Property Type

Balfour Beatty, UT Austin Underway on $145M Student Housing Project

by Taylor Williams March 5, 2025

AUSTIN, TEXAS — Balfour Beatty Campus Solutions and the University of Texas at Austin are underway on construction of a $145 million student housing project. The development will replace a six-building, 200-bed student housing complex located along Whitis Avenue on the northwestern part of the campus with a 1,070-bed building. The new student housing building will feature a mix of single and double rooms with community bathrooms, an area housing office and a variety of student amenities, including lounges, study spaces and a university-managed conference center. Clark Nexsen and Levy Dykema are the project architects, and Andres Construction is the general contractor. Demolitions of existing structures and preliminary sitework work commenced in June 2024, and the new facility is scheduled to open in advance of the fall 2027 semester.

March 5, 2025

Development Industrial Texas

Provident Breaks Ground on 497,280 SF Industrial Project in El Paso

by Taylor Williams March 5, 2025

EL PASO, TEXAS — Dallas-based development and investment firm Provident has broken ground on a three-building, 497,280-square-foot industrial project in El Paso. The project, all buildings of which will feature rear-load configurations, represents Phase IV of Gateway Logistics Park. Buildings 4 and 5 will each span 147,420 square feet and will have a shared 205-foot truck court. Building 6 will total 202,440 square feet and will have a 130-foot truck court and 44 trailer parking stalls. Completion is slated for early 2026. The first three phases of Gateway Logistics Park added 921,759 square feet of space to the local supply. Last fall, in two separate transactions, Provident sold three buildings within the development to Philadelphia-based EQT Exeter: two buildings totaling 576,365 square feet in August and a 345,394-square-foot building in September.

March 5, 2025

Acquisitions Development Hospitality Mixed-Use Multifamily Retail Southeast Virginia

Richmond EDA Sells, Transfers 18-Acre Site for $2.4B Diamond District Project

by John Nelson March 5, 2025

RICHMOND, VA. — The City of Richmond’s Economic Development Authority (EDA) has sold and transferred an 18-acre parcel to the developer of Diamond District, a $2.4 billion mixed-use development in the Virginia state capital. The developer, an entity led by Thalhimer Realty Partners Inc. called Diamond District Partners LLC, will soon begin construction on public works infrastructure and a mixed-use development on the site. The parcel, called Phase 1A, will include six acres of public infrastructure that will be conveyed back to the city and the EDA upon completion. The remainder of the parcel will house a 180-room hotel, 161 workforce housing units that will be reserved for households earning 60 percent of the area median income, 730 market-rate apartments and 30,000 square feet of commercial space that can be expanded. The land sold for $11.4 million. Phase 1B and Phase 1C of Diamond District will include an additional 177 affordable housing units, 625 market-rate apartments and 126,000 square feet of commercial space. Additionally, CarMax Park, the future home of the Richmond Flying Squirrels Minor League Baseball team, is under construction within the Diamond District and is scheduled to open in 2026. Diamond District Partners LLC anticipates breaking ground on …

March 5, 2025

Development Loans Mixed-Use Multifamily North Carolina Office Retail Southeast

Joint Venture Secures Financing for Office-to-Residential Conversion Project for Former Duke Energy Building in Charlotte

by John Nelson March 5, 2025

CHARLOTTE, N.C. — A joint venture between MRP Realty, Asana Partners and Rockefeller Group has received construction financing for Brooklyn & Church, an adaptive reuse project in Charlotte. The project will convert the former Duke Energy headquarters, located at 526 S. Church St., into a 460-unit apartment community with 57,000 square feet of retail space. The financing amount and construction timeline were not disclosed. The Duke Energy headquarters was originally built in 1975. MRP Realty and Asana Partners acquired the building in 2022. The building’s core and shell will be preserved, but the façade will be reskinned with new windows and balconies. Once converted, Brooklyn & Church will comprise 800,000 square feet across 13 stories, with amenities including a rooftop deck and pool with grilling stations, fitness center and spa space, coworking space, bike room and a dog run with pet spa. The property’s loft-style apartments will have 13.6-foot, exposed ceilings. In addition to the apartments and ground-floor retail space, the property will offer a new three-story, 30,000-square-foot retail building at the corner of Church Street and Brooklyn Village Avenue that will be connected to the main building via a 60-foot walkway.

