Property Type

Essex Capital, Ascend Property Group Break Ground on Front Row Mixed-Use Development in Huntsville, Alabama

by Jeff Shaw February 2, 2024

HUNTSVILLE, ALA. — A joint venture between Essex Capital and Ascend Property Group has broken ground on Front Row, an 11-acre mixed-use project in downtown Huntsville. The $220 million first phase of Front Row is now underway, following news last week that Banco Inbursa and a group led by Keel Point and Opportunity Alabama provided $115 million in construction financing. The first retail space is slated for delivery in late 2025, followed by apartments and office space in early 2026. Upon full build-out, the first phase of Front Row will comprise two six-story buildings featuring 545 apartments, 36,000 square feet of office space and 47,000 square feet of retail space. Further plans for the project — including a hotel, a class A office tower and luxury condos — will be disclosed at a later date, according to the developers. The development will be situated across from the Von Braun Center, a 170,000-square-foot entertainment center that opened its doors in 1975. The developers state that Front Row is intended to interlink the Von Braun Center with other key areas of the city, such as Big Spring Park, Fountain Circle, University of Alabama Huntsville and Downtown Greenway. The project’s team also includes …

February 2, 2024

Colorado Market Reports Retail Western Western Market Reports

Denver Retail Market: Is a Storm Brewing?

by Jeff Shaw February 2, 2024

— By Tami Lord, Senior Vice President, SRS Real Estate Partners — No longer the Cowtown of ages past, Denver has developed into an economically diverse, midsized city as demonstrated by both the residential and business growth over the last decade. Major companies now include Denver on their target list for potential headquarters, regional hubs, and distribution locations. Compared to the coastal markets, Denver is more affordable and offers a very desirable quality of life for employees, helping to put Denver on the short list. The pandemic only increased Denver’s growth trajectory. All of a sudden, people were able to maintain their current employment while living in a setting known for over 300 days of sun annually with easy access to hiking, skiing, biking, camping…the list goes on. The population growth has spurred rising housing and land prices. Coupled with rising construction costs, increasing real estate taxes, long permitting times and a tight employment market, traditional retail development has slowed. The lack of significant new development has pushed retail vacancy to a near-record low of 4.1 percent across the metro, according to data from CoStar. Many downtown retail markets across the country have been hit with higher vacancy rates in …

February 2, 2024

Acquisitions Alabama Development Industrial Southeast

AE Industrial Acquires 2.3 MSF Facility in Northwest Alabama, Plans Conversion to Aerospace Center

by John Nelson February 1, 2024

CHEROKEE, ALA. — An affiliate of AE Industrial Partners (AEI), a private equity firm specializing in aerospace investments, has purchased a vacant industrial facility in Cherokee spanning nearly 2.3 million square feet. The Retirement Systems of Alabama sold the facility to AEI for an undisclosed price. The property sits on a 638-acre site at 1200 Haley Drive in northwest Alabama’s Shoals area and was previously home to tenants including National Steel Car, Navistar and FreightCar America. AEI plans to renovate the facility to serve as an aerospace center and house the headquarters of aerospace suppliers, manufacturers and innovators. The company will also be partnering with Poarch Band of Creek Indians, a federally recognized tribe of Native Americans with reservation lands in lower Alabama, on the project. The facility sits roughly 75 miles west of NASA Marshall Space Flight Center and the U.S. Space and Rocket Center in Huntsville, Ala.

February 1, 2024

Florida Loans Multifamily Southeast

Terra, New Valley Obtain $127M Refinancing for Metro Miami Multifamily Community

by John Nelson February 1, 2024

HIALEAH, FLA. — Terra and New Valley have obtained a $127 million loan for the refinancing of Natura Gardens, a newly built multifamily community located in Miami’s West Hialeah neighborhood. The co-developers are using the loan, which was provided by an affiliate of MF1 Capital, to pay off and refinance a $65 million construction loan that Bank OZK provided in 2021. Keith Kurland, Aaron Appel, Jon Schwartz, Adam Schwartz and Michael Diaz of Walker & Dunlop’s New York Capital Markets team arranged the refinancing. Delivered in 2023, Natura Gardens is a 460-unit, garden-style apartment community that was more than 97 percent occupied at the time of refinancing.

February 1, 2024

Acquisitions Retail South Carolina Southeast

JLL Arranges $29M Sale of Lowes Foods-Anchored Shopping Center in Summerville, South Carolina

by John Nelson February 1, 2024

SUMMERVILLE, S.C. — JLL has arranged the $29 million sale of Oakbrook Station, a Lowes Foods-anchored shopping center located at 10020 Dorchester Road in Summerville, a suburb of Charleston. Brad Buchanan, Tom Kolarczyk, Jim Hamilton and Andrew Michols of JLL represented the seller, LBX Investments, in the transaction. New York City-based Kempner Properties purchased the property in partnership with Peter Braus and James Wacht of Lee & Associates. Built in 1997 and renovated in 2017, Oakbrook Station spans 138,137 square feet and was 99 percent leased at the time of sale to tenants including the U.S. Postal Service, Community Thrift and Dollar Tree.

