HOUSTON AND ATLANTA — Asset Living, a Houston-based real estate property management firm, has acquired JMG Realty, an Atlanta-based real estate firm. The sales price was not disclosed. With the addition of JMG, Asset Living expands its management footprint into the Southeast by adding over 20,000 multifamily units and a new corporate office in Atlanta. With over 20 years of experience and approximately 575 employees, JMG Realty brings expertise in management, redevelopment, financial and investment services for multifamily, affordable and build-to-rent properties servicing both private and institutional owners. The company has both regional and divisional offices located throughout the Northeast, Mid-Atlantic, Southeast and Southwest. The transaction is the second acquisition for Asset Living this year, with the company acquiring Dallas-based City Gate Property Group in November. Last year, Asset Living acquired three organizations.
DURHAM, N.C. — New York-based Oxford Properties Group has acquired Research Commons, a life sciences campus within Research Triangle Park in Durham, as well as an adjacent parcel located at 78 TW Alexander Drive for a total of $158.6 million. By combining the two sites and building three new life sciences facilities totaling 510,000 square feet, Oxford plans to ultimately develop a 940,000-square-foot innovation campus that will house various life sciences firms. The construction timeline was not disclosed. Located at 79 TW Alexander Drive, Research Commons is a 430,000-square-foot, five-building campus with an additional 18 plus acres of developable land. The existing campus is well-leased to a diverse tenant roster across life sciences industries, and is anchored by Grifols, a Los Angeles-based global pharmaceutical manufacturer. At this site, Oxford plans to use the more than 18 acres of vacant land for the development of two dedicated life sciences buildings. Additionally, the firm plans to convert two existing buildings wholly to life sciences tenants as vacancies materialize. For 78 TW Alexander Drive, Oxford plans to build a 95,500-square-foot Current Good Manufacturing Practice (cGMP) facility to be developed on the 14.5-acre parcel of land adjacent to Research Commons.
ST. PETERSBURG, FLA. — Denver-based Avanti Residential has purchased Artistry, a 246-unit apartment community in downtown St. Petersburg, for $92 million. Patrick Dufour and Andrew Visnick of Newmark represented the seller and property developer, Indianapolis-based Milhaus Development, in the transaction. Charlie Williams of Newmark arranged an acquisition loan through Freddie Mac. Built in 2020, Artistry offers studio, one-, two- and three-bedroom floorplans. Units feature in-unit washers and dryers, walk-in closets and a tub and shower. Community amenities include a pool, fitness center, elevator, controlled access, grill, pet play area, pet washing station and 10,000 square feet of onsite retail space. The project was fully leased at the time of sale. Located at 1661 Central Ave., the property is situated close to the Imagine Museum, a glass art museum, as well as restaurants such as The Burg Bar & Grill, Half Baked Potato, Brooklyn South and Ferg’s Sports Bar & Grill. Additionally, the property is less than a half-mile from Tropicana Field, home ballpark of the Tampa Bay Rays.
STARKVILLE, MISS. — Colliers has arranged the sale of The Vista, a 309-unit, 820-bed student housing development located less than a mile from Mississippi State University in Starkville. Atlanta-based Student Quarters purchased the newly built property from Fenton, Mich.-based IMS Properties for an undisclosed price. Sean Baird and Jonathan Holt of Colliers facilitated the transaction. Developed by IMS Properties in 2020, The Vista offers one-, two-, three-, four- and five-bedroom floorplan options. Community amenities include a saltwater pool and poolside cabanas, 24-hour athletic club, dog park, yoga studio, game room, electric vehicle charging stations and a lounge. The property also features 5,137 square feet of ground-floor retail space. Located at 705 University Drive, the property is situated a half-mile from Davis Wade Stadium, the home arena of the Mississippi State Bulldogs football team. The property is also located close to restaurants such as Two Brothers Smoked Meats, The Dapper Doughnut, NutriGroove, Bulldog Burger Co. Starkville and Starkvegas Snowballs.
MIAMI — CBRE has arranged a $120.1 million loan for the $174 million purchase of the East Miami hotel, a 352-room hotel property in downtown Miami’s Brickell district. Located at 788 Brickell Plaza, East Miami Hotel is situated within Brickell City Centre, a $1.1 billion, 5.4 million-square-foot mixed-use development that was completed in 2016. Mark Owens, John Avanzino and Estelle Wang of CBRE facilitated the debt financing through global alternative investment firm Värde Partners on behalf of the buyer, a joint venture between funds managed by Honolulu-based Trinity Fund Advisors LLC and New York-based private equity firm Certares Real Estate Management LLC. Christian Charre and Paul Weimer of CBRE Hotels represented the developer and seller, Hong Kong-based Swire Properties, in the sales transaction. Each room at the hotel features a walk-in rain shower and Wi-Fi. The hotel offers coworking space, a pool and a pool deck. The hotel also has dining options such as Quinto La Huella, a Uruguayan eatery, and Sugar and Tea Room, a rooftop bar and hidden door speakeasy located on the 40th floor. The property is LEED-certified and has a recycling program. The hotel is located a half mile from downtown Miami, 10.5 miles from Miami …
GREER, S.C. — Dalfen Industrial has acquired Victor Hill Industrial Park, a 366,240-square-foot industrial property located in Greer. Exxcel Project Management sold the property for an undisclosed sales price. Victor Hill Industrial Park is a recently constructed, Class A, two-building industrial park. Located at 859 and 861 Victor Hill Road, the property is situated a quarter mile from the BMW manufacturing plant, two miles from Interstate 85 and the Greenville-Spartanburg Industrial Airport, three miles to Fedex Air and five miles to Inland Port Greer.
