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DevelopmentMarylandSoutheastStudent Housing

Public-Private Partnership Breaks Ground on $148.8M Graduate Student Housing Project at University of Maryland

by John Nelson

COLLEGE PARK, MD. — A public-private partnership (P3) between Campus Apartments, Mosaic Development Partners and the University of Maryland has broken ground on a $148.8 million graduate student housing project on the university’s campus in College Park. The community is the first of a larger, three-phase development that will replace the existing “Leonardtown” section of campus. Upon completion, which is anticipated for 2027, the building will span 323,000 square feet. The community will offer 741 beds across 465 fully furnished units in studio, two-, three-, four- and five-bedroom configurations. Shared amenities will include a large conference space with interior and exterior courtyards on the ground floor; a penthouse community lounge and terrace; various community breakout spaces; resident parking; and bike storage. The development team for the project, which is targeting LEED Silver certification, includes Gensler, Michael Marshall, Davis Construction and Smoot Construction. RBC Capital Markets arranged financing for the development, which is being funded through tax-exempt bonds.

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DevelopmentGeorgiaIndustrialLeasing ActivitySoutheast

Souto Foods Leases 200,000 SF at Sugarloaf Logistics Hub in Metro Atlanta

by John Nelson

LAWRENCEVILLE, GA. — Souto Foods, a locally based food distributor and subsidiary of Alex Lee, has leased 200,000 square feet of cold storage and warehouse space at Sugarloaf Logistics Hub, a 2.2 million-square-foot industrial development underway in Gwinnett County. The nearly 300-acre development is located along Sugarloaf Parkway in Lawrenceville within a couple miles of the interchanges of I-85 and Ga. Highway 316. The tenant, which specializes in Latin American and Caribbean food distribution, plans to invest $28 million into the site and hire 70 new positions. Reed Davis of JLL and Stephen Bridges of OnPace Partners represented the landlords, Foxfield LLC and AEW Capital Management, in the lease transaction. Bill Kee of NAI Brannen Goddard represented Souto Foods. In addition to the lease, Foxfield and AEW have sold a 13-acre parcel at Sugarloaf Logistics Hub to Atlanta-based Westplan Investors for a new 330-unit multifamily development. Construction is expected to commence in second-quarter 2025. Scott Cullen of JLL represented the landlords in the land sale.

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DevelopmentLouisianaRetailSoutheast

Kia of Covington, Gulf States Real Estate to Open New Car Dealership on Louisiana’s Northshore

by John Nelson

COVINGTON, LA. — Gulf States Real Estate, Development and Construction Services has announced that Kia of Covington will soon open its new car dealership. The site of the future dealership is located at the intersection of I-12 and US Highway 190 on Louisiana’s Northshore. The Kia franchise owner, Kevin Szura, had paused the development due to rising interest rates and construction costs, resulting in a six-month delay. While Szura worked on finding alternative financing sources, the Gulf States team led by Jason Reibert and Mike Saucier “value engineered” more than $500,000 out of the construction budget, which also required approval from KIA’s corporate design team. “Although we will be entering the market six months later than we had hoped, the value engineering and financing efforts were well worth it given today’s tough business climate for new construction,” says Szura. Mark Holcomb Consulting LLC served as an advisor for the new Kia of Covington project.

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Leasing ActivityNorth CarolinaOfficeSoutheast

KBS, Kane Realty Ink Nearly 32,000 SF of Leases at Bank of America Tower in Raleigh

by John Nelson

RALEIGH, N.C. — KBS and Kane Realty Corp. have inked two office lease deals at Bank of America Tower, an 18-story, 300,322-square-foot office tower in Raleigh’s North Hills district. The deals include a 28,658-square-foot lease with Brightly Software for a full floor. The new space will also serve as the global headquarters of the tenant’s parent company, Siemens Industry Inc. The other lease is a 3,000-square-foot expansion for Eva Garland Consulting, bringing the tenant’s total footprint to the tower to nearly 15,000 square feet. Located at 4242 Six Forks Road, Bank of America Tower is LEED Gold-certified and features six levels of covered parking and a conference center.

