Property Type

GBT Realty Sells Two Multifamily Communities in Nashville for $52.2M

by Alex Tostado March 20, 2020

NASHVILLE, TENN. — GBT Realty Corp. has sold Village 21 and Belcourt Park, two multifamily communities in Nashville, for a total of $52.2 million. Atlanta-based TriBridge Residential acquired both properties. The 101-unit Village 21 sold for $31.7 million. The property is situated at 1620 21st Ave. S., two miles southwest of downtown Nashville. The community offers studio, one- and two-bedroom floor plans and communal amenities including a pool, fitness center, business center, pet washing station, car charging stations and a clubhouse. Village 21 features ground-floor retail space that was not included in the sale. Brentwood, Tenn.-based GBT Realty also sold Belcourt Park, a 76-unit community, for $20.5 million. Belcourt Park is situated at 1710 Belcourt Ave., three blocks from Village 21. The community also offers studio to two-bedroom floor plans. Communal amenities include a clubhouse, fitness center and a lounge.

March 20, 2020

Florida Loans Retail Southeast

Terra Receives $45M Refinancing Loan for Phase II of Shopping Center in South Florida

by Alex Tostado March 20, 2020

PEMBROKE PINES, FLA. — Terra City Center Investments II LLC, an entity sponsored by development firm Terra, has received a $45 million refinancing loan for Phase II of Pines City Center in Pembroke Pines. First Bank of Florida provided the loan. Terra broke ground on Phase II last year and expects to complete the 150,000-square-foot project by the end of this year. Some of Phase II is complete, with 98 percent of the space leased to tenants including anchors Hobby Lobby and UFC Gym, as well as CoreLife Eatery, AT&T, Space Coast Credit Union, Walk-On’s Bistreaux, Chuy’s Tex Mex and McAlister’s Deli. Terra completed the145,000-square-foot first phase of Pines City Center before selling it to TA Realty in December 2018. Pines City Center spans 47 acres.

March 20, 2020

Company News Retail South Carolina Southeast

United Development to Close Myrtle Beach Mall Today Until Further Notice Due to COVID-19 Outbreak

by Alex Tostado March 20, 2020

MYRTLE BEACH, S.C. — United Development Co. will close Myrtle Beach Mall at 7 p.m. local time today indefinitely due to growing concerns of the worldwide COVID-19 outbreak. The owner said the exterior entrances to Belk, Bass Pro Shops, Books-A-Million and JC Penney will remain open as long as those retailers continue to be open to the public. The owner also said that a deep cleaning will be initiated immediately following the closing, then again prior to the reopening. Myrtle Beach Mall is situated at 10177 N. Kings Highway, 11 miles north of downtown Myrtle Beach.

March 20, 2020

Acquisitions Florida Hospitality Southeast

Marcus & Millichap Arranges $5.5M Sale of Travelodge Hotel in Orlando

by Alex Tostado March 20, 2020

ORLANDO, FLA. — Marcus & Millichap has arranged the $5.5 million sale of Travelodge by Wyndham Orlando Near Florida Mall, a 132-room hotel in Orlando. The property is situated at 1850 W. Landstreet Road, eight miles south of downtown Orlando and two miles from The Florida Mall. The hotel offers free parking, a pool, business center and laundry facilities. Ahmed Kabani of Marcus & Millichap represented the seller, an undisclosed limited liability company, and the buyer, a private investor, in the transaction.