February 1, 2024

Acquisitions Florida Southeast Student Housing

CBRE Brokers Sale of 592-Bed Student Housing Property Near University of Florida

by John Nelson February 1, 2024

GAINESVILLE, FLA. — CBRE has brokered the sale of Social 28, a 592-bed student housing property located across the street from the University of Florida campus in Gainesville. Nimes Real Estate acquired the community and has partnered with Timberline Real Estate Ventures to begin repositioning efforts. CBRE National Student Housing’s Jaclyn Fitts, William Vonderfecht and Casey Schaefer represented the undisclosed seller in the transaction, in partnership with CBRE Jacksonville Multifamily. Located at 311 SW 13th St., Social 28 offers fully furnished units and shared amenities including a fitness center with a yoga room; two social lounges; private study rooms; and a rooftop amenity space including a resort-style swimming pool, spa, fireplace and grilling station.

February 1, 2024

Development Industrial Leasing Activity North Carolina Southeast

GCP Signs WRH Manufacturing to 56,280 SF Industrial Lease in Metro Charlotte

by John Nelson February 1, 2024

GASTONIA, N.C. — Growth Capital Partners (GCP) has preleased 56,280 square feet of industrial space in metro Charlotte to WRH Manufacturing, a subsidiary of Decima Corp. Henry Lobb, Abby Rights and Christopher Skibinski of Avison Young represented GCP in the lease transaction. Casey Mulhern of Foundry Commercial represented WRH Manufacturing, which produces and distributes raw and finished wood products serving the homebuilding and woodworking industries. GCP broke ground in 2022 on Northwest Gateway Logistics Park, a two-building industrial park spanning nearly 300,000 square feet. The Birmingham, Ala.-based developer is building the park on a speculative basis at 1215 Jenkins Road in Gastonia, which is situated directly off I-85. GCP plans to deliver the park in the first quarter of this year. WRH Manufacturing will occupy space within a 132,395-square-foot warehouse. Both facilities feature 32-foot clear heights, a combined 57 dock-high doors and a shared 200-foot truck court. GCP is developing Northwest Gateway Logistics Park in partnership with Phelan Bennet.

February 1, 2024

Development Industrial Texas

Patrinely, Realterm Break Ground on 439,000 SF Spec Industrial Project in South Austin

by Taylor Williams February 1, 2024

AUSTIN, TEXAS — A partnership between two development and investment firms, Houston-based Patrinely and Annapolis-based Realterm, has broken ground on Airfield 130, a 439,000-square-foot speculative industrial project in Austin. The development will consist of four buildings ranging in size from 75,000 to 150,000 square feet on a 34.5-acre site on the city’s south side. Each building at Airfield 130 will feature 32-foot clear heights and 190-foot truck court depths, and the project will have a total of 129 dock-high doors. Catamount Constructors is the general contractor for the project, which is slated for an early 2025 delivery. KBC Advisors has been appointed as the leasing agent.

February 1, 2024

Acquisitions Office Texas

DZMI Acquires 216,889 SF Office Building in North Houston

by Taylor Williams February 1, 2024

HOUSTON — Locally based investment firm David Z. Mafrige Interests (DZMI) has acquired World Houston Place, an eight-story office building located at 15710 John F. Kennedy Blvd. on the city’s north side. According to LoopNet Inc., World Houston Place was built in 1985 and totals 216,889 square feet. The seller was not disclosed. The new ownership, which has appointed Stream Realty Partners as the leasing agent, plans to implement a value-add program that includes upgrades of common areas and the addition of a fitness center and tenant lounge.

February 1, 2024

Healthcare Leasing Activity Texas

Houston Methodist Signs 75,800 SF Lease at Texas Medical Center in Houston

by Taylor Williams February 1, 2024

HOUSTON — Houston Methodist has signed a 75,800-square-foot lease at Texas Medical Center in Houston. The provider will occupy two floors at the Dynamic One building at TMC Helix Park for various biomedical research initiatives. The building was completed last fall and offers a fitness center, outdoor terrace and a multi-purpose lounge. Scott Carter of CBRE represented Houston Methodist in the lease negotiations. Eric Johnson, Lisa Bovermann and Kaitlyn Harp of Transwestern represented the landlord, Beacon Capital Partners, which developed the building in partnership with Zoë Life Sciences.

February 1, 2024

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