a lobby and up to 70 parking spaces. Scott’s Collection I is the first of three developments that Capital Square is planning for the site, which is situated within an Opportunity Zone. A timeline for completion was not disclosed. The design team includes 510 Architects and Urban Core Construction. Greystar Property Management will manage Scott’s Collection I. Funding came through Capital Square’s CSRA Opportunity Zone Fund I LLC, which launched in July 2019, and M&T Bank provided construction financing.

August 18, 2020

Company News Georgia Retail Southeast

The Home Depot’s Sales Increase 23.4 Percent in Second Quarter

by Alex Tostado August 18, 2020

ATLANTA — The Home Depot released its second-quarter results, which revealed the home improvement retailer saw a 23.4 percent increase in sales on a year-over-year basis. Sales totaled $38.1 billion in the second quarter, which ended Aug. 3. Because of the coronavirus outbreak and The Home Depot’s status as an essential retailer, meaning the stores have remained open through the pandemic, the company invested approximately $480 million in benefits for its associates, including weekly bonuses for hourly associates in stores and distribution centers.

August 18, 2020

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