Property Type

Xscape Theatres to Open 12-Screen Venue in Metro Houston

by Taylor Williams March 21, 2018

KATY, TEXAS — Indiana-based Xscape Theatres will open a 12-screen, 52,000-square-foot venue within The Crossing at Katy Fulshear, a Walmart-anchored retail center being developed in the western Houston suburb of Katy. The theater, which is slated to open in October, will feature seating for 1,530 guests and more than 500 parking spaces. Rob Banzhaf of Newcor Commercial Real Estate represented Xscape in its acquisition of a 7.2-acre tract. Erin Dyer and Liz Jacob internally represented the developer, Lovett Commercial.

March 21, 2018

Acquisitions Industrial Self-Storage Texas

U.S. Storage Centers Acquires 379-Unit Facility in Austin

by Taylor Williams March 21, 2018

AUSTIN, TEXAS — U.S. Storage Centers has acquired a 379-unit self-storage facility located at 5405 Wasson Road in Austin. With the acquisition of this property, which features climate-controlled units, drive-up access and vehicle storage spaces, U.S. Storage Centers now owns and operates 20 facilities in Texas. Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. represented the seller, Move It Self Storage, in the transaction. The buyer was self-represented.

March 21, 2018

Leasing Activity Restaurant Retail Texas

Three Food and Beverage Concepts to Open at Grandscape in Metro Dallas

by Taylor Williams March 21, 2018

THE COLONY, TEXAS — Three food-and-beverage-based concepts have been added to the tenant roster at Grandscape, the 433-acre mixed-use project in the northern Dallas metro of The Colony that is being developed by Nebraska Furniture Mart. Akira Back Steak, a concept that merges Korean barbecue with the atmosphere of an American steakhouse, will open a 4,000-square-foot restaurant during the first quarter of 2019. Cigars International will open a 6,400-square-foot bar, cigar lounge and retail store during the fourth quarter. Walk-On’s Bistreaux & Bar, a Cajun food concept, will open an 8,500-square-foot restaurant with a patio and beer garden during the second quarter of 2019.

March 21, 2018

Acquisitions Office Texas

Marcus & Millichap Arranges Sale of 21,617 SF Office Property in Metro Dallas

by Taylor Williams March 21, 2018

COLLEYVILLE, TEXAS — Marcus & Millichap has arranged the sale of a 21,617-square-foot office property in Colleyville, a northwestern suburb of Dallas. The building is located within Colleyville Square, a four-building mixed-use development. Cody Payne and Ross Meisner of Marcus & Millichap represented the seller, a California-based private investor, in the transaction. The buyer was not disclosed.

March 21, 2018

Development Industrial South Carolina Southeast

Red Rock to Develop 5.9 MSF Industrial Park in Upstate South Carolina

by Camren Skelton March 21, 2018

SPARTANBURG, S.C. — Columbia-based Red Rock Developments has unveiled plans to develop Smith Farms Industrial Park, a 5.9 million-square-foot industrial project in Upstate South Carolina’s Spartanburg County. The development will be located on 475 acres at the intersection of Highway 101 and Reidville Road, roughly three miles from Interstate 85 and eight miles from the Greenville/Spartanburg International Airport. According to the developer’s site plans, the project could eventually include up to 11 buildings, ranging in size from 60,000 square feet to 1.6 million square feet. The company said it will soon reveal details of a speculative building to be constructed at the site. A construction timeline was not disclosed. Red Rock has tapped NAI Earle Furman to market and lease Smith Farms.

March 21, 2018

Development Georgia Hospitality Loans Southeast

Songy Highroads, Hyatt Close $32.9M Construction Loan for Hyatt Place Centennial Park in Downtown Atlanta

by Camren Skelton March 21, 2018

ATLANTA — Atlanta-based developer Songy Highroads LLC and Hyatt Hotels Corp. have closed on a $32.9 million construction loan for Hyatt Place Centennial Park, a 175-room hotel that will be located at 300 Luckie St. in downtown Atlanta. Designed by Wakefield Beasley, the 11-story hotel will be situated directly across the street from the Georgia Aquarium and one block from Centennial Olympic Park. Ed Coco led HFF’s team in arranging the loan through HSBC on behalf of the Songy Highroads-Hyatt joint venture. Set to open in August 2019, the hotel will feature a parking garage, pool, fitness center, 2,100 square feet of meeting space and retail facing Luckie and Marietta streets. General contractor Reeves Young is underway on construction, which included razing an existing two-story building at the site. Hyatt Place Centennial Park will mark Songy Highroads’ sixth Hyatt-branded development since 2014.

