Monday, August 3, 2026
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NortheastOffice

DEMEDICI II CORP. BUYS CLASS A OFFICE BUILDING FOR $29M

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PHILADELPHIA — DeMedici II Corp. has purchased an eight-story, 226,890-square-foot Class A office building in Philadelphia for $29 million. Liberty Property Philadelphia Limited Partnership II sold the property, located at 1600 Vine St., to the corporation. The building will house the Philadelphia Performing Arts Charter School, which will open in the fall of this year with 350 ninth graders. The school will add a grade each year until 1,400 students are enrolled. Constructed in 1999, the building at Three Franklin Plaza includes eight floors averaging 28,361 square feet. The buyer plans to spend between $10 million and $12 million on upgrades to create a theater, performing arts studios, science labs and an automotive engineering lab. Chris Pennington, vice president in Binswanger’s Philadelphia office, handled the transaction.

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MultifamilyNortheast

SILVERSHORE BUYS FOUR MULTIFAMILY BUILDINGS IN BROOKLYN

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NEW YORK CITY — Silvershore Properties has purchased four buildings in Brooklyn, in separate transactions, totaling $9.7 million. The acquired properties include 115 Atlantic Avenue in Brooklyn Heights for $2 million; 32 Garnet Street in Carroll Gardens for $1.2 million; 278 Dean Street in Boerum Hill $1.3 million; and 219 13th Street in Park Slope for $5.25 million. Silvershore plans to renovate and reposition the properties. The building on Atlantic Avenue is a four-story, 5,000-square-foot building with a duplex apartment, additional full-floor apartment and ground-floor retail. The property on Garnet Street is a four-story, eight-unit multifamily building. The building on Dean Street is an 8,000-square-foot, four-story multifamily building with eight units. 219 13th Street is a 22,000-square-foot, six-story apartment building with 25 units.

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HealthcareTexas

DUKE REALTY DEVELOPS TWO OUTPATIENT CLINICS IN TEXAS

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TEMPLE AND WACO, TEXAS — Construction is underway on two Duke Realty-developed, Scott & White Healthcare medical facilities in Temple and Waco. The first property, a 77,000-square-foot, three-story outpatient orthopedic clinic, is located at 2401 S. 31st St. in Temple. The second property, a 37,000-square-foot, two-story cancer center, is located next to Hillcrest Baptist Medical Center at Interstate 35 and Hillcrest Medical drive in Waco. Both the Temple and Waco facilities are owned by Duke Realty Limited Partnership. Scott & White will manage the facilities. Jacobs Engineering Group Inc. will be the architect and MEDCO Construction will act as general contractor for the orthopedic clinic. HDR will be the architect and JE Dunn will act as general contractor for the cancer center. The orthopedic center will be completed in October and the cancer center in November.

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RetailTexas

M&M ARRANGES SALE OF KINGSVILLE PLAZA

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KINGSVILLE, TEXAS — Marcus & Millichap has arranged the sale of Kingsville Plaza, a 21,250-square-foot retail property, located at 2730 S. Brahma Blvd. in Kingsville. The property is an outparcel of Walmart and includes tenants such as Cato and The Shoe Department. Chad Knibbe, Bethany Babcock, Preet Sabharwal and Britt Raymond of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was a Texas-based investor.

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IndustrialTexas

DYNAMEX SIGNS TWO LEASES IN CARROLLTON

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CARROLLTON, TEXAS — Dynamex has signed two leases for industrial space in Carrollton totaling 89,786 square feet. The transportation services company signed a 31,098-square-foot lease at 1505 Wallace St., Suite 122, and a 58,688-square-foot lease at Luna IV, located at 2244 Luna Road, Suite 120. J. Scot More of Holt Lunsford Commercial represented the landlord, CIR-III REIT, in the Wallace Street lease. Carter Crow of Billingsley Co. represented the landlord, CB Luna Industrial No. 1, in the Luna IV transaction. Ward Richmond, Chris Teesdale and Tom Pearson of Colliers International represented the tenant in both deals.

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RetailTexas

RPAI SIGNS LULULEMON ATHLETICA TO TWO NEW LEASES

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SOUTHLAKE AND PLANO, TEXAS — Retail Properties of America Inc. (RPAI) has entered into two lease agreements with Lululemon Athletica Inc. at Southlake Town Square in Southlake and The Shops at Legacy in Plano. The yoga-inspired apparel retailer will occupy 3,243 square feet at Town Square and 3,180 square feet at Legacy. RPAI has signed and renewed small shop leases totaling 114,680 square feet at Town Square and 76,909 square feet at Legacy in the last 12 months.

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HospitalityWestern

COURTYARD BY MARRIOTT IN MODESTO CHANGES HANDS

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MODESTO, CALIF. — A 125-room Courtyard by Marriott in Modesto has sold to American Traders for an undisclosed sum. The hotel is located on Sisk Road and sits adjacent to the Central Valley Plaza Shopping Center. The new owner plans to renovate and convert the property into a Radisson Hotel. The property will be managed by Southern Host Lodging. The seller, LNR Partners, was represented by Mike Armstrong of HREC Investment Advisors’ San Diego office.

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MultifamilyWestern

PROSPECT PARK DEVELOPMENT IN DENVER RECEIVES $13.7M LOAN

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DENVER — The 296-unit Prospect Park apartment project in Denver has received $13.7 million in financing. It will be located at 2970 Huron Street, just blocks from the Union Station redevelopment and adjacent to Coors Field. The 300,000-square-foot building should be completed in the third quarter of 2014. The mezzanine loan was secured by HFF’s Dave Keller and Ken Martin. They worked on behalf of Edwards Companies. The loan was placed with Behringer Harvard Opportunity REIT II, Inc. It will be used in conjunction with a construction loan to finance the project’s development.

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RetailWestern

MERCADO AT SCOTTSDALE RANCH SELLS FOR $21.3M

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SCOTTSDALE, ARIZ. — Mercado at Scottsdale Ranch, a 118,730-square-foot community center, has sold to Whitestone REIT for $21.3 million. The Class A center is located at the intersection of East Via Linda & Mountain View Road in Scottsdale. Notable tenants include AJ’s Fine Foods and Walgreens. The acquisition includes an $11.1-million debt assumption, as well as a $10.2-million equity requirement that is funded by Whitestone’s unsecured revolving credit facility. With this latest acquisition, Whitestone now owns 16 community centers and future development land parcels in the Greater Phoenix area for a total of 1.4 million square feet.

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