Property Type

Evergen Equity Acquires 309,347 SF Distribution Center in San Antonio

by Taylor Williams January 3, 2025

SAN ANTONIO — Austin-based investment firm Evergen Equity has acquired a 309,347-square-foot distribution center in San Antonio. The property at 2 Winnco Drive is located on a 22-acre site at the junction of interstates 410 and 35 on the city’s northeast side and was fully leased at the time of sale to two tenants. Elliott Dow, Jonathan Bryan, Randy Baird, Ryan Thornton, Nathan Wynne and Eliza Bachhuber of CBRE represented the seller, GSK Industrial, in the transaction. The sales price was not disclosed.

January 3, 2025

Development Florida Loans Mixed-Use Multifamily Property Type Retail Southeast Top Stories

Terra Receives $291M Financing Package for Centro City Mixed-Use Development in Miami

by Channing Hamilton January 3, 2025

MIAMI — Locally based development firm Terra has received a total of $291 million in permanent financing for the recently completed first phase of Centro City, a 38-acre mixed-use development located just west of Miami’s Little Havana neighborhood. Phase I comprises 350,000 square feet of retail space, as well as three eight-story multifamily buildings that house 470 market-rate apartment units. JVP Management issued a $187 million loan for the development’s multifamily component, while Hudson Bay Capital issued a $104 million loan for the retail component. The funds will be used to pay off the project’s existing construction financing, which was provided by Apollo Global Management and Mack Real Estate Credit Strategies in 2022. A Walker & Dunlop team led by Keith Kurland and Gangemi Law Group represented Terra in the loan transactions. Joe Dewey, Brett Holland, Shawn Amuial, Shaina Kamen and Brian Piper of Holland & Knight provided legal counsel for Hudson Bay Capital. Leasing is underway for the residential component, with the first move-ins slated to begin this March. Apartments come in studio, one- and two-bedroom floor plans ranging between 500 and 1,250 square feet in size. Rents begin at approximately $2,500 per month. Residents will have access to …

January 3, 2025

Industrial Leasing Activity Texas

CBRE Arranges 122,963 SF Industrial Lease in Baytown, Texas

by Taylor Williams January 3, 2025

BAYTOWN, TEXAS — CBRE has arranged a 122,963-square-foot industrial lease in Baytown, an eastern suburb of Houston. The site is located within the 258,248-square-foot Building 2 of Portside Logistics Center. Grant Hortenstine and Susan Haysom of CBRE represented the tenant, Borusan Pipe, in the lease negotiations. Tyler Maner and Jeremy Lumbreras of Stream Realty Partners, which owns Portside Logistics Center via a joint venture with Principal Asset Management, internally represented the landlord.

January 3, 2025

Acquisitions Retail Texas

35 South Capital Buys 52,000 SF Shopping Center in San Antonio

by Taylor Williams January 3, 2025

SAN ANTONIO — Texas-based investment firm 35 South Capital has purchased The Collection, a 52,000-square-foot shopping center in San Antonio’s Alamo Heights neighborhood. The center is home to tenants such as SoLuna Mexican restaurant, Revolución café and juice bar, Braza Brava Pizzeria, The Union Yoga + Strength, K. Charles & Co. salon, St. John luxury women’s clothing store and several medical providers. The seller was an affiliate of Lindenmuth Realty LP.

January 3, 2025

Leasing Activity Office Texas

Four Hands Signs 20,000 SF Office Lease in East Austin

by Taylor Williams January 3, 2025

AUSTIN, TEXAS — Four Hands has signed a 20,000-square-foot office lease in East Austin. The locally based furniture designer and wholesaler is taking space within Eastbound, a complex with two four-story buildings totaling 233,550 square feet at 3232 E. Cesar Chavez St. Chad Marsh of Endeavor Real Estate Group represented the tenant in the lease negotiations. A partnership between Lincoln Property Co., The KOR Group and Fenway Capital Advisors owns Eastbound.

