Property Type

Cushman & Wakefield Arranges $22.3M Sale of Multifamily Community in Upstate South Carolina

by Alex Tostado July 22, 2019

SPARTANBURG, S.C. — Cushman & Wakefield has arranged the $22.3 million sale of Southern Pines, a 352-unit multifamily community in Spartanburg. Southern Pines was built in 1976 and offers communal amenities such as two swimming pools, a dog park, fitness center and grilling stations. The property is situated four miles north of downtown Spartanburg. Tai Cohen, Jordan McCarley and Watson Bryant of Cushman & Wakefield represented the seller, Upstate Property Rentals, in the transaction. SVN | Blackstream represented the buyers, Nakash Family Land Trust and Mendel Fischer. Eastern Union and Bancorp provided the buyers with an undisclosed amount of acquisition financing.

July 22, 2019

Acquisitions Industrial Southeast Virginia

Ashley Capital Buys 798,786 SF Distribution Center in Richmond from Ace Hardware

by Alex Tostado July 22, 2019

RICHMOND, VA. — Ashley Capital has acquired 7000 Hardware Drive, a 798,786-square-foot vacant distribution center in Richmond from Ace Hardware Corp. Ashley Capital plans to immediately begin updating the property to include installing a new roof, replacing all 84 dock doors, replacing the lights with high-efficiency LED fixtures, removing an internal mezzanine and painting the interior and exterior. Ashley Capital will rebrand the property as Virginia Gateway Logistics Center. Evan Magrill and Bobby Phillips of Cushman & Wakefield | Thalhimer represented the buyer in the transaction. The sales price was not disclosed.

July 22, 2019

Acquisitions Office Southeast Tennessee

CBRE Negotiates Sale of Four Office Buildings in Memphis Totaling Nearly 400,000 SF

by Alex Tostado July 22, 2019

MEMPHIS, TENN. — CBRE has negotiated the sale of four office buildings within Lenox Park, a seven-building office park in Memphis. The sold office buildings include C, D, E and F, which total 391,297 square feet. Lenox Park is situated in the 385 Corridor submarket, 19 miles southeast of downtown Memphis. The four buildings were 86.7 percent leased at the time of sale to tenants including Varsity Brands, IMC Cos., Unified Health Systems, Trinity Meyer Utility Structures, W.M. Barr & Co., American Car Center, Benefit Recovery Group and Pickering. Johnny Lamberson, Terry Radford, Justin Parsonnet and Will Yowell of CBRE represented the seller, HighBrook Investors, in the transaction. New York City-based Group RMC acquired the portfolio for an undisclosed price. The buyer retained CBRE to handle leasing and property management services. Ron Kastner will lead office leasing efforts, Kevin Clarkson will spearhead property management services and Lisa Thomas will serve as the onsite property manager.

July 22, 2019

Acquisitions Industrial Texas

NorthPoint Development Acquires Land for 2.5 MSF Industrial Project in Northeast Houston

by Taylor Williams July 22, 2019

HOUSTON — NorthPoint Development LLC has acquired 190 acres at the intersection of U.S. Route 90 and Uvalde Road in northeast Houston for the development of a 2.5 million-square-foot industrial park. The seven-building property will be branded NorthPoint 90 Logistics Center. Michael Keegan of NAI Partners represented the seller, Sowell Equities-Forestwood LP, in the transaction, which marks the largest industrial land sale in Houston in 2019 year-to-date. Blake Gibson and Ryan Byrd of Colliers International represented NorthPoint and will be marketing the property for lease.

July 22, 2019

Development Retail Texas

NewQuest Properties Breaks Ground on 143-Acre Entertainment Retail Project in Waco

by Taylor Williams July 22, 2019

WACO, TEXAS — Houston-based NewQuest Properties has broken ground on Cottonwood Creek Market, a 143-acre entertainment retail project in Waco. Located at the intersection of Interstate 35 and Loop 340, the development will span 285,000 square feet. A 14-screen Cinemark theater will anchor the project, and NewQuest is in talks to add a bowling and family dining concept, as well as a national retailer in golf entertainment. The opening is scheduled for spring 2020.

July 22, 2019

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 278-Unit Self-Storage Facility in Springtown, Texas

by Taylor Williams July 22, 2019

SPRINGTOWN, TEXAS — Marcus & Millichap has brokered the sale of West Side Storage, a 278-unit facility in Springtown, located northwest of Fort Worth. The property, which spans 44,500 net rentable square feet, features non-climate-controlled, drive-up units ranging in size from 100 to 300 square feet. Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller and developer of the property, in the transaction. The buyer was a Fort Worth-based owner-operator of self-storage facilities.

July 22, 2019

Loans Multifamily Texas

JLL Provides Agency Loan for Refinancing of 256-Unit Apartment Community in Dallas

by Taylor Williams July 22, 2019

DALLAS — JLL has provided a Fannie Mae loan of an undisclosed amount for the refinancing of Trinity Village Apartments, a 256-unit multifamily community in North Dallas. The property offers one- and two-bedroom units and amenities such as a pool, dog park and onsite laundry facilities. Mark Brandenburg of JLL originated the loan on behalf of the borrower, Frontline Holdings.

July 22, 2019

Development Massachusetts Mixed-Use Northeast

Fortis to Undertake Residential, Retail Redevelopment Project in Boston

by Alex Patton July 22, 2019

BOSTON — Fortis Property Group, a New York City-based developer, will undertake a redevelopment project in downtown Boston that will convert the Dock Square Garage into a residential and retail property. Current plans call for 210 condominium units and 8,000 square feet of ground-floor retail space. Fortis will build a six-story vertical addition for the residential component and will renovate and upgrade the existing retail space. Stantec Architects is handling design. Completion is slated for 2023.

July 22, 2019

Company News Multifamily Texas

Multifamily Developer JPI Names New CEO, CFO, Board of Directors

by Taylor Williams July 22, 2019

IRVING, TEXAS — JPI, an Irving-based multifamily developer with more than 5,000 units under construction, has named former chief development officer Brad Taylor as its new CEO, effective as of July 1. In addition, the company has appointed Chris Clayton, formerly of Forest City Realty Trust, as its new CFO. JPI will also establish a board of directors consisting of Bobby Page, Ron Ingram, Mark Bryant and Kirk Motsenbocker, who previously served as the company’s executive committee. JPI’s adjustments to its leadership structure reflect the company’s effort to focus on optimizing current and future market opportunities.

July 22, 2019

Acquisitions Multifamily Northeast Pennsylvania

Chicago Pacific Founders Acquires Three Senior Living Communities Near Pittsburgh

by Alex Patton July 22, 2019

BETHEL PARK, PITTSBURGH and NORTH VERSAILLES, PA. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired three senior living communities in the Pittsburgh metro area. The properties include The Residence at Bethel Park in Bethel Park, The Residence at Whitehall in Pittsburgh and Point Pleasant in North Versailles. Grace Management will take over operations of all three communities. The Residence at Bethel Park is also a rebrand to reflect the new ownership of the community, which was formerly known as The Residence at Logan. Terms of the deal, including the seller and price, were not disclosed. CPF plans to make capital investments in the campuses.

July 22, 2019

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