Property Type

JLL Negotiates $62.7M Sale of Shopping Center, Developable Land in Metro Tampa

by Alex Tostado September 13, 2019

WESLEY CHAPEL, FLA. — JLL has negotiated the $62.7 million sale of Grove at Wesley Chapel, a 471,279-square-foot shopping center that also includes 114 acres of developable land in Wesley Chapel. At the time of sale, tenants included Cost Plus World Market, Bed Bath & Beyond, Ulta Beauty, Dick’s Sporting Goods, T.J. Maxx, Ross Dress for Less, Old Navy, PetSmart, Best Buy, Dollar Tree, Michaels and Cobb Theatres. The property is located 23 miles north of downtown Tampa on 203.3 acres at the interchange of Interstate 75 and Wesley Chapel Road. Daniel Finkle, Luis Castillo and Eric Williams of JLL represented the seller, institutional clients managed by Barings, in the transaction. Mishorim-Gold Properties purchased the asset.

September 13, 2019

Acquisitions Maryland Retail Southeast

Finmarc Management Sells Trader Joe’s-Anchored Shopping Center in Rockville, Maryland for $52.3M

by Alex Tostado September 13, 2019

ROCKVILLE, MD. — Finmarc Management Inc. has sold Travilah Square, a 61,500-square-foot, Trader Joe’s-anchored shopping center in Rockville. Finmarc acquired the property in 2015 and renovated it to include new brick and steel exterior façades, as well as a new canopy, LED lighting and signage throughout the center. The company also demolished a former office building and freestanding Burger King and replaced it with a new structure that was subsequently leased by Trader Joe’s, which opened in September 2018. InvenTrust Properties Corp. acquired the property, which was originally built in 1988. Ryan Sciullo and Bill Kent of CBRE represented the seller in this transaction.

September 13, 2019

Acquisitions Alabama Industrial Self-Storage Southeast

Marcus & Millichap Arranges Sale of 447-Unit Self-Storage Facility in Southern Alabama

by Alex Tostado September 13, 2019

GULF SHORES, ALA. — Marcus & Millichap has arranged the sale of Gateway Storage, a 447-unit self-storage facility in Gulf Shores. The 47,925-square-foot property was delivered in April and sits on three acres. Gateway Storage is located at 21371 Coastal Gateway Blvd., 38 miles west of downtown Pensacola, Fla. Brett Hatcher, Gabriel Coe and Jonathan Fawley of Marcus & Millichap represented the buyer and seller, both undisclosed limited liability companies, in the transaction. The sales price was not disclosed.

September 13, 2019

Development Office Texas

KDC Nears Completion of 1.2 MSF Headquarters for Pioneer Natural Resources in Irving

by Taylor Williams September 13, 2019

IRVING — Developer KDC, in partnership with Verizon, is nearing completion of the new 1.2 million-square-foot headquarters campus in Irving for energy firm Pioneer Natural Resources. Situated on 150 acres within the Hidden Ridge development in the city’s Las Colinas district, the headquarters building stands 10 stories, overlooks a pond and includes a seven-story parking garage. Amenities include a daycare, wellness center and a food hall. Cushman & Wakefield will manage the property. Move-ins are scheduled to begin in November.

September 13, 2019

Acquisitions Industrial Texas

Sealy & Co. Acquires 479,806 SF Distribution Warehouse Near Houston

by Taylor Williams September 13, 2019

WALLER, TEXAS — Sealy & Co., an investment firm headquartered in Dallas and Shreveport, La., has acquired a 479,806-square-foot distribution warehouse in Waller, a northwestern suburb of Houston. The cross-dock property is situated near several major thoroughfares, including U.S. Highway 290, Grand Parkway and Beltway 8. Tom Lynch and Mark Redlingshafer of CBRE worked with Scott Sealy Jr., Jason Gandy and Tom Herter of Sealy & Co. to acquire the asset. The seller was not disclosed.

September 13, 2019

Development Office Texas

NewcrestImage Breaks Ground on 80,000 SF Office Project in Grapevine, Texas

by Taylor Williams September 13, 2019

GRAPEVINE, TEXAS — Locally based hotel developer NewcrestImage has broken ground on an 80,000-square-foot office project in the northern Fort Worth suburb of Grapevine. Upon completion in 10 to 12 months, the company will occupy about a quarter of the building for its headquarters space and lease the remaining 60,000 square feet. The property will be located within SilverLake Crossings, a 52-acre mixed-use development that includes 400 residential units and 30,000 square feet of retail and restaurant space.

September 13, 2019

Loans Multifamily Seniors Housing Texas

CIT Provides $34M Refinancing for Seniors Housing Community Near Houston

by Taylor Williams September 13, 2019

RICHMOND, TEXAS — CIT Group has provided a $34 million loan for an assisted living community in Richmond, approximately 25 miles southwest of Houston. The loan will refinance construction debt on the Delaney at Parkway Lakes, a 207-unit community. The borrower is a joint venture between Blue Moon Capital Partners and Life Care Services (LCS).

September 13, 2019

Acquisitions Retail Texas

STRIVE Negotiates Sale of 58,377 SF Shopping Center in Longview

by Taylor Williams September 13, 2019

LONGVIEW, TEXAS — Dallas-based retail brokerage firm STRIVE has negotiated the sale of High Plaza Shopping Center, a 58,377-square-foot retail center in the East Texas city of Longview. The property is located just north of Interstate 20 and sees traffic counts in excess of 16,500 vehicles per day. STRIVE represented the buyer and seller, both of which were Dallas-based investors, in the transaction.

September 13, 2019

Acquisitions California Office Western

Brick and Timber Collective Buys Office Building in San Francisco for $27M

by Amy Works September 13, 2019

SAN FRANCISCO — Newcastle Partners and Drake Real Estate Partners have completed the sale of 900 Kearny Street, an office building located in San Francisco’s Jackson Square submarket. Brick and Timber Collective LLC acquired the property for $27 million. Built in 1989, the six-story building features 30,000 square feet of creative office space. At the time of sale, the property was fully occupied by EastWest Bank, Bitmami and Novani, among others. The sellers originally purchased the asset in 2017 for $17 million and renovated the property by adding open office spaces and single-floor suites. Ben Bullock, David Dokko and Thomas Foley of HFF represented the sellers in the transaction.

September 13, 2019

Acquisitions Colorado Multifamily Western

Newmark Knight Frank Brokers $23M Sale of Multifamily Property in Colorado Springs

by Amy Works September 13, 2019

COLORADO SPRINGS, COLO. — Newmark Knight Frank – Colorado has arranged the sale of Park Ridge, a multifamily property located in Colorado Springs. Park Ridge Apartment CS LLC sold the asset to Park Ridge SRP LLC for $23 million. Located at 2602 W. Serendipity Circle, the property features 204 apartments. Kevin McKenna and Saul Levy of Newmark Knight Frank – Colorado Multifamily handled the transaction.

September 13, 2019

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