March 21, 2018

Development Georgia Multifamily Southeast

Prestwick to Build Multifamily Community Along Chattahoochee River in Metro Atlanta

by Camren Skelton March 21, 2018

SMYRNA, GA. — Atlanta-based developer Prestwick Cos. has unveiled plans to build The Eddy at Riverview Landing, a 310-unit apartment community in Smyrna, roughly 17 miles north of downtown Atlanta. The community will be located along the Chattahoochee River within Riverfront Landing, an 82-acre mixed-use project under development by Ardent Cos. The Eddy is one of the first components to rise at the project. The community will offer one- to three-bedroom floor plans ranging in size from 632 to 1,435 square feet, and rents will start at $1,150 per month. Interiors will include granite countertops, hardwood plank flooring, high-end cabinetry and stainless steel appliances. Community amenities will include an infinity pool with cabanas, fitness center, dog wash, resident lounge and on-site bike storage. In addition, The Eddy will include a 12-acre park and 8,000 square feet of retail that will house a coffee shop, restaurant and coworking space. Prestwick Cos. will dedicate the waterfront park to the City of Smyrna upon completion. Residents at the community will have access to Riverview Landing’s amenities, which will include a kayak launch, public dock, observation decks and a community theater. Matrix Residential, a subsidiary of Atlanta-based multifamily investor and developer Pollack Shores, will manage …

March 21, 2018

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Brokers Sales of Two Apartment Communities in Miami Beach Totaling $32.2M

by Camren Skelton March 21, 2018

MIAMI BEACH, FLA. — Cushman & Wakefield has brokered the sales of two apartment communities in Miami Beach totaling $32.2 million. The first transaction was for a six-story, 52,133-square-foot redevelopment property located at 550 9th St. ADME Real Estate LLC sold the property to 550 9th LLC for $17.6 million. The second transaction was for a 23,260-square-foot community located at 250 Collins Ave. Drago Capital Miami LLC acquired the 27-unit property from TwoFifth Collins LLC for $14.6 million. Calum Weaver and Perry Synanidis of Cushman & Wakefield represented the sellers in both transactions. The property at 550 9th St. was constructed in 1966 and previously operated as a 196-bed seniors housing community. The property has redevelopment potential for multiple uses including a hotel, apartments, office and medical space. The property at 250 Collins Ave. includes a mix of one- to three-bedroom units and features a rooftop pool and terraces or balconies in each unit.

March 21, 2018

Acquisitions Georgia Retail Southeast

Marcus & Millichap Arranges $3.5M Sale of CVS/Pharmacy-Leased Building in Metro Atlanta

by Camren Skelton March 21, 2018

MARIETTA, GA. — Marcus & Millichap has brokered the $3.5 million sale of an 11,370-square-foot property leased to CVS/pharmacy in Marietta. The property is located at 3051 Sandy Plains Road, roughly 26 miles north of downtown Atlanta. Don McMinn of Marcus & Millichap’s Taylor McMinn retail group arranged the sale on behalf of both the buyer, Agree Realty Corp., and the seller, Branch Properties. CVS/pharmacy had 11 years remaining on its lease at the time of sale.

March 21, 2018

Kansas Leasing Activity Midwest Office

University of Kansas Health System Signs 105,000 SF Office Lease in Lenexa, Kansas

by Kristin Harlow March 21, 2018

LENEXA, KAN. — The University of Kansas Health System has signed a 105,000-square-foot office lease at 11300 Corporate Ave. in the Southlake Technology Park in Lenexa. Combined with the 67,000 square feet the health system leased in 2017, the branch is now the sole tenant in the 172,000-square-foot building. The health system uses the space for support operations. Southlake Technology Park totals 13 buildings and more than 850,000 square feet of office space. Bob Fagan and Matt Eckert of CBRE represented the health system in the lease transaction. Ned O’Connor of Waterford Property Co. LLC represented ownership, Hines and a fund managed by Oaktree Capital Management LP. The owners completed a renovation of the building in 2016.

March 21, 2018

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