CORINTH, TEXAS — Karr Self-Storage, a division of Marcus & Millichap, has arranged the sale of Anchor Bay Boat & RV Storage, a 593-unit facility in the North Texas city of Corinth. The property’s net rentable square footage is 71,185 square feet. Brandon Karr of Karr Self-Storage represented the seller, a private investor, in the sale. Karr, Danny Cunningham and Will Parisi of Karr Self-Storage procured the buyer, a Texas-based private investment group.
HOUSTON — Henry S. Miller Brokerage Co. (HSM) has brokered the sale of Commons at Lincoln Green, a 102,996-square-foot retail center located at 11303 Veterans Memorial Drive on Houston’s north side. Built in 1980 and situated on 8.2 acres, the property will soon be anchored by an El Rancho Supermarket. Shawn Ackerman of HSM represented the seller, a private trust, in the transaction. Dallas-based Khaled Properties LLC purchased the center for an undisclosed price.
TEXAS CITY, TEXAS — Edifis Group, a Houston-based development and investment firm, will redevelop Palmer Plaza, a 98,816-square-foot shopping center in Texas City, about 40 miles southeast of Houston. The redevelopment of the center, which was built in 1987, will upgrade the center’s landscaping, decorative lighting and signage. New tenants including Aldi, Ross Dress for Less and Chick-il-A will join Palmer Plaza upon completion of the project.
DALLAS — An affiliate of California-based Pacific Hospitality Group Ventures Inc. has acquired AC Hotel and Residence Inn Dallas by the Galleria, a dual-branded hotel property totaling 256 rooms in Dallas. The two hotels share a five-story building that is located within the Dallas Midtown mixed-use development. The 140-room AC Hotel and the 116-room Residence Inn feature shared amenities such as a fitness center, outdoor pool and nighttime lounge. Atlantic Hotels Group sold the property for an undisclosed price.
SMYRNA, GA. — Halpern Enterprises Inc. has broken ground on the second phase of The Shops at Belmont, a 47,593-square-foot retail center located at the intersection of Atlanta and Windy Hill roads in Smyrna, roughly 17 miles northwest of downtown Atlanta. The shopping center is part of Halpern Enterprises’ 48-acre Belmont mixed-use development. Phase II of The Shops at Belmont will feature 12,000 square feet of retail space. Australian fitness brand F45 Training will occupy 2,400 square feet at the development for its fourth metro Atlanta studio, and organic dining concept Real Subs Café & Deli will occupy 2,100 square feet. Both tenants are expected to open this fall. The first phase of The Shops at Belmont was completed in 2016 and houses tenants such as Creatwood Tavern, Opa Greek Village, Cielo Mexican Grill, N’Style Barber Shop, Hearing Solutions, Sprint and J. Christopher’s. The Belmont mixed-use development includes residential, healthcare and education components, including Belmont Physicians Center, a 30,000-square-foot medical office building anchored by Emory Healthcare; Village of Belmont, a single-family residential community; 400 Belmont, a 274-unit apartment community; and Smyrna Elementary School.
ORLANDO, FLA. — Exeter Property Group has broken ground on a 561,750-square-foot distribution center located at 9775 Air Commerce Parkway in Orlando. Situated adjacent to Orlando International Airport, the speculative building will feature 36-foot clear heights, 535-foot building depth, cross dock configuration, an ESFR sprinkler system, 185-foot truck court, 60-foot concrete truck apron, storage spaces for 112 trailers, 312 auto parking spaces and spec office space. GMA Architects designed the building, which is situated within the 230-acre Air CommercePark. Tampa-based ARCO Murray is the general contractor for the project, and Orlando-based Florida Engineering Group is the project’s civil engineer. Exeter expects to wrap up construction on the facility in February 2019.
PALM COAST, FLA. — Matthews Real Estate Investment Services has arranged the $10.6 million sale of Old Kings Commons, an 84,759-square-foot shopping center in Palm Coast. Jordan Powell and Scott Henard of Matthews arranged the transaction on behalf of the buyer, a private family office based in South Florida. Jacksonville-based Regency Centers sold the asset. Beall’s Outlet and Staples anchor Old Kings Commons, and other tenants include Planet Fitness, Pinch-A-Penney and Dunkin’ Donuts/Baskin-Robbins.
ORLANDO, FLA. — NAI Realvest has brokered the $7.9 million sale of a 36,426-square-foot office building located at 622 E. Washington St. in Orlando. Jeff Bloom of NAI Realvest arranged the transaction on behalf of the buyer, OM Star Properties LLC, d/b/a Orchid Medical Equipment Co. The company will occupy 50 percent of the building for its new headquarters. John Worrell of Cite Partners arranged the transaction on behalf of the seller, ThorntonPark Central LLC. The sale also included a 134,681-square-foot parking garage.
NORFOLK, VA. — Greysteel has arranged the $7.6 million sale of the Norfolk Ocean View Portfolio, a nine-property multifamily portfolio located in Norfolk’s Ocean View neighborhood. Rawles Wilcox and Jared Emery of Greysteel arranged the transaction on behalf of both the seller, Boardwalk Realty & Development, and the buyer, Brick Lane Real Estate. The portfolio is located on the Willoughby Spit peninsula and comprises 104 units spread throughout nine individual properties: Neptune’s Waters, The Blue Marlin, Fish Tails, Fish Heads, Tradewinds, The Beach House, Fisherman’s Cove, The Castaways and Havana Beach. The units feature new appliances, refinished cabinets, resurfaced countertops, lighting packages, faux hardwood floors and new carpet.
NEW YORK CITY – Madison Realty Capital (MRC) has provided a $35 million mezzanine loan to co-developers Sumaida + Khurana and LENY for a new condominium tower located at 611 W. 56th St. in Manhattan’s Hell’s Kitchen neighborhood. The funding is part of a $155 million construction financing package for the project provided by MRC and an investment fund managed by Apollo Global Management. The 35-story, 163,329-square-foot development will feature 83 residences, ranging from one-bedroom units to expansion penthouses; outdoor space, including a roof garden and sun deck; private terraces for residents; a fitness center; a children’s playroom and an entertaining space for hosting private events. Álvaro Siza, a renowned Portuguese architect, is designing the building. This is Siza’s first foray into the U.S. market. Adi Chugh of Maverick Capital Partners arranged the financing in the transaction. Condo sales are slated to begin in spring 2019, with Leonard Steinberg, Debra LaChance and Justin D’Adamo of Compass leading the marketing efforts.
