Property Type

CBRE Brokers $1.2M Sale of 4G Lofts Multifamily Development Site in Santa Ana, California

by Amy Works May 1, 2024

SANTA ANA, CALIF. — CBRE has arranged the sale of a 0.29-acre, fully entitled multifamily development site at 1212 E. 4th St. in Santa Ana. A private seller sold the asset to an Orange County-based buyer for $1.2 million. Currently named 4G Lofts, the shovel-ready development is fully entitled for 15 studios, one- and two-bedroom apartments, with one unit designated as affordable for very-low-income residents. Additionally, the property will offer 17 parking spaces. The site is located in Orange County. Michelle Jefcoat and Dan Blackwell of CBRE represented the seller in the transaction.

May 1, 2024

Development Illinois Life Sciences Midwest Mixed-Use Multifamily Office Top Stories

Trammell Crow Co. Plans 1.8 MSF Fulton Park Mixed-Use Campus in Chicago

by Hayden Spiess May 1, 2024

CHICAGO — Trammell Crow Co. (TCC) has unveiled plans for a 1.8 million-square-foot mixed-use project in Chicago’s Fulton Market neighborhood. Dubbed Fulton Park Campus, the development will include four buildings comprising research and development (R&D), lab, office, residential and retail space. Among the new buildings will be a 34-story residential tower, known as Flora, which will comprise 368 apartment units. Amenities at Flora will span three floors and include a club room; golf and game simulator room; fitness center and yoga studio; spa; sauna; and a dedicated work-from-home area with a sound recording booth. Additionally, the property will feature an outdoor deck with grilling stations, televisions and fire pits; a private dining space with a chef’s kitchen; and a pet wash and dog run. ESG Architects designed the residential building, which general contractor Power Construction will build. Leasing is scheduled to begin this summer. At 1105 W. Carroll, TCC will develop a 26-story commercial tower featuring 660,000 square feet of lab and office space. Upon completion, the building will offer floorplates from 19,000 to 40,000 square feet, with 17-foot ceiling heights on select floors, private balconies and advanced technical infrastructure. Amenities will include a fitness center with an indoor pickleball …

May 1, 2024

Arkansas Healthcare Retail Southeast

Walmart to Shutter All 51 Walmart Health Centers, Virtual Care Service

by John Nelson April 30, 2024

BENTONVILLE, ARK. — Walmart has decided to shutter all 51 Walmart Health locations, as well as the Walmart Health Virtual Care service. The Bentonville-based retail giant stated that the business model, which was formally launched in 2019, was not sustainable. The company cited a lack of profitability due to “the challenging reimbursement environment and escalating operating costs.” Walmart Health locations are situated in six different states — Arkansas, Florida, Georgia, Illinois, Missouri and Texas — according to the Walmart Health online directory. The company didn’t offer a timeline for when each clinic would close. Walmart is offering relocation for its Walmart Health associates to nearby Walmart or Sam’s Club stores, as well as severance benefits for eligible associates. The company will continue to operate its nearly 4,600 pharmacies and more than 3,000 vision centers at its retail stores.

April 30, 2024

Development Georgia Self-Storage Southeast

Coro Realty to Develop Four Self-Storage Facilities in Georgia

by John Nelson April 30, 2024

ATLANTA — Atlanta-based Coro Realty Advisors plans to develop four new self-storage facilities in Georgia. The recent developments include Auburn Avenue Storage in Columbus, Lake Lanier Storage in Flowery Branch, Ridgewalk Storage in Woodstock and Georgetown Storage in Dunwoody. Auburn Avenue Storage is a three-story building that adds 57,000 leasable square feet of climate-controlled storage space to Coro’s existing property, which the company has owned since 2018. Lake Lanier Storage is currently under construction. The two-story facility will provide 75,000 leasable square feet of climate-controlled storage and 49,000 square feet for boat and vehicle storage. Coro Realty recently acquired the land for Ridgewalk Storage, with plans to break ground on the 83,000-square-foot, two-story project this fall. Georgetown Storage, a four-story facility that will offer approximately 120,000 leasable square feet of storage space, is in the planning stage.

