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DevelopmentMixed-UseNorth CarolinaSoutheast

Trammell Crow Co. to Develop First Phase of 55.5-Acre Iron District Mixed-Use Project in Charlotte

by John Nelson

CHARLOTTE, N.C. — Trammell Crow Co. (TCC) has been selected as the developer of the first phase of Iron District, a 55.5-acre mixed-use project located in the Uptown and South End neighborhoods of Charlotte. TCC will develop the property on behalf of a subsidiary of Charlotte Pipe and Foundry Co. doing business as Iron District LLC. TCC will also assist in the master planning for the overall development. Upon completion, Phase I of Iron District will feature a 150-room hotel; 500 residential units; 100,000 square feet of retail space; 150,000 square feet of Class A office space; and 1,200 parking spaces. Iron District LLC has also committed to donate roughly four acres of land for the development of a light rail stop as part of the entitlement process. The Iron District project team includes LandDesign, S9 Architecture and Of Place. A development timeline was not disclosed.

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AcquisitionsGeorgiaMultifamilySoutheast

LRE Management Acquires Multifamily Portfolio in Metro Atlanta for $102M

by John Nelson

ATLANTA — LRE Management has acquired a multifamily portfolio located in the Atlanta metro area for $102 million. The seller was not disclosed. Totaling 778 units across three properties, the portfolio comprises Eastwood Village in Stockbridge, Monterey Village in Jonesboro and Peachtree Landing in Fairburn. Amenities at each community include a pool and fitness center. LRE, which assumed mortgage debt in the purchase, plans to renovate select unit interiors, as well as modernize the amenities and implement new property management. “We believe that acquiring 2000s-vintage assets in a tier-one market at pre-pandemic pricing and at a significant discount to current replacement cost represents a once-in-multiple-decades investment opportunity,” says Eric Londa, founder and managing partner of LRE.

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AcquisitionsFloridaIndustrialSoutheast

Avison Young Brokers $9.1M Sale of Industrial Building in Miami

by John Nelson

MIAMI — Avison Young has brokered the $9.1 million sale of an industrial property located at 7400 N.W. 37th Ave. in Miami. RAM Steel Framing occupies the building, which totals 109,000 square feet. John Crotty, David Duckworth, Michael Fay and Brian de la Fé of Avison Young represented the seller, Plage Associates, and the buyer, Azora Exan, in the transaction. The same team previously arranged Plage Associates’ $7.5 million purchase of the property in 2020. RAM Steel Framing will continue to occupy the building, which is situated roughly three miles from Miami International Airport.

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AcquisitionsGeorgiaRetailSoutheast

Faris Lee Arranges $4.7M Sale of New Retail Building in Dalton, Georgia Leased to Starbucks, AFC Urgent Care

by John Nelson

DALTON, GA. — Faris Lee Investments has arranged the $4.7 million sale of a freestanding retail pad building located in Dalton, a city in northern Georgia near the Tennessee border. Starbucks Coffee and AFC Urgent Care currently occupy the property. Developed in 2023, the two-tenant building features a drive-thru and is situated at the entrance to Dalton Square, a shopping center leased to Food City, Ross Dress for Less, Ulta Beauty and PetSmart. Scott DeYoung, Jeff Conover, Don MacLellan and Greg Lukosky of Faris Lee represented the undisclosed seller in the transaction. A Georgia-based 1031-exchange private investor was the buyer.

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FloridaLeasing ActivityMixed-UseRestaurantRetailSoutheast

Four New Tenants Sign Leases at Promenade at Coconut Creek Near Fort Lauderdale

by John Nelson

COCONUT CREEK, FLA. — Four new tenants have signed leases at Promenade at Coconut Creek, a shopping center located in Coconut Creek, approximately 15 miles north of downtown Fort Lauderdale. Fragrance store Orientica is now open at the property, within a 1,045-square-foot space. Karma Bath & Body Co. is scheduled to open a 1,868-square-foot store later this month, and My Phone Lab and Happy Monkey will occupy 1,801 and 1,000 square feet, respectively, beginning in October. Avison Young manages and leases Promenade at Coconut Creek on behalf of the owner, Charlotte-based Hill Partners Inc.

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AcquisitionsIndustrialTexas

Lunada Rose Partners Buys 185,413 SF Industrial Building in South Houston

by Taylor Williams

HOUSTON — Los Angeles-based investment firm Lunada Rose Partners has acquired a 185,413-square-foot industrial building located at 13612 Furman Road on the south side of Houston. The building was completed earlier this year and features 32-foot clear heights, 34 loading docks and two drive-in doors. At the time of sale, the building was fully leased to Empire Auto Parts on a long-term basis. JLL represented the undisclosed seller in the off-market transaction. The sales price was also not disclosed, but the deal traded in all-cash and was originally listed for $21.8 million.

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AcquisitionsHospitalityTexas

Marcus & Millichap Brokers Sale of 67-Room Hotel in Sherman, Texas

by Taylor Williams

SHERMAN, TEXAS — Marcus & Millichap has brokered the sale of Quality Suites Sherman, a 67-room hotel located about 50 miles north of Dallas in Sherman. The sales price was not disclosed. Built on 2.2 acres in 1996 and renovated in 2019, the two-story hotel offers amenities such as an outdoor pool, meeting room, breakfast bar and guest laundry facilities. Chris Gomes of Marcus & Millichap represented the seller in the transaction and procured the Oklahoma-based private investor as the buyer. Both parties requested anonymity. Allan Miller and Skyler Cooper of Marcus & Millichap assisted in closing the deal as supporting brokers.

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DevelopmentRetailTexas

NewQuest Breaks Ground on 19,000 SF Retail Building in Richmond, Texas

by Taylor Williams

RICHMOND, TEXAS — Locally based developer NewQuest Properties has broken ground on a 19,000-square-foot, multi-tenant retail building in Richmond, a southwestern suburb of Houston. The building will be part of Phase III of The Grand at Aliana, a 65-acre development. The building is 75 percent preleased to Milano Nails, America’s Best, Five Guys, Dunkin’, Firehouse Subs and Buffalo Wild Wings Go. The stores and restaurants are expected to open next summer. Costco Wholesale anchors Phase III of the development and opened its doors earlier this year.

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Leasing ActivityOfficeTexas

Newmark Negotiates 15,000 SF Office Headquarters Lease at The Farm in Allen, Texas

by Taylor Williams

ALLEN, TEXAS — Newmark has negotiated an 15,000-square-foot office headquarters lease at The Farm, a 135-acre mixed-use development located in the northeastern Dallas suburb of Allen. The tenant, Fibergrate Composite Structures, a provider of composite building materials and anti-slip surfaces, will move in to the 102,000-square-foot FARMWorks One building early next year. Nathan Durham and Duane Hendley of Newmark represented the landlord, JaRyCo, in the lease negotiations. Mac Morse, Jakey Younger and Scott Morse with Citadel Partners represented the tenant.

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Leasing ActivityRestaurantRetailTexas

Smalls Sliders Signs Six-Unit Franchise Deal in Metro Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Cheeseburger restaurant chain Smalls Sliders has signed a new franchise deal to open six new restaurants in the Fort Worth metro area. Franchisee Brett Stewart will operate the restaurants, which are dubbed “Cans.” Locations will include Fort Worth, White Settlement, Weatherford, Granbury, Cleburne and Stephenville. The first of the new units is scheduled to open in 2025. Smalls Sliders was founded in 2019 and now has a portfolio of more than 300 restaurants currently open or under development.

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