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Core5-Logistics-Center-at-Interstate-10-Schertz
DevelopmentIndustrialTexas

Core5 Industrial Partners Completes 1 MSF Project in Schertz, Texas

by Taylor Williams

SCHERTZ, TEXAS — Atlanta-based developer Core5 Industrial Partners has completed an approximately 1 million-square-foot project in Schertz, a northeastern suburb of San Antonio. Core5 Logistics Center at Interstate 10 is located at the convergence of Loop 1640 and I-10 and adjacent to the future site of an H-E-B grocery store. The property consists of two buildings totaling 536,824 and 468,280 square feet. Building A features a cross-dock configuration, 110 dock-high doors, four drive-in doors, 36-foot clear heights and 134 trailer storage spaces. Building B has a rear-load configuration and offers 72 dock-high doors, two drive-in doors, 36-foot clear heights and 84 trailer storage spaces. Cushman & Wakefield is marketing the buildings, which represent Phase I of a larger development, for lease.

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AcquisitionsOfficeTexas

Colliers Brokers Sale of 135,641 SF Office Building in Houston

by Taylor Williams

HOUSTON — Colliers has brokered the sale of a 135,641-square-foot office building in the Uptown/Galleria area of Houston. According to LoopNet Inc., the eight-story building at 675 Bering Drive was originally constructed in 1982 and renovated in 1999. David Carter of Colliers represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The building was 76 percent leased at the time of sale. The sales price was also not disclosed.

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AcquisitionsHospitalityTexas

Marcus & Millichap Arranges Sale of 96-Room Hotel in Lewisville, Texas

by Taylor Williams

LEWISVILLE, TEXAS — Marcus & Millichap has arranged the sale of a 96-room hotel in the northern Dallas suburb of Lewisville. The Homewood Suites by Hilton Dallas-Lewisville was built in 1995 and renovated in 2008. Amenities include a pool, fitness center and two meeting/event spaces. Chris Gomes and Skyler Cooper of Marcus & Millichap represented the seller, Brandy Lodging LLC, in the transaction. The duo, in conjunction with Allan Miller of Marcus & Millichap, also procured the buyer, Centerpoint Hospitality.

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Leasing ActivityOfficeTexas

SM Energy Signs 20,324 SF Office Lease Expansion in Houston’s Energy Corridor

by Taylor Williams

HOUSTON — SM Energy has signed a 20,324-square-foot office lease expansion in Houston’s Energy Corridor area. The independent oil and gas provider will soon occupy 41,454 square feet across two newly renovated floors at One Eldridge, a 12-story, 245,315-square-foot building that is part of a larger campus owned by Granite Properties. Steven Mulhern of Mulhern Co. and Bill Scott of Real Estate One represented SM Energy in the lease negotiations. Jon Dutton and Andrew Elliott represented Granite Properties on an internal basis.

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IndustrialLeasing ActivityTexas

Holt Lunsford Negotiates 14,775 SF Lease at Industrial Flex Building in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Locally based brokerage firm Holt Lunsford Commercial has negotiated a 14,775-square-foot lease in Fort Worth. According to LoopNet Inc., the industrial flex building at 200 N. Vacek St. was originally constructed in 1950 and totals 49,130 square feet. Jake Neal and David Cason with Holt Lunsford Commercial represented the tenant, Ambiance Textiles, in the lease negotiations. The name and representative of the landlord were not disclosed.

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Terminal-5-JFK-International-Airport
CivicDevelopmentNew YorkNortheast

Partnership Unveils Plans for Redevelopment of Terminal 5 at JFK International Airport

by Taylor Williams

NEW YORK CITY — A partnership between airline JetBlue (NASDAQ: JBLU), The Port Authority of New York & New Jersey and aviation facilities and operations manager Fraport USA has unveiled plans for the redevelopment of Terminal 5 at JFK International Airport in New York City. The redevelopment, which is part of a larger $19 billion overhaul of the airport, will include the addition of more than 40 new concessions and new amenities, such as art installations. The project team will also redesign the center concourse to pay homage to New York parks via greenery, benches and concrete chess tables. The redesigned center concourse will also feature a dedicated space for pop-up experiences, interactive events and live performances. The first new concessions are expected to open throughout 2025, with terminal improvements slated for full completion by the end of 2026. Today, about 165 JetBlue flights and 35,000 travelers pass through Terminal 5, which opened in 2008 and was expanded in 2014. The project follows the redevelopment of Terminal 6, which carries a price tag of $4.2 billion.

