Cypress Equities buys Alabama mixed-use center
Dallas — Cypress Equities has acquired Brookwood Village, a mixed-use development in the affluent Mountain Brook area of Birmingham, Ala. A fund managed by Cypress’s real estate investment management group carried out the transaction.
The 816,000-sq.-ft. center consists of a 604,000-sq.-ft., two-level enclosed mall, a 41,900-sq.-ft. grocery-anchored retail component and a nine-story 170,000-sq.-ft. Class A office building.
Macy’s, Belk and Books-A-Million anchors the retail portion of the project. Top inline brands include Banana Republic, Brookstone, Jos. A. Bank, Loft, Victoria’s Secret and Z Gallerie. In addition, leading branded footwear and accessories retailer DSW Designer Shoe Warehouse opened an 18,000-sq.-ft. location at Brookwood Village adjacent to The Fresh Market on March 13. The office building is 98% leased and features widely recognized tenants including Kinder Morgan, Merrill Lynch and PWC.
Historically, Cypress has developed and acquired more than 17 million square feet and currently is developing and managing a portfolio of more than 9.4 million sq. ft. of retail, office, residential and automotive real estate. Today, there are five Cypress Equities offices throughout the U.S., including Dallas (headquarters), New York, San Francisco, Atlanta and Fort Lauderdale.
Levin receives Monmouth County, N.J., assignment
Holmdel, N.J. — Levin Management has been named the exclusive leasing agent for Holmdel Crossing, a planned 140,000-sq.-ft. retail development in Holmdel, N.J.
According to Levin, pre-leasing efforts will focus on identifying anchor or junior anchor tenants that will drive the remaining retail tenancy,
Easily accessible from Exit 117 of the Garden State Parkway, Holmdel will serve a growing residential population of more than 75,000 people within a three-mile radius. Average annual household income in the trade area is $102,862. Daily traffic through the center’s transportation corridor exceeds 30,000 vehicles.
Mid-America names director of net lease sales
Oakbrook Terrace, Ill. — Mid-America Real Estate Corp. recently signed Wes Koontz, CCIM, as director of net lease investment sales. He will work in tandem with Kevin Conway, also director of net lease investment sales.
Koontz previously worked at Mid-America for three and one-half years with the tenant representation team. Over his 12-year career in the industry, he has held positions in investment sales at Colliers International, corporate services with Weber Wood Medinger and principal investing with RCK Capital Investments.