Property Type

Ryman Hospitality Terminates Agreement to Purchase Block 21 Mixed-Use Development in Austin

by Taylor Williams May 22, 2020

AUSTIN, TEXAS — Nashville-based REIT Ryman Hospitality Properties Inc. (NYSE: RHP) has terminated its agreement to purchase Block 21, a mixed-use development that occupies a full city block in downtown Austin. Ryman initially agreed in December to purchase the property from Stratus Properties Inc. (NASDAQ: STRS) for $275 million, including a debt assumption of $142 million. As a result of the termination of the transaction, Ryman will forfeit its nonrefundable deposit of $15 million provided to Stratus in connection with the execution of the purchase agreement in December 2019. Originally developed in 2010, Block 21 houses the 2,750-seat Moody Theater, The project also features W Austin Hotel & Residences, 3TEN ACL Live club, 40,000 square feet of Class A office space and 18,000 square feet of retail and restaurants space.

May 22, 2020

Development Multifamily Texas

Aspen Heights Partners Begins Work on 323-Unit Apartment Community in Austin’s East Riverside

by Taylor Williams May 22, 2020

AUSTIN, TEXAS — Locally based student housing developer Aspen Heights Partners has begun construction on a 323-unit apartment community that will be located less than one mile from Oracle’s campus in the East Riverside area of Austin. The four-story property will feature one- and two-bedroom units and amenities such as interior courtyards and a rooftop deck with a pool and a fitness center. Select units will also offer private balconies. The developer expects to begin leasing the property in November.

May 22, 2020

Acquisitions Industrial Self-Storage Texas

Trez Capital, Hines Acquire 760-Unit Self-Storage Facility in Metro Dallas

by Taylor Williams May 22, 2020

WYLIE, TEXAS — A partnership between investment firm Trez Capital and Houston-based developer Hines has acquired a 760-unit self-storage facility located at 570 Country Club Road in Wylie, a northeastern suburb of Dallas. The 11-building, Class A property spans 101,931 square feet and includes 75 RV storage spaces. The seller and sales price were not disclosed. CubeSmart operates the facility.

May 22, 2020

Development Office Texas

Patrinely Group, USAA Break Ground on 128,990 SF Office Project for Q2 Holdings in Austin

by Taylor Williams May 22, 2020

AUSTIN, TEXAS — A joint venture between national developer Patrinely Group and San Antonio-based USAA Real Estate has broken ground on Aspen Lake Three, a 128,990-square-foot build-to-suit office project in Austin for Q2 Holdings, a provider of cloud-based banking solutions based in the state capital. The four-story building will be located on the city’s north side and is expected to be complete in April 2021. Will Douglas, Russell Young and Harrison Schumacher of JLL represented Q2 Holdings in its site selection and lease negotiations for Aspen Lake Three, which is part of a three-building complex located on the city’s northwest side. Dennis Tarro of Patrinely Group represented the landlord internally along with Ben Tolson of local firm AQUILA Commercial.

May 22, 2020

Leasing Activity Office Texas

University of North Texas Signs 56,517 SF Office Lease Renewal, Expansion at Hall Park in Frisco

by Taylor Williams May 22, 2020

FRISCO, TEXAS — The University of North Texas (UNT), a public college based in Denton, has signed an office lease renewal and expansion to now occupy 56,517 square feet at Hall Office Park in Frisco, where the university also has a campus. Jim Cooksey and Garrison Efird of Newmark Knight Frank represented UNT in the lease negotiations. Kim Butler, Brad Gibson and Cynthia Cowen represented the owner and developer, Hall Group, on an internal basis. Hall Office Park is a 162-acre campus with more than 2 million square feet of office space housing more than 10,000 employees.

