Property Type

JLL Brokers $46M Sale of Business Park in Charlotte

by John Nelson July 24, 2015

CHARLOTTE, N.C. — JLL has brokered the $46 million sale of Greylyn Business Park, a 648,156-square-foot office, retail and industrial park in Charlotte. The property’s tenant roster includes Active Screw & Fastener Co., Mirrormate, Charlotte-Mecklenburg Police Department, KNA Corp. and United Refrigeration Inc. Cleveland-based Weston Inc. purchased the asset from GID. Brad Cherry, Pete Pittroff and Spencer Yorke of JLL’s Charlotte office represented the seller in the transaction. Weston has retained Yorke and Natalie Marshall of JLL to lease the business park and Mimi Fisher and Jason Sierra of JLL to manage the property on-site.

July 24, 2015

Florida Retail Southeast

Walmart Neighborhood Market Opens New Location in Florida

by John Nelson July 24, 2015

WELLINGTON, FLA. — Walmart Neighborhood Market has opened a new 45,000-square-foot store at 4105 State Road 7 in Wellington, a city in Palm Beach County. In addition to groceries, the store provides health and beauty aids, pet products and cleaning supplies. The new store employs roughly 95 full- and part-time associates.

July 24, 2015

Georgia Healthcare Southeast

Stage Equity Partner Sells Medical Office Building in Metro Atlanta for $7.5M

by John Nelson July 24, 2015

MORROW, GA. — Chicago-based Stage Equity Partners LLC has sold a 37,813-square-foot medical office building at 1000 Corporate Center Drive in Morrow, a suburb of Atlanta. The healthcare real estate investment firm sold the fully leased asset to an unnamed private healthcare REIT for $7.5 million in an off-market transaction. The multi-tenant property is anchored by Clayton Eye Center and Atlanta Medical Center. The sale comes upon the completion of Stage Equity’s exterior and interior renovations to the property.

July 24, 2015

Market Reports Multifamily Texas Texas Market Reports

Why San Antonio’s Multifamily, Corporate Housing Markets are Hot, Stable

by Haisten Willis July 24, 2015

San Antonio, despite being the second largest city in Texas by population, sometimes takes a back seat to the Lone Star State’s other booming metro areas. The city might not have the energy of Houston, the weirdness of Austin or the Cowboys of Dallas, but more than 1.4 million people call the Alamo City home, and businesses are starting to take notice. San Antonio has added more than 300,000 residents since 2000, and a reasonable cost of living makes it an attractive city for workers young and old. The city continues to experience strong corporate growth and increased tourism activity, which is bringing more jobs to the city. San Antonio’s unemployment rate of 3.8 percent sits well below the national rate of 5.5 percent, and is also below Texas’ unemployment rate of 4.2 percent. Texas is the home of oil, and recent price uncertainty has made some investors worry about the state’s big cities. But there’s no worry in San Antonio: While new oil and gas production from the Eagle Ford Shale south of the city is expanding and having a positive impact on the region, the presence of energy-related businesses in San Antonio represents only one sector of the …

July 24, 2015

Office Texas

Trademark Property Co. Completes WestBend 2 Office Building in Fort Worth

by Haisten Willis July 23, 2015

FORT WORTH, TEXAS — Trademark Property Co. has completed a 57,000-square-foot Class A office building, named WestBend 2, at its WestBend mixed-use development in Fort Worth. Located at 1701 River Run Road, the three-story building is situated on top of The Fresh Market grocery store and other retailers and restaurants opening at WestBend. The adjacent Trinity Trails provides access to walking or biking and allows for Trinity River views from all floors. Additional amenities include outdoor seating and meeting space, bicycle storage, onsite locker rooms with showers and garage parking separate from retail parking. Regus, a provider of flexible workspace, will outfit 15,000 square feet at WestBend. The new office building is part of the redevelopment efforts underway at WestBend, which upon completion in fall 2015 will include 278,000 square feet of retail, dining and office space. Current WestBend tenants include Zoë’s Kitchen, East Hampton Sandwich Co. and Silver Fox.

