Property Type

Webstaurant Store Signs 1.2 MSF Industrial Lease in Hagerstown, Maryland

by John Nelson February 6, 2024

HAGERSTOWN, MD. — The Webstaurant Store LLC, an online restaurant supplier based in Pennsylvania, has signed a 1.2 million-square-foot lease for a new distribution center in Hagerstown, a city near the Maryland-Pennsylvania border. A partnership led by Baltimore-based MCB Real Estate is the landlord/developer of the 1.5 million-square-foot industrial park, dubbed Currwood Logistics Center. Cushman & Wakefield represented the landlord in the lease negotiations, while Newmark represented Webstaurant Store. Other member firms in the park’s ownership include Invesco Real Estate, Curated Development Group, Birchwood Capital Partners and Artemis Real Estate Partners. Currwood Logistics Center is situated near the intersection of I-70 and I-81 along Paul Smith Boulevard and will create 700 new jobs at full capacity, according to MCB. The property will serve as the hub of Webstaurant Store’s Northeast fulfillment network.

February 6, 2024

Development Hospitality Texas

Joint Venture to Develop 200-Room Sports Illustrated Hotel in Texas City, Texas

by Taylor Williams February 6, 2024

TEXAS CITY, TEXAS — A joint venture between Sports Hospitality Ventures and Lagoon Development Co. will develop the Sports Illustrated Resort at Lago Mar, a 200-room hotel that will be located southeast of Houston in Texas City. The nine-story hotel will feature a variety of suite accommodations and sports-themed amenities, as well as a 12-acre lagoon and a beach club with cabanas, resort services and a swim-up island bar. Construction is scheduled to begin in the third quarter.

February 6, 2024

Development Florida Retail Southeast

Whole Foods to Open 40,100 SF Grocery Store in St. Petersburg, Florida

by John Nelson February 6, 2024

ST. PETERSBURG, FLA. — Whole Foods Market plans to open a new 40,100-square-foot store in St. Petersburg, marking the grocer’s entry to the Tampa Bay suburb. The developer of the freestanding store was not disclosed, but the Tampa Bay Times reported that the developer/landlord is a partnership between locally based J Square Developers and Atlanta-based SJC Ventures. Located at 201 38th Ave. N, the new store will feature more than 800 local products from more than 140 local suppliers. The store will include a full-service seafood counter; cheese station; meat counter; a craft beer department that will sell 180 craft beers, including 50 from local breweries; a hot food and salad bar; bakery; and a wellness and beauty section. Whole Foods plans to open its doors on Wednesday, Feb. 28.

February 6, 2024

Development Florida Loans Multifamily Southeast

JLL Arranges $60.9M Refinancing for Multifamily Development in Miami

by John Nelson February 6, 2024

MIAMI — JLL has arranged $60.9 million in construction takeout refinancing for a new multifamily development underway in Miami’s Village of El Portal neighborhood. The eight-story, 282-unit property, called The Kavista, is set to open later this month. Melissa Rose, Michael DiCosimo and Maddy McMillen of JLL arranged the two-year, floating-rate loan through Varde Partners on behalf of the borrower and developer, Barrington Brothers. Located at 495 N.E. 83rd St. between Miami Shores and Little River, The Kavista will feature one-, two- and three-bedroom apartments, as well as a resort-style swimming pool and pool deck, a coworking lounge, theater, fitness center and electric vehicle (EV) charging stations. Monthly rental rates at The Kavista range from $2,100 to $4,200, according to Apartments.com.

February 6, 2024

Acquisitions Alabama Retail Southeast

IPA Brokers $17.6M Sale of Eastwood Village Retail Center in Birmingham

by John Nelson February 6, 2024

BIRMINGHAM, ALA. — Zach Taylor of Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $17.6 million sale of Eastwood Village, a 130,056-square-foot shopping center in Birmingham. Situated near a new Amazon facility, the center is anchored by Walmart, which was not part of the transaction. Other tenants of Eastwood Village include Ross Dress for Less, Office Depot, Michael’s and Party City. Taylor represented the seller, a partnership based in Louisiana, and sourced the buyer, a private syndicator based in California that paid all-cash. “The key to this transaction was selecting a buyer that was truly all-cash,” says Taylor. “This took the uncertainty of rising interest rates off the table and allowed us to trade at an aggressive cap rate.”

