VIRGINIA BEACH, VA. — Atlanta-based New Realm Brewing has unveiled plans to open a second brewery and taproom in Virginia Beach. New Realm is partnering with The Miller Group to lease a 58,000-square-foot facility, located four miles from the oceanfront at 1209 Craft Lane. The space formerly housed Green Flash Brewing Co. The new brewery will be capable of brewing 40,000 barrels annually and will feature a tasting room, outdoor beer garden and private event space. The facility will open upon receiving applicable licenses required for operation. Carey Falcone, Bob Powers and Mitch Steele founded New Realm in 2016. The brewery’s 20,000-square-foot flagship facility opened in January 2018 along the Atlanta BeltLine’s Eastside Trail.
COLUMBIA, MD. — Feldman Bergin Properties, in a joint venture with Fortified Property Group, has acquired Columbia Business Center, a nine-building mixed-use complex in Columbia, for $25.6 million. Don Schline of MacKenzie Commercial Real Estate Services arranged the transaction on behalf of the seller, an institutional investor. The single-story portfolio located along Dobbin Road includes 106,255 square feet of office, laboratory, research and development and retail space. The portfolio was 84 percent leased at the time of sale to tenants including Chiron Technology Services, DSM Nutritional Products, the Motor Vehicle Administration, Sherwin-Williams and Sushi King. The new owners plan to immediately execute a capital improvement program, including exterior cosmetic renovations and modernized amenities. David Fritz, Spence Daw and Ryan Minnehan of NAI KLNB will handle Columbia Business Center’s leasing assignment, and MacKenzie Commercial Real Estate Services will manage the property.
TAMPA, FLA. — Plaza Advisors has arranged the sale of Southtown Center, a 43,669-square-foot shopping center located at the intersection of South Dale Mabry Highway and West Neptune Street in Tampa. Hillsborough County records show the asset sold for $19.8 million, or $452 per square foot. Jim Michalak, Mike Cvetetic and Keith Nurre of Plaza Advisors arranged the transaction on behalf of the seller, a Los Angeles-based investor. An Australian entity acquired Southtown Center, which was 97 percent leased at the time of sale to tenants such as Moe’s Southwest Grill, Tropical Smoothie Café, Cold Stone Creamery, Hair Cuttery, Weight Watchers, Massage Envy, Pure Barre, European Wax Center, Burger Monger, DaVita Dialysis and Century 21.
SUMMERVILLE, S.C. — HFF has brokered the sale of Newton Way Industrial Center, a 451,370-square-foot distribution and manufacturing facility located in Summervillle, roughly 22 miles from the Port of Charleston. Chris Norvell and Patrick Nally of HFF arranged the transaction on behalf of the seller, Gramercy Property Trust. Bob Barrineau and Brendan Redeyoff of CBRE represented the undisclosed buyer, a user that plans to also occupy the building. Newton Way Industrial Center was constructed in 2007 and features 30-foot clear heights, 37 dock-high loading doors, 22 drive-in doors, parking and storing for up to 100 trailers, 513 parking space and 17,900 square feet of office space. In addition, the property has Foreign Trade Zone status, which provides tenants with the ability to facilitate international mercantile activity if needed.
SAN ANTONIO — Dallas-based SWBC Real Estate LLC has sold Twin Creeks at Alamo Ranch, a 300-unit multifamily community in San Antonio. The Class A property is located at the entrance of the Alamo Ranch master-planned community on the city’s northwest side. Developed by SWBC and completed in 2016, the community consists of one-, two- and three-bedroom units and offers amenities such as a pool, outdoor grilling areas, fitness center and a car wash. Will Balthrope and Jordan Featherston of Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the sale. The buyer and sales price were not released.
PASADENA, TEXAS — The Carson Cos., a California-based industrial developer, has broken ground on four buildings within Bayport Industrial Park in Pasadena, a southeastern suburb of Houston. The groundbreakings mark Phase II of an industrial development known as Carson Bayport. The project will deliver one 207,000-square-foot cross-dock warehouse and three 25,000-square-foot crane-ready buildings, all four of which will be developed on a speculative basis. The largest building, completion of which is slated for the fourth quarter, will feature 62 dock-high doors, 30-foot clear heights, an ESFR sprinkler system, 154 car parking spaces and a fenced-in truck court.
DALLAS — A partnership between two Dallas-based development firms, Gault Co. and RTG Capital LLC, has purchased a 170,000-square-foot office building in North Dallas. Situated on four acres at 5757 Alpha Road across from the Valley View Mall, which is being redeveloped into a mixed-use destination, the office property was formerly known as Alpha Tower. Following a renovation project for its landscaping, lobby and common areas that is scheduled to be complete by year’s end, the building will be rebranded Northwood Tower. The property was built in 1983 and was 32 percent leased at the time of sale. The seller and sales price were not disclosed.
AUSTIN, TEXAS — Transwestern Development Co. has acquired 1.6 acres in downtown Austin for the development of Block 36, a 263-unit multifamily community. Block 36 will consist primarily of studio units with approximately 14 percent of the units being two-bedroom residences. In addition to having a 3,000-square-foot ground-floor restaurant space, the community will offer amenities such as a pool, fitness center, clubroom, business lounge and an elevated courtyard with fire pits. Wilder Belshaw, an architecture firm with offices in the Dallas and Austin area, is handling design of the project, and Comerica Bank is providing construction financing. Transwestern expects to break ground on the property in January 2019 and deliver it during the first half of 2020.
MISSOURI CITY, TEXAS — Bellomy & Co. has arranged the sale of a 434-unit self-storage facility in the southeastern Houston metro of Missouri City that is managed by Pennsylvania-based REIT CubeSmart. The property features both climate- and non-climate-controlled units totaling 54,400 square feet of net rentable space with room for expansion. Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. represented the seller, Austin-based Yellowstone Investments, in the transaction. The trio also procured the undisclosed, Houston-based buyer.
PORTLAND, MICH. — Woda Cooper Cos. Inc. has completed Portland School Apartments in Portland, about 25 miles northwest of Lansing. Formerly Portland School, which dates back to 1919, the property is now home to 29 apartment units. The units are affordable for those earning no more than 60 percent of the area median income. Amenities include an elevator, a large community room, fitness center, outdoor BBQ space and gazebo. The school closed in 1996. The property was temporarily used for housing, but has mostly sat vacant. Low-income housing tax credits allocated by Michigan State Housing Development Authority and historic credits from the National Park Service helped fund the $7.4 million project. PNC purchased the tax credits and provided the construction, bridge and permanent loans.