Property Type

Gordon Partners Completes 100,000 SF Retail Remodeling Project in Arlington

by Taylor Williams May 1, 2020

ARLINGTON, TEXAS — Houston-based Gordon Partners has completed the remodeling of Green Oaks Plaza, a 100,000-square-foot shopping center located at the junction of Interstate 20 and Little Road in Arlington. Movie Tavern and Sprouts Farmers Market anchor the property. Capital improvements included heightening the facades, replacing tenant signage, upgrading landscaping and adding two additional pylon signs. Gordon Partners acquired the asset in 2018 at 82 percent occupancy and has executed leases that will bring occupancy above 95 percent. The company also plans to develop a 2,300-square-foot outparcel building with a drive-thru that is expected to be complete in the fourth quarter.

May 1, 2020

Office Texas

Office Vacancy Rate Rises Above 10 Percent in San Antonio, Says NAI Partners

by Taylor Williams May 1, 2020

SAN ANTONIO — The San Antonio office market closed the first quarter of 2020 with a 10.2 percent vacancy rate, up 50 basis points on a quarter-over-quarter basis and up 60 basis points on a year-over-year basis, according to a new report from NAI Partners. The firm tracks the performances of commercial real estate markets in Houston, Austin and San Antonio. The vacancy rate for Class A properties in San Antonio was 12 percent, compared to 10.2 percent for Class B assets. However, the majority of the market’s 209,000 square feet of negative net absorption in the first quarter came from Class B buildings. Average asking rents grew by about 4 percent between the first quarters of 2019 and 2020, and there is about 1.5 million square feet of office space under construction in the San Antonio metro area.

May 1, 2020

Industrial Leasing Activity Texas

Elite Mattress Inks 40,485 SF Industrial Lease Renewal in East Dallas

by Taylor Williams May 1, 2020

DALLAS — Elite Mattress LLC has inked a 40,485-square-foot industrial lease renewal at 5200 E. Grand Ave., located in eastern Dallas. Canon Shoults and Josh Barnes of Holt Lunsford Commercial represented the landlord, Holt Lunsford Commercial Investments, in the lease negotiations. The representative of the tenant was not disclosed.

May 1, 2020

Leasing Activity Office Texas

Premier Health Solutions Signs 17,350 SF Office Lease in Metro Dallas

by Taylor Williams May 1, 2020

FRISCO, TEXAS — Premier Health Solutions, a provider of administration and management services to the healthcare industry, has signed a 17,350-square-foot office lease at Hall Office Park in the northern Dallas suburb of Frisco. Clay Vaughn and Preston Lynn of CBRE represented the tenant in the lease negotiations. Brad Gibson and Kim Butler of Hall Financial represented the landlord on an internal basis. The 162-acre Hall Office Park features more than 2.5 million square feet of office space and amenities such as multiple restaurants and food trucks, a fitness center, bank branch, car care center, wine lounge and event room.

May 1, 2020

Acquisitions Retail Texas

Marcus & Millichap Arranges Sale of 8,344 SF Shopping Center in Metro Houston

by Taylor Williams May 1, 2020

PASADENA, TEXAS — Marcus & Millichap has arranged the sale of Shops at Fairmont, an 8,344-square-foot shopping center located in the eastern Houston suburb of Pasadena. The property was fully leased at the time of sale to tenants including The UPS Store and Domino’s Pizza. Justin Miller of Marcus & Millichap procured the Houston-based buyer in the transaction. Other terms of sale were not disclosed.

May 1, 2020

Connecticut Development Multifamily Northeast

Belfonti Cos. Breaks Ground on $50M Apartment Community in Cromwell, Connecticut

by Alex Patton May 1, 2020

CROMWELL, CONN. — Belfonti Cos. has broken ground on a $50 million luxury apartment community in Cromwell, a southern suburb of Hartford. Located off Country Squire Road near State Route 372, the property will feature of 160 units. Amenities will include a 4,500-square-foot community center, an outdoor swimming pool and a lounge area with grills and fire pits. The property will also be located four miles from the TPC River Highlands Golf Course. Construction is slated to be complete within the next two years.

May 1, 2020

Acquisitions New York Northeast Retail

Avison Young Arranges $28.7M Sale of Retail Condominium in Manhattan

by Alex Patton May 1, 2020

NEW YORK CITY — Avison Young has arranged the $28.7 million sale of a 22,563-square-foot retail condominium unit in the Yorkville neighborhood on Manhattan’s Upper East Side. Located at 1683 Third Ave., the space is situated at the base of The Kent, a newly constructed, 30-story luxury condominium building. The condominium is split between a 12,796-square-foot retail space and a 9,767-square-foot lower level. The NYC School Construction Authority currently has a long-term lease at the property occupying 11,492 square feet on the ground floor, while the remaining 1,304 square feet of ground-floor space and entire 9,767-square-foot cellar were available for lease at the time of the sale. James Nelson, Vincent Carrega and Neil Helman led an Avison Young team that represented the owner and original developer, Extell Development Co., in the transaction. The buyer was undisclosed.

May 1, 2020

Acquisitions Industrial Northeast Pennsylvania

Velocity Ventures Acquires 51,181 SF Industrial Building in Bensalem, Pennsylvania

by Alex Patton May 1, 2020

BENSALEM, PA. — Velocity Ventures, a Philadelphia-based firm, has acquired a 51,181-square-foot industrial building in Bensalem, a southwestern suburb of Trenton. The sales price was $2.4 million. Located at 1296 Adams Road, the property features a roughly 18-foot clear height and offers quick access to Interstates 276 and 95. The building was approximately 80 percent leased at the time of sale. Jason Ostach and Chris Pennington of Binswanger Commercial Real Estate Services represented Velocity Ventures in the transaction. DM Ventures LLC was the seller.

May 1, 2020

Connecticut Leasing Activity Northeast Office

Community Health Resources Signs 11,060 SF Office Lease Building in Willimantic, Connecticut

by Alex Patton May 1, 2020

WILLIMANTIC, CONN. — Nonprofit healthcare provider Community Health Resources (CHR) has signed an 11,060-square-foot office lease for an entire single-tenant building in Willimantic, located approximately 25 miles east of Hartford. The property is located at 1310 Main St. in the Tyler Square retail center. CHR offers a range of behavioral healthcare services pertaining to mental illness, addictions, trauma and homelessness. Bob Pagani of Colliers International represented CHR in the lease negotiations. Ron Lyman of Lyman Real Estate represented the landlord, Norwich Realty Inc.

May 1, 2020

Acquisitions New Jersey Northeast Retail

R.J. Brunelli Brokers Sale of Retail Development Site in Woodbridge, New Jersey

by Alex Patton May 1, 2020

WOODBRIDGE, N.J. — R.J. Brunelli & Co. has brokered the sale of a one-acre retail development site in Woodbridge, a southwestern suburb of New York City. Bud’s Hut restaurant occupied the property, which is located at 906 Route 1, for the last 50 years. The buyer, local builder Suburban Development LLC, plans to redevelop the property by constructing a 2,200-square-foot restaurant building with a drive-thru and a separate 3,000-square-foot retail building. John Lenaz of R.J. Brunelli represented Suburban Development in the transaction. Lenaz also represented the seller. The sales price as undisclosed.

May 1, 2020

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