Property Type

City of Plano Approves $4B Texas Research Quarter Life Sciences Project

by Kristin Harlow August 28, 2024

PLANO, TEXAS — The Plano City Council has approved a development agreement to support the Texas Research Quarter (TRQ), a life sciences-focused innovation district. The first phase would involve redevelopment and new construction at the former Electronic Data Systems (EDS) headquarters, a 91-acre site that serves as the TRQ main campus. Plano is located approximately 20 miles north of Dallas. The development agreement provides reimbursement to incentivize investment and development within a newly created tax-increment reinvestment zone (TIRZ), which contains the TRQ properties and other parts of Plano’s Legacy neighborhood. Total project costs are estimated at $4 billion, according to the Dallas Business Journal. Future phases include additional redevelopment activity across the main campus, as well as the creation of an integrated multi-site district through development at adjacent and nearby properties. Dallas-based NexPoint, an alternative investment manager with a real estate arm, is spearheading the development. “The city council approval is just the first step in a comprehensive plan to develop the TRQ into a world-class hub for life sciences,” says Eric Danielson, managing director and head of real estate development at NexPoint. “We are committed to collaborating with the community to build a dynamic ecosystem that will drive innovation, …

August 28, 2024

Market Reports Retail Texas Texas Market Reports

InterFace Panel: Despite Robust Demand, Houston Retail Owners Face Challenges in Adapting to New Market Conditions

by Taylor Williams August 28, 2024

By Taylor Williams HOUSTON — High occupancy rates paired with low volumes of new construction have been the prevailing narratives in many major U.S. retail markets over the past couple years, and Houston is no exception. And while that dynamic ensures healthy rent growth within stabilized properties, when paired with high construction costs and higher interest rates, the result can be growth that feels rather sluggish. According to second-quarter data from Colliers, the Houston retail market currently has a vacancy rate of 5.2 percent, a mark that has held steady for the past year. The market added about 1.1 million square feet of new product through the first six months of 2024 to go with roughly 732,000 square feet of positive absorption. The average asking rent stands at $20.38 per square foot, which represents a 3.8 percent increase relative to the second quarter of 2023. Rosy as these figures appear on the surface, they do not tell the full story of the market. Most owners cannot afford to simply sit back and let the deals come to them at rents they dictate. For although demand exceeds supply of quality space, the aforementioned macroeconomic factors are squeezing owners’ profit margins, meaning …

August 28, 2024

Development Florida Loans Multifamily Southeast

JLL Secures $234M Construction Financing for Rosewood Residences Naples in Florida

by John Nelson August 27, 2024

NAPLES, FLA. — JLL Capital Markets has secured $234 million in construction financing for the development of Rosewood Residences Naples, a condominium project in Naples. Affiliates managed by Apollo provided the loan to the borrowers, The Ronto Group and Wheelock Street Capital. Steven Klein, Brian Gaswirth, Paul Adams and Shane Ciacci of JLL secured the financing on behalf of the borrowers. Scheduled for completion in the third quarter of 2026, the 42-unit property will feature three- and four-bedroom residences averaging 5,175 square feet in size and penthouses ranging from 5,170 to 9,601 square feet. Amenities at Rosewood Residence Naples will include a sundeck with a swimming pool, zero-edge lap pools, spas, game rooms, lounges and gated beach access.

August 27, 2024

Development Georgia Mixed-Use Multifamily Southeast

Partnership Tops Out First Residential Tower at $5B Centennial Yards Development in Atlanta

by John Nelson August 27, 2024

ATLANTA — Centennial Yards Co., a partnership between an affiliate of CIM Group and a group led by Tony Ressler, has topped off the first residential tower located within the $5 billion Centennial Yards development in downtown Atlanta. Dubbed The Mitchell and designed by TVS Architecture + Design and Goode Van Slyke Architects (GVSA), the building totals 19 stories and will feature 304 apartment units with studio, one-, two- and three-bedroom layouts. Amenities will include a pool with an event lawn and grilling stations, coworking spaces, a dog run and pet spa, fitness center and 16,000 square feet of ground-floor retail space. Construction is scheduled for completion next year, with move-ins expected to begin in summer 2025. The Mitchell is situated across from a planned Sports and Entertainment District that will offer 470,000 square feet of entertainment, retail, restaurant and hospitality space. Cosm recently announced plans to open a 70,000-square-foot immersive entertainment venue at the district. Upon completion, Centennial Yards will span 50 acres and total 8 million square feet of commercial and residential space. Mercedes-Benz Stadium and State Farm Arena shadow anchor the development, which is located with proximity to Centennial Olympic Park and downtown Atlanta attractions including the …

August 27, 2024

Loans North Carolina Southeast Student Housing

Cushman & Wakefield Arranges $77M Refinancing for Student Housing Community at UNC Charlotte

by John Nelson August 27, 2024

CHARLOTTE, N.C. — Cushman & Wakefield has arranged $77 million in refinancing for Junction 49, a newly developed student housing community serving the University of North Carolina at Charlotte (UNC Charlotte). Gideon Gil, Zach Kraft, Dale Braverman and Travis Prince of Cushman & Wakefield represented the borrower, SR Real Estate Partners and Circle Squared Alternative Investments, in securing the loan. Macquarie Capital Principal Finance provided the financing. Located at 7600 University City Blvd., the 370,883-square-foot property totals 754 beds and 12,396 square feet of amenity space. Junction 49 features private and group study rooms on each floor, a lounge area, game room, market, 24-hour fitness center, swimming pool, hot tub, poolside cabanas, outdoor grilling stations and two courtyards.

