Property Type

JMA, Machete Select Kimpton as Hotel Partner for Westcourt Sports & Entertainment District in Downtown Orlando

by John Nelson August 7, 2024

ORLANDO, FLA. — JMA Ventures and Machete Group, master developers of Westcourt in downtown Orlando, have selected Kimpton Hotels & Restaurants as the new hospitality partner at the 8.5-acre sports and entertainment district. Kimpton is part of the IHG Hotels & Resorts family of hospitality brands. The new 261-room, 11-story hotel will be the seventh Kimpton hotel in Florida upon completion. The property will feature over 16,000 square feet of indoor meeting space, a full-service restaurant and lobby bar, cafe and pool bar and pool lounge. The City of Orlando recently approved Westcourt, which will sit adjacent to Kia Center, home of the NBA’s Orlando Magic. Other uses at the development will include apartments, a 3,500-seat live entertainment venue, parking garage, offices, shops, restaurants and 1.5 acres of green space. The development team expects to deliver the project by March 2027 and create approximately 3,400 jobs for the region.

August 7, 2024

Development Industrial Southeast Tennessee

PepsiCo Beverages North America Opens 400,000 SF Distribution Center in Smyrna, Tennessee

by John Nelson August 7, 2024

SMYRNA, TENN. — PepsiCo Beverages North America has opened a new distribution center and warehouse facility located at 2020 Midway Lane in Smyrna, a southeast suburb of Nashville. The 400,000-square-foot facility is the company’s largest Southeast distribution center and its second largest in the country. PepsiCo formerly operated from a downtown Nashville distribution facility roughly a third the size of the new Smyrna property. The new facility is certified LEED Silver and features all-electric warehousing equipment, open office spaces, enhanced safety technology and a climate-controlled warehouse. The property, which serves 14 counties in the Nashville metropolitan area, has the capacity to distribute 20 million cases of PepsiCo beverages annually, including Pepsi, Mountain Dew, bubly, Gatorade and Rockstar.

August 7, 2024

Acquisitions Multifamily Texas

KW Commercial Brokers Sale of Two Apartment Complexes Totaling 171 Units in Lubbock

by Taylor Williams August 7, 2024

LUBBOCK, TEXAS — KW Commercial has brokered the sale of Western Oaks and Omni, two apartment complexes totaling 171 units in the West Texas city of Lubbock. According to Apartments.com, Western Oaks was built in 1972 and offers two-bedroom units, and Omni was built in 1979 and offers one- and two-bedroom units. Greg Brownd of KW Commercial represented the seller in the transaction, while Grant Roehm of KW Commercial represented the buyer. Both parties requested anonymity.

August 7, 2024

Development Multifamily North Carolina Southeast

RangeWater Completes Two Charlotte Apartment Communities Totaling 561 Units

by John Nelson August 7, 2024

CHARLOTTE, N.C. — RangeWater Real Estate has completed two apartment communities in Charlotte: Raven South End (261 units) and The Kendry (300 units). The two developments add to Atlanta-based RangeWater’s portfolio of 15 properties under management in North Carolina totaling 5,327 units, the majority of which are in Charlotte’s South End. Raven South End is located at 536 W. Tremont Ave. and features one- and two-bedroom apartments ranging in size from 665 to 1,346 square feet. Monthly rental rates range from $1,755 to $3,200, according to Apartments.com. Amenities include a top-floor sky lounge, fitness center, pool, 10,000 square feet of open green space and a dog park. ParkProperty Capital was RangeWater’s equity partner on Raven South End. Located at 8402 IBM Drive in Charlotte’s University City district, The Kendry features one-, two-, and three-bedroom floor plans ranging between 704 and 1,409 square feet in size. Monthly rental rates range from $1,381 to $2,283, according to Apartments.com. Designed by Poole & Poole Architecture, the property’s amenities include a resort-style outdoor pool, two courtyards with firepits, a dog park, fitness center, craft and game room and a Zoom room.

August 7, 2024

Acquisitions Healthcare Kentucky Loans Southeast

Cushman & Wakefield Arranges $15M Acquisition Financing for Two Medical Office Buildings in Paducah, Kentucky

by John Nelson August 7, 2024

PADUCAH, KY. — Cushman & Wakefield has arranged $15 million in acquisition financing for a pair of medical office buildings in Paducah, a Western Kentucky city situated along the Ohio River. The properties are located at 100 and 200 Clint Hill Blvd. and total nearly 62,000 square feet. Mercy Health-Lourdes Hospital LLC, an orthopedics affiliate of Bon Secours Mercy Health, fully occupy both properties. Tyler Morss of Cushman & Wakefield’s Healthcare Capital Market Team arranged the financing on behalf of the borrower, Montecito Medical Real Estate. The direct lender and seller were not disclosed, though Cushman & Wakefield stated the lender was a bank.

