Property Type

KWA Construction Breaks Ground on $46M Apartment Project in Irving

by John Nelson September 4, 2019

IRVING, TEXAS — Locally based general contractor KWA Construction has broken ground on Legacy Lakeshore, a 293-unit apartment project in Irving. California-based Legacy Partners is developing the $46 million project, which will be situated on 3.4 acres near Lake Carolyn in the city’s Las Colinas district. Units at Legacy Lakeshore will range in size from 580 to 1,945 square feet, and amenities will include a pool, outdoor kitchen areas, fitness center and a spa, as well as paddleboards and kayaks for resident use. Completion is scheduled for July 2021.

September 4, 2019

Acquisitions Industrial Texas

Stream Negotiates Sale of 48,993 SF Industrial Building in Dallas

by John Nelson September 4, 2019

DALLAS — Stream Realty Partners has negotiated the sale of a 48,993-square-foot industrial building located at 410-440 Hillburn Drive in Dallas. According to LoopNet Inc., the property was built in 1984 and is zoned for manufacturing. Ryan Boozer and Drew Feagin of Stream Realty Partners represented the undisclosed seller in the transaction. CBRE represented the buyer, Jona Real Estate LLC.

September 4, 2019

Leasing Activity Retail Texas

Ollie’s Outlet Bargain Opens 39,000 SF Store in Fort Worth

by John Nelson September 4, 2019

FORT WORTH, TEXAS — Discount merchandiser Ollie’s Bargain Outlet has opened a 39,000-square-foot store at Camp Bowie West Center, a shopping center in Fort Worth. The property, which is currently undergoing a renovation project to upgrade facades, lighting and landscaping, offers proximity to both Interstates 30 and 820. Todd Hubbard, Jon McDaniel and Bobby Montgomery of NAI Robert Lynn represented the landlord, Sutherland Building Material Centers, in the lease negotiations. Ollie’s carries goods in more than 15 categories, including electronics, flooring and toys. Earlier this year, the retailer opened a 615,060-square-foot distribution hub in nearby Lancaster, Texas.

September 4, 2019

Development Industrial Office Texas

Talley Riggins Underway on 32,000 SF Office, Warehouse Project Near Fort Worth

by John Nelson September 4, 2019

GRAPEVINE, TEXAS — General contractor Talley Riggins Construction Group is underway on a 32,000-square-foot, build-to-suit office and warehouse project in Grapevine, a suburb of Fort Worth. The space will serve as the new headquarters for HVAC supplier McMillan James Equipment Co. The building features office space for over 100 employees, a covered roof terrace, covered parking and an approximately 10,000 square-foot warehouse. Dallas-based Merriman Anderson Architects served as the architect and interior designer on the project.

September 4, 2019

Development Retail Texas

NewQuest Begins Construction on 15,560 SF Retail Project in Metro Austin

by John Nelson September 4, 2019

HUTTO, TEXAS — Houston-based NewQuest Properties has begun construction on a two-building retail project that will add 15,560 square feet of new space to Hutto, a northern suburb of Austin. The project represents Phase II of Townwest Commons, a 32-acre retail center that is anchored by Lowe’s Home Improvement and fronts State Highway 79. Phase II of Townwest Commons is expected to be complete in early 2020.

September 4, 2019

Alabama Development Industrial Southeast

DaikyoNishikawa US Breaks Ground on $110M Automotive Plant in Northern Alabama

by Alex Tostado September 4, 2019

HUNTSVILLE, ALA. — DaikyoNishikawa US (DNUS) has broken ground on its $110 million automotive plant in Huntsville. The plant will be on the same site as the 3.1 million-square-foot Mazda Toyota Manufacturing USA (MTMUS) plant, which is expected to be operational in 2021. DNUS’ plant is expected to come on line around the same time. DNUS will produce plastic automotive parts at the plant and expects the plant to house 380 employees at full production. The MTMUS plant will have the capacity to produce 300,000 vehicles annually.

September 4, 2019

Florida Loans Multifamily Southeast

SunTrust Provides Two Refinancing Loans Totaling $94.8M for Apartment Complexes in Florida

by Alex Tostado September 4, 2019

DESTIN AND NAPLES, FLA. — SunTrust Bank has provided two Fannie Mae Green refinancing loans for apartment complexes in Florida. The first loan was a $48.5 million refinancing for The Preserve at Henderson in Destin. The 10-year loan features nine years of interest-only payments followed by a 30-year amortization schedule. The 340-unit property is located at 4131 Commons Drive W., near Elgins Air Force Base and the beach. The Preserve was built in 2009 and offers one- through three-bedroom floor plans. The community was 97 percent occupied at the time of sale. The second loan was for ARIUM Gulfshore in Naples. SunTrust originated the $46.3 million, 10-year loan, which features three years of interest-only payments followed by a 30-year amortization schedule. ARIUM Gulfshore was built in 1986 and is under renovation. The property offers one- and two-bedroom floor plans. The borrower was an undisclosed REIT.

September 4, 2019

Acquisitions Florida Multifamily Southeast

FCP Acquires Multifamily Community in Jacksonville for $29.1M

by Alex Tostado September 4, 2019

JACKSONVILLE, FLA. — FCP has acquired Townsend Apartments, a 396-unit multifamily community in Jacksonville, for $29.1 million. This marks FCP’s first acquisition in Jacksonville. Townsend Apartments is located at 3450 Townsend Blvd., seven miles east of downtown Jacksonville. The property is situated on both sides of Townsend Boulevard and comprises 13 buildings, which offer one-, two- and three-bedroom floor plans. Communal amenities include a playground, two clubhouses, two swimming pools, tennis courts, fitness center, business center and barbecue and picnic areas. The seller was not disclosed.

September 4, 2019

Acquisitions Multifamily North Carolina Southeast

Waterton Purchases 298-Unit Apartment Community in Raleigh

by Alex Tostado September 4, 2019

RALEIGH, N.C. — Waterton has purchased Manor Six Forks, a 298-unit apartment community with 12,000 square feet of ground-level retail space, in Raleigh. Waterton plans to renovate unit interiors, the lobby, clubroom and fitness center. The new owner also plans to make improvements to the pool area, including converting the swimming pool to a saltwater pool and upgrading furniture. The community offers one-, two- and three-bedroom floor plans. Communal amenities include a business center, bike storage, media center and movie theater. The retail tenants include a craft beer and wine outlet, nail salon, fitness and martial arts studio and full-service pet care center. The seller and sales price were not disclosed.

September 4, 2019

Acquisitions District of Columbia Retail Southeast

Calkain Arranges $15M Sale of Triple-Net-Leased CVS in D.C.

by Alex Tostado September 4, 2019

WASHINGTON, D.C. — Calkain Cos. has arranged the $15 million sale of a triple-net-leased CVS property in Washington, D.C. The 8,754-square-foot building is located at 3323, 3325-3329 Connecticut Ave. NW, three miles north of downtown Washington, D.C. The building first served as a pharmacy in the 1950s before being converted to a CVS in 1990. Jonathan Hipp and Rick Fernandez of Calkain represented the seller, an undisclosed family trust, in the transaction. The buyer was a private investor completing a 1031 tax-deferred exchange.

September 4, 2019

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