LAFAYETTE, LA. — GBT Realty Corp. has bought River Marketplace, a 168,000-square-foot shopping center located at 4313 Ambassador Caffery Parkway in Lafayette. Jim Hamilton, Ryan Shore, Ryan West, Brad Buchanan and Taylor Callaway of JLL represented the seller, San Francisco-based RBL Real Estate, in the transaction. The sales price was not disclosed. Developed in 2003, River Marketplace includes multi-tenant buildings and six freestanding outparcels. Shadow-anchored by Super Target, the center was 99 percent leased at the time of sale to a tenant lineup including Total Wine & More, Ross Dress for Less, Raising Cane’s and Chili’s.
TAMPA, FLA. — San Francisco Bay-based Legacy Partners and Los Angeles-based Griffin Capital Co. LLC have opened Legacy Encore, a 228-unit multifamily community in Tampa. Located at 1251 Ray Charles Blvd., the apartment property is located within Encore!, Tampa Housing Authority’s $3 billion mixed-use development in downtown Tampa. The five-story property offers studio, one- and two-bedroom floorplans. Units feature 10-foot ceilings, quartz countertops, stainless steel appliances, contemporary cabinets, smart home technology package, full-sized washers and dryers, soaking tubs, glass enclosed showers, walk-in closets and balconies. Community amenities include a heated saltwater pool, internet cafe with coworking spaces, bike repair station, pet spa with dog run and a fitness center with spin and yoga studio. The $3 billion ENCORE! destination a LEED-certified collection of seniors, workforce and luxury housing options, as well as a mixed-use destination that includes public art, green spaces, a museum and educational and cultural centers. The project team includes Dynamik Design as the architect and Summit Contracting Group as the general contractor.
BOCA RATON, FLA. — Newbond Holdings has purchased the Waterstone Resort & Marina Boca Raton, Curio Collection by Hilton, a 139-room hotel in Boca Raton. JLL represented the seller, The Lane Organization, and also worked on behalf of the buyer to originate the floating-rate acquisition financing. The sales price was not disclosed. Built in 1976, Waterstone Resort & Marina Boca Raton has over 8,000 square feet of meeting space and a marina. The room offerings include 72 kings, 56 double queens and 11 suites. The hotel also has two restaurants including the Boca Landing Prime Seafood and Waterstone Rum Bar & Grill. Hotel amenities at the property include a fitness center, outdoor pool, business center, concierge, meeting rooms and complimentary Wi-Fi. Located at 999 East Camino Real, the property is situated 25.5 miles from Fort Lauderdale-Hollywood International Airport, 2.2 miles from downtown Boca Raton and 2.9 miles from Deerfield Beach.
AcquisitionsHospitalityLeasing ActivityMarylandMixed-UseNortheastPennsylvaniaRestaurantRetailSoutheastTop Stories
Cordish to Sell Three East Coast Casinos in $1.8B Deal with Gaming and Leisure Properties
PHILADELPHIA, PITTSBURGH AND HANOVER, MD. — The Cordish Cos., a privately held retail entertainment and hospitality owner and operator based in Baltimore, has reached a sale-leaseback agreement with Gaming and Leisure Properties Inc. (NASDAQ: GLPI) for three of Cordish’s East Coast casinos. The properties include Live! Casino & Hotel Maryland, Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh. Under terms of the agreement, Cordish will immediately lease back all the properties and continue to own, control and manage all the gaming operations of the facilities. The leases will have an initial term of 39 years, with a maximum term of 60 years inclusive of tenant renewal options. The total price was approximately $1.8 billion, including applicable long-term ground leases. Consideration for the three-property real estate transactions will comprise a mix of qualified debt assumption (to be satisfied by GLPI), cash and $323 million of newly issued operating partnership units. The transaction for the three properties includes a binding partnership on future Cordish casino developments. For seven years post-closing, GLPI will co-invest with Cordish on any new gaming development projects and provide 20 percent of Cordish’s equity on those projects. (This agreement excludes existing Cordish or third-party gaming licensed facilities.) …