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DevelopmentIndustrialMixed-UseNorth CarolinaSoutheast

Welcome Group Opens Phase I of 1.3 MSF Business Park in Durham

by John Nelson

DURHAM, N.C. — Developer Welcome Group has opened the first phase of Welcome Venture Park, a new business park situated on 160 acres in Durham. Upon completion, the project will total roughly 1.3 million square feet of space for industrial, flex and life sciences tenants. Phase I comprises four industrial buildings totaling 394,800 square feet. RW2 Development Co. is managing entitlements, development and project management on behalf of Welcome Group. Other members of the project team include Choate Construction, Withers Ravenel, Maurer Architecture and Sullivan Eastern. Colliers is handling leasing for the development, and U.S. Bank provided construction financing for the first phase.

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AcquisitionsIndustrialSoutheastTennessee

Phoenix Investors Acquires 411,489 SF Industrial Complex in Northwest Tennessee

by John Nelson

UNION CITY, TENN. — An affiliate of Phoenix Investors has acquired a 411,489-square-foot industrial complex located in Union City, a city in the northwestern corner of Tennessee. MVP Group International sold the property, which is located at 600 E. Sherwood Drive, for an undisclosed price. Built in 1985 and renovated in 1995, the development comprises roughly 398,000 square feet of warehouse space, as well as 13,500 square feet of office space and a 2,200-square-foot breakroom. The building features 18 dock doors, clear heights of up to 28 feet, two compressors and an extensive racking system. Phoenix Investors plans to implement a capital improvement plan at the property.

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DevelopmentSoutheastStudent HousingTennessee

Annex Group Breaks Ground on 542-Bed Student Housing Community at University of Memphis

by John Nelson

MEMPHIS, TENN. — The Annex Group has broken ground on a new, 542-bed student housing community at the University of Memphis. Situated within the Park Avenue Campus, the property will feature studio, two- and four-bedroom units, as well as study spaces, social spaces, outdoor living areas and grab-and-go dining options. The opening is scheduled for fall 2026. This marks The Annex Group’s second student housing community in the Memphis market.

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AcquisitionsKentuckyMultifamilySoutheast

Marcus & Millichap Brokers $6.9M Sale of Germantown Village Apartments in Louisville

by John Nelson

LOUISVILLE, KY. — Marcus & Millichap has brokered the $6.9 million sale of Germantown Village Apartments, a multifamily community in Louisville. Located on 2.7 acres at 630 E. Kentucky St., Germantown Village spans 66,300 rentable square feet across 100 one-bedroom units. Aaron Kuroiwa and Sam Kramer of Marcus & Millichap represented the seller, Strategic Advisors LLC, in the transaction and procured the buyer, BlackOak Equity Management. Grant Fitzgerald assisted in closing the sale as Marcus & Millichap’s broker of record in Kentucky. The seller recently completed comprehensive upgrades to the community, which was originally built in 1960.

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AcquisitionsCaliforniaMultifamilyTop StoriesWestern

CP Capital Sells 312-Unit Apartment Community in Suburban Los Angeles

by John Nelson

POMONA, CALIF. — CP Capital has sold The Gabriel, a 312-unit apartment community in Pomona, approximately 30 miles west of Los Angeles. The property is situated at 2771 N. Garey Ave., adjacent to the Pomona North Metrolink Station. The buyer and sales price were not disclosed. The Gabriel was completed in 2022.  The four-story development offers apartments featuring stainless steel appliances, quartz countertops, plank flooring and smart home technology such as Honeywell Wi-Fi thermostats, community video intercoms, Brivo keyless entry in common areas and ButterflyMX virtual keys. According to Apartments.com, units come in one-, two- and three-bedroom floor plans with monthly rental rates starting at $2,285. Community amenities include a pool and spa, fitness center, onsite retail, four courtyards with fruit trees and outdoor seating, fire pits, outdoor grills, a clubroom, rideshare lounge, entertainment lounge, dog park, pet wash station, package lockers and covered bike storage. The property was 94 percent occupied at the time of sale. “The multifamily sector has faced challenges in recent years, but we remain optimistic due to its resilience amidst economic uncertainty and the heightened levels of renter demand that should persist long after the current wave of new supply is fully absorbed,” says Kristi …

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DevelopmentIndustrialTexas

Hillwood to Develop 1.1 MSF Spec Industrial Project at AllianceTexas in North Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Hillwood will develop a 1.1 million-square-foot industrial project on its AllianceTexas campus in North Fort Worth. Alliance Westport 24 will feature a cross-dock configuration, 40-foot minimum clear heights, 60-foot loading bays, 190-foot truck court depths and onsite infrastructure for future electric car and truck charging stations. In addition, the site is currently configured to support 394 car parking spaces and 227 trailer parking spaces but can be expanded to 564 and 704 spots, respectively. RGA Architects is designing the project, and Westwood is the civil engineering firm. Hillwood Construction Services will serve as the general contractor. Construction is scheduled to begin before the end of the month and to be complete in late 2025.  

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AcquisitionsIndustrialSelf-StorageTexas

Matthews Negotiates Sale of 270-Unit Self-Storage Facility in Round Rock, Texas

by Taylor Williams

ROUND ROCK, TEXAS — Matthews Real Estate Investment Services, a California-based brokerage firm, has negotiated the sale of a 270-unit self-storage facility in the northern Austin suburb of Round Rock. Life Storage operates the facility at 506 McNeil Road, which was originally constructed in 1980 and totals 28,450 square feet of net rentable space. Austin McLeod of Matthews represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.

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Leasing ActivityOfficeTexas

Rocktop Technologies Subleases 15,883 SF of Office Space in Irving

by Taylor Williams

IRVING, TEXAS — Rocktop Technologies, a provider of AI-driven financial valuation services, has subleased 15,883 square feet of office space at the Toyota Music Factory in Irving. According to LoopNet Inc., the property at 370 W. Las Colinas Blvd is a six-story, 166,698-square-foot complex that was originally built in 2018. Kevin McGee and Zach Stevens of NAI Robert Lynn represented the sublessee in the lease negotiations. The name of the sublessor and building owner were not disclosed.

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AcquisitionsNet LeaseRetailTexas

Hanley Investment Group Arranges Sale of 14,490 SF Retail Building Leased to Walgreens in Spring, Texas

by Taylor Williams

SPRING, TEXAS — California-based brokerage firm Hanley Investment Group (HIG) has arranged the sale of a 14,490-square-foot retail building in the northern Houston suburb of Spring that is net leased to Walgreens. The building was constructed in 2001 and is an outparcel to a Kroger-anchored shopping center. Kevin Fryman, Garrett Wood and Ed Hanley of HIG, in association with ParaSell Inc., represented the seller, a Houston-based private investor, in the transaction. Melissa Gerber Brams of Gerber Realty represented the Louisiana-based buyer. Both parties requested anonymity.

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Leasing ActivityOfficeTexas

RBC Wealth Management Signs 11,710 SF Office Lease in Southwest Austin

by Taylor Williams

AUSTIN, TEXAS — RBC Wealth Management has signed a seven-year, 11,710-square-foot office lease in southwest Austin. The financial services firm is taking space at the 124,405-square-foot Building II at Uplands Corporate Center. Ricky Whiteley of Cushman & Wakefield represented the tenant, which plans to take occupancy by the end of the year, in the lease negotiations. Matt Frizzell and Kevin Granger, also with Cushman & Wakefield, represented the landlord, San Francisco-based Drawbridge Realty.

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