BALTIMORE AND ELDERSBURG, MD. — KLNB has brokered the sale of two retail properties in metro Baltimore totaling 54,000 square feet. Don Schline and Ryan Wilner of KLNB represented the seller, Creative Holdings LLC, in both transactions. Located at 1848 Reisterstown Road in Baltimore, the first property totals 42,244 square feet. An undisclosed local investor acquired the property and plans to retenant the space with medical office, flex and retail tenants. Ryan Minnehan and Alex Shearer of KLNB will manage retail leasing at the site, and Colin McGonical of KLNB will lead the medical office leasing. Situated at 1720 Liberty Road in Eldersburg, the second property comprises 12,022 square feet and was fully leased at the time of sale to three tenants.
TUSCALOOSA, ALA. — Cushman & Wakefield has arranged the sale of The Gates at South Bend, a 147-unit multifamily community located in Tuscaloosa. Built in 1980, the property underwent significant renovations between 2017 and 2022. Ben Thomas and Parker Caldwell of Cushman & Wakefield represented the seller, an entity doing business as WGO LLC, in the transaction. ARC Multifamily Group acquired the property for an undisclosed price. Situated about three miles south of the University of Alabama, The Gates at South Bend features two- and three-bedroom townhomes.
BOCA RATON AND WEST PALM BEACH, FLA. — Tricera Capital has secured one lease expansion and two new leases totaling 42,029 square feet in South Florida. The deals include Wells Fargo expanding its lease by 19,000 square feet at Tricera’s 1675 Midtown office building at 1675 N. Military Trail in Boca Raton, bringing the bank’s total footprint to 45,000 square feet. Built in 2008, the building totals roughly 70,000 square feet. The other deals include PMP Marketing Agency signing a 5,100-square-foot lease and Palm Beach Atlantic University leasing 17,929 square feet at Workspaces at the Press in West Palm Beach, which totals 120,000 square feet and is situated within the mixed-use The Press development. John Criddle, Joe Freitas and Christ Smith of CBRE manage leasing at 1675 Midtown, and Jon Blunk, Cristina Glaria, Connie Thomas and Laurel Oswald of TCRE overseeing leasing at Workspaces at The Press. Robert Anderson of Tortoise Realty Group represented the university in the lease negotiations.
JACKSONVILLE, FLA. — CBRE has brokered the portfolio sale of two industrial properties in Jacksonville totaling nearly 1.4 million square feet. Dallas-based Hillwood Investment Properties purchased the portfolio from Atlanta-based Invesco Real Estate for an undisclosed price. Jose Lobon, Trey Barry, Frank Fallon, Royce Rose, Alain Bonvecchio and Ben Stewart of CBRE represented the seller in the transaction. The properties include a 772,210-square-foot facility at 1200 Presidents Court that is leased to Unilever. Built in 2008, the property features 32-foot clear heights, 90 dock doors, ESFR sprinklers, 186 car parking spaces and 255 trailer parking spaces. The other asset is a 601,500-square-foot facility located at 2300 Pickettville Road that is leased to Keurig Dr. Pepper. Built in 2009, the building features 32-foot clear heights, 128 dock doors, ESFR sprinklers, 326 car parking spaces and 118 trailer parking spaces. Both facilities feature cross-dock loading and are situated in Jacksonville’s Westside industrial submarket.
RALEIGH, N.C. — Bell Partners has purchased Vintage Jones Franklin, a newly built, 277-unit apartment community located in Raleigh. The seller and sales price were not disclosed, but multiple outlets report that the developer and seller, TDK Construction, sold the property to Bell Partners for nearly $80 million. Built in 2022, Vintage Jones Franklin is situated at the intersection of I-40, I-440 and U.S. Highway 1 between downtown Raleigh and Cary, N.C. The community comprises studio, one-, two- and three-bedroom apartments, as well as a 24-hour fitness center, pet park, clubhouse and a resort-style pool with cabanas. Bell Partners purchased the asset via its Bell Core Fund I vehicle and will rebrand the property as Bell Jones Franklin.
HIALEAH, FLA. — Colliers has arranged the $7.5 million sale of a multifamily development site located at 1033 E. 25th St. in Hialeah, a suburb of Miami. Virgilio Fernandez of Colliers represented the undisclosed buyer and seller in the transaction. The shovel-ready site, which spans less that one acre, is located a half-block from the intersection of the Metrorail substation and the Tri-Rail Metrorail Transfer Station. The project, dubbed Metro 1025, is zoned for up to 151 apartments across eight stories. The buyer received final site plan approval and a complete set of entitlements from the City of Hialeah to build the multifamily project. The construction timeline was not disclosed.