February 6, 2024

Loans Multifamily Texas

Greystone Provides $16.1M in Agency Financing for Multifamily Properties in Smith County, Texas

by Taylor Williams February 6, 2024

LINDALE AND WHITEHOUSE, TEXAS — Greystone has provided four Fannie Mae loans totaling $16.1 million for a quartet of multifamily properties in Smith County, located roughly midway between Dallas and Shreveport, La. The properties are located in Lindale and Whitehouse, both of which are part of the Tyler metro area, and total 136 units. Stella Plotkin of Greystone originated the nonrecourse loans, all of which were structured with 10-year terms, fixed interest rates and 30-year amortization schedules. The borrower(s) was not disclosed.

February 6, 2024

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 31,835 SF Industrial Sublease in Carrollton, Texas

by Taylor Williams February 6, 2024

CARROLLTON, TEXAS — Lee & Associates has negotiated a 31,835-square-foot industrial sublease in the northern Dallas metro of Carrollton. According to LoopNet Inc., the property at 1215 W. Crosby Road was built in 2014 and totals 184,855 square feet. Corbin Blount and Adam Graham of Lee & Associates represented the sublessor, Grand Fusion Housewares LLC, in the lease negotiations. Mike Cleary, Bill Buntyn and Danny Stimson of Colliers represented the sublessee, Accelevation LLC.

February 6, 2024

Acquisitions Multifamily Texas

KW Commercial Arranges Sale of 28-Unit Apartment Building in San Antonio

by Taylor Williams February 6, 2024

SAN ANTONIO — KW Commercial has arranged the sale of Buena Vida Apartments, a 28-unit apartment building located on the south side of San Antonio. According to Apartments.com, the property was built in 1968 and offers one- and two-bedroom units. Jaxton Hoelting of KW Commercial represented the California-based seller in the transaction. Jackie Oldbury of Keller Williams represented the Texas-based buyer.

February 6, 2024

Acquisitions Florida Retail Southeast

Graphite Real Estate Acquires Publix-Anchored Shopping Center in Metro Tampa for $9.9M

by John Nelson February 6, 2024

HOLIDAY, FLA. — Maryland-based Graphite Real Estate has purchased Holiday Centre, a Publix-anchored shopping center located at 4637-4701 Sunray Drive in Holiday, a northern suburb of Tampa. The undisclosed seller sold the 67,035-square-foot retail property for $9.9 million. Ari Ravi of RIPCO Investment Sales represented the seller in the sale, and RGA Reinsurance Co. originated acquisition financing on behalf of Graphite. In addition to the Publix, Holiday Centre was 98 percent leased at the time of sale to tenants including Planet Fitness, Publix Liquors and Bright Now Dental.

February 6, 2024

Development Industrial Loans Massachusetts Northeast

Portman Holdings to Undertake 1.1 MSF Industrial Redevelopment in Taunton, Massachusetts

by Taylor Williams February 6, 2024

TAUNTON, MASS. — Atlanta-based Portman Holdings will undertake a redevelopment project in Taunton, located south of Boston and east of Providence, that will convert the site of the former Silver City Galleria mall into a 1.1 million-square-foot industrial park. The mall closed in 2020 after nearly 30 years of operation. For the first phase of the project, Portman plans to demolish existing structures and construct a 248,435-square-foot-building with a clear height of 32 feet, 38 dock positions, two drive-in doors and parking for 270 cars and 29 trailers. On behalf of Portman, Jody Thornton, Brett Paulsrud, Ryan Parker and Ari Bogen of JLL arranged a $29 million construction loan through BMO Harris for the first phase of the redevelopment.

February 6, 2024

Newer Posts

Older Posts