HOUSTON — EDGE Capital Markets has brokered the acquisition of Art Square Center, a mixed-use building located at 4118 Fannin St. in Houston. Kline Ventures acquired the 38,549-square-foot property from Fannin VP for an undisclosed price. The building features a mix of retail, studio and residential space. Josh Jacobs and Burdette Huffman of EDGE Capital Markets represented the buyer in the transaction.
GRAPEVINE, TEXAS — Lykes Cartage Co., a shipping and delivery company, has leased 27,062 square feet of distribution and warehouse space within DFW Global Logistics Centre, located at 1200 Mustang Drive in Grapevine. Susan Singer of Bradford Commercial Real Estate Services and Russell Todd of Centric Commercial represented the tenant, while Steve Koldyke and Kacy Jones of CBRE represented the landlord, LIT Industrial LP, in the transaction.
PFLUGERVILLE, TEXAS — Davita Healthcare has leased 6,920 square feet of healthcare space at Pecan Street Marketplace, located at 2600 FM 1825 in Pflugerville. Trevor Williams of Retail Solutions represented the undisclosed landlord, while Ted Doucet of Cushman & Wakefield represented the tenant in the deal.
TAMPA, FLA. — NorthMarq Capital has arranged a $31.5 million construction loan for Cortona South Tampa, a 300-unit multifamily property located at 5145 S. Dale Mabry Highway in Tampa. The gated development will feature a two four-story apartment buildings and 20 two-story townhome buildings, as well as a 6,000-square-foot clubhouse with a resort-style swimming pool and recreation areas. Robert Hernandez of NorthMarq Capital’s Tampa office arranged the 3-year loan with a two-year extension option through a regional bank. The loan features interest-only payments for the primary term and a 25-year amortization schedule for the extension.
COLUMBIA, MD. — Kimco Realty Corp. has completed the $18.1 million redevelopment of Wilde Lake Village Center, a mixed-use development in Columbia that features 230 residential rental units, 30,000 square feet of office space, 41,000 square feet of retail space and 20,000 square feet of restaurants. As part of the redevelopment, Kimco is remerchandising the center and has recently executed leases with three tenants. Starbucks Coffee is opening both a café and a drive thru in the fall, Dynamic Dental Care LLC opened in December and Salons by JC is scheduled to open early this fall above David’s Natural Market.
WASHINGTON, D.C. — Trammell Crow Co. (TCC) and its joint venture partners have signed the Department of General Services (DGS) of the District of Columbia to a long-term lease for office space at Sentinel Square II, a 280,000-square-foot office building located at 1050 First St. N.E. in Washington, D.C.’s NoMa district. The DGS signed the 164,110-square-foot lease on behalf of the District’s Office of State Superintendent of Education and Department of Insurance, Securities and Banking. Both departments will move into the first eight floors of Sentinel Square II by November. The office building is owned by a joint venture between TCC, Cottonwood Partners and a subsidiary of a private real estate fund advised by Crow Holdings Capital-Real Estate. Sheryl Ellison Ponds and Robert Cooper of DGS, along with Bill Quinby, Tim Foley and David Cornbrooks of Savills Studley, represented DGS in the lease transaction.
LIVONIA, MICH. — Schostak Brothers & Co. Inc., a metro Detroit-based real estate investment firm, has purchased a portfolio of six retail properties adjacent to Walmart Supercenters in Mississippi, Louisiana and Texas. The company purchased the assets, which total nearly 160,000 square feet, through SFP Pool Seven LLC for an undisclosed price. The properties include Eagle Plaza-Ruston at 1401 Eagle Drive in Ruston, La.; Eagle Plaza-Farmerville at 775 Sterlington Highway in Farmerville, La.; Eagle Plaza-Forest at 1303 Highway 35 South in Forest, Miss.; Eagle Plaza-Cleveland at 710 N. Davis Ave. in Cleveland, Miss.; Sulphur Marketplace at 301-341 N. Cities Services Highway in Sulphur, La.; and Stone Street Plaza at 1101 Stone St. in Kilgore, Texas. Occupancy for the six locations averages 92 percent, with tenants including Cato Fashions, Dollar Tree, Hibbett Sports, PetSense, Rue 21 and Shoe Show. With these transactions, Schostak Brothers has 73 shadow Walmart retail assets in its portfolio.
FORT LAUDERDALE, FLA. — Stiles, a Fort Lauderdale-based real estate development firm established in 1951, has made new appointments to its senior management team. The moves will expand the company’s retail development platform. Stiles has promoted Ryan Karlin, who has held roles in both retail brokerage and development throughout his 14-year career at Stiles, to president of Stiles Retail Group. Karlin will build on the company’s portfolio of approximately 4 million square feet of grocery-anchored shopping centers and power centers and will oversee the group’s operations, strategy, development and redevelopment activities. In addition, several Stiles veteran development associates have transitioned to Stiles Retail Group and will be responsible for project execution. Stiles has also promoted Justin Siemens to vice president and development officer within the firm’s Real Estate Investment Group (REIG), which oversees the retail, office and residential divisions. Siemens will be responsible for sourcing new opportunities and creating and proving feasibility of commercial development plans. Siemens started with Stiles in 2014 and has helped to originate new development transactions, including land acquisitions and properties for redevelopment. In recent retail news for Stiles, the company recently completed two grocery-anchored retail developments in Florida and three in North Carolina. Stiles, along …
WOODBURY, MINN. — Elion Partners and The Davis Group have entered into a joint venture to develop a Class A medical office building at CityPlace in Woodbury, approximately 19 miles east of Minneapolis. The new medical office building is the second to be developed, and is part of the 100-acre planned development off Radio Drive and I-94. The two-story, 50,000-square-foot medical office building will be located between the retail space and Residence Inn by Marriott. Tria Orthopedics will occupy the other 75,000-square-foot office at the site beginning this summer.
NORMAL, ILL. — A joint venture between ALTO Real Estate Funds and M & J Wilkow Ltd. has acquired The Shoppes and Plaza at College Hills located in Normal, just north of Bloomington. The 441,995-square-foot, open-air shopping center was 95 percent leased at the time of sale to tenants including Gordmans, Hobby Lobby, Francesca’s, Chico’s, J.Jill and White House/Black Market. M & J Wilkow will manage the shopping center, and The Pollard Group will serve as leasing agent. HFF arranged $13.4 million in acquisition financing for The Shoppes. Benefit Street Partners LLC provided the 10-year, fixed-rate loan. HFF also marketed the property on behalf of the seller, Miller Capital.