January 3, 2025

Development Florida Loans Multifamily Southeast

Estate Cos. Receives $78M Construction Loan for Luxury Apartment Development in Davie, Florida

by John Nelson January 3, 2025

DAVIE, FLA. — The Estate Cos. (EIG), a South Miami-based multifamily developer, has received a $78 million construction loan for its luxury apartment development in the north Miami suburb of Davie. Banesco Bank provided the loan for Phase I of Soleste Reserve, an eight-story property situated on 2.5 acres that features a selection of floor plans ranging from 500 to 1,100 square feet. The new complex will include 94 studios, 165 one-bedroom units, 68 two-bedroom units, seven three-bedroom units and 13 additional live-work apartments on the ground level. The Class A rental community will also include a resort-style pool and pool deck, an open-air rooftop terrace, gym, business center and resident’s lounge. The 347-unit project will take approximately two years to complete. EIG has plans to further develop an eight-story sister project adjacent to Soleste Reserve at 5081 S.W. 48th St.

January 3, 2025

Acquisitions Office Southeast Virginia

Finmarc Management Acquires Dulles Corner Office Portfolio in Northern Virginia for $51M

by John Nelson January 3, 2025

HERNDON, VA. — Finmarc Management Inc. has acquired a four-building office portfolio in the Northern Virginia city of Herndon for $51 million. Eastdil Secured represented the undisclosed seller in the transaction, and Cliff Mendelson of Metropolis Capital Advisors assisted in the debt placement for Finmarc. The properties, known collectively as Dulles Corner, are situated in the region’s Dulles Technology Corridor and span nearly 620,000 square feet. The portfolio overlooks the Dulles International Airport and houses tenants in the aerospace, defense and tech industries, including Peraton, SAP National Security Services, DLT Solutions, Mission Essential, Valiant Integrated Services, Synopsys and BlackSky DC. In addition to offices, Dulles Corner features conference facilities, a private fitness center, onsite restaurants, daycare center and a central park with walking paths, water features, greenspaces and outdoor dining areas. Finmarc has selected Joshua Masi, Tom Walsh, Will Thomas and Nate Marshall of Cushman & Wakefield to handle leasing at Dulles Corner.

January 3, 2025

Acquisitions District of Columbia Office Southeast

Real Capital Solutions Purchases DC Office Building for $29.3M

by John Nelson January 3, 2025

WASHINGTON, D.C. — Real Capital Solutions (RCS) has purchased an 11-story office building located at 1501 M St. NW in Washington, D.C.’s East End submarket for $29.3 million. Gerry Trainor of Transwestern brokered the transaction. The seller was not disclosed. Designed by Hartman-Cox Architects, the office building features 178,510 rentable square feet. The previous owner invested $13 million to upgrade the building’s lobby, restrooms, fitness center and a three-story “town hall” amenity space. RCS plans to add further improvements, including a spec suite program and the expansion of the town hall concept to the seventh and eighth floors.

January 3, 2025

Acquisitions Louisiana Multifamily Southeast

Audubon Sells Local on Severn Apartments in Metairie, Louisiana for $17.6M

by John Nelson January 3, 2025

METAIRIE, LA. — Chamblee, Ga.-based Audubon has sold The Local on Severn, a 161-unit apartment community in Metairie, for $17.6 million. The buyer was a Texas-based property management firm that has multiple Louisiana apartment communities in its portfolio. Located southeast of Baton Rouge via I-10, The Local on Severn offers studio, one-, two- and three-bedroom apartments, as well as two swimming pools and sundecks.

January 3, 2025

Development Florida Leasing Activity Mixed-Use Restaurant Retail Southeast

Three New Tenants Sign Leases at Nora District in West Palm Beach

by John Nelson January 3, 2025

WEST PALM BEACH, FLA. — Three new tenants have signed leases at The Nora District, a mixed-use project currently underway in West Palm Beach. IGK Salon, Indaco and ZenHippo will occupy 2,347; 2,945; and 1,369 square feet at the property, respectively. The first phase of Nora District — which is being developed by a partnership between NDT Development, Place Projects and Wheelock Street Capital — is scheduled for completion early this year. Upon completion, Phase I will feature 150,000 square feet of retail, office and hospitality space. Committed retail tenants at The Nora District include Del Mar Mediterranean Restaurant, Sana Skin Studio, Mint, The Spot Barbershop, Loco Taqueria & Oyster Bar, H&H Bagels, Van Leeuwen Ice Cream, The Garret Group, Juliana’s Pizza, Sunday Motor Co., Celis Juice Bar and Café and [solidcore].

January 3, 2025

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