March 20, 2020

Development Maryland Southeast Student Housing Top Stories

Balfour Beatty Starts Construction of 557-Bed Student Housing, Innovation Center Development in Bowie, Maryland

by Alex Patton March 20, 2020

BOWIE, MD. — Developer Balfour Beatty Campus Solutions is underway on a 557-bed student housing and mixed-use development in Bowie, a northeastern suburb of Washington, D.C. The 170,000-square-foot development will house students of Bowie State University and will also be the site of the Bowie Business Innovation Center, a program for business acceleration in collaboration with the U.S. Small Business Administration. The development is slated to open in fall 2021. The project cost will be approximately $42 million. “This partnership allows the university to support its growing student body with much-needed modern housing options and provides a dedicated place for the creative leaders of tomorrow to develop their knowledge and skills as they prepare to enter the business world upon graduation,” says Bob Shepko, president of Balfour Beatty. The development will also house the university’s Entrepreneurship Academy, which will help students develop their own business opportunities and better navigate the greater business world. Other project features include a variety of amenities, including a fitness center, laundry facilities, community kitchens, parking and flexible classroom space. The project is primarily funded with tax-exempt bonds through the Maryland Economic Development Corp. Balfour Beatty Construction is and Smoot Construction are serving as contractors for …

March 20, 2020

Development Multifamily Texas

Bolour Begins Work on 780-Unit Multifamily Redevelopment Project in Houston

by Taylor Williams March 20, 2020

HOUSTON — Bolour Associates, an investment and development firm based in Southern California, has begun work on the redevelopment of Bella Luna and San Lucas, two multifamily communities totaling 780 units in Houston. The properties are situated on a combined 20 acres and feature one-, two- and three-bedroom units, as well as townhomes. Amenities include pools, playgrounds and onsite laundry facilities. The redevelopment will deliver new kitchens and bathrooms, upgraded interiors and renovated landscaping, common areas and exteriors. Completion is slated for September.

March 20, 2020

Leasing Activity Office Texas

Western Midstream Signs 133,948 SF Office Lease in The Woodlands

by Taylor Williams March 20, 2020

THE WOODLANDS, TEXAS — Energy firm Western Midstream Partners LP has signed a 133,948-square-foot office lease at The Woodland Towers at The Waterway in The Woodlands. Located within The Woodlands Town Center, the building features a two-story fitness center with basketball and volleyball courts, a 33,000-square-foot rooftop terrace, conference facilities and a café. Robert Parsley, Norman Munoz and Jillian Fredericks of Colliers International represented the landlord, The Howard Hughes Corp., which acquired the asset from Occidental Petroleum in late 2019, in the lease negotiations. James Bailey, Chad Beck and Rich Claussen of Cushman & Wakefield represented Western Midstream Partners.

March 20, 2020

Acquisitions Retail Texas

New Market Properties Acquires 85,599 SF Midway Market Retail Center in North Dallas

by Taylor Williams March 20, 2020

DALLAS — New Market Properties LLC, a subsidiary of Atlanta-based Preferred Apartment Communities (PAC) has acquired Midway Market, an 85,599-square-foot shopping center in Dallas. Kroger anchors the center, which is located at the corner of Frankford and Midway roads on the city’s north side. The seller was not disclosed. Approximately 145,000 people with an average household income in excess of $98,000 live within a three-mile radius of the center.

March 20, 2020

Company News Office Texas

Integra Realty Resources Opens Seventh Texas Office in Rio Grande Valley

by Taylor Williams March 20, 2020

EDINBURG, TEXAS — Integra Realty Resources (IRR), a provider of valuation, counseling and advisory services, has opened a new office in the Rio Grande Valley city of Edinburg that will be the company’s seventh in Texas and 56th overall. The opening comes on the heels of the company debuting a new office in Lubbock. William Robinson, who served as managing director in the company’s San Antonio office, will lead the new office as managing director along with Adam Solis, who joins IRR from Lone Star National Bank and will serve as a senior analyst.

March 20, 2020

Leasing Activity Office Texas

NAI Partners Arranges 7,737 SF Office Lease in Houston

by Taylor Williams March 20, 2020

HOUSTON — NAI Partners has arranged a 7,737-square-foot office lease at 7155 Old Katy Road in Houston. The property was built on 1.4 acres in 1979 and totals 91,150 square feet. Zach Leger and Jacob Aldridge of NAI Partners represented the landlord in the lease negotiations. The representative of the tenant, Page Parks School of Modeling & Acting, was not disclosed.

March 20, 2020

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