Property Type

Hanley Investment Negotiates $3.8M Sale of Four-Tenant Retail Building in Inland Empire

by Amy Works August 13, 2020

LAKE ELSINORE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a multi-tenant retail building within Lake Elsinore Marketplace, a shopping center in Lake Elsinore. Irvine-based Pacific Castle sold the asset to a Torrance-based private investor for $3.8 million. Built in 2006 at 29261 Central Ave., the 7,203-square-foot pad building is fully occupied. Tenants include Navy Federal Credit Union, iBrows Threading Salon, Submarina and Juice It Up!. Anchors at the larger, 144,034-square-foot Lake Elsinore Marketplace include Costco, Lowe’s Home Improvement Warehouse, Grocery Outlet, PetSmart and Dollar Tree. Kevin Fryman and Bill Asher of Hanley represented the seller in the deal.

August 13, 2020

Development Industrial Texas

Amazon to Open 1 MSF Fulfillment Center in Metro Dallas, Create 500 New Jobs

by Taylor Williams August 13, 2020

FORNEY, TEXAS — Amazon will open a 1 million-square-foot fulfillment center in the eastern Dallas suburb of Forney, a deal that is expected to bring about 500 new full-time jobs to the region. The fulfillment center is expected to open in 2021. Amazon is also opening a 200,000-square-foot delivery station in Forney later this year. The fulfillment center is located at 1475 Akron Way, and the delivery station is located at 1101 South Gateway Blvd.

August 13, 2020

Development Office Texas

BAE Systems to Open $150M Office, Manufacturing Campus in Austin’s Parmer Business Park

by Taylor Williams August 13, 2020

AUSTIN, TEXAS — BAE Systems, a British multinational aerospace and defense contractor, will open a $150 million office and manufacturing campus in Austin’s Parmer Business Park. The company is working with Karlin Real Estate to develop the 390,000-square-foot campus, which will also offer research and development and lab space. BAE Systems’ Austin campus will house about 1,400 employees who will primarily support the U.S. Department of Defense. Completion is scheduled for 2022.

August 13, 2020

Acquisitions Industrial Texas

Provender Sells 267,702 SF Cold Storage Facility in San Antonio Leased to Dollar General

by Taylor Williams August 13, 2020

SAN ANTONIO — Provender Partners, a California-based owner-operator of food-related industrial buildings, has sold a 267,702-square-foot cold storage facility located at 5505 Kaepa Court in San Antonio. Provender Partners purchased the asset in 2019 and implemented a multimillion-dollar capital improvement plan prior to signing Dollar General to a 10-year lease. Guy Ponticello and Robert Gibson of CBRE, along with Scott Delphey of Food Properties Group, represented Provender Partners in the transaction. The buyer was not disclosed.

August 13, 2020

Development Retail Texas

StreetLevel Investments Opens 250,000 SF Shops at Chisholm Trail Ranch in Fort Worth

by Taylor Williams August 13, 2020

FORT WORTH, TEXAS — Dallas-based developer StreetLevel Investments has opened the 250,000-square-foot Shops at Chisholm Trail Ranch retail power center in Fort Worth. Specific stores that have opened at the center, which is 90 percent leased, include Ross Dress for Less, Old Navy, Ulta Beauty, Five Below, Tuesday Morning, AT&T, Sprint and others. Restaurants now open include Chick-fil-A, Whataburger and MOD Pizza. The 40,000-square-foot Studio Movie Grill is expected to open at the end of summer.

August 13, 2020

Acquisitions Industrial Texas

Marcus & Millichap Arranges Sale of 168,725 SF Industrial Building in Metro Dallas

by Taylor Williams August 13, 2020

CARROLLTON, TEXAS — Marcus & Millichap has arranged the sale of a 168,725-square-foot industrial building occupied by Illinois-based Packaging Corp. of America in the northern Dallas metro of Carrollton. The property was built on 6.8 acres in 1979. Adam Abushagur of Marcus & Millichap represented the seller and buyer, both of which were private investors that requested anonymity, in the transaction.

