Property Type

SRS Negotiates Sale of 60,835 SF Retail Property in Starkville, Mississippi

by Alex Tostado July 7, 2020

STARKVILLE, MISS. — SRS Real Estate Partners has negotiated the sale of a 60,835-square-foot retail property in Starkville. Vowell’s Marketplace, a regional grocery store, fully occupies the building with two years remaining on its corporate-guaranteed lease. The property was built in 1992 and is located at 118 Mississippi Highway 112, less than one mile from downtown Starkville and less than two miles west of Mississippi State University. Britt Raymond, Kyle Fant, Matthew Mousavi, Patrick Luther and Martin Smith of SRS represented the seller, a New York-based private investor. The buyer was a private investor from Starkville.

July 7, 2020

Acquisitions Industrial Southeast Virginia

Direct Mail Solutions Acquires Industrial Building in Richmond for $9.4M

by Alex Tostado July 7, 2020

RICHMOND, VA. — Richmond-based Direct Mail Solutions has acquired a 229,829-square-foot industrial building in Richmond for $9.4 million. The property features ESFR sprinklers and 38-foot clear heights. The property spans 23.8 acres and is located at 4650 Oakleys Lane, seven miles east of downtown Richmond. Cliff Porter and Robert Porter III of Porter Realty Co. Inc. represented the seller, 4650 Oakleys Lane LLC, in the transaction.

July 7, 2020

Loans Multifamily Seniors Housing Texas

Ziegler Arranges $110.9M Financing for Seniors Housing Expansion Project in Austin

by Taylor Williams July 7, 2020

AUSTIN, TEXAS — Ziegler has arranged $110.9 million in financing for Westminster, a nonprofit continuing care retirement community (CCRC) in West Central Austin. Senior living owner-operator LCS has managed the 9.3-acre property since 1981. The community currently comprises 327 independent living units, 22 assisted living units, 30 memory care units and 55 skilled nursing beds. The expansion project will add a five-story building with 43 independent living apartments, 38 memory care units, 36 assisted living units and additional dining, parking and amenity areas. The project will also deliver a five-story building with a fitness center, physical therapy space, salon, clinic, 15 spaces of underground parking and 18 independent living apartments. Truist provided the financing, which consisted of $63.9 million in bank bonds and a $47 million loan that was structured with a 12-year term and a 30-year amortization schedule. A construction timeline for the expansion project was not released.

July 7, 2020

Development Industrial Texas

Stream Realty Breaks Ground on 1 MSF Empire West Business Park in Metro Houston

by Taylor Williams July 7, 2020

BROOKSHIRE, TEXAS — Stream Realty Partners has broken ground on Empire West Business Park, a speculative industrial project that is situated on 300 acres in the western Houston suburb of Brookshire. Designed by Houston-based Powers Brown Architecture, the property fronts Interstate 10 and U.S. Highway 90. The initial phase of the project will consist of roughly 1 million square feet of space across three buildings while the second phase will focus more on build-to-suit opportunities and potential sales to corporate end users. The project team includes general contractor Rosenberger Construction and engineering firms BGE Inc., LJB Inc. and Cope Engineering. Stream Realty is underway with site infrastructure work at Empire West, including detention, roads, wastewater and water that will serve the park. The developer expects to complete the Phase I buildings in spring 2021.

July 7, 2020

Acquisitions Data Centers Industrial Texas

Marcus & Millichap Arranges Sale of 233-Unit Self-Storage Facility in Waco

by Taylor Williams July 7, 2020

WACO, TEXAS — Marcus & Millichap has arranged the sale of Simple Self Storage, a 233-unit facility located at 2172 E. Loop 340 in Waco. The property was built in phases between 2017 and 2018 and features 24,740 net rentable square feet of non-climate-controlled space. Units range in size from 25 to 200 rentable square feet, and the site includes roughly two acres for future expansion. Brandon Karr, Danny Cunningham and Bryan Quaschnick of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity.

July 7, 2020

Acquisitions Industrial Lee & Associates Texas

Lee & Associates Brokers Sale of 26,503 SF Industrial Building in Port Arthur, Texas

by Taylor Williams July 7, 2020

PORT ARTHUR, TEXAS — Lee & Associates has brokered the sale of a 26,503-square-foot industrial building located in Port Arthur, about 90 miles east of Houston. The property is situated on a 10.3-acre site about six miles from the Port of Port Arthur and features 18-foot clear heights and a 26 percent office finish. Trey Erwin and Justin Cole of Lee & Associates represented the seller, Carlisle Port Arthur LP.

July 7, 2020

Leasing Activity Office Texas

Perdure Petroleum Signs 17,212 SF Office Lease in Metro Dallas

by Taylor Williams July 7, 2020

ALLEN, TEXAS — Perdure Petroleum, an energy company that specializes in using carbon dioxide systems to boost production, has signed a 17,212-square-foot office lease in the northeastern Dallas suburb of Allen. Perdure will relocate to 1101 Central Expressway S. in the fourth quarter, a move that expands the company’s office footprint by about 10,000 square feet. Jared Laake and Susan Singer of Bradford Commercial Real Estate Services represented the landlord, 1101 SCE LLC, in the lease negotiations. Jan Elwell of JE Commercial Realty LLC represented the tenant.

July 7, 2020

Scout-Cold-Logistics-Center-East-Greenwich

Development Industrial New Jersey Northeast

Scout Capital Nears Completion of 332,000 SF Cold Storage Facility in Southern New Jersey

by Taylor Williams July 7, 2020

EAST GREENWICH, N.J. — Miami-based Scout Capital Partners is nearing completion of Scout Cold Logistics Center, a 332,000-square-foot cold storage facility in East Greenwich, located 18 miles outside Philadelphia in Southern New Jersey. The facility features 80 loading docks and 36-foot clear heights and is expected to be complete by the end of summer. A logistics company that specializes in transport of perishable foods has leased 97,000 square feet at the property. The remaining floor plans range in size from 65,000 to 235,000 square feet. Colliers is handling leasing of the facility.

July 7, 2020

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $45M in Financing for Renovation of Affordable Housing Property in Boston

by Taylor Williams July 7, 2020

BOSTON — MassHousing, the independent public agency that funds affordable housing projects in Massachusetts, has provided $45 million in financing for the renovation and preservation of the 198-unit Daniel F. Burns Apartments in Boston. The borrower, an affiliate of Cambridge Housing Authority, will use the proceeds to modernize building systems, repair roofs, replace kitchens and bathrooms and renovate both indoor and outdoor common areas. The property is located at 30-50 Churchill Ave. in the Cambridge area and has been designated for Section 8 Housing Assistance by the federal government. As part of the deal, that designation will be extended for another 20 years. A portion of the units will be reserved for and compliant with the needs of senior citizens and renters with disabilities.

July 7, 2020

Quin-Sleepy-Hollow-Plainfield-New-Jersey

Development Multifamily New Jersey Northeast

JMF Properties Begins Leasing Phase II of 212-Unit Apartment Community in Plainfield, New Jersey

by Taylor Williams July 7, 2020

PLAINFIELD, N.J. — JMF Properties has begun leasing the second and final phase of Quin Sleepy Hollow, a 212-unit apartment community in the Northern New Jersey city of Plainfield. The transit-served property features one- and two-bedroom units with floor-to-ceiling windows, quartz countertops and individual washers and dryers. Amenities include a resident lounge with billiards, a library, theater room, business center, dog park and a fitness center with a yoga studio. Move-ins are expected to begin later this summer.

July 7, 2020

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