Property Type

AVAD Capital Buys 5,180-Unit Self-Storage Portfolio in West Texas

by Taylor Williams February 4, 2025

MIDLAND AND ODESSA, TEXAS — Dallas-based investment firm AVAD Capital has purchased a portfolio of nine self-storage facilities totaling 5,180 units in the West Texas cities of Midland and Odessa. Utah-based REIT Extra Space Storage sold the portfolio, which totals 782,998 net rentable square feet. Steve Mellon, Brian Somoza, Adam Roossien and Matthew Wheeler of JLL represented Extra Space Storage in the transaction. The sales price was not disclosed. Avid Storage, the buyer’s wholly owned subsidiary and operating brand, will operate the portfolio. John Bauman, Kris Lowe, Luke Rogers and Scott Cole, also with JLL, arranged an undisclosed amount of fixed-rate acquisition financing for the deal through 3650 Capital and Goldman Sachs.

February 4, 2025

Development Industrial Texas

TCC Breaks Ground on 628,012 SF Industrial Project in Cypress, Texas

by Taylor Williams February 4, 2025

CYPRESS, TEXAS — Trammell Crow Co. (TCC) has broken ground on a 628,012-square-foot industrial project in Cypress, a northwestern suburb of Houston, that represents the third and final phase of Weiser Business Park. Designed by Seeberger Architecture with construction to be handled by A&F General Contractors, Buildings 5 and 6 at Weiser Business Park will feature 36-foot clear heights, 54-foot-wide column spacing and ESFR sprinkler systems. Colliers is marketing the buildings for lease. Cadence Bank is financing Phase III. Weiser Business Park currently consists of four buildings totaling approximately 1 million square feet.

February 4, 2025

Development Georgia Industrial Southeast

Barings, Trinity Capital Break Ground on 1.5 MSF Industrial Development in Savannah

by John Nelson February 4, 2025

SAVANNAH, GA. — Barings and Charlotte-based Trinity Capital have broken ground on Phase II of Horizon 16 Industrial Park, a logistics park located at Jimmy Deloach Parkway and I-16 in Savannah. The second phase will span six buildings totaling 1.5 million square feet. Phase I of the park spans 1.1 million square feet across three buildings and is currently 74 percent leased to tenants including Ferguson and Harbor Freight. The design-build team for Phase II includes general contractor Evans and architectural firm Atlas. The co-developers have tapped William Lattimore of CBRE to lease the second phase of Horizon 16. Barings and Trinity Capital previously partnered to develop 85 Exchange, a 1.3 million-square-foot industrial park near Charlotte that is leased to tenants including Amazon.

February 4, 2025

Acquisitions North Carolina Retail Southeast

Westwood Financial Acquires 130,156 SF Eastway Square Shopping Center in Charlotte

by John Nelson February 4, 2025

CHARLOTTE, N.C. — Westwood Financial has acquired Eastway Square, a 130,156-square-foot, grocery-anchored shopping center located at the intersection of Eastway Drive and Central Avenue in Charlotte. The Los Angeles-based investor purchased the center for an undisclosed price. The seller was also not disclosed. Berkeley Capital Advisors brokered the sale. The property’s tenant roster includes Food Lion, Ross Dress for Less, America’s Best, Papa Johns Pizza, Subway, Wingstop, Rainbow, Dental Works, Hibbett Sports and Showmars. Eastway Square joins Westwood Financial’s existing portfolio of grocery-anchored shopping centers in Charlotte including Prosperity Village Square, Steele Creek Crossing, Steelecroft Shopping Center and The Arbors at Mallard Creek.

February 4, 2025

Acquisitions Multifamily Texas

CBRE Brokers Sale of 184-Unit Villa Ladera Apartments in East Dallas

by Taylor Williams February 4, 2025

DALLAS — CBRE has brokered the sale of Villa Ladera, a 184-unit apartment complex in East Dallas. Built in 1972, Villa Ladera is a gated, pet-friendly community that offers one- and two-bedroom units as well as onsite laundry facilities. Chris Deuillet and Matthew Pastrano of CBRE represented the undisclosed seller in the transaction and procured the buyer, Blue Ocean Real Estate. Josh Berde, Andrew Woertendyke and Peyton Chur, also with CBRE, arranged an undisclosed amount of acquisition financing for the deal through an unnamed lender.