May 22, 2020

New York Northeast Retail

Macy’s Forecasts $1.1B Operating Income Loss in First Quarter

by Alex Patton May 21, 2020

NEW YORK CITY — Macy’s Inc. (NYSE: M) has forecasted an approximately $1.1 billion loss in operating income in the first quarter, which ended in early May, a result of both temporary and permanent store closings as well as significantly decreased patronage amid the COVID-19 outbreak, the company said on Thursday. As of this week, the company has reopened approximately 190 of its Macy’s and Bloomingdale’s shops and plans to reopen 80 more for the Memorial Day holiday weekend. At the close of 2019, Macy’s Inc. owned and operated a total of nearly 840 stores across its flagship and Bloomingdale’s brands. Prior to the health and economic crisis, Macy’s had announced plans to close 125 of its least productive stores over the next three years, beginning in February. As part of the plan, the retailer closed its offices in San Francisco, downtown Cincinnati and Lorain, Ohio, leaving the New York City office as its sole corporate headquarters. Macy’s stock price closed at $5.05 per share on May 20, compared with $21 per share at the same time last year. Macy’s Inc. will release its first quarter earning results on July 1.

May 21, 2020

Acquisitions Life Sciences Massachusetts Northeast Office

IQHQ Acquires 200,000 SF Life Sciences, Office Property in Andover, Massachusetts

by Alex Patton May 21, 2020

ANDOVER, MASS. — IQHQ, a Boston-based REIT, has acquired Innovation Park, an approximately 200,000-square-foot life sciences and office located in the northern Boston suburb of Andover. The sales price was $35.9 million. Located at 4 Corporate Drive, the property features Class A office and lab space, as well as ground-floor retail space. University of Massachusetts Lowell and clinical research firm Ora Inc. recently leased space at the campus. Colliers International represented IQHQ in the transaction.

May 21, 2020

Acquisitions Industrial Massachusetts Northeast

Stan Johnson Co. Brokers Sale of 180,000 SF Manufacturing Facility in Greenfield, Massachusetts

by Alex Patton May 21, 2020

GREENFIELD, MASS. — Stan Johnson Co. has brokered the sale of a 180,000-square-foot manufacturing facility in Greenfield, a city in northwestern Massachusetts. The property is located at 53 Silvio O. Conte Drive. The facility has been 100 percent leased to Schweitzer-Mauduit International Inc., a manufacturer of paper, film, surface protection supplies and other products, for more than 30 years. Mollie Alteri, Joey Odom, Mike Sladich and Maggie Holmes of Stan Johnson Co. represented the seller, a partnership between Jera Partners LLC and a DRA Advisors LLC, in the transaction. The buyer and sales price were not disclosed.

May 21, 2020

Loans Multifamily New York Northeast

Merchants Capital Provides $35.4M Freddie Mac Loan for Refinancing of Multifamily Property in Queens

by Alex Patton May 21, 2020

NEW YORK CITY — Merchants Capital has provided a seven-year, $35.4 million Freddie Mac loan for the refinancing of Jamaica Apartments, a 133-unit multifamily property in Queens. The borrower was New York-based Bayrock Capital. Located on Jamaica Avenue, the two-building property was originally built as a traditional multifamily development. The ownership has since partnered with the New York City Department of Homeless Services to convert 100 percent of the units into affordable and transitional housing.

May 21, 2020

Healthcare Leasing Activity New Jersey Northeast Office

JLL Negotiates 2,300 SF Medical Office Lease in Gillette, New Jersey

by Alex Patton May 21, 2020

GILLETTE, N.J. — JLL has negotiated a 2,300-square-foot medical office lease for Ivy Rehab Physical Therapy in Gillette, a southwestern suburb of New York City. The tenant, a division of Ivy Rehab Network, signed a seven-year lease within Valley Mall, located at 977 Valley Road. Other tenants include HomeGoods, T.J. Maxx, Old Navy and Famous Footwear. Marta Villa of JLL represented the building owner, Croman Development Corp., in the lease negotiations. Donovan Realty, along with Corey Taber of Equity LLC, represented Ivy.

May 21, 2020

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