Property Type

TerraCap Management Sells Office Portfolio in Northern Atlanta Suburb for $46.1M

by Alex Tostado December 9, 2019

KENNESAW, GA. — TerraCap Management LLC, a privately held investment firm based out of Estero, Fla., has sold Chastain Center to an undisclosed buyer for $46.1 million after completing capital improvements. The six-building, 303,000-square-foot, single-story office portfolio is located 25 miles northwest of Atlanta in Kennesaw. The office portfolio was 86 percent leased at the time of sale, with over seven years of remaining lease term in place. Tom Shafer and John Hinson of CBRE represented TerraCap in the sale. Lincoln Property Co. represented TerraCap on both leasing and management. TerraCap originally purchased the property for $30 million in January 2016.

December 9, 2019

Development Florida Loans Multifamily Southeast

Love Funding Secures $50.9M HUD Construction Loan for St. Petersburg Apartment Community

by Alex Tostado December 9, 2019

ST. PETERSBURG, FLA. — Love Funding has secured a $50.9 million loan for the construction and permanent financing of Phillips Sur Club, a proposed 296-unit apartment complex in St. Petersburg, 24 miles southwest of Tampa. The project, to be located at 3000 34th St S., was financed through the U.S. Department of Housing and Urban Development’s (HUD) Section 221(d)(4) loan insurance program. The developer and borrower, Tampa-based Phillips Development & Realty, will have low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term. Atlanta-based Reese Vanderbilt & Associates is the design architect, and the general contractor is Birmingham-based Capstone Building Corp. Tampa-based Ovation Management will manage the property. Sur Club is located in St. Petersburg’s Skyway Marina district, five miles south of downtown St. Petersburg and adjacent to Interstates 275 and 375 and U.S. Route 19. The complex will feature an interior courtyard, two swimming pools and an attached parking garage.

December 9, 2019

Leasing Activity New York Northeast Office

Amazon Signs 335,408 SF Office Lease at 410 Tenth Avenue in Manhattan

by Alex Patton December 9, 2019

NEW YORK CITY — Amazon has signed a 335,408-square-foot office lease at 410 Tenth Avenue in Manhattan. Landlord SL Green is currently redeveloping the 638,000-square-foot building, which was previously known as the Master Printers Building, as a Class A office property at the intersection of Manhattan West and Hudson Yards. The redevelopment will include a redesign of the lobby as well as construction of an 8,000-square-foot roof deck and lounge. The timeline of construction and Amazon’s occupancy was not disclosed, but the building is now 96.2 percent leased.

December 9, 2019

Development Office Texas

CREA Breaks Ground on 172,000 SF Eastlake at Tillery Office Project in Austin

by Taylor Williams December 9, 2019

AUSTIN, TEXAS — Cypress Real Estate Advisors (CREA) has broken ground on Eastlake at Tillery, a 172,000-square-foot office project in East Austin. The development will consist of two three-story buildings and an adjacent parking structure. Amenities will include a fitness center, bike storage and rental space, a prep kitchen and rotating art installations. Delineate Studio is the project architect, and Harvey Cleary is the general contractor. Aquila Commercial will handle leasing of the project. CREA expects to begin tenant improvement work at Eastlake at Tillery in December 2020.

December 9, 2019

Development New Jersey Northeast Retail

Triple Five Group Launches 180,000 SF Big Snow Slope at American Dream in New Jersey

by Alex Patton December 9, 2019

EAST RUTHERFORD, N.J. — Triple Five Group has opened Big Snow, a 180,000-square-foot indoor snow slope within its American Dream entertainment and retail destination in East Rutherford, a western suburb of New York City. The 16-story vertical slope offers indoor skiing, snowboarding, sledding and other snow activities year-round. The facility will produce 4.4 tons of snow per hour, which will be kept at a constant temperature of 28 degrees with an average depth at 2 feet. Triple Five opened American Dream in late October with a Nickelodeon Universe theme park and an ice skating rink. The Dreamworks Water Park opened at American dream in late November, and future openings include a Legoland Discover Center, a Sea Life Aquarium and more than 100 retailers and restaurants.

December 9, 2019

Development Massachusetts Multifamily Northeast

Lotus Harvard Completes 16-Unit Apartment, Retail Project in Cambridge, Massachusetts

by Alex Patton December 9, 2019

CAMBRIDGE, MASS. — Lotus Harvard Enterprises LLC has completed development of 1699 Massachusetts Avenue, a 16-unit apartment building with 1,600 square feet of ground-floor retail space that is located adjacent to Harvard Law School in Cambridge. The property offers two studios, eight one-bedrooms, five two-bedrooms and three two-bedroom units, as well as an adjoining five-bedroom single-family home. Khalsa Design was the architect of the project and Nauset Construction was the general contractor.

December 9, 2019

Industrial Leasing Activity Texas

Shaffer Sports Signs 125,000 SF Industrial Lease in Houston, to Relocate from Alabama

by Taylor Williams December 9, 2019

HOUSTON — Shaffer Sports & Events, which provides furniture and tents for sporting events, has signed a 125,000-square-foot industrial lease at 10901 Tanner Road in Houston. The space will serve as the company’s primary warehouse and office headquarters following its relocation from Birmingham, Ala. John Parsley, Gary Mabray and Judd Harrison of Colliers International represented Shaffer Sports in the lease negotiations. David Boyd, Greg Barra and Wes Williams of Boyd Commercial represented the landlord, Exeter 10901 Tanner LP. The sister company of Shaffer Sports, Aztec Events & Tents, also signed a 125,697-square-foot industrial lease renewal in Houston. The Colliers team represented Aztec in its lease negotiations as well.

December 9, 2019

Industrial Leasing Activity Texas

Waterlogic Signs 111,012 SF Industrial Lease at Prologis Freeport Corporate Center in Dallas

by Taylor Williams December 9, 2019

DALLAS — Waterlogic, a provider of purified bottle-less water dispensers, has inked a deal to occupy 111,012 square feet of light manufacturing and distribution space at Prologis Freeport Corporate Center in Dallas. The company expects to take occupancy in early 2020. Caleb McCoy and Matt Bracco of JLL represented Waterlogic in the lease negotiations. Michael Flowers represented the landlord, Prologis on an internal basis.

December 9, 2019

Acquisitions Retail Texas

JLL Negotiates Sale of 63,231 SF Retail Property in Amarillo

by Taylor Williams December 9, 2019

AMARILLO, TEXAS — JLL has negotiated a 63,231-square-foot retail property in Amarillo. The property sits on 5.1 acres and formerly housed a grocer. Michael Meaden of JLL represented the sellers, MAL Enterprises Inc. and Super Market Developers Inc., in the transaction. Zach Ballenger of CBRE represented the buyer, STORE Capital.

December 9, 2019

Acquisitions Office Texas

JRV Heating & Cooling Buys 5,077 SF Office Building in Metro Dallas

by Taylor Williams December 9, 2019

ALLEN, TEXAS — JRV Heating & Cooling LLC has purchased a 5,077-square-foot office building located at 720 E. Main St. in Allen, a northeastern suburb of Dallas. The sale includes approximately one acre of land. Scott Axelrod of Henry S. Miller Brokerage represented the seller, Tom Brian DDS, a local dentist office, in the transaction.

December 9, 2019

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