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Build-to-RentDevelopmentSingle-Family RentalTexas

Tricon Residential Completes 148-Unit Build-to-Rent Project in Tomball, Texas

by Taylor Williams

TOMBALL, TEXAS — Tricon Residential, a subsidiary of Blackstone, has completed a 148-unit build-to-rent-residential project in the northeastern Houston suburb of Tomball. Tricon Willow Creek features three- to four-bedroom homes with four different configurations that are furnished with stainless steel appliances, granite countertops, two-car garages and fully fenced backyards. Amenities include a pool, playground, dog park and sports park. Tricon developed the property in partnership with HHS Residential, a division of Plano-based Highland Homes. Rents start at $2,289 per month for a three-bedroom home.

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LoansOfficeTexas

Lone Star PACE Arranges $3.5M in C-PACE Financing for North Dallas Office Tower

by Taylor Williams

DALLAS — Lone Star PACE has arranged $3.5 million in C-PACE financing for Meadow Park Tower, a 263,000-square-foot office building in North Dallas. The 15-story building was originally constructed in 1986 and last renovated in 2016. Bayview PACE provided the nonrecourse, fixed-rate financing, proceeds of which will be used to install sustainable energy-efficient windows and walls, LED lighting, improved HVAC systems and low-flow plumbing. Bradford Cos. owns the building, which was 90 percent leased at the time of the loan closing.

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DevelopmentFloridaLoansMixed-UseMultifamilyRetailSoutheast

Walker & Dunlop Arranges $72.8M HUD-Insured Loan for Apartment Development in Panama City Beach

by John Nelson

PANAMA CITY BEACH, FLA. — Walker & Dunlop has arranged a $72.8 million construction loan for Vintage Lake Powell, a 289-unit apartment development located at 24000 Panama City Beach Parkway in Panama City Beach. Keith Melton and David Strange of Walker & Dunlop originated the HUD 221(d)(4) loan on behalf of the developers, Oldacre McDonald LLC and TDK Construction LLC. Planned amenities at Vintage Lake Powell include a clubhouse and leasing center, fitness facility, package/storage center, resort-style pool and sundeck, arbor with outdoor seating and grilling station, pickleball and bocce ball court, playground, dog park and a lakefront amenity area on Lake Powell. Additionally, the property will include 19,783 square feet of ground-level retail spaces fronting Panama City Beach Parkway. The construction timeline was not disclosed.

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AlabamaDevelopmentIndustrialSoutheast

TriOut to Develop 223,500 SF Industrial Project in Huntsville, Alabama

by John Nelson

HUNTSVILLE, ALA. — TriOut Advisory Group plans to develop a 223,500-square-foot industrial project in Huntsville. The project will be situated near I-565 on an 18-acre site along Sparkman Drive within Cummings Research Park. The project team includes locally based civil engineer Johnson & Associates. NAI Chase Commercial Real Estate is handling the leasing assignment on behalf of TriOut.

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AcquisitionsDevelopmentMultifamilyNorth CarolinaSoutheast

Berkadia Brokers $14.5M Sale of Metro Charlotte Townhome Development Site

by John Nelson

MOORESVILLE, N.C. — Berkadia has brokered the $14.5 million sale of Townes at Lake Norman, a 116-lot townhome development site located at 752 River Highway in the northern Charlotte suburb of Mooresville. The seller is North Carolina-based Evolve Cos., which is developing an apartment community that includes the 116-lot townhome site called Evolve at Lake Norman. The developer plans to deliver first units later this month and has tapped Hawthorne Residential to operate the community. Caleb Troop, Thomas Colaiezzi and Matt Robertson of Berkadia represented the seller in the transaction. The buyer was not disclosed.

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Leasing ActivityOfficeTexas

Hicks Johnson Signs 21,000 SF Office Lease in Downtown Houston

by Taylor Williams

HOUSTON — Hicks Johnson PLLC has signed a 13-year, 21,000-square-foot office lease in downtown Houston. The litigation and arbitration law firm is taking space at 1550 on the Green, a 28-story, 375,000-square-foot building that the owner, international developer Skanska, completed earlier this year. Tyler Garrett and Chrissy Wilson of JLL represented Skanska in the lease negotiations. The deal brings the building to 54 percent occupancy. Hicks Johnson plans to take occupancy in late 2025.

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AcquisitionsFloridaRetailSoutheast

SRS Negotiates $6.5M Sale of Strip Retail Center in Metro Jacksonville

by John Nelson

ST. JOHNS, FLA. — SRS Real Estate Partners has brokered the $6.5 million sale of Parkway Place Shoppes, a new strip retail center located at 1385 St. Johns Parkway in the Jacksonville suburb of St. Johns. KidStrong, Oola Mala Restaurant, Tsaocaa Tea, Benjamin Moore and Planet Smoothie fully occupy the 11,685-square-foot property on new 10-year, triple-net leases. Patrick Nutt, William Wamble and Daniel Becker of SRS represented the seller, a Florida-based private development company, in the sale. The buyer was a private investor from New York that purchased the center in a 1031 exchange.

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Leasing ActivityNorth CarolinaOfficeSoutheast

Burns & McDonnell Expands Office Footprint at Fenton in Cary, North Carolina

by John Nelson

CARY, N.C. — Burns & McDonnell, a global engineering, construction and architecture firm, has expanded its office footprint to 17,000 square feet at Fenton, a 92-acre mixed-use development in the Raleigh suburb of Cary. Matt Winters and Ashley Ingram of JLL represented Burns & McDonnell in the lease transaction, nearly doubling the tenant’s square footage. The office is located at 25 Fenton Main and features an outdoor terrace overlooking the project’s Central Plaza. The owners of Fenton include Hines, Columbia Development and Affinius Capital.

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AcquisitionsHospitalityNew YorkNortheast

Muroff Hospitality Group Arranges $15.5M Sale of Fire Island Pines Resort on Long Island

by Taylor Williams

FIRE ISLAND PINES, N.Y. — Brokerage firm Muroff Hospitality Group has arranged the $15.5 million sale of Fire Island Pines Resort on the southern tip of Long Island. The resort features The Blue Whale marina and restaurant, a hotel, pool, fitness center and pavilion. The sale, which also included a three-bedroom house and 16-bedroom house for employees, represents approximately 75 percent of the commercial property on Fire Island Pines. Mitch Muroff of Muroff Hospitality Group represented the buyer and seller in the transaction.

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AcquisitionsCaliforniaIndustrialSelf-StorageWestern

Capital 360, Barings Sell 2,460-Unit Extra Space Storage Facility in Cerritos, California for $91M

by Amy Works

CERRITOS, CALIF. —  A joint venture between Capital 360 and Charlotte-based Barings has completed the disposition of Extra Space Storage in Cerritos to Houston-based Hines for $91 million. Nick Walker and Trevor Roberts of CBRE’s Self Storage Advisory Group represented the seller in in the transaction. Capital 360 and Barings originally acquired the site in 2018. Situated on 4.9 acres at 17900 Crusader Ave., the three-story, 260,273-square-foot facility offers 2,460 storage units. Constructed in 2020, the facility was more than 88 percent occupied at the time of sale.

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