Property Type

Plaza Advisors Arranges Sale of 90,328 SF Shopping Center in Metro Tampa

by Alex Tostado June 27, 2019

TEMPLE TERRACE, FLA. — Plaza Advisors has arranged the sale of Temple Terrace Plaza, a 90,328-square-foot shopping center in Temple Terrace. The Winn Dixie-anchored property was 95 percent leased at the time of sale to tenants including the United States Post Office, Greenberg Dental, Sally Beauty, Rainbow, Mariner Finance and Sprint. Temple Terrace Plaza is located at 8837 N. 56th St., nine miles north of downtown Tampa. Jim Michalak and Keith Nurre of Plaza Advisors represented the seller, a REIT, in the transaction. The buyer was an undisclosed private equity group. The sales price was not disclosed.

June 27, 2019

Acquisitions Multifamily Southeast West Virginia

Marcus & Millichap Negotiates $9.6M Sale of Apartment Complex in West Virginia

by Alex Tostado June 27, 2019

MARTINSBURG, W.VA. — Marcus & Millichap has negotiated the $9.6 million sale of Shenandoah Village, a 143-unit apartment complex in Martinsburg. The property was built in 1973 and offers one- and two-bedroom floor plans. Dana Newton and Mike Maxwell of Marcus & Millichap represented the buyer and seller, both undisclosed limited liability companies, in the transaction.

June 27, 2019

Acquisitions Industrial Texas

Hillwood Acquires 600 Acres in Fort Worth for Additional Industrial Expansion

by Taylor Williams June 27, 2019

FORT WORTH, TEXAS — Hillwood has acquired 600 acres of contiguous land within its 26,000-acre AllianceTexas master-planned community in Fort Worth for additional industrial expansion. The land is positioned along FM 156 between Fort Worth Alliance Airport and the BNSF Railway Alliance Intermodal facility. The acquisition raises the capacity for Hillwood’s total development potential in Tarrant and Denton counties to more than 36 million square feet. The seller(s) was not disclosed.

June 27, 2019

Acquisitions Office Texas

Northstar Commercial Buys Office Building in Metro Houston for $27.4M

by Taylor Williams June 27, 2019

SUGAR LAND, TEXAS — Denver-based investment firm Northstar Commercial Partners has purchased 77 Sugar Creek Center Boulevard, a 143,000-square-foot office building located in the southwestern Houston suburb of Sugar Land. The sales price was $27.4 million. The Class A, six-story property was built in 1999 and is leased to a diverse mix of more than 35 tenants representing the energy and technology sectors. The seller was not disclosed.

June 27, 2019

Acquisitions Multifamily Texas

Berkadia Brokers Sale of 141-Unit Apartment Property in Northeast San Antonio

by Taylor Williams June 27, 2019

SAN ANTONIO — Berkadia has brokered the sale of Brix at Terrell Hills, a 141-unit apartment property located in northeast San Antonio. Built in 1966 on 4.4 acres, Brix at Terrell Hills offers studio, one- and two-bedroom apartments averaging 800 square feet and amenities such as a pool, outdoor grilling area, business center and onsite laundry facilities. Will Caruth, Chris Ross and Cody Courtney of Berkadia represented the undisclosed seller in the transaction. The buyer was Austin-based Old Three Hundred Capital.

June 27, 2019

Acquisitions Multifamily Seniors Housing Texas

Realty Capital, Matteo Realty Acquire Memory Care Community in Dallas

by Taylor Williams June 27, 2019

DALLAS — A joint venture between Realty Capital Partners (RCP) and Matteo Realty Partners has acquired the former Silverado Memory Care of Turtle Creek in Dallas. The property features 35 units housing 42 beds and is the only standalone memory care community in a six-mile radius, according to the buyers. The new ownership plans to remodel and reposition the asset over the next six months. The community was rebranded as Iris Memory Care of Turtle Creek, as Iris Senior Living is taking over management.

