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Steele Creek
IndustrialLoansNorth CarolinaSoutheast

PGIM Real Estate Provides $100M Loan for North Carolina Industrial Portfolio

by Abby Cox

CHARLOTTE AND RALEIGH, N.C. — PGIM Real Estate has provided a $100 million loan for the financing of a 12-property industrial portfolio located in the greater Charlotte and Raleigh markets. Trace Wilson of PGIM Real Estate led financing efforts for the transaction on behalf of the borrower, Beacon Partners. The portfolio comprises 11 fully occupied industrial properties totaling nearly 1.6 million square feet, as well as one industrial outdoor storage (IOS) property. Beacon will use the fixed-rate financing to reposition and expand the portfolio, according to Wilson.

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Braves-Village
AcquisitionsRetailSouth CarolinaSoutheast

Marcus & Millichap Negotiates $7.4M Sale of Braves Village Shopping Center Near Myrtle Beach

by Abby Cox

SOCASTEE, S.C. — Marcus & Millichap has negotiated the $7.4 million sale of Braves Village Shopping Center, a 60,914-square-foot retail center located in the Myrtle Beach suburb of Socastee. Food Lion anchors the center, which was built in 1985. Additional tenants include Rent-A-Center, Metro by T-Mobile and Any Lab Test Now. Lori Schneider and David Gant of Marcus & Millichap represented the undisclosed seller and procured the buyer, Brentwood Realty, in the transaction. Benjamin Yelm served as Marcus & Millichap’s broker of record in South Carolina for the deal. 

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AcquisitionsCompany NewsMixed-UseRetailSoutheast

Simon Acquires Majority Interest of Shops at Brickell City Centre in Downtown Miami for $512M

by Abby Cox

MIAMI — Indianapolis-based mall giant Simon Property Group has acquired the remaining interest of the retail and parking component at Brickell City Centre, a 5.4 million-square-foot mixed-use development in downtown Miami. Swire Properties Inc. sold the majority 75 percent stake in the property’s 500,000-square-foot retail portion for $512 million, according to several media outlets. Simon had previously owned a 25 percent, non-managing interest in The Shops at Brickell City Centre. Following the transaction, Simon is now the sole owner and manager of the property’s retail and entertainment component. Completed in 2016, The Shops at Brickell City Centre comprises four four-story buildings across three city blocks. Anchored by SAKS Fifth Avenue, additional retail tenants at the center include Apple, Chanel Fragrance & Beauty Boutique, Coach, lululemon, Sephora, Zara and Nike. The property also features a multi-level food hall and entertainment venues including CMX and PuttShack.

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AcquisitionsIndustrialTexas

Partners Brokers Sale of Five Industrial Buildings Totaling 75,000 SF in Friendswood, Texas

by Taylor Williams

FRIENDSWOOD, TEXAS — Partners Real Estate has brokered the sale of five industrial buildings totaling approximately 75,000 square feet in Friendswood, a southeastern suburb of Houston. The buildings are located within the 120,000-square-foot Rex Road Industrial Business Park. Michael Keegan and Andrew Laycock of Partners represented the seller, Rex Industrial Partners, in the transaction. The buyer and sales price were not disclosed. Partners was also involved in recently negotiating leases at two of the property’s eight buildings.

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AcquisitionsRetailTexas

NewQuest Arranges Sale of 28,322 SF Retail Center in Corsicana, Texas

by Taylor Williams

CORSICANA, TEXAS — Houston-based brokerage firm NewQuest has arranged the sale of Southland Center, a 28,322-square-foot retail center located south of Dallas in Corsicana. The center was developed in the mid-1980s and was fully leased at the time of sale to tenants such as Scrappin Goodtimes and Anytime Fitness. Dakota Workman of NewQuest represented the sellers, private investors Robert Gegenheimer and Joanna Hunt, in the transaction. Daniel Wenz Jr. of Wenz Investment Group represented the buyer, Dallas-based Audax Enterprises.