August 13, 2020

Acquisitions Healthcare Maryland Office Southeast

Cushman & Wakefield Negotiates $160M Sale of Medical Office Tower in Metro D.C.

by Alex Tostado August 13, 2020

CHEVY CHASE, MD. — Cushman & Wakefield has negotiated the $160 million sale of the Barlow Building, an 18-story, 293,852-square-foot medical office building in Chevy Chase. Amenities at the property include valet parking, a fitness center on the top floor, deli, conference center and a courtyard that houses a Starbucks. The property is located at 5454 Wisconsin Ave., less than one mile from the Friendship Heights Metro Rail Station and six miles north of downtown Washington, D.C. The undisclosed buyer has retained the seller, Carr Properties, for third-party management services. Bill Collins, Paul Collins, Drew Flood, Eric Berkman, Shaun Collins and Shaun Weinberg of Cushman & Wakefield represented the seller in the transaction.

August 13, 2020

Acquisitions Florida Multifamily Southeast

NKF Arranges $56.2M Sale of Multifamily Community in West Palm Beach

by Alex Tostado August 13, 2020

WEST PALM BEACH, FLA. — Newmark Knight Frank (NKF) has arranged the $56.2 million sale of Visions at Willow Pond, a 300-unit multifamily community in West Palm Beach. The property comprises 17 two- and three-story buildings offering one- and two-bedroom floor plans. Communal amenities include a clubhouse, pool and a fitness center. Built in 1987, the property is situated at 4860 Sand Stone Lane, seven miles west of downtown West Palm Beach. Tal Frydman, Avery Klann, Hampton Beebe, Tyler Minix and Jonathan Senn of NKF brokered the transaction. New York City-based Axonic Properties LLC sold the asset to Miami-based Bar Invest Group.

August 13, 2020

Acquisitions Industrial North Carolina Southeast

Corporate Center Properties Sells Industrial Property Near Charlotte for $31.8M

by Alex Tostado August 13, 2020

MOORESVILLE, N.C. — Corporate Center Properties has sold Oates Crossing, a four-building, 235,400-square-foot industrial/flex asset in Mooresville. The seller delivered the property in 2005 and expanded the campus in 2018. At the time of sale, the portfolio was leased to 13 tenants. Oates Crossing is situated on 16 acres at 105 and 115 Corporate Center Drive and 120 and 128 Talbert Road, one mile from Interstate 77 and 32 miles north of downtown Charlotte. Patrick Nally, Hunter Barron and Pete Pittroff of JLL represented the seller in the transaction. Greenville, S.C.-based RealOp Investments acquired the asset.

August 13, 2020

Development Florida Multifamily Seniors Housing Southeast

Housing Trust Group Breaks Ground on $22M Affordable Seniors Housing Community in Central Florida

by Alex Tostado August 13, 2020

EUSTIS, FLA. — Housing Trust Group (HTG) has broken ground on Valencia Grove II, a 110-unit affordable seniors housing community in Eustis, approximately 30 miles northwest of Orlando. Development costs for Phase II were estimated at $22 million. The project is scheduled for completion in May 2021. The project is the second phase of Valencia Grove, which has already delivered 144 affordable apartments. Units are reserved for residents over 62 years old who earn 22 percent, 35 percent and 60 percent of the area median income (AMI). Rents range from $286 to $937 per month. HTG has partnered on the project with nonprofit AM Affordable Housing Inc., an organization founded by former Miami Heat player and NBA Hall of Famer Alonzo Mourning. This marks HTG’s third collaboration with AM Affordable Housing. Fifth Third Bank provided an $11.2 million construction loan, and Truist Bank provided a $7.2 million Freddie Mac loan. Additionally, Raymond James is providing $7.2 million of 4 percent Low-Income Housing Tax Credit (LIHTC) equity. Florida Housing Finance Corp. is providing a $5.8 million State Apartment Incentive Loan (SAIL), a $600,000 Extremely Low-Income (ELI) loan and a $742,000 National Housing Trust Fund (NHTF) loan. The project and design team …

August 13, 2020

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