Property Type

CBRE Negotiates 214,536 SF Industrial Lease in Metro San Antonio

by Taylor Williams October 4, 2017

SCHERTZ, TEXAS — CBRE has negotiated a 214,536-square-foot industrial lease at 9850 Doerr Lane in the San Antonio metro of Schertz on behalf of Ace Mart Restaurant Supply. The company will use the cross-dock facility as a distribution center for its 14 Texas stores. Rob Burlingame and Greg Pierce of CBRE represented Ace Mart in the lease negotiations. Joshua Aguilar of CBRE represented the landlord, HPI, which was also represented internally by Jordan Walker. HPI purchased the building in May and has brought it to full occupancy with this signing.

October 4, 2017

Mason Joseph Closes $37M HUD Construction Loan for 283-Unit Apartment Community in Denton

by Taylor Williams October 4, 2017

DENTON, TEXAS — Mason Joseph Co. Inc. has closed a $37 million loan for the construction and permanent financing of Discovery Park Apartments, a 283-unit multifamily community in Denton. Located at the intersection of North Elm Street and Riney Road, the garden-style property will be situated across from a 290-acre public/private research campus occupied by the University of North Texas College of Engineering. HUD provided the 40-year, non-recourse loan, which features a fixed interest rate, through its 221(d)(4) program. N.E. Construction LLP will serve as developer and general contractor for the project, which has a 24-month construction period.

October 4, 2017

Hospitality Texas

Hilton Opens 162-Room Embassy Suites Hotel in College Station

by Taylor Williams October 4, 2017

COLLEGE STATION, TEXAS — Hilton Worldwide has opened Embassy Suites by Hilton College Station, a 162-room hotel located at 201 University Drive E in College Station, less than a mile from Texas A&M University’s campus. Managed by Aimbridge Hospitality, the hotel offers 4,500 square feet of meeting and banquet space, as well as a pool, fitness center and on-site bar and grill.

October 4, 2017

Retail Texas

Baker Katz Secures 6,300 SF Retail Lease with Healthcare Tenant in Houston

by Taylor Williams October 4, 2017

HOUSTON — Baker Katz has secured a 6,300-square-foot retail lease at Stonegate Shopping Center in Houston on behalf of American Family Care, a primary and urgent care provider. Ben Brown of Baker Katz and Jennifer Watson of Newmark Knight Frank represented the tenant in the lease negotiations. Jim Bayne of Investar Real Estate Services represented the undisclosed landlord. The clinic is expected to open during the fourth quarter.

October 4, 2017

Hospitality Southeast Tennessee

North Point Hospitality Tops Off $140M Tri-Branded Marriott Hotel in Nashville

by Camren Skelton October 4, 2017

NASHVILLE, TENN. — Atlanta-based North Point Hospitality Group has topped off construction of a 21-story, tri-branded Marriott hotel in Nashville’s SoBro neighborhood. The $140 million hotel, located at 410 5th Ave. S., includes a 125-room SpringHill Suites, a 136-room Residence Inn and a 209-room AC Hotel. The development is the country’s first tri-branded Marriott hotel. Guests of the three hotels will have access to the shared amenities, which will include an indoor/outdoor pool, pool bar, fitness center, 11,000 square feet of ground floor retail and restaurant space, 9,000 square feet of flexible meeting space and a top floor bar and patio with panoramic views of the Nashville skyline. North Point Hospitality will manage the property, and other project team members include architect Lindsay Pope Brayfield & Associates, interior designer Design Continuum Inc., general contractor JE Dunn Construction and construction management services provided by Acumen Development Partners. SunTrust Commercial Real Estate provided construction financing for the project. The hotel is slated to open to the public in the third quarter of 2018.

October 4, 2017

Multifamily North Carolina Southeast

Dominion Breaks Ground on $50M Green Apartment Development in Charlotte

by Camren Skelton October 4, 2017

CHARLOTTE, N.C. — Dominion Realty Partners has broken ground on Whitehall Village Apartments, a 318-unit multifamily community in Charlotte. The Raleigh-based developer plans to obtain a green designation from the National Association of Home Builders for the $50 million project, which will feature Energy Star appliances and light fixtures; low flow bathroom and irrigation fixtures; high grade insulation systems; and oversized windows and sliding doors to reduce lighting and energy usage. Community amenities will include a fitness center with a yoga studio, game room, saltwater pool, two dog parks and outdoor kitchen grilling areas. Dominion is partnering with Edge Principal Advisors on the project. First Tennessee Bank is providing construction financing. Other team members include project designer Rule Joy Trammell + Rubio, general contractor VCC and civil engineer Land Design. Capstone Apartment Partners brokered the land sale and HFF provided financial advisory services. Whitehall Village will be within walking distance to Whitehall Commons Shopping Center, Publix, Lowe’s Home Improvement, Walmart Supercenter and Topgolf. The first units are slated to deliver in the fall of 2018.

