Property Type

Howard Hughes Sells Metro Houston Healthcare Building Leased to MD Anderson for $115M

by Taylor Williams March 18, 2020

THE WOODLANDS, TEXAS — The Howard Hughes Corp. has sold a 208,000-square-foot healthcare building leased to cancer treatment and research group MD Anderson in The Woodlands, a northern suburb of Houston. The sales price was $115 million. Howard Hughes began development of the build-to-suit property, which is located at 100 Fellowship Drive, in 2017. MD Anderson, which operates seven facilities throughout the Houston area and collaborates with other hospitals and healthcare providers nationwide, will remain in place as building ownership transitions. The buyer was not disclosed.

March 18, 2020

Development Multifamily Texas

Nichols Trinity Begins Leasing 56-Unit Apartment Community in Fort Worth

by Taylor Williams March 18, 2020

FORT WORTH, TEXAS — Developer Nichols Trinity LLC has begun leasing Cityscape Arts, a 56-unit apartment community located near downtown Fort Worth’s Arts District and Sundance Square. The property features one- and two-bedroom units ranging in size from 690 to 1,260 square feet and amenities such as fitness center, rooftop lounge, dog park, conference room and private offices.

March 18, 2020

Acquisitions Industrial Texas

Marcus & Millichap Brokers Sale of Three Industrial Assets Totaling 53,254 SF in Metro Dallas

by Taylor Williams March 18, 2020

GARLAND, TEXAS — Marcus & Millichap has brokered the sale of a trio of industrial assets totaling 53,254 square feet in Garland, a northeastern suburb of Dallas. The buildings are situated on a combined 2.7 acres and were built between 1969 and 1991. Adam Abushagur and Sam Martin of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

March 18, 2020

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 22,265 SF Industrial Lease in Metro Dallas

by Taylor Williams March 18, 2020

GRAND PRAIRIE, TEXAS — Lee & Associates has negotiated a 22,265-square-foot industrial lease at 921 Ave. M in Grand Prairie, located midway between Dallas and Fort Worth. Mark Graybill and Colton Rhodes of Lee & Associates represented the tenant, Alltech Engineering, in the lease negotiations. The representative of the landlord, Sealy & Co., was not disclosed.

March 18, 2020

Loans Multifamily Texas

LMI Capital Arranges $13M Acquisition Loan for Multifamily Asset in Corpus Christi

by Taylor Williams March 18, 2020

CORPUS CHRISTI, TEXAS — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged a $13 million acquisition loan for an undisclosed 180-unit multifamily asset in Corpus Christi. Jamie Safier of LMI Capital placed the nonrecourse loan, which featured full-term, interest-only payments, on behalf of the undisclosed borrower. Proceeds will also cover costs of capital improvements.

March 18, 2020

Company News Hospitality Maryland Southeast

Marriott Reportedly Set to Furlough Tens of Thousands of Hotel Employees Amid Coronavirus Outbreak

by Alex Tostado March 18, 2020

BETHESDA, MD. — According to a report from The Wall Street Journal, Marriott International Inc. is in the beginning stages of furloughing what could be up to tens of thousands of employees. The hotel chain cited travel cancellations and government travel bans due to the worldwide COVID-19 outbreak as the basis for its decision. Through a Marriott spokeswoman, the Journal reported the jobs are from hotel managers down to housekeeping. The spokeswoman said there have not been any corporate-level furloughs, but those are being discussed. According to Marriott, the Bethesda-based company employs 130,000 people nationwide. Additionally, on Tuesday afternoon, the CEO of Marriott, Arne Sorenson, as well as CEOs from Best Western, Choice Hotels International, Hilton Worldwide, Hyatt Hotels Corp., InterContinental Hotels Group, MGM Resorts, Pebblebrook Hotel Trust, Universal and The Walt Disney Co. met with President Donald Trump and Vice President Mike Pence in an effort to work with the federal government to protect the millions of employees working in the hospitality sector. Based on current occupancy estimates, the American Hotel & Lodging Association (AHLA) says 4 million hospitality jobs have been eliminated or are on the verge of being lost in the next few weeks. The AHLA reports …

