DALLAS — Triten Real Estate Partners has purchased Tollway Place, a 90,795-square-foot office building located at 15110 North Dallas Parkway in Dallas in an off-market transaction. Triten is underway on a renovation program at the six-story building and plans to add a ground-floor restaurant space that will be occupied by Velvet Taco. Additional renovation plans include upgrades to the lobby and elevators, as well as the addition of a corporate lounge and conference center. Perkins + Will is the architect for the renovation project, which is expected to be complete this fall. CBRE is marketing Tollway Place for lease.
Acquisitions
STAMFORD, CONN. — Rubenstein Partners LP, an investment firm focused on the office sector, has acquired 600 Washington Boulevard, a 450,000-square-foot office building in Stamford, about 40 miles north of New York City. The sales price was not disclosed. The property was originally built in 2009 to serve as the headquarters of the Royal Bank of Scotland and was 85 percent leased at the time of sale. Tenants include UBS and Bank of America. JLL represented the seller, NatWest Markets, which is also a tenant at the building, in the transaction.
MANCHESTER, N.H. — CBRE has negotiated the $67 million sale of Waterford Place, a 384-unit multifamily community in Manchester. Built in phases between 2004 and 2005, the property is situated on nearly 67 acres just off I-93 and I-293. Floor plans consist of one- and two-bedroom units averaging 998 square feet. Amenities include an indoor pool, fitness center, theater room, tennis court, resident clubhouse, walking trails and outdoor grilling stations. Simon Butler and Biria St. John of CBRE represented the seller, SMC Waterford Place Apartments Ltd., in the transaction. The buyer was an affiliate of Cambridge, Mass.-based Forest Properties.
HOLBROOK, MASS. — The Stubblebine Co., an industrial brokerage firm that is active throughout New England, has arranged the sale of a 142,000-square-foot facility in Holbrook, located south of Boston. The sales price was approximately $5 million. The multi-tenant property features 19- to 27-foot clear heights and 25 loading docks. David Stubblebine and James Stubblebine represented the buyer and seller, both of which requested anonymity, in the transaction.
ST. CHARLES, ILL. — TLC Management Co. has acquired Prairie Winds of St. Charles, a 250-unit townhome community in suburban Chicago. The purchase price was not disclosed. Completed in 2018, the property includes a mix of one-, two- and three-bedroom rental units averaging 1,254 square feet. Community amenities include nature trails, a pool, bark park, playground, clubhouse, billiards room and fitness center. Sean Fogarty, Marty O’Connell, Wick Kirby, Kevin Girard and Kyle Butler of HFF marketed the property on behalf of the seller, Executive Capital Corp.
CINCINNATI — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Western Hills Marketplace in Cincinnati for $15.2 million. The 127,645-square-foot shopping center is anchored by Dick’s Sporting Goods, Best Buy and Aldi, which recently signed a 10-year lease. Six of the property’s eight tenants have been in place since 2002 or longer. Erin Patton, Scott Wiles and Craig Fuller of IPA represented the seller, an Ohio-based developer. The team also procured the buyer, a New York-based private real estate company.
PLANO, ILL. — Marcus & Millichap has brokered the sale of Store More, a 395-unit self-storage facility in Plano, about 50 miles west of Chicago. The sales price was not disclosed. The 49,500-square-foot property is located at 3980 Turner Ave., along Route 34. The nine-building facility features 17 climate-controlled units and 280 drive-up units as well as 97 boat and recreational vehicle (RV) parking spaces. Jeffrey Herrmann and Sean Delaney of Marcus & Millichap marketed the property on behalf of the seller. The team also represented the buyer.
CARY, ILL. — Premier Commercial Realty has arranged the $4.3 million sale of an industrial and retail portfolio in Cary. The properties include a 32,000-square-foot, multi-tenant industrial building at 615 Industrial Drive; a 36,000-square-foot, multi-tenant industrial building at 700 Industrial Drive; and a 15,000-square-foot retail property at 395 Cary Algonquin Road. All of the properties were fully leased at the time of sale. Three individual investors purchased the assets. Bruce Kaplan and Kevin Kaplan of Premier represented the sellers on all three transactions.
AcquisitionsAffordable HousingFloridaGeorgiaLoansMultifamilyNorth CarolinaSouth CarolinaSoutheastVirginia
Bellwether Arranges $115M in Acquisition Financing for 12 Affordable Housing Communities in the Southeast
by Alex Tostado
CLEVELAND — Bellwether Enterprise has arranged a total of $115 million in acquisition financing for 12 affordable housing communities in South Carolina, North Carolina, Georgia, Florida and Virginia. The borrower, Atlantic Housing Foundation Inc., used the financing to purchase the 1,776-unit portfolio. The South Carolina communities include Shemwood Crossing Apartments in Greenville, Boulder Creek Apartments in Greenville, Crescent Hill Apartments in Spartanburg and Spring Grove in Taylors. The Virginia communities include James River Crossing in Lynchburg, Gretna Village Apartments in Gretna and Afton Gardens Apartments in Roanoke. The North Carolina properties are Timber Ridge Apartments in Charlotte, Cedar Moor Apartments in Raleigh and Brentwood Crossing in High Point. Brittany Woods & Park Chase Apartments in Valdosta, Ga.; and Temple Court in Miami were also included in the acquisition. Bellwether Enterprise arranged the financing in three transactions and arranged a $14.5 million bridge loan through Tilden Park Capital Management LP for the acquisition of Shemwood Crossing. The Cleveland-based mortgage broker also arranged the equity needed for the purchases of James River Crossing and Gretna Village Apartments, which Atlantic Housing Foundation used to assume existing loans from the Virginia Housing Development Authority. The remaining nine properties were financed through a $69.6 million, 10-year, fixed-rate Freddie Mac loan. Phil Melton of Bellwether Enterprise arranged the …
HOMESTEAD, FLA. — CREC Capital has purchased Homestead Pavilion, a 302,346-square-foot retail center in Homestead, for $62.3 million. The property is situated on 42.1 acres and includes a six-acre site for future development. CREC Capital plans to hold the undeveloped portion of the property for the long-term and develop the site in the future. The center is located near the Florida Turnpike and was fully leased at the time of sale to tenants including Ross Dress for Less, T.J. Maxx, Old Navy, Michaels, Petco, Five Below, Bed Bath & Beyond, Panera Bread, Planet Fitness and Olive Garden. Casey Rosen, Dennis Carson and Paul Ahmed of CBRE represented the seller, RVT Homestead Pavilion, in the transaction.