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LoansMultifamilyNorth CarolinaSoutheast

Greystone Arranges $56.3M Refinancing for Multifamily Community in North Carolina

by John Nelson

NEW YORK CITY — New York City-based Greystone has arranged the refinancing of a 288-unit multifamily community located in North Carolina. The name and location of the property were not disclosed. Totaling $56.3 million, the financing includes a $50 million, 10-year Freddie Mac Optigo loan provided by Greystone, as well as $6.3 million in preferred equity provided by Lubert-Adler. Dan Sacks and Harrison Drucker of Greystone originated the Freddie Mac loan, and Matthew Zisler of Greystone secured the preferred equity on behalf of the client. Developed between 2021 and 2022, the property features units in one-, two- and three-bedroom layouts. Amenities at the community include a saltwater pool, dog park with agility equipment, outdoor social lounge and grilling pavilion, complimentary Starbucks Coffee bar, 24-hour fitness center, resident lounge, conference room, cyber café, Amazon Hub package locker, playground and complimentary Wi-Fi.

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IndustrialLeasing ActivitySoutheastVirginia

Lingerfelt Inks 106,376 SF Industrial Lease With PECO Pallet in Metro Richmond

by John Nelson

COLONIAL HEIGHTS, VA. — Lingerfelt has signed a 106,376-square-foot lease with PECO Pallet Inc. at Port 801, a speculative industrial facility located at 801 Port Walthall Drive in Colonial Heights, a southern suburb of Richmond. Rob Dirom, Wood Thornton and Frank Hargrove III of Colliers represented Lingerfelt in the lease transaction. Graham Stoneburner of Cushman & Wakefield | Thalhimer represented PECO, which is the second of two tenants in operation at the 239,448-square-foot facility. ARCO Design Build delivered Port 801 on behalf of Lingerfelt in fourth-quarter 2022. The PECO lease brings the facility to full occupancy. PECO Pallet is a provider of rental pallet services to the beverage, grocery and consumer products industries.

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AcquisitionsArkansasIndustrialSoutheast

Stoic Equity Acquires 65,000 SF Flex Industrial Property in Little Rock

by John Nelson

LITTLE ROCK, ARK. — Stoic Equity Partners has acquired Parkwood Center, a 65,000-square-foot, multi-tenant flex industrial property located at 6801 W. 12th St. in Little Rock. This increases the Daphne, Ala.-based investor’s holdings in Little Rock to three properties spanning more than 150,000 square feet. The seller and sales price were not disclosed. Parkwood Center features suites ranging in size from 975 to 6,298 square feet and offers proximity to I-630 and I-430.

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AcquisitionsAlabamaRetailSoutheast

Marcus & Millichap Brokers Sale of Alabama’s First Wawa Gas Station and Convenience Store

by John Nelson

FAIRHOPE, ALA. — Don McMinn and Andrew Koriwchak of Marcus & Millichap’s Taylor McMinn Retail Group brokered the sale of the first completed Wawa in Alabama, a 6,119-square-foot gas station and convenience store located at 18968 Greeno Road in Fairhope. Situated 20 miles southeast of Mobile, the property features a new 20-year corporate ground lease in place with scheduled rent increases and renewal options. The seller, a preferred Wawa developer, delivered the property earlier this year. An undisclosed, locally based 1031 buyer purchased the Fairhope store for an undisclosed price. “In the current net lease market with a surplus of inventory and a constrained buyer pool, accessing local investors continues to be an essential ingredient to deal execution,” says McMinn. Atlanta-based Taylor McMinn Retail Group is currently marketing a new Wawa in Robertsdale, which is the second Wawa station in Alabama. The Pennsylvania-based gas station giant plans to open 10 stores in surrounding Mobile markets. Wawa has 1,058 locations in eight states with plans to reach 1,800 stores by 2030.

