Property Type

Ally Financial to Anchor 742,000 SF Mixed-Use Development in Uptown Charlotte

by Camren Skelton September 21, 2017

CHARLOTTE, N.C. — Ally Financial has signed on to anchor a 742,000-square-foot mixed-use project in Uptown Charlotte. Crescent Communities will break ground on Ally Charlotte Center at 601 S. Tryon St. in the first quarter of 2018. Ally Financial will lease 400,000 square feet and is expected to move to the new space when the building delivers in 2021. In addition to office space, plans for the 26-story tower include ground-level retail and restaurant space, a parking garage and a hotel. The building is situated near a LYNX light rail system stop and Interstate 277. Chase Monroe and Chris Schaaf of JLL represented Ally in the lease transaction, and Charley Leavitt and Barry Fabyan of JLL represented Crescent Communities. The Charlotte-based company specializes in the development of residential and mixed-use communities, including Piedmont Town Center, Coliseum Centre and the River District in Charlotte.

September 21, 2017

Industrial Maryland Southeast

FedEx Ground Opens New Distribution Facility at Logistics Center in Metro Baltimore

by Camren Skelton September 21, 2017

SPARROWS POINT, MD. — FedEx Ground, the small package delivery unit of FedEx Corp., has opened a new distribution facility at Tradepoint Atlantic, a 3,100-acre global logistics center in Sparrows Point, roughly 15 miles southeast of Baltimore. The 307,000-square-foot facility connects existing FedEx Ground stations located in White Marsh and Halethorpe, and will support approximately 275 full- and part-time jobs, as well as 150 contracted service providers. FedEx occupies 50 acres within the northwest portion of the site, with close proximity to Interstate 695. JLL is the exclusive broker for Tradepoint Atlantic.

September 21, 2017

Retail Texas

DIG Closes Sale of 196,630 SF Retail Power Center in Metro Dallas

by Taylor Williams September 21, 2017

LEWISVILLE, TEXAS — Disney Investment Group (DIG) has closed the sale of Lakepointe Towne Crossing, a 196,630-square-foot retail power center located at 709-735 Hebron Parkway in the Dallas metro of Lewisville. Anchored by Ross Dress for Less and Party City and shadow-anchored by Super Target, the property was 62 percent leased at the time of sale. DIG represented the seller, Retail Properties of America, in the transaction and procured the undisclosed buyer.

September 21, 2017

Industrial Maryland Southeast

Buchanan, Elion Purchase Industrial Portfolio in Metro D.C. for $81.2M

by Camren Skelton September 21, 2017

GAITHERSBURG, MD. — Buchanan Partners, in a joint venture with Elion Partners, has acquired a 700,000-square-foot industrial portfolio in suburban Washington, D.C. A joint venture between Ares Capital Corp. and Adler Group sold the assets for $81.2 million. The 14-building portfolio is spread across three different office parks along the Route 28 corridor in Northern Virginia: 3680-3863 Centerview Road in Dulles Business Park, 14420-14434 Albemarle Point Place in Westfields North and 14280-14290 Sullyfield Circle in Sullyfield Business Park. The new ownership plans to implement capital improvements, including landscaping and amenities, and will lease and manage the properties.

September 21, 2017

Retail Texas

Baker Katz Negotiates 41,500 SF Lease for AMC Theatres in Shenandoah, Texas

by Taylor Williams September 21, 2017

SHENANDOAH, TEXAS — Baker Katz has negotiated a 41,500-square-foot lease in Shenandoah, about 30 miles north of Houston, on behalf of AMC Theatres. The new, 10-screen theater will anchor the 69-acre MetroPark Square development, which is situated along Interstate 45 Frontage Road south of State Highway 242. Steve Greenberg of The Retail Connection represented the landlord in the lease negotiations. The theater is scheduled to open in early 2018.

September 21, 2017

Florida Industrial Southeast

TH Real Estate Buys Two Industrial Assets in Broward County for $54M

by Camren Skelton September 21, 2017

DAVIE AND TAMARAC, FLA. — TH Real Estate, an affiliate of Nuveen, has acquired two industrial properties in South Florida for $54 million. Principal Global Investors sold the properties, which include Pointe West in Davie and Westpoint in Tamarac. Constructed between 2001 and 2004, the warehouses were 93 percent leased at the time of sale to tenants including Daikin and Kapco Global.

September 21, 2017

Hospitality North Carolina Southeast

Hospitality Properties Trust Purchases 300-Room Hotel in Charlotte for $44M

by Camren Skelton September 21, 2017

CHARLOTTE, N.C. — Hospitality Properties Trust has purchased Crowne Plaza Charlotte Executive Park, a 300-room hotel in south Charlotte, for $44 million. Chris Lingerfelt, Cyrus Vazifdar and Brent Bowman of HFF represented the undisclosed seller in the transaction. Constructed in 1983, Crowne Plaza Charlotte Executive Park underwent a renovation in 2014, which included upgrades to guestrooms, public areas and meeting space, as well as the hotel’s restaurant and bar. The hotel features a fitness center, swimming pool, business center and a sand volleyball court. Located at 5700 Westpark Drive, the hotel is roughly eight miles from the Charlotte Douglas International Airport and features a complimentary airport shuttle. Hospitality Properties Trust will keep the Crowne Plaza brand affiliation, and Intercontinental Hotels Group will manage the property.

September 21, 2017

California Office Western

MDC Realty Advisors Purchases Creative Office Building in Santa Monica for $30.5M

by Nellie Day September 21, 2017

SANTA MONICA, CALIF. — MDC Realty Advisors has purchased a 23,551-square-foot creative office building in Santa Monica for $30.5 million. The Class A building is located at 1315 Lincoln Blvd. The property is fully leased. It features units with individual patio areas, parking and a first-floor gym. The seller was JOSS Realty Partners.

September 21, 2017

California Multifamily Western

The Bascom Group Buys Casanova Grove Apartments in Monterey for $16.7M

by Nellie Day September 21, 2017

MONTEREY, CALIF. — The Bascom Group has purchased the 76-unit Casanova Grove Apartments in Monterey for $16.7 million. The community is located at 930 Casanova Ave. Casanova Grove is less than two miles from the Pacific Ocean with the Pacific Coast Highway just a mile away. The group plans to implement a renovation plan, which will include amenity upgrades, exterior redesigns and interior renovations. Anthony Lugo represented Bascom, while Erich Pryor and Thomas Sherlock of Talonvest Capital arranged the acquisition loan from NXT Capital.

September 21, 2017

California Multifamily Western

Universe Holdings Acquires 52-Unit Apartment Complex in Los Angeles for $12.6M

by Nellie Day September 21, 2017

LOS ANGELES — Universe Holdings has acquired the 52-unit Nob Hill Towers apartment complex in Los Angeles for $12.6 million. The community is located at 2430 Ocean View Ave. Nob Hill was built in 1929. Universe Holdings will upgrade the interiors with new flooring, appliances, counters, cabinets and other improvements. Exterior renovations will include new lighting, paint and enhanced common areas and landscaping. The basement will be converted to a business center and fitness area. Kitty Wallace and her team represented both the buyer and seller, Dobson Meadows Partnership, in this transaction.

September 21, 2017

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