August 7, 2024

Acquisitions Multifamily Seniors Housing Texas

SLIB Arranges Sale of 120-Bed Skilled Nursing Facility in La Marque, Texas

by Taylor Williams August 7, 2024

LA MARQUE, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 120-bed skilled nursing facility in La Marque, located southeast of Houston. The facility spans approximately 45,628 square feet on 4.3 acres. The seller was a Texas-based family partnership, and the buyer was an owner-operator with several facilities in Texas. Both parties requested anonymity. Matthew Alley of SLIB handled the transaction.

August 7, 2024

Georgia Leasing Activity Restaurant Retail Southeast

Poag Adds Five More Tenants at Avenue West Cobb Shopping Center in Marietta, Georgia

by John Nelson August 7, 2024

MARIETTA, GA. — Poag Development Group, a Memphis-based company formerly known as Poag Shopping Centers, has signed five new tenants at Avenue West Cobb in Marietta, roughly 20 miles northwest of downtown Atlanta. The Peach Cobbler Factory has opened a 1,400-square-foot restaurant at the property, with restaurant Le’ Zia scheduled to open later this month in a 9,580-square-foot space. Additionally, lifestyle brand J.Jill has signed a 3,840-square-foot lease and is scheduled to open this fall, along with Spirit Halloween, which will occupy 9,980 square feet at the center on a temporary basis. Jim ‘N Nick’s Community Bar-B-Q will also join the tenant lineup, opening a 5,874-square-foot restaurant this winter. JLL manages the property on behalf of Poag. Existing tenants at Avenue West Cobb include Barnes & Noble, Bob Steele Salon, GameStop, Jos. A. Bank, Panera Bread and Ted’s Montana Grill.

August 7, 2024

California Development Loans Mixed-Use Retail Western

Colliers Arranges $33M Financing for Bayfair Mall Redevelopment in San Leandro, California

by Amy Works August 7, 2024

SAN LEANDRO, CALIF. — Colliers Mortgage’s California structured finance group has arranged a $33 million bridge loan on behalf of B3 & Gaw to refinance the Bayfair Mall in the Bay Area city of San Leandro. The 715,000-square-foot property is being redeveloped into a mixed-use retail power center and R&D campus in San Leandro. The borrower’s multi-phase business plan includes closing the indoor corridors of the mall, renewing leases for existing retail tenants and filling vacancies with more suitable tenants for the market. Additionally, B3 & Gaw is transforming a one third of the property into an R&D campus. Shahin Yazdi, Jonathan Lee, Tommy Adelson and William Hyatt of Colliers arranged the financing, which includes a 36-month term with optional extensions. The loan features a fully nonrecourse structure with no interest, carry or completion guarantees.

August 7, 2024

Connecticut Industrial Loans Massachusetts Northeast

JLL Arranges $27.3M in Acquisition Financing for New England Industrial Portfolio

by Taylor Williams August 7, 2024

BOSTON — JLL has arranged $27.3 million in acquisition financing for a portfolio of two industrial buildings totaling approximately 315,000 square feet in New England. The addresses were not disclosed, but the buildings are located in Central Massachusetts and the greater Hartford area. Andrew Gray and Ryan Parker of JLL originated the nonrecourse financing through an undisclosed life insurance company. The borrower was locally based investment firm Northbridge Partners. Both buildings are leased to tenants on long-term deals.

August 7, 2024

Acquisitions California Industrial Western

Longpoint Acquires Light Industrial Portfolio in Fremont, California for $31.5M

by Amy Works August 7, 2024

FREMONT, CALIF. — Boston-based Longpoint has acquired a three-building light industrial portfolio in Fremont for $31.5 million. Known as The Silicon Valley Portfolio, the 122,168-square-foot asset is Longpoint’s first acquisition in the Bay Area. The portfolio is situated on the East Bay area near the major transportation corridors of Interstates 680 and 880. Steven Golubchik, Edmund Najera, Jonathan Schaefler and Darren Hollak of Newmark’s Western region team handled the transaction. The name of the seller was not released. Joe Kelly of Newmark serves as the leasing advisor for the portfolio.

August 7, 2024

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