August 27, 2024

Acquisitions North Carolina Retail Southeast

Marcus & Millichap Brokers $5.5M Sale of Retail Center in Franklin, North Carolina

by John Nelson August 27, 2024

FRANKLIN, N.C. — Marcus & Millichap has brokered the $5.4 million sale of a retail center in the western North Carolina city of Franklin. Located at 109 Commons Drive, the 32,000-square-foot property was 96 percent leased to 12 tenants at the time of sale to retailers including Dollar Tree, CATO and Sally Beauty Supply. Zach Taylor and Eric Abbott of Marcus & Millichap represented the seller, a Louisiana-based family office, in the sale. Benjamin Yelm assisted in closing the transaction as the firm’s broker of record in the state. The buyer was not disclosed. “This center has a regional trade area and serves as the Walmart for Highlands, N.C., a popular resort and second-home market for many major metros in the Southeast,” says Taylor. “The buyer was drawn to Walmart’s dominant presence and the limited future development potential due to the surrounding area’s topography.”

August 27, 2024

Acquisitions Leasing Activity Retail Southeast Tennessee

RealSource Negotiates Sale-Leaseback of 34,000 SF Retail Property in Metro Memphis Leased to LA Fitness

by John Nelson August 27, 2024

COLLIERVILLE, TENN. — RealSource Group has negotiated the sale-leaseback of a 34,000-square-foot single-tenant retail property located at 1088 W. Poplar Ave. in Collierville, roughly 30 miles southeast of Memphis. LA Fitness occupies the property, which was built in 2019. Ted Slaughter and Jonathan Schiffer of RealSource, in association with Scott Reid of ParaSell Inc., represented the seller, Fitness International (the parent company of LA Fitness), in the transaction. A private investor acquired the property for an undisclosed price. LA Fitness will continue to occupy the building, which is situated near the 1 million-square-foot FedEx World Tech Center and 900,000-square-foot Carrier facility, on a 15-year net lease. Chipotle Mexican Grill and Chick-fil-A occupy outparcels near the property.

August 27, 2024

Development Industrial Texas

TCC, Daiwa House Begin Construction on 1.3 MSF Industrial Project in Southwest Houston

by Taylor Williams August 27, 2024

HOUSTON — A joint venture between Trammell Crow Co. (TCC) and Japanese developer Daiwa House has broken ground on Blue Ridge Commerce Center, a 1.3 million-square-foot industrial project in southwest Houston. The site spans 92 acres at the northwest corner of Fort Bend Parkway and McHard Road, and the development will consist of five buildings that will range in size from 153,928 to 431,017 square feet. Buildings will feature a mix of front-load, rear-load and cross-dock configurations and clear heights that range from 28 to 36 feet. Seeberger Architecture designed the project, and E.E. Reed Construction is serving as the general contractor. Sumitomo Mitsui Banking Corp. is financing the development, and CBRE has been tapped as the leasing agent. Linco Construction will undertake infrastructure improvements as part of the project, which will include new public roads, traffic signals, underground utilities, a regional storm water detention pond and public sidewalks. Completion is scheduled for summer 2025.

August 27, 2024

Development Multifamily Texas

Palladium USA Breaks Ground on $79M Multifamily Project in Mesquite, Texas

by Taylor Williams August 27, 2024

MESQUITE, TEXAS — Locally based developer Palladium USA has broken ground on a $79 million project in the eastern Dallas suburb of Mesquite. Palladium Carver Living will be situated on a 10-acre site and will consist of 288 apartments in one-, two- and three-bedroom layouts. A portion of the units will be set aside for individuals earning 60 percent of the area median income. Amenities will include a pool, fitness center, conference center, clubroom, dog park, computer lounge and a children’s playroom. M Arrive Architecture Group designed the property, and BBL Building Co. is the general contractor. Preleasing is slated to begin by the fourth quarter of 2025. The Mesquite Housing Finance Corp. issued $37 million in tax-exempt bond financing for the project, and Regions Bank provided more than $34 million in equity, as well as a $36 million permanent loan. Additionally, the Texas Department of Housing and Community Affairs issued $38 million in 4 percent Low-Income Housing Tax Credits.

August 27, 2024

Development Multifamily Texas

Lynd Group Nears Completion of 360-Unit Potranco Commons Apartments in San Antonio

by Taylor Williams August 27, 2024

SAN ANTONIO — Locally based developer The Lynd Group is nearing completion of Potranco Commons, a 360-unit mixed-income project in San Antonio’s Far West Side submarket. Residences come in one-, two- and three-bedroom formats, range in size from 541 to 1,355 square feet and are housed across 15 three-story buildings. Approximately 40 percent of the units are reserved for renters earning 80 percent or less of the area median income. Amenities include a clubhouse, pool, fitness center, outdoor grilling and dining stations, multiple open green spaces and a DJ booth. Lynd Group partnered with Santikos Enterprises and the San Antonio Housing Authority on the project. Move-ins began earlier this year, and the property is now 53 percent leased. Rents for market-rate units start at $1,181 per month. Construction began in summer 2022.

August 27, 2024

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