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Perris-Gateway-Perris-CA
CaliforniaDevelopmentIndustrialLoansWestern

JV Secures $135M Construction Loan for Perris Gateway Industrial Project in Perris, California

by Amy Works

PERRIS, CALIF. — A joint venture between DECA Cos. and Wildcat Capital Management has obtained a $135 million loan to finance the ground-up development of Perris Gateway, an industrial development in Perris. Bank OZK provided the senior portion of the loan, while Affinius Capital originated the subordinate portion. Perris Gateway will feature 850,000 square feet of industrial space with 40-foot clear ceiling heights, 124 dock-high doors, four drive-in doors and 4,000 amps of power. Additionally, the property will offer 348 auto parking stalls and 308 trailer parking stalls. The joint venture will use the loan proceeds to finance the construction and lease up-of Perris Gateway, which will be available for lease in 2025.

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Corbin-Industrial-Park-Denton
DevelopmentIndustrialTexas

Harbor Capital Acquires 606,911 SF Corbin Industrial Park in Denton, Texas

by Taylor Williams

DENTON, TEXAS — Austin-based real estate private equity firm Harbor Capital has acquired Corbin Industrial Park, a 606,911-square-foot development located in the North Texas city of Denton. Constructed on 45 acres in phases between 2005 and 2014, the park features an average building size of 30,346 square feet, clear heights of up to 24 feet, industrial outdoor storage space, grade-level and dock-high loading configurations and more than 700 car parking spaces. Frazier Commercial Real Estate brokered the sale and has also been retained as the leasing agent. An entity managed by Argentic Investment Management provided acquisition financing for the deal that was arranged by Newmark. The seller was not disclosed.

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DevelopmentOfficeTexas

Cousins Properties Secures 320,000 SF Office Lease at The Domain in Austin

by Taylor Williams

AUSTIN, TEXAS — Cousins Properties (NYSE: CUZ) has secured a 320,000-square-foot, full-building office lease at The Domain mixed-use destination in Austin. The Atlanta-based owner-operator did not disclose the name of the tenant, but multiple local publications including the Austin-American-Statesman and Community Impact Newspaper report that it was IBM. The new tenant will assume the existing lease of Meta Platforms, the parent company of Facebook and Instagram, beginning in 2026 and extend the lease expiration date from 2031 to 2040. The building was completed in 2020 and offers a café, outdoor terraces, fitness center and direct access to hiking and biking trails.

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AcquisitionsRetailTexas

Headwall Investments Buys 29,114 SF Fairmont Crossing Retail Center in Metro Houston

by Taylor Williams

PASADENA, TEXAS — San Antonio-based Headwall Investments has purchased the 29,114-square-foot Fairmont Crossing Retail Center in Pasadena, an eastern suburb of Houston. The unanchored strip center was built in phases on a 3.3-acre site between 2008 and 2012. The tenant roster includes Red Wing Shoes, Thriveworks, Just Love Coffee, Kirkwood Medical Associates and Fidelity National Title. The seller and sales price were not disclosed.

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Leasing ActivityOfficeTexas

Chesmar Homes Signs 14,594 SF Office Lease in Richardson, Texas

by Taylor Williams

RICHARDSON, TEXAS — Chesmar Homes has signed a 14,594-square-foot office lease in the northeastern Dallas suburb of Richardson. The Houston-based homebuilder is taking space at Collins Crossing, an 11-story, 300,887-square-foot building. Kent Smith of NAI Robert Lynn represented Chesmar Homes in the leasing. Nebraska-based development and investment firm Goldenrod Cos. owns Collins Crossing.

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Leasing ActivityOfficeOklahomaTexas

CBRE Opens 5,154 SF Office at Phillips Murrah Building in Midtown Oklahoma City

by Taylor Williams

OKLAHOMA CITY — CBRE has opened a 5,154-square-foot office at the Phillips Murrah Building in Oklahoma City. The Dallas-based real estate services firm is relocating from 3401 NW 63rd St. to the second floor of the building, which is located in the city’s Midtown area. The space features various social spaces that support collaborative work, including bench-seating workstations, focus rooms, phone rooms and a huddle room.

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