July 23, 2015

Retail Texas

InvenTrust Purchases Highlands of Flower Mound in Metro Dallas for $45.8M

by Haisten Willis July 23, 2015

FLOWER MOUND, TEXAS — InvenTrust Properties Corp. has acquired The Highlands of Flower Mound a 169,447-square-foot shopping center located in Flower Mound, for $45.8 million. Highlands of Flower Mound is 96 percent occupied, with 60 percent of its roster comprising original tenants. The center is shadow anchored by a Super Target and is leased to Bed Bath and Beyond, Cost Plus World Market, Stein Mart, Pier 1, Famous Footwear and Party City. InvenTrust became a self-managed REIT in 2014. The company owns 108 multi-tenant retail properties, comprising 15.5 million square feet of retail space in 24 states.

July 23, 2015

Office Texas

The Richland Cos. Acquires Office Building in Houston

by Haisten Willis July 23, 2015

HOUSTON — The Richland Cos. has acquired 550 Post Oak, an office property located in Houston’s West Loop submarket. The building will become Richland’s new corporate headquarters, replacing its previous location in Memorial Post Oak. The 53,872-square-foot, six-story building sits on one acre at the northeast corner of Post Oak Boulevard and Post Oak Park. The multi-tenant property offers tenants card-key access, on-site management and podium-style parking. Additional amenities will include a gym, car washing services, laundry and dry cleaning pickup, food trucks twice a week and multiple high-end services. Richland plans on taking occupancy in September, with the exterior transformation beginning shortly thereafter. 550 Post Oak becomes Richland’s 14th property in Houston, marking 1.7 million square feet of properties owned and managed by the company.

July 23, 2015

Retail Texas

Boxer Property to Expand Boxer Workstyle in Houston

by Haisten Willis July 23, 2015

HOUSTON — Boxer Property is expanding Boxer Workstyle to Houston’s Galleria area as property renovations begin at Cotter Voss Tower at 2323 S. Voss Road, a six-story office building spanning 78,522 square feet. Interior and exterior renovations will be done to the Galleria-area office property to establish streamlined finishes and new amenities to the property. The first floor will be renovated to include Boxer Workstyle collaborative suites, which provide small businesses access to a variety of shared amenities including guest Wi-Fi access, a coffee bar, open lounge space and conference rooms. Boxer Workstyle is configured to meet the needs of small businesses that enjoy meeting in a collaborative environment with the privacy of their own small office. The new Workstyle space is approximately 11,000 square feet and brings Boxer Workstyle to 15 Houston area locations and more than 500,000 total square feet of Workstyle-designed space.

July 23, 2015

Office Texas

Davis Commercial Arranges Sale of Ground Lease for Historic Houston Building

by Haisten Willis July 23, 2015

HOUSTON — Davis Commercial has arranged the sale of leasehold interest for the historic Sweeney, Coombs & Fredericks building at 301 Main St. in Houston for an undisclosed price. Designed and built by George E. Dickey in 1889, 301 Main St. is one of the last remaining Victorian-style structures in the city. The building is owned by Harris County and a ground lease on the property was assigned to a third party in the early 1990s. Ashley Casterlin of Davis Commercial Real Estate represented the unnamed seller of the ground lease in the transaction. The buyer was also undisclosed. Blini Hoxha with the Salt N Pepper Group plans to open a new restaurant on the first floor. The Salt N Pepper Group is responsible for many Houston concepts, such as Beer Market Co., The Moonshiners, Crisp, Pub Fiction, Celtic Gardens, Shot Bar and Third Floor. The top two floors of the three-story building are being leased to attorneys.

July 23, 2015

Connecticut Loans Multifamily Northeast

Colliers Secures $43M Construction Loan for State Street Lofts in Connecticut

by Amy Works July 23, 2015

NEW HAVEN, CONN. — Colliers International has arranged and closed joint venture equity and construction financing for the development of State Street Lofts in New Haven. Working on behalf of the developer, Post Road Residential Inc., Colliers secured $43 million in construction financing from PNC Bank, as well as joint venture equity capital from an affiliate of The Carlyle Group. Slated for completion in 2016, State Street Lofts will include 235 apartments, 275 parking spaces in an attached garage, 10,000 square feet of amenity space and 4,000 square feet of ground-floor retail space. On-site amenities include a fitness center with yoga studio, resident lounge spaces with high-speed Wi-Fi, a library, a resort-style pool with enclosed courtyard, a 7,000-square-foot roof deck, a dog wash station and a bike maintenance room with storage for 240 bikes. Jeff Black and Kevin Phelan led the Colliers team that represented Post Road Residential Inc.

July 23, 2015

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