March 18, 2020

Development Multifamily South Carolina Southeast Student Housing

Preiss Beaks Ground on 433-Bed Student Housing Development Near Clemson University

by Alex Tostado March 18, 2020

CLEMSON, S.C. — The Preiss Co. has broken ground on Signature Hartwell Village, a planned 433-bed student housing community that will service Clemson University students. The property is located at 13060 Clemson Blvd., less than one mile from campus. Communal amenities will include a 24-foot jumbotron, fire pits, grills, dog park, cornhole court, pool with in-water lounging deck, cabana with misters, lounge room with an 82-inch TV, fitness center, access to study rooms and a package locker system. The property will offer one- to four-bedroom floor plans, each equipped with a 50-inch smart TV, furniture, stainless steel appliances, granite countertops, plank vinyl flooring throughout the unit and in-unit laundry. BSB Design is the architect on the project and Boarman Kroos Vogel Group Inc. is serving as the interior designer. Preiss expects the community to open in fall 2021. Signature Hartwell Village will be part of the 45-acre Hartwell Village mixed-use development. Hartwell Village features residential, dining options and retail space, including Aldi, Petco, Marshalls and multiple hotels.

March 18, 2020

Acquisitions Industrial Maryland Southeast

Atapco Properties, Chesapeake Real Estate Sell Logistics Center in Baltimore County for $71.2M

by Alex Tostado March 18, 2020

WHITE MARSH, MD. — A joint venture between Atapco Properties and Chesapeake Real Estate Group LLC (CREG) has sold Nottingham Ridge, a two-building, 750,000-square-foot industrial complex in White Marsh, for $71.2 million. The Baltimore County property spans 52 acres at 5301 and 5300 Nottingham Drive, 14 miles northeast of downtown Baltimore and Port of Baltimore. The joint venture acquired the land from Paragon Outlets in 2018. The development took 18 months to complete. The building at 5301 Nottingham spans 165,000 square feet and was 67 percent leased at the time of sale. The asset at 5300 Nottingham was unoccupied at the time of sale. The buyer was not disclosed.

March 18, 2020

Acquisitions Alabama Multifamily Southeast

PEM Real Estate Sells Multifamily Community in Mobile for $28M

by Alex Tostado March 18, 2020

MOBILE, ALA. — PEM Real Estate Group has sold Arlington Park, a 252-unit multifamily community in Mobile, for $28 million. The property was built in 2001 and offers one-, two- and three-bedroom floor plans. Communal amenities include a saltwater pool, outdoor kitchen, game room, car care center, fitness center and a dog park. Arlington Park is situated at 7070 Grelot Road, 15 miles west of downtown Mobile. Craig Hey and Andrew Brown of Cushman & Wakefield represented the Scottsdale, Ariz.-based seller in the transaction. Dallas-based Saxony Capital Management acquired the property.

March 18, 2020

Acquisitions Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges $8M Sale of Food Lion-Anchored Center Near Roanoke

by Alex Tostado March 18, 2020

DALEVILLE, VA. — Cushman & Wakefield | Thalhimer has arranged the $8 million sale of Orchard Marketplace, a 46,552-square-foot, grocery-anchored shopping center in Daleville. Located at 50-110 Marketplace Center Way, about 12 miles north of downtown Roanoke, the property was fully leased at the time of sale to tenants including Food Lion and Carilion Health Systems. Eric Robison, Catharine Spangler and Jessica Johnson of Cushman & Wakefield | Thalhimer represented the sellers, Orchard Anchor LLC and New Orchard Marketplace LLC, in the transaction. Club Forest Guardian LLC acquired the property.

March 18, 2020

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