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DevelopmentIndustrialTexas

Reports: Compass Datacenters to Undertake $300M Expansion of Metro Dallas Campus

by Taylor Williams

RED OAK, TEXAS — Compass Datacenters will undertake a $300 million expansion of its campus in Red Oak, a southern suburb of Dallas, according to reports from multiple publications, including the Dallas Business Journal and Data Center Dynamics. The former publication reports that the locally based owner-operator plans to add three more buildings totaling approximately 755,000 square feet, with each building measuring about 216,000 square feet. The DBJ also reports that construction is already underway on two of those buildings and is scheduled for completion in 2025 or 2026. Most recently, Compass partnered with Schneider Electric on a 103,000-square-foot, build-to-suit manufacturing facility on the Red Oak campus.

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HospitalityLoansTexas

JLL Arranges $210M Loan for Refinancing of Ritz-Carlton Dallas Las Colinas Hotel

by Taylor Williams

IRVING, TEXAS — JLL has arranged a $210 million loan for the refinancing of the 427-room Ritz-Carlton Dallas Las Colinas Hotel in Irving. The hotel sits on a 16.7-acre site and was previously known as the Four Seasons Resort & Club Dallas at Las Colinas. The sponsor, a joint venture between Partners Group and funds managed by Trinity Investments, acquired the hotel in May 2022 and subsequently implemented a renovation and rebrand. Today, the hotel offers 80,000 square feet of meeting and event space, five food-and-beverage venues, a pool, spa, golf course, fitness center and squash, tennis and racquetball courts. Kevin Davis, Mark Fisher, De’On Collins and Caleigh O’Connell of JLL arranged the loan through Marathon Asset Management.

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International-Plaza-II-Dallas
AcquisitionsOfficeTexas

Shorenstein Acquires 388,000 SF Office Building in North Dallas

by Taylor Williams

DALLAS — Shorenstein Investment Advisers, a privately owned office and multifamily owner-operator based in San Francisco, has acquired International Plaza II, a 388,000-square-foot office building in North Dallas. The 15-story building was recently redeveloped and now features nearly 50,000 square feet of new amenity space, including a full-floor food hall, a coffee and wine bar, multiple indoor and outdoor tenant lounges, fitness center and conference facilities. The seller and sales price were not disclosed. International Plaza II was 93 percent leased at the time of sale.

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Ambassador-Hotel-Dallas
DevelopmentHospitalityMultifamilyTexas

OHT Partners Begins 299-Unit Multifamily Conversion Project Near Downtown Dallas

by Taylor Williams

DALLAS — OHT Partners has begun a multifamily conversion project in Dallas. The Austin-based developer will convert the former Ambassador Hotel, located just southeast of downtown, into a 299-unit apartment complex. Known as Ambassador, the complex will offer studio, one- and two-bedroom units that will range in size from 502 to 1,539 square feet. Amenities will include a pool, fitness center, coworking lounge, package lockers, dog park, minimart and indoor/outdoor club with a kitchen. Corgan is the project architect. The first units could be available for occupancy as early as third-quarter 2026.

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AcquisitionsOfficeTexas

Fullerton Properties Sells 107,529 SF Office Building in Clear Lake, Texas

by Taylor Williams

CLEAR LAKE, TEXAS — New York-based investment firm Fullerton Properties has sold Atrium Crest, a 107,529-square-foot office building in Clear Lake, a southeastern suburb of Houston. The building was most recently renovated in 2004 and was 79 percent leased at the time of sale. Marty Hogan of JLL represented Fullerton Properties in the transaction. Patrick Hill of Colliers represented the undisclosed buyer.

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Link-OC-Apts-Anaheim-CA
CaliforniaDevelopmentMultifamilyWestern

WNPM Opens 406-Unit Link OC Apartments in Anaheim, California

by Amy Works

ANAHEIM, CALIF. — Western National Property Management (WNMP) has opened Link OC Apartments, a multifamily community located at 1075 N. Link in Anaheim. Situated adjacent to Anaheim Canyon Metrolink, Link OC Apartments offers 406 studio, one- and two-bedroom residences spread across two five-story buildings. Units feature a complete kitchen appliance package, in-home washer/dryer, quartz slab countertops with full-height tile backsplashes and wood plank-style flooring. Community amenities include two swimming pools and spas, two fitness centers, two clubhouses, two rooftop decks with barbecue grills, a business center with coworking space, courtyards with barbecue grills, bike storage, electric vehicle charging stations and complimentary Wi-Fi. WNPM, a subsidiary of Western National Group, will serve as property manager for Link OC Apartments.

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