March 5, 2025

Industrial Loans Self-Storage Texas

Joint Venture Receives $21M Construction Loan for Self-Storage Redevelopment in Irving

by Taylor Williams March 5, 2025

IRVING, TEXAS — A joint venture between LaTerra Development and Platinum Storage has received a $21 million loan for a self-storage redevelopment project in Irving. The site at 2488 Market Place Blvd. formerly supported retail use and is adjacent to an existing Home Depot store and a future H-E-B grocery store. The project will transform the former retail site into a 195,000-square-foot facility. The number of units was not disclosed, but the facility will feature climate-controlled space and RV storage capabilities. An affiliate of New York City-based Andover Properties provided the loan.

March 5, 2025

Acquisitions Development Multifamily North Carolina Southeast

Berkadia Negotiates Sale of Multifamily Development Site in Metro Charlotte, Buyer Plans 320-Unit Community

by John Nelson March 5, 2025

INDIAN TRAIL, N.C. — Berkadia has negotiated the sale of a 28.2-acre multifamily development site in Indian Trail, a southeast suburb of Charlotte. Caleb Troop and Thomas Colaiezzi of Berkadia’s Charlotte office led the transaction on behalf of the seller, High Point, N.C.-based Royal Management. The buyer, a partnership between locally based The Spectrum Cos. and Chicago-based Heitman LLC, plans to develop a 320-unit apartment community on the site called Evoke at Indian Trail. TD Bank is providing construction financing for the project, which is located adjacent to The Shops at Sun Valley and across the street from a Publix-anchored shopping center. The construction timeline was not released.

March 5, 2025

Loans Multifamily Texas

UC Funds Provides $11M Acquisition Loan for Multifamily Portfolio in Northwest Texas

by Taylor Williams March 5, 2025

BOSTON — UC Funds, a Boston-based debt fund, has provided an $11 million acquisition loan for a portfolio of four multifamily properties in northwest Texas totaling 275 units. Known as the Medlock Portfolio, the properties are located in Amarillo, Lubbock and Plainview. The loan carries an 18-month term, and the undisclosed sponsor will use a portion of the proceeds to fund stabilization and lease-up costs. Additional details of the transaction were not disclosed.

March 5, 2025

Acquisitions Healthcare Southeast Tennessee

Sila Realty Trust Acquires Knoxville Healthcare Facility for $35.1M

by John Nelson March 5, 2025

KNOXVILLE, TENN. — Sila Realty Trust Inc., a publicly traded healthcare REIT based in Tampa, has purchased an inpatient rehabilitation facility in Knoxville for $35.1 million. The seller was not disclosed. The property is Sila Realty Trust’s first acquisition in Tennessee. Built in 2021 within the 109-acre Tennova Health Park, the 70,000-square-foot property was fully leased at the time of sale to Knoxville Rehabilitation Hospital LLC, which is a joint venture between the University of Tennessee Medical Center, Lifepoint Health and Tennova Healthcare, an affiliate of Community Health Systems.

March 5, 2025

Acquisitions Industrial Louisiana Southeast

TruCore Investments Purchases 81,589 SF Baton Rouge Industrial Facility Leased to FedEx

by John Nelson March 5, 2025

BATON ROUGE, LA. — TruCore Investments has acquired an 81,589-square-foot industrial facility located at 10781 Cousey Court in Baton Rouge. Situated on 10.8 acres, the Class B property was fully leased at the time of sale to FedEx, which has occupied the facility since its delivery in 1998. Alex Ruch of Elifin Realty brokered the transaction. The seller was not disclosed.

March 5, 2025

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 22,500 SF Industrial Lease in Northeast Austin

by Taylor Williams March 5, 2025

AUSTIN, TEXAS — Lee & Associates has negotiated a 22,500-square-foot industrial lease in northeast Austin. The space is located within Building 1 of Springdale Business Center, which according to LoopNet Inc. totals 69,000 square feet and features 24-foot clear heights. Adam Green and Luke Boykin of Lee & Associates represented the landlord, Mississippi-based EastGroup Properties (NYSE: EGP), in the lease negotiations. The name and representative of the tenant were not disclosed.

March 5, 2025

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