METAIRIE, LA. — The Feil Organization has signed Carr, Riggs and Ingram CPAs and Advisors, an accounting and advisory services firm, to a 15,508-square-foot office lease in metro New Orleans. The office building, Two Lakeway, is a 19-story, 449,309-square-foot property located within the three-tower Lakeway Complex in Metairie. The accounting firm, which is headquartered in Enterprise, Ala., signed a 10-year lease to occupy the 14th floor. The company’s office space will include a combination of private offices, open work areas, a wellness room, conference rooms, Zoom rooms with video conferencing capabilities and a recreation area with café-style tables, lounge areas, large-screen TV and ping pong and foosball tables. Bruce Sossaman of Corporate Realty represented Feil Organization in the lease negotiations, and Dale Kahhr of Newmark represented the tenant, which has offices in 12 states and Mexico.
BIRMINGHAM, ALA. — Birmingham-based Regions Bank has rebranded Sabal Capital Partners, bringing the affiliate under the Regions Real Estate Capital Markets umbrella. The Birmingham-based bank acquired Sabal, a commercial real estate and multifamily lender, in 2021. Regions Real Estate Capital Markets executes origination and financial servicing solutions for its real estate clients, including both agency and non-agency financing. The brand’s clients include brokers and borrowers in multifamily and commercial real estate spaces ranging from single assets to property portfolios. “The brand change for Sabal Capital Partners reflects the continued integration of Sabal’s lending business into the Regions business and family of offerings,” says Troy Marek, head of Regions Real Estate Capital Markets. “We have seen well over a year of successfully building new and deeper client relationships; by fully integrating Sabal Capital Partners into our Real Estate Capital Markets team, Regions is poised to build even greater success moving forward.”
TILLMAN’S CORNER, ALA. AND MARYSVILLE, CALIF. — Hyatt Hotels Corp. (NYSE: H) has announced the first two locations for its upper-midscale extended-stay banner, Hyatt Studios. The company has letters of interest for over 100 Hyatt Studios developments across the U.S. Each Hyatt Studios location will be sized to fit approximately 122 rooms, and will offer grab-and-go breakfast and a 24-hour market with snacks and ready-made meals that can be prepared in each guest room’s kitchen. The Chicago-based company has entered into a franchise agreement with 3H Group Inc. to develop the first Hyatt Studios hotel in Tillman’s Corner, roughly 10 miles southeast of Mobile. The property is set to open in late 2024. Presidio Hotel Development has entered into a franchise agreement with Hyatt for the second location, a 113-room hotel in downtown Marysville, approximately 45 miles north of Sacramento. The property is expected to open in 2025 and will feature dedicated meeting spaces. Extended-stay hotels have grown in demand over the past several years, in part due to the asset’s popularity during the COVID-19 pandemic. Bask Development recently announced plans to develop eight Extended Stay America-branded hotels in Florida, and the development of 15 new hotels under the same …
BohlerContent PartnerFeaturesIndustrialMidwestMixed-UseMultifamilyNortheastRetailSoutheastTexasWestern
Improved Land Surveys, Due Diligence Can Ensure Development Project Success
Due diligence — particularly land surveying — can be a slow, cumbersome process if a project lacks strong guidelines based on the owner or developer’s particular needs. It can be easy to overprepare for the wrong site or underprepare for the succession of steps needed for the right site. REBusiness spoke to two land surveying experts, Billy Logsdon, divisional director of surveying, and Tom Teabo, associate and regional survey manager. Both work for Bohler, a land development consulting and site design firm, and both have strong insights on how to incorporate each step in the due diligence process elegantly within a well-planned approach. Due diligence such as American Land Title Association (ALTA) surveys and gathering topographic information can be time-consuming and expensive steps — making it beneficial to fit their timing into the larger project in a way that reflects the client’s needs — from the purchase of land to development completion. Logsdon and Teabo highlight the importance of streamlining the survey process and getting owners and developers better results based on their desired outcomes, often starting with the information already available about the site early in the process. REBusiness: What is slowing down survey due diligence, in your experience, and do …