Property Type

Strategic Property Partners Breaks Ground on JW Marriott Hotel at Water Street Tampa Development

by Camren Skelton April 27, 2018

TAMPA, FLA. — Strategic Property Partners (SPP) has broken ground on the 519-room JW Marriott Tampa hotel within its planned Water Street Tampa development. The $3 billion mixed-use project is a multi-phase, 50-acre development that at full build-out will include more than 9 million square feet of commercial, residential, hospitality, educational, entertainment, cultural and retail space. JW Marriott Tampa represents the first of 10 buildings that SPP plans to begin building over the next year. Designed by Florida-based architecture firm Nichols Brosch Wurst Wolfe & Associates, JW Marriott Tampa will feature 100,000 square feet of meeting and event space, including the largest hotel ballroom in Tampa Bay at approximately 30,000 square feet. The hotel will also feature a full-service spa and fitness center, pool and sun terrace, ground-floor restaurant with indoor and outdoor seating and a rooftop lounge and terrace on the 26th floor. The hotel is located adjacent to the Tampa Convention Center and Amalie Arena, home to the National Hockey League’s Tampa Bay Lightning, which is owned by SPP head Jeff Vinik. JW Marriott Tampa will be one of three hotels within the Water Street Tampa development. Earlier this month, SPP unveiled plans to develop the 173-room EDITION …

April 27, 2018

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Brokers $35.7M Sale of Apartment Community in Tampa Bay Area

by Camren Skelton April 27, 2018

PLANT CITY, FLA. — Cushman & Wakefield has brokered the $35.7 million sale of Plantation at Walden Lake, a 352-unit apartment community located at 1400 Plantation Blvd. in Plant City, roughly 25 miles east of Tampa. Luis Elorza, Brad Capas and Robert Given of Cushman & Wakefield arranged the transaction on behalf of the seller, Mercury Investment. Bridge Investment Group acquired the 23-building property, which was 95 percent leased at the time of sale. Plantation at Walden Lake was constructed in phases from 1990 to 1994 and includes a mix of one-, two- and three-bedroom apartments. Community amenities include a swimming pool, fitness center, dog park, playground and a picnic and barbecue area.

April 27, 2018

Loans Louisiana Multifamily Southeast

Marcus & Millichap Capital Arranges $22.2M Refinancing for Multifamily Community in New Orleans

by Camren Skelton April 27, 2018

NEW ORLEANS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $22.2 million loan to refinance Oakmont Apartments, a 336-unit multifamily community in New Orleans. Robert Bhat of MMCC arranged the 10-year, fixed-rate loan on behalf of the borrower, Bruno Inc. Oakmont Apartments features a swimming pool with sundeck, tennis court, laundry facility and on-site maintenance. MMCC is a subsidiary of Irvine, Calif.-based Marcus & Millichap.

April 27, 2018

Acquisitions Florida Retail Southeast

Colliers Negotiates $5.3M Sale of New Retail Center in Jacksonville

by Camren Skelton April 27, 2018

JACKSONVILLE, FLA. — Colliers International has arranged the $5.3 million sale of Village Commons, a 12,001-square-foot retail center located at 4490 and 4492 Southside Blvd. in Jacksonville. The seller, Rimrock Southside LLC, developed the property last year. Colliers International arranged the 1031 exchange on behalf of the buyers, Bronx Wendy’s SCH LLC and Southside RMR LLC. Village Commons is home to tenants such as AT&T, Pet Supermarket, First Watch and Wells Fargo.

April 27, 2018

Development Illinois Midwest Office Top Stories

Sterling Bay Receives $181.5M Construction Loan for Office Tower in Chicago’s Fulton Market

by Kristin Harlow April 27, 2018

CHICAGO — Sterling Bay has received a $181.5 million loan for the construction of 333 N. Green St., a 548,932-square-foot office tower in Chicago’s Fulton Market district. The Class A office tower will rise 19 stories, with floor plates ranging from 13,634 to 40,589 square feet. The property will feature 31,521 square feet of street-level retail space and a four-floor parking garage. Amenities will include a fitness center, conference area, tenant lounge and private rooftop. The LEED Silver-certified building is 47.2 percent preleased to GroupM and will serve as the advertising media company’s North American headquarters. The building will also serve as the regional headquarters for GroupM’s parent company, WPP. Other big-name companies that have chosen to open offices in the bustling Fulton Market district include Google, McDonald’s and Dyson. Timothy Joyce, Danny Kaufman and Christopher Knight of HFF arranged the floating-rate loan through Wells Fargo. Sterling Bay is a real estate investment and development firm with over 10 million square feet in its portfolio. The Chicago-based company currently has a pipeline of over $10 billion in development. — Kristin Hiller

April 27, 2018

Market Reports Retail Texas Texas Market Reports

El Paso Retail Market Embraces Entertainment Concepts

by Taylor Williams April 27, 2018

Compared to the four major MSAs in Texas, El Paso has often been overlooked by national and regional retailers. But times change, and interest in retail real estate in West Texas is at an all-time high. Major retailers that have taken space in El Paso are experiencing steady sales growth and expanding their footprints. Over the last couple years, we’ve seen new leases for major retailers, including At Home Furniture — which leased more than 100,000 square feet at its newest location — Ross Dress For Less, Tuesday Morning, Marshall’s and Sprouts Farmers Market, to name a few. Like the rest of Texas, El Paso’s economy is growing and strengthening. The city has posted a 3.7 percent unemployment rate to start the year, which is lower than the state (3.9 percent) and national (4.1 percent) averages. The city’s population continues to grow, driven by downtown office development, greater military spending (El Paso’s resident military base, Fort Bliss, houses tens of thousands of active duty and reservist military personnel, their families and civilian workers) and a reduction in crime in Ciudad Juarez, the sister city located just across the border. These forces have combined to imbue El Paso with a unique, …

April 27, 2018

Loans Office Texas

Billingsley Refinances 223,319 SF Office Building in Dallas

by Taylor Williams April 26, 2018

DALLAS — Billingsley Co. has refinanced 9111 Cypress Waters Boulevard, a newly built, 223,319-square-foot office building that Billingsley developed in Dallas. Trey Morsbach and Jim Curtin of HFF placed the 15-year loan through Lincoln Financial Group on behalf of the borrower, Billingsley. The building is located within the 1,000-acre Cypress Waters development, which upon completion will feature 8 million square feet of office space, 45,000 square feet of retail space and up to 10,000 multifamily units. 9111 Cypress Waters, which houses 7-Eleven’s North American headquarters, was 94 percent leased at the time of the placement of the loan. Proceeds were used to take out a construction loan.

April 26, 2018

Anchor-Bay-Boat-&-RV-Storage-Corinth-Texas

Acquisitions Industrial Self-Storage Texas

Karr Self-Storage Arranges Sale of 593-Unit Facility in Corinth, Texas

by Taylor Williams April 26, 2018

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.

April 26, 2018

Acquisitions Retail Texas

HSM Brokers Sale of 102,996 SF Retail Center in North Houston

by Taylor Williams April 26, 2018

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.

April 26, 2018

Development Retail Texas

Edifis to Redevelop 98,816 SF Shopping Center in Texas City, Texas

by Taylor Williams April 26, 2018

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.

April 26, 2018

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