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AcquisitionsAlabamaLoansMultifamilySoutheast

Cushman & Wakefield, Greystone Negotiate Sale of 720-Unit Apartment Community in Hoover, Alabama

by John Nelson

HOOVER, ALA. — Cushman & Wakefield and Greystone has arranged the sale of Ridge Crossings, a 720-unit apartment community located in the Birmingham suburb of Hoover. Canadian-based Avenue Living was the buyer. The sales price was not disclosed, but Birmingham Business Journal reports the property traded for $111 million. Originally completed in 1991, Ridge Crossings offers one-, two- and three-bedrooms ranging in size from 861 to 1,520 square feet. According to Apartments.com, amenities include a swimming pool, tennis and racquetball courts, fitness center, concierge services, dog park and a clubhouse. Andrew Brown, Craig Hey, Ben Thomas and Tommy Coleman of Cushman & Wakefield represented the undisclosed seller in the transaction. Additionally, Dan Sacks of Greystone originated a Fannie Mae loan of an undisclosed amount for the acquisition.

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DevelopmentFloridaLoansMixed-UseRetailSoutheast

Aztec Group Arranges $28.3M Construction Loan for Square at Lotis Wellington Retail Center in South Florida

by John Nelson

WELLINGTON, FLA. — Aztec Group has arranged $28.3 million in construction financing for the completion of The Square at Lotis Wellington, the retail phase of the larger 120-acre Lotis Wellington mixed-use development in Wellington, about 16 miles west of West Palm Beach. Boca Raton-based JKM Developers launched the development with its in-house general contractor and now has secured financing from Amerant Bank. Sean Harrington of Aztec Group arranged the financing on behalf of JKM. According to the South Florida Business Journal, the loan will cover nearly 100,000 square feet of two inline retail buildings that will include offices, restaurant outparcels, a daycare and early learning center, as well as a three-level parking garage. The overall mixed-use development of Lotis Wellington is scheduled for completion in the second quarter of this year. Additional phases of the development comprise 372 multifamily units and two medical offices totaling 60,000 square feet.

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AcquisitionsIndustrialNorth CarolinaSoutheast

Accordia Acquires 46,400 SF Industrial Portfolio in Stallings, North Carolina

by John Nelson

STALLINGS, N.C. — New Jersey-based Accordia has acquired a two-building industrial portfolio totaling 46,400 square feet in Stallings, roughly 15 miles outside of Charlotte. The purchase price was not disclosed. Foundry Commercial sourced the deal in the off-market transaction. Located at 135-141 Cupped Oak Drive, the shallow bay property was fully leased to five tenants at the time of sale. Constructed in 1999 and 2004, the property features 18-foot clear heights, 11 dock-high doors and nine drive-in doors, as well as suite sizes that range from 7,000 to 16,200 square feet. This transaction marks Accordia’s second acquisition in the Carolinas.

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KentuckyLeasing ActivityRetailSoutheast

F45 Training Signs Retail Lease at Pleasant Ridge Commons in Lexington, Kentucky

by John Nelson

LEXINGTON, KY. — F45 Training, a global fitness company that provides high-intensity group exercise programs, has signed a 3,904-square-foot lease in the mixed-use development of Pleasant Ridge Commons in the Hamburg trade area of Lexington. This marks F45 Training’s second Lexington location. Al Isaac and Zach Smith of NAI Isaac represented the tenant in the lease negotiations. Fahr Juneja and Cole Sturgeon of Gulfstream Commercial Services represented the undisclosed landlord.

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