February 4, 2025

Georgia Leasing Activity Office

Workspace Signs Hyundai Capital America to 45,000 SF Office Lease in Atlanta

by John Nelson February 4, 2025

ATLANTA — Workspace Property Trust has signed Hyundai Capital America to a 45,000-square-foot office lease at 4100 Wildwood Parkway, a 100,000-square-foot office building located within the Wildwood Office Park in Atlanta’s Cumberland-Galleria submarket. Hyundai Capital America, the finance and loan partner of Hyundai, Kia and Genesis car brands, previously operated a call center out of this location. 4100 Wildwood Parkway features offices, onsite conference facilities, kitchens and recreational areas. Kirk Anders of Anders Commercial Properties and Bob Gibbons of REATA Commercial Realty represented the tenant in the lease negotiations. Wes Rudes represented Workspace on an internal basis.

February 4, 2025

Development Hospitality Louisiana Southeast

LaPhair Capital, NFL Players Invest in Hotel Redevelopment in New Orleans

by John Nelson February 4, 2025

NEW ORLEANS — LaPhair Capital Partners and former or current members of the NFL’s New Orleans Saints have partnered to invest in Maidstone New Orleans, a boutique hotel redevelopment located at 3522 Tulane Ave. in New Orleans’ Mid-City district. The involved NFL players include current Saints defensive end Cam Jordan, former quarterback Jameis Winston and former running back Mark Ingram. Local media outlets reported last summer that the hotel was formerly known as The Drifter Hotel and sold in an off-market transaction. Further details about the renovations and offerings of Maidstone New Orleans were not disclosed.

February 4, 2025

Leasing Activity Office Texas

GI Alliance Management Signs 52,300 SF Office Lease in Southlake, Texas

by Taylor Williams February 4, 2025

SOUTHLAKE, TEXAS — GI Alliance Management LLC, a network of medical providers focused on gastroenterology, has signed a 52,300-square-foot office lease in Southlake, located northeast of Fort Worth. The space is located within Cedar Ridge Office Park, a two-building, 128,000-square-foot complex. John Dickenson, Paul Hernandez and Matt Carthey of Holt Lunsford Commercial represented the landlord in the lease negotiations. Jordan Wade, John Huff, Allie McCracken, Cece Conway and Larry Serota with Transwestern represented the tenant.

February 4, 2025

Acquisitions Industrial Texas

Oxford Partners Arranges Sale of 41,450 SF Industrial Building in Northwest Houston

by Taylor Williams February 4, 2025

HOUSTON — Locally based brokerage firm Oxford Partners has arranged the sale of a 41,450-square-foot industrial building in northwest Houston. According to LoopNet Inc., the building at 14199 Westfair Drive E was constructed on 2.7 acres in 2008 and features 28-foot clear heights. Perry Mazzone and Matt Rogers of Oxford Partners represented the buyer, Immobile Industrial LLC, in the transaction. Wyatt Huff, Hunter Stockard and Gray Gilbert of Partners Real Estate represented the undisclosed seller.

February 4, 2025

Acquisitions Retail Southeast Virginia

Marcus & Millichap Brokers Sale of New Retail Property in Abingdon, Virginia Leased to Firestone

by John Nelson February 4, 2025

ABINGDON, VA. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a newly built retail property in Abingdon, a city in southwest Virginia near the Tennessee border. Firestone occupies the 6,262-square-foot retail property on a 15-year triple-net lease. A developer based in Ohio sold the property to an out-of-state 1031 buyer for an undisclosed price. Don McMinn and Andrew Koriwchak of the Taylor McMinn Retail Group represented the seller in the transaction. Located on a 1.5-acre site at 127 Cook St., the Firestone property serves as an outparcel to a Food City grocery store off I-81. The Taylor-McMinn Retail Group is marketing two other retail properties in the Southeast leased to Firestone, a retail automobile maintenance concept owned by Nashville-based tire manufacturing giant Bridgestone Americas Inc. “We continue to see increased demand and aggressive pricing for Bridgestone assets due to the strong credit, limited supply and growing buyer pool,” says McMinn. “Bridgestone assets continue to command aggressive pricing due to the long-term, triple-net leases backed by investment-grade credit.”

February 4, 2025

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