POMPANO BEACH, FLA. — SRS Real Estate Partners has brokered the $4.6 million sale of a newly built restaurant in Pompano Beach leased to Starbucks Coffee. The South Florida restaurant was built in 2025 at 3895 N. Federal Highway, about 12 miles north of Fort Lauderdale, Fla. Starbucks operates the 2,734-square-foot restaurant, which features a drive-thru, on a 10-year lease term with scheduled rent increases and extension options. Patrick Nutt and William Wamble of SRS represented the seller, a South Florida-based partnership, in the transaction. The buyer was a private investor based in Boston. Both parties requested anonymity.
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Justice Department, RealPage Settle Lawsuit Over Use of Revenue Management Software in Apartment Rental Pricing
RICHARDSON, TEXAS AND WASHINGTON, D.C. — The U.S. Justice Department’s Antitrust Division has reached a settlement with RealPage Inc. as part of its ongoing enforcement against algorithmic coordination, information sharing and other anticompetitive practices in rental housing markets across the country, according to details disclosed in a North Carolina federal court on Monday. The proposed consent judgment, which still requires court approval before it can be implemented, would help restore free market competition in rental markets for millions of American renters, the Justice Department stated in a press release. “Competing companies must make independent pricing decisions, and with the rise of algorithmic and artificial intelligence tools, we will remain at the forefront of vigorous antitrust enforcement,” said Assistant Attorney General Abigail Slater of the Justice Department’s Antitrust Division. Headquartered in Richardson, Texas, RealPage is a provider of revenue management software and services for the conventional multifamily rental housing industry. In a civil antitrust claim filed in North Carolina in August 2024, the Justice Department and the attorneys general of eight states alleged that RealPage’s revenue management software relied on nonpublic, competitively sensitive information shared by landlords to set rental prices. The plaintiffs also alleged that RealPage’s software included features designed …
AUSTIN, TEXAS — Texas-based developer Presidium has completed Presidium 183, a 374-unit multifamily project located near The Domain in North Austin. Designed by O’Brien Architects, Presidium 183 offers several different floor plans, and units are furnished with stainless steel appliances, quartz-style countertops and individual washers and dryers. Amenities include a coworking lounge with private offices, fitness center with yoga and spin studios, a speakeasy-style bar, entertainment room with a theater and golf simulator, outdoor game lawn, pool and a dog run. Construction began in late 2023. Leasing launched in April, at which point rents started at roughly $1,320 per month for a studio apartment.
WEST LAKE HILLS, TEXAS — A joint venture between regional investment firm Serpa Partners and Austin-based AQUILA Commercial has acquired Cielo Center, a 286,000-square-foot, three-building office campus in West Lake Hills, located just west of Austin. The property offers amenities such as a fitness center, conference facilities and a tenant lounge. The new ownership plans to implement capital improvements. The seller and sales price were not disclosed.
FORT WORTH, TEXAS — Locally based brokerage firm The Woodmont Co. has negotiated a 28,337-square-foot retail lease in southwest Fort Worth. The tenant, discount merchandiser Eco Thrift, is backfilling a space formerly occupied by Conn’s HomePlus at 4617 S. Hulen St. Bryan Dyer of Woodmont represented the undisclosed landlord in the lease negotiations. The representative of the tenant was also not disclosed.
GRAND PRAIRIE, TEXAS — Locally based brokerage firm STRIVE has arranged the sale of Shops at Camp Wisdom, a 10,000-square-foot retail strip center in Grand Prairie, located roughly midway between Dallas and Fort Worth. Tenants include Tropical Smoothie Café and King Pipe Smoke Shop. Jack Hicks and Hudson Lambert of STRIVE represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.
MANVEL, TEXAS — McDonald’s will open a new restaurant in Manvel, located south of Houston. The fast food giant has ground-leased a 43,720-square-foot pad site at The Shops at Sedona Lakes from local owner-operator NewQuest. Lara Lee LaMendola represented NewQuest in the negotiations on an internal basis. Greg Stanislawski of The Retail Strategy represented McDonald’s.
PHILADELPHIA — New York City-based brokerage and advisory firm GFI Realty Services has arranged a $96 million loan for the refinancing of 4701 Pine Street, a 412-unit multifamily property in Philadelphia’s University City neighborhood. The property consists of a 192-unit pre-war building that was recently renovated, a newly constructed, 220-unit building, 10,000 square feet of retail space and a 260-space parking garage. Daniel Lerer of GFI Realty arranged the loan. The borrower and direct lender were not disclosed.
AURORA, COLO. — A commingled real estate fund managed by Kennedy Wilson has acquired The Fletcher Southlands, a multifamily property in Aurora, for $94.7 million. Completed in 2021, the three-story community features 320 one-, two-, three- and four-bedroom garden-style apartments with open floor plans. The community offers a low-density living environment, ample parking, a fitness center, pool, dog park and communal game and dining spaces.
WEST SACRAMENTO, CALIF. — Dalfen Industrial has purchased West Sacramento Logistics Portfolio, a multi-building infill industrial portfolio within the West Sacramento industrial corridor. Totaling 1.3 million square feet on 68 acres, the portfolio features 13 buildings that are 97 percent leased to 31 tenants with an average weighted lease term of 3.5 years and an average suite size of approximately 30,000 square feet. Notable tenants include Crown Equipment Corp., Beckman Coulter Inc., MacArthur Co., KP LLC, Cameron Ashley Building Products and the State of California. With this acquisition, Dalfen Industrial now owns and operates 10.2 million square feet of industrial real estate in the Western United States.