Property Type

Boulder Group Arranges $3.1M Sale of Andy’s Frozen Custard-Occupied Property in Illinois

by Kristin Harlow October 16, 2024

SAINT CHARLES, ILL. — The Boulder Group has arranged the $3.1 million sale of a 2,090-square-foot property net leased to Andy’s Frozen Custard in Saint Charles, about 45 miles west of Chicago. The single-tenant building is located at 2630 E. Main St. and serves as an outparcel to the Foxfield Commons shopping center. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based development firm, and the buyer, a local real estate group. The asset features a 15-year lease that commenced in 2023 following the completion of construction.

October 16, 2024

Development Florida Loans Multifamily Southeast

Berkadia Originates $110.7M in Financing for Two Multifamily Developments in Florida

by John Nelson October 16, 2024

BRADENTON AND MELBOURNE, FLA. — Berkadia has originated two loans totaling $110.7 million for two multifamily developments in Bradenton and Melbourne. Alec Fox of Berkadia’s Tampa office secured the financing on behalf of the sponsor, Charlotte-based Madison Capital Group. Berkadia secured $60 million in construction financing for Madison Bradenton, consisting of a $47 million senior loan provided by Peachtree Group and a $13 million mezzanine loan from Hickory CRE. The second transaction was $50.7 million in aggregate financing for Madison Midtown in Melbourne, consisting of a $33.5 million senior loan provided by First Citizens Bank and $17.2 million in preferred equity from Forum Capital Advisors. Both properties will consist of 240 units and are slated for completion in 2026.

October 16, 2024

Acquisitions Industrial Texas

Newmark Negotiates Sale of 480,614 SF Industrial Property in McKinney, Texas

by Taylor Williams October 16, 2024

MCKINNEY, TEXAS — Newmark has negotiated the sale of a 480,614-square-foot industrial property in the northern Dallas suburb of McKinney. The property at 801 Harry McKillop Blvd. is part of McKinney National Business Park, a five-building, 945,000-square-foot development that was built in 2022 on a speculative basis on a 64-acre site adjacent to McKinney National Airport. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe, Jack Fraker and Caroline Wilson of Newmark represented the seller, Transwestern Development Co., in the transaction. CBRE Investment Management purchased the property for an undisclosed price.

October 16, 2024

Development Industrial Kentucky Southeast

Dermody Properties to Develop 342,720 SF Industrial Facility in Louisville

by John Nelson October 16, 2024

LOUISVILLE, KY. — Dermody Properties plans to develop LogistiCenter at Airport West, a 342,720-square-foot industrial facility situated on 21 acres in Louisville. Kevin Grove and Alex Grove of CBRE represented the developer in the land acquisition. The site is located west of Louisville Muhammad Ali International Airport in the city’s Southside/Airport submarket. The project will feature build-to-suit office space, 36-foot clear heights, 40 dock doors, two drive-in doors, 190 parking stalls, 70 trailer spaces, ESFR fire protection and LED lighting. The construction timeline for the project was not disclosed.

October 16, 2024

Acquisitions Multifamily Texas

Preserve Partners Buys 165-Unit O’Connor Oaks Apartments in Northeast San Antonio

by Taylor Williams October 16, 2024

SAN ANTONIO — Salt Lake City-based investment firm Preserve Partners has purchased O’Connor Oaks, a 165-unit apartment complex in northeast San Antonio. Built in 1983, the garden-style community offers one-, two- and three-bedroom floor plans with an average unit size of 900 square feet. Amenities include two pools with sundecks, outdoor grilling and picnic areas, a business center and a dog park. The site also features four acres for additional expansion. Jim Young and Chase Easley of Newmark represented the seller, Austin-based JMB Group, in the transaction.

October 16, 2024

Development Florida Healthcare Southeast

Robins & Morton Completes 80,000 SF Medical Office Building in Panama City Beach

by John Nelson October 16, 2024

PANAMA CITY BEACH, FLA. — Birmingham, Ala.-based construction firm Robins & Morton has completed the Tallahassee Memorial HealthCare Medical Office Building in Panama City Beach. Robins & Morton served as the general contractor for the 80,000-square-foot project on behalf of The St. Joe Co. and Tallahassee Memorial HealthCare (TMH). Designed by HuntonBrady, the four-story facility will house TMH Physician Partners – Primary Care, TMH Urgent Care Center, Coastal Tides Surgical Center, TMH Physician Partners – Cardiology and additional space for pulmonary and orthopedic services. Robins & Morton will also break ground on a 100-bed hospital on the same campus, which is scheduled to be complete before the end of 2027.

October 16, 2024

Development Loans Student Housing Texas

Northmarq Arranges Construction Financing for 142-Unit Student Housing Project Near UT Austin

by Taylor Williams October 16, 2024

AUSTIN, TEXAS — Northmarq has arranged construction financing for Avalon Pointe, a 142-unit student housing project that will be located near the University of Texas at Austin’s West Campus neighborhood. The 10-story building will offer studio, one- and two-bedroom units. Amenities will include a first-floor study lounge, fitness center, electric vehicle charging stations and a social room. Cheryl Higley, Ryan Shoars, Noah Villicana and Haylee Williamson of Northmarq originated the debt on behalf of the undisclosed borrower. The name of the direct lender and a construction timeline were also not disclosed.

October 16, 2024

Acquisitions Hospitality South Carolina Southeast

Marcus & Millichap Brokers Sale of 77-Room Hotel in Charleston

by John Nelson October 16, 2024

CHARLESTON, S.C. — Marcus & Millichap has brokered the sale of Clarion Pointe Charleston-West Ashley, a 77-room hotel located at 2455 Savannah Highway in Charleston. The out-of-state buyer purchased the Choice Hotels-branded hotel for an undisclosed price. The seller was also not disclosed. Jack Davis, Chase Dewese, Joce Messinger and Joseph Simpson of Marcus & Millichap represented the seller in the transaction. Robert Hunter and McLean Hicklin, also with Marcus & Millichap, procured the buyer. Built in 2005, the four-story hotel features an indoor swimming pool, fitness center and a breakfast bar.

October 16, 2024

Acquisitions Healthcare Retail Southeast Tennessee

Boulder Group Negotiates $2.7M Sale of Retail Property in Bartlett, Tennessee Leased to Fast Pace Health

by John Nelson October 16, 2024

BARTLETT, TENN. — The Boulder Group has negotiated the $2.7 million sale of a retail property in Bartlett leased to Fast Pace Health. The medical services provider operates more than 235 healthcare clinics in the Southeast and Midwest and has more than 14 years remaining on its lease for the Bartlett location. The 3,700-square-foot, freestanding clinic was built in late 2023 at 3082 Kirby Whitten Road, about 15 miles northeast of Memphis. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a private real estate investor, in the transaction. The undisclosed buyer purchased the property in a 1031 exchange.

October 16, 2024

Industrial Leasing Activity Texas

GCP Paper USA Signs 99,926 SF Industrial Lease in North Houston

by Taylor Williams October 16, 2024

HOUSTON — GCP Paper USA, a locally based manufacturer and distributor, has signed a 99,926-square-foot industrial lease in North Houston. According to LoopNet Inc., the property at 971 N. Sam Houston Parkway E is known as Beltway North Commerce Center, totals 251,220 square feet and features 32-foot clear heights, 130-foot truck court depths, three drive-in ramps and 4,022 square feet of office space. Jeremy Lumbreras and Woody Hillyer of Stream Realty Partners represented the landlord, High Street Logistics Properties, in the lease negotiations. Joseph Smith and Jordan Enger of CBRE represented the tenant.

October 16, 2024

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