HOUSTON — McCarthy Building Cos. has signed a 38,230-square-foot office lease at 2200 Post Oak in Houston’s Galleria District. The St. Louis-based general contractor plans to move into the 22-story, 326,200-square-foot building, which is currently being renovated, next year. Brad Fricks and Adam Ross of Stream Realty Partners represented the landlord, Masaveu Real Estate, in the lease negotiations. Scott Wetzel and Beau Bellow of JLL represented the tenant.
TAMPA, FLA. — Strategic Property Partners LLC has unveiled the next phase of Water Street Tampa, the company’s $3 billion mixed-use neighborhood underway in downtown Tampa. The next phase includes three separate buildings: a residential condominium building, a build-to-suit office complex and a hospitality/entertainment destination just north of Amalie Arena, home of the NHL’s Tampa Bay Lightning. The condo tower and office buildings will be situated on an extension of Water Street Tampa that is currently under construction on East Cumberland Avenue. The third property will feature a select-service hotel, parking garage and entertainment uses, including food-and-beverage options and a live music venue. Designed by Gensler Architects with Nichols Architects acting as architect of record, the condo tower will be the tallest building within Water Street Tampa, joining other multifamily properties Asher, Cora and Heron. Designed by Kohn Pedersen Fox, the office complex will feature ground-floor retail space and will join Thousand & One as the second office component. The road and utility infrastructure work for these additions has already begun and is expected to be completed by spring 2025. Last year, Jeff Vinik, owner of the Tampa Bay Lightning, sold his stake in Strategic Property Partners to his co-developer, …
COLUMBIA, S.C. — Berkadia has arranged $52 million in construction financing for The ONE at Columbia, a 360-unit garden-style apartment development located at 4415 Percival Road in Columbia. Brad Williamson, Scott Wadler, Mitch Sinberg and Matt Robbins of Berkadia arranged the loan on behalf of the borrower, Miami-based One Real Estate Investment. North River Partners and Amzak Capital Partners provided the loan. The property will feature one-, two- and three-bedroom units with custom cabinetry, quartz countertops and smart features. Amenities will include a sauna, resort-style pool and electric vehicle charging stations. The developer expects to deliver The ONE at Columbia in the fourth quarter of 2025.
PHILADELPHIA — Greystone has provided a $20 million Freddie Mac loan for the refinancing of Ray Philly, a 110-unit apartment building in the city’s South Kensington area. The newly constructed building houses studio, one- and two-bedroom units and amenities such as a fitness center, rooftop garden and a coworking lounge with a kitchen. Steven Vainer of Greystone originated the loan, which carries a five-year term, fixed interest rate and a 30-year amortization schedule. The borrower is a partnership between Ray, a family office that specializes in multifamily development, and Six Acre Capital.
VILLA RICA, GA. — Dermody Properties plans to develop LogistiCenter at Boggs Road, a two-building industrial development located in the western Atlanta suburb of Villa Rica. Hitachi Astemo Americas Inc., a global supplier of advanced mobility solutions for the automotive industry, has signed on as the sole tenant of Building 1, a 200,880-square-foot building near an existing manufacturing facility for Hitachi Astemo. Building I at LogistiCenter at Boggs Road will feature 32-foot clear heights, 72 trailer parking spaces and 99 car parking spaces. Building 2, which will total 124,740 square feet, will feature 28 dock-high doors, 23 trailer parking spaces, 94 auto spaces and 36-foot clear heights. Dermody Properties plans to open LogistiCenter at Boggs Road in the fourth quarter. Building 2 is available for prelease.
SUMTER, S.C. — First National Realty Partners has acquired Sumter Square, a 66,765-square-foot shopping center in Sumter, about 45 miles east of Columbia, S.C. A 39,365-square-foot Piggly Wiggly grocery store anchors the center, which it has since 1992. The acquisition of Sumter Square marks First National Realty’s entry into South Carolina. David Robinov of Ackman-Ziff represented the undisclosed seller in the transaction. The sales price was also not disclosed.
CUMMING, GA. — FrostPoint Capital has purchased Coal Mountain Shops, an unanchored retail center located at 3560 Browns Bridge Road in Cumming, a northeast suburb of Atlanta. The 15,600-square-foot property will serve as the gateway to Coal Mountain Town Center, a 140-acre mixed-use development under construction by Toll Brothers and Forsyth County. Conor Sweeney of Foundry Commercial represented both the buyer and seller in the $4.4 million transaction. FrostPoint Capital plans to reposition and expand the property in the near future.
MARYLAND HEIGHTS, MO. — Northmarq has arranged the $54.1 million sale of The Flats at Dorsett Ridge in Maryland Heights, a northwest suburb of St. Louis. The 214-unit luxury apartment complex was built in 2021. The property offers one-, two- and three-bedroom units. Amenities include a pet spa, grilling stations, outdoor gaming area, fitness center, clubhouse with game room and golf simulator, coffee bar, parking garage and bike storage. Parker Stewart and Dominic Martinez of Northmarq represented the seller, Pier Property Group, a St. Louis-based developer. The buyer was a large capital group from the East Coast. David Garfinkel of Northmarq arranged a five-year acquisition loan.
NEW YORK CITY — A joint venture between two locally based investment firms, Zar Property NY and HPNY, has acquired a 57,000-square-foot office building located at 26-30 W. 61st St. in Manhattan’s Lincoln Square area. At the time of sale, the property was fully leased to the New York Institute of Technology, which has 24 months remaining on its lease. The seller was The Brodsky Organization. The joint venture purchased the property in an all-cash transaction.
MICHIGAN — EBSC Lending has provided a $26.2 million loan for the refinancing of a 41-unit affordable seniors housing community in Michigan. The borrower, a nonprofit owner-operator, will use the proceeds to refinance existing debt and fund capital improvements. Specific upgrades will target unit interiors, building exteriors, elevators, common areas and building systems like security, backup electricity and medical alert. The community features a mix of predominantly one-bedroom units, with some studios and two-bedroom units. The redevelopment of the property will create new loft-style apartments. All 41 units will be reserved for low- and moderate-income seniors, with 13 units reserved for households earning below 30 percent of the area median income (AMI), 11 for those below 60 percent of AMI, and 17 for households below 80 percent of AMI. The borrower was an experienced hospitality owner and operator. The fixed-rate debt was structured at an 85 percent loan-to-value ratio with a five-year term, including 36 months of interest-only payments.