June 27, 2019

Development Multifamily Seniors Housing Texas

Investcor, Integral Begin Construction on Seniors Housing Project in San Marcos

by Taylor Williams June 27, 2019

SAN MARCOS, TEXAS — Investcor Development and Integral Senior Living have begun construction on a 92-unit seniors housing project in San Marcos, located between Austin and San Antonio. The 72,500-square-foot community will offer assisted living and memory care services. Pi Architects is designing the community, a completion date for which was not disclosed.

June 27, 2019

Acquisitions Maryland Multifamily Retail Southeast Top Stories Virginia

WashREIT Agrees to Sell Eight Retail Assets, Increases Focus on Multifamily Sector

by Alex Tostado June 27, 2019

WASHINGTON, D.C. — WashREIT (NYSE: WRE) has agreed to sell five of its retail properties for $485 million, plus an additional three power centers, as part of a strategic move to increase its investment in the multifamily sector. The buyers are two undisclosed institutional investors. The first sale agreement includes five retail properties totaling 800,000 square feet. Those assets include Gateway Overlook in Columbia, Md.; Wheaton Park in Wheaton, Md.; Olney Village Center in Olney, Md.; and Bradlee Shopping Center and Shoppes of Foxchase in Alexandria, Va. The second transaction includes three Maryland properties spanning 850,000 square feet. The properties are Centre at Hagerstown in Hagerstown, and Frederick Crossing and Frederick County Square in Frederick. WashREIT said it will disclose the sales price of the second transaction after the deal’s closure, which is expected to occur in late July. Simultaneously, WashREIT has agreed to acquire an urban-infill, value-add multifamily community for $70 million. Details about the property were not disclosed at this time. Earlier this year, WashREIT announced that it would acquire a portfolio of seven multifamily properties in the Washington, D.C. area for $461 million, thereby increasing its multifamily portfolio from 28 percent to 45 percent based on net …

June 27, 2019

Market Reports Midwest Midwest Market Reports Mixed-Use Nebraska

Cornhusker State Has a Knack for Mixed-Use Projects

by Kristin Harlow June 27, 2019

The term “mixed-use” appears to be all the rage, possibly a victim of its own success. A similar phenomenon occurred in the retail world with the introduction of the term “lifestyle center.” As a concept grows in popularity there is the natural inclination to capitalize on the movement, which can ultimately lead to watering down the concept. However, despite a trend toward reducing the term “mixed-use” to its lowest common denominator, namely having two different product types, Nebraska’s mixed-use developers have remained dedicated to a meaningful and synergistic combination of several product types: office, residential, retail and food and entertainment. Nebraskan’s zeal for creating sizable mixed-use projects has provided its residents a variety of developments possessing a genuine and meaningful sense of place and community. Although there’s more mixed-use projects in the making for the Husker State, for the purpose of this article we’ve chosen five projects that best represent the state’s mixed-use development. These developments not only create a desirable feel, but positively impact the larger community. Frankly, it’s one thing to have a successful mixed-use development where live, work and play isn’t just a marketing tag line. But, it’s a whole different matter when a project’s success spills …

June 27, 2019

Leasing Activity Office Southeast Tennessee

Mitsubishi Motors North America to Relocate U.S. Headquarters to Metro Nashville

by Alex Tostado June 26, 2019

FRANKLIN, TENN. — Mitsubishi Motors North America (MMNA) will relocate its corporate U.S. headquarters from Cypress, Calif., to Franklin by the end of this year. The move will begin in August, where MMNA will occupy office space in a temporary location in Franklin. The company said the move will occur in an effort to reinvent itself and to be closer to sister company Nissan North America, which is headquartered in Nashville. MMNA is working with JLL to identify a permanent office location. There are nearly 200 people working in MMNA’s Cypress office. All corporate departments will be relocating, including sales, marketing, IT, human resources, communications, parts and service, product planning, dealer operations, finance and legal. Additionally, 25 employees representing the company’s Western Region operations will move to new offices in Orange County, Calif. It was not immediately clear on how much office space MMNA will lease in Franklin. MMNA is in talks with Nissan North America to move its West Coast distribution center, which is located on its existing corporate campus, to a new, shared facility in Riverside, Calif.

June 26, 2019

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