October 4, 2017

Mixed-Use North Carolina Southeast

Columbia Development Unveils Name, Plans for Mixed-Use Community in Triangle

by Camren Skelton October 4, 2017

CARY, N.C. — Columbia Development has unveiled the name of the new mixed-use development in Cary’s Eastern Gateway. The project will be named Fenton, after the town’s namesake Samuel Fenton Cary. The Wegmans-anchored community will feature 2.5 million square feet of Class A office space, street-level retail, restaurants, hotel and multifamily residences. Wakefield Beasley & Associates is Fenton’s principal architect, and McAdams and Glenda S. Toppe & Associates are providing planning services. McAdams is also the project’s landscape architect. Ron Pfhol and Dotan Zuckerman of Columbia, S.C.-based Columbia Development will handle the project’s retail leasing assignment. Fenton will feature a mix of national, regional and local retailers including a boutique movie theater, chef-driven restaurant concepts and wellness offerings including yoga, Pilates, indoor cycling and health spas. William Allen of Trinity Partners will oversee the office leasing portion.

October 4, 2017

Florida Multifamily Southeast

RADCO Acquires Multifamily Community in Central Florida for $36M

by Camren Skelton October 4, 2017

CASSELBERRY, FLA. — The RADCO Cos. has purchased Reflections Apartments, a 336-unit multifamily community located 15 miles north of Orlando in Casselberry, for $36 million. Atlanta-based RADCO will rename the property Radius Winter Park, with plans to invest $5 million in capital improvements. Constructed in 1984, Radius Winter Park offers one- and two-bedroom units averaging 792 square feet. Community amenities include a swimming pool, clubhouse, playground and a fitness center. Planned renovations include updated cabinetry, upgraded appliances, new flooring, modern lighting, clubhouse remodel, expansion of fitness center, addition of a fire pit and grilling area and the implementation of a package concierge system. RADCO will also replace all roofs and update the landscaping and exterior of the property. BBVA provided acquisition financing for the transaction. RADCO Residential will manage the property.

October 4, 2017

North Carolina Office Southeast

Somerset, ABR Sell Office Park in Raleigh for $17.8M

by Camren Skelton October 4, 2017

RALEIGH, N.C. — A partnership between Somerset Properties and Alex. Brown Realty Inc. (ABR) has sold Spring Forest Business Center, a three-building flex and office park in Raleigh, for $17.8 million. Chris Norvell, Scot Humphrey and Patrick Nally of HFF represented the seller in the transaction. Stolz Real Estate Fund VI purchased the asset. Located at 3100, 3150 and 3200 Spring Forest Road, the property is within walking distance to more than 15 restaurants and lifestyle amenities. Spring Forest Business Park, constructed between 1984 and 2002, totals 156,036 square feet and features floor-to-ceiling glass windows, patio areas, eight dock doors, four drive-ins and the ability to accommodate uses including office, research and development, showroom, call center or warehouse. The office park was 94.7 percent leased at the time of sale to 10 tenants including Critical Health Systems Inc., Allstate Insurance Co., Adreima and Liberty Home Care.

October 4, 2017

Illinois Midwest Retail

Core Acquisitions Purchases 188,250 SF Shopping Center in Bloomington, Illinois

by Kristin Harlow October 4, 2017

BLOOMINGTON, ILL. — Core Acquisitions LLC has acquired Bloomington Commons shopping center in Bloomington for an undisclosed price. The 188,250-square-foot center is located at the intersection of Veterans Highway and Empire Street. Schnucks grocery store anchors the property. Other tenants include Olive Garden, Chuck E. Cheese’s, Barnes & Noble and Jo-Ann Fabrics. May Real Estate represented the seller, an affiliate of Kimco Realty Corp. Old National Bank financed the acquisition.

October 4, 2017

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