Property Type

SW-International-Gateway-Business-Park-El-Campo-Texas

Ridgeline to Break Ground on 540-Acre Industrial Park in El Campo on June 19

by Taylor Williams May 16, 2018

EL CAMPO, TEXAS — Atlanta-based Ridgeline Property Group will develop SW International Gateway Business Park, a 540-acre industrial development that will be located in El Campo, about 75 miles southwest of Houston. Upon completion, the rail-served property will be able to accommodate up to 10 million square feet of Class A industrial space. Atlanta-based Stonemont Financial is funding the project, which will include warehouse, manufacturing and distribution facilities. NAI Partners will market the property. The groundbreaking is scheduled for June 19. A timetable for occupancy of the first buildings has not yet been established.

May 16, 2018

Development Multifamily Seniors Housing Texas

PMRG to Develop $40M Seniors Housing Community in Metro Dallas

by Taylor Williams May 16, 2018

MCKINNEY, TEXAS — Houston-based PRMG will develop Hidden Springs, a $40 million senior living community that will be located in the northern Dallas metro of McKinney. The property will span 215,000 square feet and include 132 independent living units, 40 assisted living units and 28 memory care units. Amenities will include an art studio, dog park, community market, library, media room, putting green and a salon/spa. The groundbreaking is scheduled for this summer and initial occupancy is expected to begin in July 2019.

May 16, 2018

Development Retail Texas

EDENS to Redevelop 154,000 SF Shopping Center in Houston

by Taylor Williams May 16, 2018

HOUSTON — EDENS, a retail developer with six offices across the country, will redevelop Uptown Park, a shopping center totaling roughly 154,000 square feet in Houston. The redevelopment project will add shaded walkways that connect the buildings and enhance the property’s common areas. All retailers will remain open during the project. In addition, Flower Child, an Arizona-based healthy food concept, will open a restaurant at Uptown Park this summer as part of the redevelopment.

May 16, 2018

Development Office Texas

Worth Breaks Ground on 76,000 SF Office Building in San Antonio

by Taylor Williams May 16, 2018

SAN ANTONIO — Worth & Associates has broken ground on Inwood Village I, a two-story office building in San Antonio that will total approximately 76,000 square feet. The Class A property will consist of 23 suites ranging in size from 1,500 to 3,000 square feet. Amenities will include a common break room and conference room for all tenants, as well as an outdoor patio and deck. Occupancy is slated for December. The property will be part of the Inwood Village development, which at full build-out will total roughly 148,000 square feet of office space across two buildings.

May 16, 2018

Acquisitions Office Texas

CBRE Arranges Sale of 29,150 SF Office Asset in Uptown Dallas

by Taylor Williams May 16, 2018

DALLAS — CBRE has arranged the sale of 4525 Lemmon Avenue, a 29,150-square-foot office asset located in the Uptown/Turtle Creek area of Dallas. The property was 90 percent leased at the time of sale to tenants such as Dallas Yoga Center and Guaranteed Fitness. David Glasscock of CBRE represented the seller, Pastoral Counseling Center, which will lease back 10,456 square feet at the property. Randy Horowitz of SHOP Cos. and Harrison Horowitz of Oxford Capital Partners represented the buyer, Windward Partners VII.

May 16, 2018

Acquisitions Maryland Multifamily Southeast

Rittenhouse Brokers $21.9M Sale of Apartment Community in Northern Maryland

by Camren Skelton May 16, 2018

ELKTON, MD. — Rittenhouse Realty Advisors has arranged the $21.9 million sale of The Apartments at Iron Ridge, a 156-unit multifamily community in the northern Maryland city of Elkton. The community offers a mix of one-, two- and three-bedroom units and features a fitness center, pool, playground and a tennis court. The names of the buyer and seller were not disclosed.

May 16, 2018

Acquisitions Development Hospitality Southeast Virginia

Lingerfelt CommonWealth to Acquire Hotel in Virginia Beach for $19M, Invest $25M for Renovation

by Camren Skelton May 16, 2018

VIRGINIA BEACH, VA. — Lingerfelt CommonWealth Partners LLC will acquire the Virginia Beach Resort Hotel & Conference Center, a 295-room hotel located at 2800 Shore Drive in Virginia Beach, for $19 million. The Richmond, Va.-based company plans to invest $25 million to renovate the property, and will rebrand it as Delta Hotel by Marriott, a hospitality brand designed for business and leisure travelers. The 263,328-square-foot property is situated on 3.6 acres along the Chesapeake Bay. Commonwealth Lodging Management LLC, Lingerfelt’s hotel management affiliate, will operate and manage the hotel. The Virginia Beach Development Authority has approved an Economic Development Investment Program grant of $200,000 based on the company’s capital investment of $25 million. The new operators will continue to run the hotel through the season and close it sometime in October to complete the 14-month renovation project, according to Warren Harris, director of Virginia Beach Economic Development.

May 16, 2018

Loans Office Southeast Virginia

NXT Capital Provides $19M Refinancing for Office Building in Reston, Virginia

by Camren Skelton May 16, 2018

RESTON, VA. — NXT Capital has provided a $19 million first mortgage loan to refinance Parkridge III, a 109,000-square-foot office building in Reston. Dan McIntyre of HFF arranged the loan on behalf of the undisclosed borrower. Parkridge III is located within Reston’s largest office park, directly off Dulles Toll Road, and roughly five miles from Dulles International Airport. The building features a fitness center and a conference room, and the greater office park features a pond, picnic area and a volleyball court.

May 16, 2018

Acquisitions North Carolina Office Southeast

Grubb Properties, Blue Vista Capital Sell Office Park in Durham for $16.2M

by Camren Skelton May 16, 2018

DURHAM, N.C. — Grubb Properties, in conjunction with Blue Vista Capital Management, has sold Paradigm Park, a two-building office campus in Durham, for $16.2 million. An undisclosed owner-occupant acquired the asset and will consolidate its operations at the new facility. The joint venture originally acquired the vacant, 147,477-square-foot property in 2015 for $6.6 million, and began a significant renovation and leasing program. Completed enhancements include a new courtyard, redesigned entrances, improved landscaping, renovated lobbies and bathrooms and new HVAC and mechanical systems. In addition, the renovation included the addition of a fitness center with locker rooms and a conference workspace. Paradigm Park is located adjacent to Research Triangle Park off Interstate 40.

May 16, 2018

Acquisitions Retail Southeast Tennessee

EXP Realty Advisors Arranges $9.4M Sale of Retail Center Near Knoxville

by Camren Skelton May 16, 2018

LENOIR CITY, TENN. — EXP Realty Advisors has arranged the $9.4 million sale of The Market at Town Creek, a 64,000-square-foot retail center located at 300 Market Drive in Lenoir City, roughly 24 miles southwest of Knoxville. The center is home to tenants such as Food City, Pizza Hut, Bojangle’s, Pet Sense and Physician’s Care. Andrew Greenberg of EXP Realty Advisors arranged the transaction on behalf of the undisclosed seller. A Tennessee-based investor acquired the asset through a 1031 exchange.

May 16, 2018

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