Property Type

Joint Venture Acquires 11.3 Acres in Miami to Develop $36M Mixed-Use Project

by Alex Tostado April 19, 2019

MIAMI — A joint venture between ZOM Living, Scout Capital Partners and Mattoni Group has acquired 11.3 acres of Ludlam Trail in Miami. The developers will transform the unused train tracks into a six-mile, 100-foot wide trail that connects Miami International Airport and Dadeland Station, a three-story, 330,000-square-foot retail shopping center anchored by Target, Bed Bath & Beyond, Best Buy, Dick’s Sporting Goods, Michaels and PetSmart. The yet-to-be-named project will feature 950 rental units and 35,000 square feet of retail space. Construction on the first of three phases is expected to begin in the fourth quarter of 2019. The joint venture bought the land from Florida East Coast Industries. The design team includes San Antonio-based Lake Flato as the design architect and Miami-based MSA as the architect.

April 19, 2019

Acquisitions Florida Retail Southeast

Highline, M Street Holdings Purchase Shopping Center in Orlando for $12.3M

by Alex Tostado April 19, 2019

ORLANDO, FLA. — A partnership between Highline Real Estate Capital and M Street Holdings has acquired Century Plaza, a 132,725-square-foot retail center in Orlando, for $12.3 million. The center was fully leased at the time of the sale to tenants including ALDI, Ross Dress for Less, dd’s DISCOUNTS, Big Lots, Shoe Land, Spectrum, Sprint, GameStop and Amscot. The asset was built in 1973, renovated in 2008 and sits on 13.5 acres. Anthony Blanco of TSCG (formerly The Shopping Center Group) represented the seller, a private global institutional investment firm, in the transaction.

April 19, 2019

Industrial Texas

Report: Foreign Capital Invested $849.1M in DFW Industrial Real Estate in 2018

by Taylor Williams April 19, 2019

DALLAS — A new report from CBRE and Real Capital Analytics has found that in 2018, sources of foreign capital invested $849.1 million in industrial real estate throughout the Dallas-Fort Worth (DFW) market. The metroplex’s volume of industrial investment by foreign capital was second only to Los Angeles. Among foreign countries, Chinese capital sources led the way with 41 percent of the DFW industrial investment, followed by those of Singapore and Canada at 34 and 22 percent, respectively. All told, foreign investors made approximately $14.4 billion of industrial acquisitions in 2018, accounting for about 21 percent of the total investment pie for the asset class across the United States. That figure represents an impressive 152 percent year-over-year increase.

April 19, 2019

Development Multifamily Texas

Dakota Enterprises to Develop Two Apartment Communities Totaling 416 Units in Houston

by Taylor Williams April 19, 2019

HOUSTON — Workforce housing developer Dakota Enterprises will build two apartment communities totaling 416 units in Houston. Construction is underway on a 170-unit property within the Oak Forest area and Dakota will break ground on a 246-unit community in the Spring Branch area this fall. Dakota is also handling construction of each project. Iberia Bank provided financing for the Oak Forest property, which will offer a fitness center and a clubhouse and is expected to be complete during the second half of 2020. The Spring Branch property will feature a pool, fitness center and a clubhouse. Mucasey & Associates designed both projects.

April 19, 2019

Development Multifamily Seniors Housing Texas

ITEX Group Acquires Land for $11.8M Seniors Housing Project in Lufkin, Texas

by Taylor Williams April 19, 2019

LUFKIN, TEXAS — The ITEX Group, a Houston-based development and investment firm, has acquired land in Lufkin, located about 120 miles northeast of Houston, for the development of a 76-unit seniors housing project. The project, which will be branded Providence at Ted Trout, is valued at $11.8 million and is expected to be complete by year’s end. The property will be comprised of 48 one-bedroom units and 28 two-bedroom residences for seniors aged 55 and older.

April 19, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 65-Acre Mobile Home Park in Kilgore, Texas

by Taylor Williams April 19, 2019

KILGORE, TEXAS — Marcus & Millichap has arranged the sale of Sun Acres Mobile Home Park, a 65-acre residential community located in the east Texas city of Kilgore. Robert Denninger of Marcus & Millichap marketed the property on behalf of the Utah-based seller, and procured the locally based buyer in the transaction. Other terms of sale were not disclosed.

April 19, 2019

Leasing Activity Office Texas

NAI Partners Negotiates 3,564 SF Office Lease at Republic Square in Houston

by Taylor Williams April 19, 2019

HOUSTON — NAI Partners has negotiated a 3,564-square-foot office lease for engineering and design firm Maser Consulting at Republic Square, a 324,000-square-foot property located at 13501 Katy Freeway in Houston. Randy Nerren, Jacob Aldridge and Zach Leger of NAI Partners represented the landlord in the lease negotiations. Jack Warmington of Newmark Knight Frank represented Maser Consulting.

April 19, 2019

Acquisitions Massachusetts Northeast Retail

Linear Retail Acquires Two Buildings in Wellesley, Massachusetts for $17.6M

by Taylor Williams April 19, 2019

WELLESLEY, MASS. — Burlington, Mass.-based Linear Retail Properties LLC has acquired two buildings totaling 17,900 square feet in downtown Wellesley, a western suburb of Boston. The sale, which included the adjoining 60-space parking lot, closed at a price of $17.6 million. Tenants at the buildings include CVS Pharmacy, Coldwell Banker Residential Brokerage, J.P. Licks and Vision Optics. The seller was a private family trust.

April 19, 2019

Loans Multifamily New Jersey Northeast

NorthMarq Arranges $16M Freddie Mac Loan for Refinancing of New Jersey Apartments

by Taylor Williams April 19, 2019

NUTLEY, N.J. — NorthMarq Capital has arranged a $16 million Freddie Mac loan for the refinancing of Village Manor, a 227-unit multifamily community in the western Manhattan suburb of Nutley, N.J. The garden-style property features one- and two-bedroom units and is located near a variety of retail and restaurant establishments, as well as public transportation lines. Robert Ranieri of NorthMarq arranged the loan, which was structured with a 10-year term and 30-year amortization schedule, on behalf of an undisclosed borrower.

April 19, 2019

Industrial Leasing Activity New Jersey Northeast

Flooring Company Signs 35,000 SF Industrial Lease in Carlsdadt, New Jersey

by Taylor Williams April 19, 2019

CARLSDADT, N.J. — Michael Halebian & Co., a provider and distributor of specialty flooring products, has signed a 35,000-square-foot industrial lease at 700 Gotham Parkway in Carlsdadt, a city located directly across from Manhattan in New Jersey. The property’s location offers proximity to major thoroughfares like the New Jersey Turnpike and Garden State Parkway, as well as Teterboro Airport. The owner of the 80,000-square-foot facility, Key Properties, purchased 700 Gotham Parkway as an abandoned former paint manufacturing facility in 1997 and repositioned the building from single- to multi-tenant use.

April 19, 2019

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