Property Type

Security Properties, Pacific Life Buy Broadstone Gulch in Nashville for $80.8M

by Alex Tostado December 23, 2019

NASHVILLE, TENN. — Seattle-based Security Properties and Newport Beach, Calif.-based Pacific Life Insurance Co. have purchased Broadstone Gulch, a new, 238-unit multifamily property located in Nashville’s Gulch district, for $80.8 million. Located at 803 Division St., Broadstone Gulch offers a fitness center, rooftop lounge, pool, demonstration kitchen, package access system, office space, a pet spa and Google Fiber. The building is a half-mile walk from Music City Center in the Nashville’s south of Broadway (SoBro) neighborhood. Security Properties-affiliate Security Properties Residential will manage the property. Walker & Dunlop’s Telly Fathaly and Kris Mikkelsen represented the seller and developer, Alliance Residential.

December 23, 2019

Acquisitions North Carolina Office Southeast

Mohr Capital Sells University Highlands Office Building in Charlotte to CIM Group

by Alex Tostado December 23, 2019

CHARLOTTE, N.C. — Mohr Capital, a privately held REIT based in Dallas, has sold the University Highlands office building located at 10330 David Taylor Drive in Charlotte to Los Angeles-based CIM Group. Mohr Capital acquired the 100,000-square-foot facility on a speculative basis in 2017 then completed capital improvements before securing a single, long-term tenant, United Rentals Inc., earlier this year. Stamford, Conn.-based United Rentals is an equipment rental company that specializes in construction and industrial rentals. Mohr Capital’s Gary Horn and Bob Mohr handled the sale internally. The sales price was not disclosed.

December 23, 2019

Acquisitions Florida Retail Southeast

Franklin Street Brokers $8.3M Sale of Regency Point Retail Center in Jacksonville

by Alex Tostado December 23, 2019

JACKSONVILLE, FLA. — Franklin Street has brokered the $8.3 million sale of Regency Point, a 51,381-square-foot retail center located at 9430 Arlington Expressway on the east side of Jacksonville. Franklin Street’s Bryan Belk and John Tennant represented the seller, Phoenix-based Sand Capital, in the transaction. The buyer, which plans to hold the property long-term, is a Jacksonville-based private investor. Built in 1981, the Regency Point shopping center includes tenants such as Skechers, Foot Locker, Champs Sports, Wingstop and T-Mobile. Recent capital improvements to the shopping center include the façade, parking lot and property lighting. Regency Point is situated across the street from Regency Square Mall.

December 23, 2019

Acquisitions Industrial Texas

Sealy & Co. Acquires 1.6 MSF Industrial Portfolio in Dallas

by Taylor Williams December 23, 2019

DALLAS — Locally based investment firm Sealy & Co. has acquired a portfolio of 19 light industrial buildings totaling 1.6 million square feet in Dallas. The portfolio was 97 percent leased at the time of sale. Randy Baird of CBRE worked with Scott Sealy Jr., Jason Gandy and Tom Herter of Sealy & Co. to broker the deal, the seller in which was not disclosed. The acquisition is the largest in company history and follows Sealy’s $908 million disposition of a 16.3 million-square-foot industrial portfolio earlier this month.

December 23, 2019

Development Multifamily Oklahoma Texas

Hines to Develop 325-Unit Apartment Community in Oklahoma City’s Nichols Hills District

by Taylor Williams December 23, 2019

OKLAHOMA CITY — Hines will develop The Residences at Classen Curve, a 325-unit apartment community that will be located in the Nichols Hills submarket of Oklahoma City. Designed by Dwell Design Studio, the project will be situated adjacent to a retail center that houses a Whole Foods Market and Trader Joe’s. Units will average roughly 900 square feet and amenities will include a pool, fitness center, coworking lounge, package facilities, courtyards and a resident clubroom. Construction is slated to begin in 2020, and the first units are expected to be available for occupancy in late 2021.

December 23, 2019

Development Industrial Texas

IDV Acquires Land for New Industrial Park in Houston

by Taylor Williams December 23, 2019

HOUSTON — Houston-based Investment & Development Ventures LLC (IDV) is has acquired land for the development of a new industrial park in Houston. The development spans 214 acres with nearly a mile of frontage along Beltway 8 on the city’s south side. Dave Ramsey and Brad Elmore of Houston-based NewQuest Properties represented the seller in the land disposition.

December 23, 2019

Development Hospitality Texas

NewcrestImage Opens 91-Room Hyatt Place Hotel in Amarillo

by Taylor Williams December 23, 2019

AMARILLO, TEXAS — Dallas-based hospitality developer NewcrestImage has opened a 91-room Hyatt Place in Amarillo. The hotel is located in the city’s medical district and is part of the company’s hotel campus that also features a 90-room Tru by Hilton and a 90-room Aloft by Marriott. The Tru by Hilton hotel opened in August 2018, and construction of the Aloft hotel is scheduled to begin in mid-2020.

December 23, 2019

Industrial Leasing Activity Texas

NAI Partners Negotiates 15,300 SF Industrial Lease in South Houston

by Taylor Williams December 23, 2019

HOUSTON — NAI Partners has negotiated a 15,300-square-foot industrial lease at 4318 Bluebonnet Drive in south Houston for Lake Management Services, which specializes in construction and maintenance of lakes and ponds. Jake Wilkinson and Chris Caudill of NAI Partners represented the tenant in the lease negotiations. Clay Pritchett, also with NAI Partners, represented the landlord, Martinez A&M Investments.

December 23, 2019

Acquisitions California Multifamily Western

Kennedy Wilson Acquires Five-Property Western Multifamily Portfolio for $342M

by Amy Works December 23, 2019

BEVERLY HILLS, CALIF. — Kennedy Wilson, through various investment vehicles managed by the Beverly Hills-based company, has purchased five multifamily properties for $342 million in an off-market transaction. Terms of the transaction were not released. Kennedy Wilson has an average ownership of 38 percent in the assets. The communities are located in Washington, Oregon, Colorado, Nevada and New Mexico. The portfolio contributes 1,008 units to Kennedy Wilson’s multifamily presence in the Mountain States and adds 449 units to the company’s Pacific Northwest portfolio. This acquisition builds on Kennedy Wilson’s total multifamily portfolio of 29,500 units, including properties under construction. Kennedy Wilson and its partners invested $122 million of equity in the portfolio, including closing costs. The company’s asset management plan includes adding and enhancing amenities and updating unit interiors across the portfolio.

December 23, 2019

Acquisitions Michigan Midwest Retail

Out of the Box Ventures Acquires Lakeside Mall in Michigan, Plans to Bring in New Uses

by Kristin Harlow December 23, 2019

STERLING HEIGHTS, MICH. — Out of the Box Ventures, a subsidiary of Miami-based Lionheart Capital, has acquired Lakeside Mall in Sterling Heights. The purchase price was $26.5 million, according to Crain’s Detroit Business. Out of the Box Ventures plans to incorporate new uses to the property other than retail but has not disclosed specific plans. The buyer acquired the mall after General Growth Properties Inc. defaulted on its $144 million mortgage loan. Lakeside Mall is the largest mall in the state of Michigan with more than 1.5 million square feet. It first opened in 1976. The Lord + Taylor and Sears stores have closed, but the JC Penney and Macy’s stores remain open.

December 23, 2019

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