HOUSTON — NAI Partners has arranged the sale of a 14-building, 341,252-square-foot industrial portfolio located at 2700 Greens Road in Houston. The property is located near Interstates 45 and 69, as well as George Bush Intercontinental Airport. Joshua Lass-Sughrue, Chris Kugle and John Ferruzzo of NAI Partners represented the seller, Aero Greensmor LP, in the transaction. The buyer and sales price were not disclosed.
SOUTHLAKE, TEXAS — Developer RREAF Holdings has broken ground on Marriott Delta Hotel, a 240-room property that will be located in the Fort Worth suburb of Southlake. Designed by Merriman Anderson Architects, the six-story hotel will include 10,000 square feet of meeting space and a full-service restaurant and bar. Hill & Wilkinson is the general contractor for the project, which is expected to be complete by 2020.
TYSONS, VA. — Washington Property Co. (WPC) has acquired 5.2 acres of land in Tysons with plans to construct a 700-unit Solaire-branded multifamily community. An undisclosed global private equity firm sold the land to WPC for $21 million, according to someone with knowledge of the transaction. John Sheridan of CBRE represented the seller in the transaction. The parcel is part of the 19-acre Arbor Row neighborhood, a mixed-use development situated on Westpark Drive, 15 miles west of downtown Washington, D.C. WPC plans to break ground on the twin mid-rise buildings in the next 12 to 24 months. Plans for unit interiors include quartz countertops, stainless steel appliances, wood flooring, large windows and private balconies. The property will also include 8,000 square feet of retail space. WPC has not yet selected a design team for the project.
ROYAL PALM BEACH, FLA. — InvesTrust Properties Corp. has purchased Southern Palm Crossing, a Costco-anchored, 346,200-square-foot shopping center in Royal Palm Beach, for $97 million. Other tenants include Marshalls, HomeGoods and 24 Hour Fitness. The center is situated at 11001 Southern Blvd., 12 miles west of downtown West Palm Beach. The seller was not disclosed.
RALEIGH, N.C. — A partnership between M&J Wilkow and Bailard Inc. has bought two retail centers totaling 323,000 square feet in Raleigh for $43.6 million. Midtown Commons is a 138,756-square-foot power center with tenants including Starbucks Coffee, T.J. Maxx and Dick’s Sporting Goods. Shoppes at Midway Plantation, a neighboring 184,244-square-foot power center, has tenants including Michael’s, Ross Dress for Less, Kay Jewelers, Saltgrass Steak House and Rack Room Shoes. The partners plan to implement a new leasing strategy to bring new-to-market retailers to the centers, as well as upgrade the centers’ amenities. The seller(s) was not disclosed.
MADISON, MISS. — CBL Properties has sold The Forum at Grandview, a 216,000-square-foot retail center in Madison, for $31.8 million. Hendon Properties acquired the center in an all-cash deal. CBL developed the property in a 75-25 joint venture with Mattiace Development in 2010. CBL received all of the profits from the sale. Tenants at The Forum include Best Buy, Dick’s Sporting Goods, HomeGoods, Michaels, Stein Mart, Petco and Ulta Beauty. The property is situated along Grandview Boulevard, 15 miles north of downtown Jackson.
MORROW, GA. — XPO Logistics has leased an additional 265,163 square feet of industrial space within Mt. Zion Industrial Center in Morrow. The third-party logistics provider now occupies 519,521 square feet of space in the center. The landlord, Woodmont Industrial Partners (WIP), acquired the center in February 2018 and implemented capital improvements that included the upgrade of new dock equipment, new roof, office upgrades, life safety system improvements, floor upgrades, interior and exterior painting and new landscaping. XPO signed a 254,358-square-foot lease the same year. NAI Brannen Goddard represented WIP in both transactions. Mt. Zion Industrial Center is situated 10 miles from Hartsfield-Jackson Atlanta International Airport and 20 miles from downtown Atlanta. The property features 72 dock doors, two drive-in doors, 22-foot clear heights, a five-inch-thick concrete floor and parking for 110 trailers.
PARAMUS, N.J. — JLL has negotiated the sale of a 373,420-square-foot office building located at 650 From Road in Paramus. Built in 1978, the property is situated on a 12-acre site about 12 miles from Manhattan that also has the potential for future development. The property also houses the headquarters of watchmaker Movado. José Cruz, Kevin O’Hearn, Andrew Scandalios, Stephen Simonelli, Michael Oliver and Mark Mahasky of JLL represented the seller, Mack-Cali Corp., in the transaction. A joint venture between Onyx Equities, LLC and Garrison Investment Group purchased the asset for an undisclosed price.
WARREN, N.J. — Everest Reinsurance Co. has signed a 315,000-square-foot office lease at Warren Corporate Center, a 176-acre development in northern New Jersey. Warren Corporate Center, which consists of five office buildings totaling more than 820,000 square feet, will serve as Everest’s new U.S. headquarters following the Bermuda-based company’s relocation from Liberty Corner, New Jersey. Everest expects to take occupancy of the new space within the next 18 months. Amenities at the property include walking trails, a landscaped pond with amphitheater seating, a fitness center, cafeteria, a basketball court and four covered parking structures. Eric Deutsch and Jeff Babikian of CBRE represented the tenant in the lease negotiations. Robert Donnelly, Sr. and Robert Donnelly, Jr. represented the landlord, a joint venture between Vision Real Estate Partners and Rubenstein Partners LP.
CAMBRIDGE, MASS. — Capital Stack Commercial Real Estate Finance and Miami-based GenX Capital Partners have arranged $37.7 million in construction financing for 907 Main Hotel, a 67-room property in Cambridge. Local developer Patrick Barrett III is leading the development of the upscale, boutique hotel, which will span 42,000 square feet and offer a street-level restaurant and a rooftop bar. The building will also house Toscanini’s Ice Cream, which has operated in the neighborhood since 1981. A New York-based hedge fund provided the financing. The hotel is slated to open in early 2020.