April 30, 2024

Acquisitions Louisiana Multifamily Southeast

Marcus & Millichap Arranges $11.6M Sale of Multifamily Portfolio in Baton Rouge, Louisiana

by John Nelson April 30, 2024

BATON ROUGE, LA. — Marcus & Millichap has arranged the $11.6 million sale of a three-property multifamily portfolio in Baton Rouge. The 248-unit portfolio includes Howell Place located at 4150 72nd Ave., Pelican Bay at 2121 Lobdell Blvd. and Pirates Bend at 8165 Plank Road. John Hamilton, Chris Shaheen, Will Balthrope and Drew Garza of Marcus & Millichap represented the seller, an entity doing business as 2121 Lobdell LLC, and procured the buyer, Granite Pelican Bay LLC. Built in 2001 and 2002, the apartment communities are located just south of Baton Rouge Metropolitan Airport and four miles north of downtown. Each property consists of a mix of one-, two-, three- and four-bedroom floor plans.

April 30, 2024

Acquisitions Florida Retail Southeast

SRS Brokers $4.6M Sale of New Strip Retail Center in Clearwater, Florida

by John Nelson April 30, 2024

CLEARWATER, FLA. — SRS Real Estate Partners has brokered the $4.6 million sale of a strip retail center located at 2420 Gulf to Bay Blvd. in Clearwater, a suburb of Tampa. Situated within a mile from Clearwater Mall, the 6,750-square-foot property is fully leased to three tenants on long-term leases: Jersey Mike’s Subs, My Eye Dr. and MD Now Urgent Care. An unnamed South Florida-based private investor purchased the property at a 6.2 percent cap rate. Patrick Nutt and William Wamble of SRS represented the seller, an unnamed developer based in Florida, in the transaction.

April 30, 2024

Leasing Activity Maryland Retail Southeast

Continental Realty Corp. Signs Crunch Fitness to 30,973 SF Retail Lease in Hagerstown, Maryland

by John Nelson April 30, 2024

HAGERSTOWN, MD. — Continental Realty Corp. (CRC) has signed Crunch Fitness to a 30,973-square-foot retail lease in Hagerstown, a suburb of Washington, D.C. The fitness concept will backfill a former Bed Bath & Beyond space at Centre at Hagerstown, a nearly 300,000-square-foot regional shopping center located at 17850 Garland Groh Blvd. The lease brings the occupancy rate of the shopping center to 97 percent. Melissa Sweeney of CRC, along with Matt Copeland and Michael Patz of KLNB Retail, represented the landlord in the lease deal. Ryan Wilner of KLNB Retail represented the tenant.

April 30, 2024

Acquisitions Office Texas

Hillwood Acquires 383,000 SF Office Park Near DFW Airport in Irving

by Taylor Williams April 30, 2024

IRVING, TEXAS — Hillwood has acquired Freeport Business Center, a three-building, 383,000-square-foot office park located near Dallas-Fort Worth International Airport in Irving. The property spans 34 acres, and the buildings were 70 percent leased at the time of sale to tenants such as Northrop Grumman Corp., Yardi Systems, SiriusXM and Boeing. The undisclosed seller also recently invested $6.5 million in capital improvements to Freeport Business Center, including lobby renovations, window upgrades, fresh landscaping and updated building operation systems.

April 30, 2024

Acquisitions Multifamily Texas

Rise48 Equity Buys 288-Unit Apartment Community in Haltom City, Plans $7M Renovation

by Taylor Williams April 30, 2024

HALTOM CITY, TEXAS — Locally based investment firm Rise48 Equity has purchased Mosaic Apartments, a 288-unit apartment community located north of Fort Worth in Haltom City. The property offers one- and two-bedroom units and amenities such as two pools, a fitness center and outside grilling and dining stations. The new ownership plans to invest about $7 million in capital improvements and rebrand the property as Rise Fossil Creek. The seller and sales price were not disclosed.

April 30, 2024

Industrial Loans Texas

Byline Bank Provides $14M Construction Loan for San Antonio Industrial Project

by Taylor Williams April 30, 2024

SAN ANTONIO — Byline Bank has provided a $14 million construction loan for a 257,000-square-foot industrial project in San Antonio. The 16-acre site is located near the intersection of Rittiman Road and Woodlake Center Drive on the city’s northeast side. The rear-load building will feature 32-foot clear heights and dedicated trailer parking. The borrower is a joint venture between TradeLane Properties and Phelan Development Co. A tentative completion date was not disclosed.

April 30, 2024

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