TAMPA, FLA. — Highwoods Properties Inc. has signed a three-floor, 92,000-square-foot lease at the 5332 Avion office building with Fanatics Brands, the in-house apparel division for sports apparel company Fanatics Inc. 5332 Avion is a 176,000-square-foot, six-story office building in Tampa’s Westshore submarket. The building, which was developed by Highwoods, will serve as one of more than a dozen worldwide office locations for Fanatics. Laser Spine Institute previously used the space for its company headquarters and an ambulatory surgery center. Fanatics has begun to build out its office space within the property.
HARTFORD, CONN. — KeyBank Community Development Lending and Investment has provided a $14 million construction loan for the Phase II redevelopment of Westbrook Village, an affordable housing community in Hartford, Connecticut. Additionally, Key Community Development Corp. has provided $12.7 million in low-income housing tax credit equity for the project. The borrowers, Pennrose and The Cloud Co., are leading a five-phase redevelopment project of Westbrook Village, a 40-acre plot near the University of Hartford. The plot currently contains mostly vacant apartment and commercial buildings which were completed in the early 1950s. Those buildings are being leveled and replaced by new multifamily and retail constructions. Phase I of the project, which includes 75 housing units, is slated for completion this summer. Phase II of the construction will comprise six buildings with individual units leased at varying rates based on area median income (AMI). Of the 60 units, 45 will be affordable and 15 will be market rate. Of the 45 affordable units, 12 will be for supportive housing designated for individuals and families with incomes at or below 25 percent of AMI; 24 will be designated for individuals and families with incomes between 25 percent and 50 percent of AMI; and nine …
FAYETTEVILLE, N.C. — CBL Properties has unveiled redevelopment plans for Phase I of the former Sears department store within Cross Creek Mall in Fayetteville. New-to-market Dave & Buster’s will occupy and operate the space, which is under construction. Chattanooga, Tenn.-based CBL also says it is looking add restaurants, specialty stores and other uses that will further enhance Cross Creek Mall. The Sears closed in January 2019. The mall is located at 419 Cross Creek Mall, five miles west of downtown Fayetteville. Additional details including the timing of the Dave & Buster’s opening will be announced as plans are finalized.
SAN ANTONIO — Atlantic | Pacific Communities (A|P Communities) has completed The Bristol, a new 96-unit multifamily community located at 7810 Old Tezel Road in San Antonio. The property features a mix of affordable and market-rate units with rents ranging from $316 to $996 per month, depending on unit type and income qualifications. Community amenities include a clubhouse, playground and a swimming pool. The Bristol is the fourth A|P Communities property in the metro San Antonio area, and the company is planning to break ground on a fifth project early this year. The company’s operating division, Atlantic | Pacific Management, will manage The Bristol.
HOUSTON — JLL and NAI Partners have arranged the sale of Harms Road Business Park, a 124,000-square-foot industrial park located at 7204-7214 Harms Road in Houston’s Northwest submarket. The five single-tenant buildings were constructed between 2014 and 2018 and feature clear heights ranging from 28 to 30 feet, 22 overhead doors, office space and overhead cranes with capacities ranging between 10 and 20 tons. Trent Agnew, Charlie Strauss and Ethan Goldberg of JLL and Travis Land of NAI Partners represented the seller, United Equities Inc., in the transaction. A partnership between Finial Group and Senterra LLC purchased the industrial park for an undisclosed price.
HOUSTON — Matthews Real Estate Investment Services has brokered the $5.5 million sale of a newly built retail property located at 10803 Westheimer Road in Houston’s Westchase District. Regions Bank occupies the 2,140-square-foot property on a 20-year triple-net ground lease. Joseph Nelson and Gary Chou of Matthews represented the seller, an unnamed developer, in the transaction. The duo also procured the buyer, a high-net-worth individual who purchased the bank branch at a 4.4 percent cap rate, the lowest cap rate for a Regions Bank retail branch on record, according to Matthews. The company also says the purchase price was the highest for a Regions location at $2,547 per square foot.
SHERMAN, TEXAS — Lee & Associates has brokered the sale of a 25,000-square-foot retail center located at 5629 Texoma Parkway in Sherman. As of October 2018, the shopping center’s tenants included Allstate, Chef Angel, TTS E-Cig & Vape and Mac’s Tax & Bookkeeping Service. Matt Thompson and Phil Rosenfeld of Lee & Associates Dallas/Fort Worth represented the buyer, Bemisal Enterprises, in the transaction. Sangha Enterprises LLC sold the center for an undisclosed price.
HOUSTON — Levey Group has signed Victory Wine Group to a 23,000-square-foot lease at Northwest Place Industrial Park, Levey’s seven-acre business park in Houston’s Northwest submarket. Victory Wine is a wholesale wine distributor with locations in Houston, Dallas and Austin. The company’s newest location at Northwest Place features a storefront entrance and an air-conditioned warehouse. David Lester of Lester & Lester Realty Advisors represented Victory Wine Group in the lease transaction, and Carlton Anderson and Joseph Smith of CBRE represented Levey Group.
CHICAGO — A joint venture between Origin Investments and Cedar Street Cos. is developing Pilsen Gateway, a $64.5 million multifamily project in a qualified opportunity zone adjacent to Chicago’s Pilsen neighborhood. Construction recently began on the seven-story development. It is situated on a 1.2-acre site at 1461 S. Blue Island. Upon completion, Pilsen Gateway will feature 202 apartment units, 7,600 square feet of ground-floor retail space, an 8,500-square-foot outdoor amenity deck, a resident lounge and fully equipped gym. Units will average 616 square feet. Seven units will be classified as affordable. Hartshorne Plunkard Architecture designed the project. Don Adams of TCF Bank and Michael Slovitt of Berkadia arranged project financing. The first units are slated for completion in spring 2021.
COLUMBUS, OHIO — CT Realty has purchased 382 acres in Columbus for the development of a 5.7 million-square-foot logistics park. The eight-building project will be situated in immediate proximity to a Norfolk Southern intermodal yard as well as the Rickenbacker International Airport. The first phase of development comprises two buildings totaling 1.4 million square feet. The two buildings are slated for completion in early 2021. CT acquired the 382-acre property in a joint venture with Walton Street Capital. Brian Marsh and Dan Wendorf of JLL brokered the land sale and will market the project for lease. Bank of America is providing construction financing. Premier Design + Build Group will serve as general contractor for the infrastructure and Phase I of the development.