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IndustrialLeasing ActivityTexas

LFD Forwarding Signs 12,070 SF Industrial Lease in Grand Prairie, Texas

by Taylor Williams

GRAND PRAIRIE, TEXAS — California-based logistics company LFD Forwarding has signed a 12,070-square-foot industrial lease in the central metroplex city of Grand Prairie. The space is located within Building 3 at Woodlands Business Center, a 91,854-square-foot complex. Jason Finch and Michael Spain of Bradford Commercial Real Estate Services represented the landlord, Stonelake Capital Partners, in the lease negotiations. Collin Hu of eXp Commercial represented the tenant.

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30-25-Queens-Blvd
DevelopmentLoansMultifamilyNew YorkNortheast

Baron Property Group, LargaVista Receive $388.5M in Construction Financing for Queens Multifamily Project

by Taylor Williams

NEW YORK CITY — A partnership between two developers, New York-based Baron Property Group and Miami-based LargaVista Cos., has received $388.5 million in construction financing for a 561-unit multifamily project in the Long Island City neighborhood of Queens. Designed by CetraRuddy, the development will consist of 451 apartments and 110 condos, as well as 21,000 square feet of retail space, that will be housed within a 46-story building at 30-25 Queens Blvd. Starwood Capital Group, Gotham Organization and Blackstone Real Estate Debt Strategies provided the financing, which was co-arranged by Ayush Kapahi of HKS Real Estate Advisors and Anthony Ledesma of DIA Capital Group. Rental and condo residences will feature studio, one- and two-bedroom floor plans. Amenities will include a rooftop pool, basketball and pickleball courts, a content creation and recording studio, fitness center, private outdoor terraces with grilling stations, a solarium with a kitchen, pet spa, coworking lounges and a game room. Completion is slated for 2028.

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1709-Surf-Avenue-Coney-Island
Affordable HousingDevelopmentLoansMultifamilyNew YorkNortheast

BFC Partners Lands $250M Construction Loan for Coney Island Affordable Housing Project

by Taylor Williams

NEW YORK CITY — Locally based developer BFC Partners has landed a $250 million construction loan for 1709 Surf Avenue, a 420-unit affordable housing project on Coney Island. The project marks the third and final phase of a 1,242-unit, three-building affordable housing development along Surf Avenue that is valued at approximately $700 million. Income restrictions across the three buildings range from 30 to 130 percent of the area median income. Project partners include the New York City Department of Housing Preservation and Development, the New York City Housing Development Corp. and Citi Community Capital. Construction is slated for a 2028 completion.

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AcquisitionsMassachusettsMultifamilyNortheast

CBRE Negotiates Sale of 99-Unit Apartment Building in Easton, Massachusetts

by Taylor Williams

EASTON, MASS. — CBRE has negotiated the sale of a 99-unit apartment building in Easton, located roughly midway between Boston and Providence. Zen Easton is a three-story building that was completed in 2003 and offers studio, one- and two-bedroom units with an average size of 798 square feet. Amenities include a resident lounge, dining hall and catering kitchen, cyber lounge, fitness center, library and two theater rooms. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, an affiliate of San Francisco-based FPA Multifamily, in the transaction. CBRE also procured the buyer, an unnamed institutional investor. 

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Leasing ActivityMassachusettsNortheastRetail

The Picklr to Open 36,192 SF Sports Entertainment Venue in Danvers, Massachusetts

by Taylor Williams

DANVERS, MASS. — The Picklr, an entertainment concept centered on pickleball, will open a 36,192-square-foot venue in Danvers, a northern suburb of Boston. The space is located within a former Bed Bath & Beyond store at Endicott Square, a 56,275-square-foot shopping center that is also home to tenants such as Quest Diagnostics, Salem Five and Advance Auto Parts. Don Mace of local brokerage firm KeyPoint Partners represented the undisclosed landlord in the lease negotiations. The venue is expected to open before the end of the year.

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