AMBLER, PA. — Stream Realty Partners has negotiated a 47,194-square-foot life sciences lease in Ambler, a northern suburb of Philadelphia. The space is located within Building 14B of Spring House Innovation Park, an office and life sciences campus that consists of 11 buildings totaling 600,000 square feet on 133 acres. Zach Leger of Stream represented the tenant, Nucleus Radiopharma Inc., in the lease negotiations. Matthew Knowles, Paul Touhey and Cody Lehrer of CBRE represented the undisclosed landlord.
CHICAGO — Chicago-based JLL has brokered the $725 million sale of a seniors housing portfolio comprising 20 communities located primarily in the Sun Belt, Northeast and Midwest markets. Chicago Pacific Founders sold the portfolio to Ventas Inc. (NYSE: VTR) in an all-cash transaction. Roughly two-thirds of the properties are independent living communities, with the remainder of the assets falling into the categories of assisted living and memory care. The communities are spread across 14 states including Alabama, Arizona, Florida, Illinois, Kansas, Maine, Michigan, Nevada, New York, Ohio, Oklahoma, South Carolina, Tennessee and Texas. Chicago Pacific Founders owned the portfolio properties within an investment vehicle titled CPF Living Fund I. Jay Wagner, Rick Swartz, Jim Dooley and Sean Kirk of JLL’s Seniors Housing Capital Markets team, as well as Ted Flagg of Jones Lang LaSalle Securities (an affiliate of JLL), represented the sellers in the transaction. “As one of the largest seniors housing transactions closed year-to-date, this is a meaningful indicator that appetite for scaled seniors housing portfolios is back,” says Wagner. “The significant supply-demand imbalance, precipitated by tepid recent development levels, is setting up the markets for an incredible run on occupancy and margin growth over the medium term.” Grace …
Despite healthy local market dynamics, the greater New Orleans industrial market did not perform as strongly as insiders expected it to perform over the past 12 months, which is indicative of wider economic factors suppressing a market with pent-up demand. The Port of New Orleans and its access to major shipping routes along the Mississippi River has long been the principal component for industrial real estate in the area. The recent 2024 regular session of the Louisiana Legislature committed $230.5 million to Port of New Orleans infrastructure projects, including allocations to the Louisiana International Terminal, a $1.8 billion project in Violet, La., scheduled to be operational in 2028, which will be the Gulf South’s premier container shipping gateway able to accommodate New Panamax- and Post New Panamax-sized vessels. A bit further up the Mississippi River but still in the greater New Orleans region, Canadian company Woodland Biofuels announced a $1.35 billion investment at the Port of South Louisiana in Reserve, La., to establish the largest renewable natural gas plant in the world. The facility will take waste wood and sugar cane and turn it into natural gas. The process will be carbon-negative, leaving less carbon in the atmosphere than before …
CHARLOTTE, N.C. — Northmarq has arranged the $41.8 million sale of South Tryon Apartments, a 216-unit multifamily community located at 7601 Holliswood Court in Charlotte. McDowell Properties acquired the asset from MAA. Andrea Howard, Allan Lynch, John Currin, Caylor Mark, Jeff Glenn and Austin Jackson of Northmarq’s Carolinas Multifamily Investment Sales team represented the seller in the transaction. Additionally, Faron Thompson, Grant Harris and Cabell Thomas of Northmarq secured a $24.8 million acquisition loan on behalf of the buyer. The permanent, fixed-rate loan features a five-year term with a 35-year amortization schedule. Built in 2002 and renovated in 2022, South Tryon Apartments features units in one-, two- and three-bedroom layouts. Amenities at the property include 36 detached garages, 42 storage spaces, a fitness center, pool, dog park, grilling area, car care center and playground. The community is situated roughly nine miles from both Charlotte Douglas International Airport and Uptown Charlotte.
VENICE, FLA. — MLG Capital has acquired Venetian at Capri Isles, a 180-unit multifamily community located at 1050 Capri Isles Blvd. in Venice. MLG purchase the property from an undisclosed buyer through its Legacy Fund, which offers a tax-deferred exit strategy for private real estate owners. The sales price was also not disclosed. The buyer plans to make capital improvements to the property, including upgrades to the unit interiors, exteriors and amenities. This marks MLG’s 24th acquisition in the state of Florida.
KISSIMMEE, FLA. — Cushman & Wakefield has brokered the $21 million sale of a flex office portfolio located in Kissimmee. Comprising two buildings — 3600 and 3700 Commerce Boulevard — the portfolio totals 193,571 square feet. Realife Real Estate Group acquired the properties from the Speer Foundation. Rick Colon, Rick Brugge, Mike Davis and Mark Stratman of Cushman & Wakefield represented the seller in the transaction. Built in 2001, the buildings were 93 percent leased at the time of sale. The properties, which include both office and warehouse space, feature 24- and 28-foot clear heights and a mix of dock-high and grade-level loading.
ATHENS, GA. — Cove Capital Investments, a Delaware Statutory Trust (DST) sponsor company, has completed the purchase of an industrial property located in Athens, roughly 70 miles northeast of Atlanta. Situated within the 35-acre General Time mixed-use development, the property totals 113,157 square feet. Originally built in 1990, the asset was redeveloped between 2018 and 2021. The property was acquired as part of Cove Capital’s growing portfolio of debt-free DST real estate assets for 1031 exchange and direct-cash investors, according to Dwight Kay, managing member and founding partner of Cove Capital Investments. The seller and sales price were not disclosed.
DALLAS — Granite Properties has topped out 23Springs, a 626,215-square-foot office project in Uptown Dallas. In addition to the 26-story office building, the development includes two separate restaurant buildings totaling roughly 16,000 square feet and a half-acre park. Granite Properties is developing 23Springs in partnership with North Carolina-based REIT Highwoods Properties (NYSE: HIW). Dallas-based GFF served as the project architect, and DPR Construction is the general contractor. Amenities will include a coffee and wine bar, indoor lounge with a golf simulator, fitness center, conference facilities and an outdoor lounge. Full completion is slated for spring 2025. The property is 60 percent preleased to tenants such as Deloitte, Sidley Austin LLP and Bank OZK, which also provided construction financing for 23Springs.
SELMA, TEXAS — Atlanta-based developer Ackerman & Co. has delivered Corporate Drive Industrial Complex, a 511,000-square-foot industrial property in Selma, located northeast of San Antonio. Building 1 at the property totals 274,000 square feet, and Building 2 totals 237,000 square feet. Building features include 32- to 36-foot clear heights, 60 dock doors, two drive-in bays and 647 parking spaces (expandable to 735). Ackerman developed the project in partnership with Baltisse US Inc. Partners Real Estate has been tapped as the leasing agent. Construction began in summer 2023.
AUSTIN, TEXAS — Minneapolis-based developer United Properties has completed Bishop Momo, a 274-unit apartment community in Austin’s St. Elmo District. Bishop Momo houses studio, one- and two-bedroom apartments as well as 6,000 square feet of street-level retail space. Amenities include a pool, fitness center, multiple lounges, coffee bar, dog run, conference room, package lockers and grilling stations. Belshaw Mulholland Architects designed Bishop Momo, and OHT Partners served as the general contractor. Rents start at approximately $1,450 per month for a studio apartment.