Property Type

KBS, Kane Realty Ink Nearly 32,000 SF of Leases at Bank of America Tower in Raleigh

by John Nelson October 1, 2024

RALEIGH, N.C. — KBS and Kane Realty Corp. have inked two office lease deals at Bank of America Tower, an 18-story, 300,322-square-foot office tower in Raleigh’s North Hills district. The deals include a 28,658-square-foot lease with Brightly Software for a full floor. The new space will also serve as the global headquarters of the tenant’s parent company, Siemens Industry Inc. The other lease is a 3,000-square-foot expansion for Eva Garland Consulting, bringing the tenant’s total footprint to the tower to nearly 15,000 square feet. Located at 4242 Six Forks Road, Bank of America Tower is LEED Gold-certified and features six levels of covered parking and a conference center.

October 1, 2024

Development Industrial Texas

Reports: Compass Datacenters to Undertake $300M Expansion of Metro Dallas Campus

by Taylor Williams October 1, 2024

RED OAK, TEXAS — Compass Datacenters will undertake a $300 million expansion of its campus in Red Oak, a southern suburb of Dallas, according to reports from multiple publications, including the Dallas Business Journal and Data Center Dynamics. The former publication reports that the locally based owner-operator plans to add three more buildings totaling approximately 755,000 square feet, with each building measuring about 216,000 square feet. The DBJ also reports that construction is already underway on two of those buildings and is scheduled for completion in 2025 or 2026. Most recently, Compass partnered with Schneider Electric on a 103,000-square-foot, build-to-suit manufacturing facility on the Red Oak campus.

October 1, 2024

Hospitality Loans Texas

JLL Arranges $210M Loan for Refinancing of Ritz-Carlton Dallas Las Colinas Hotel

by Taylor Williams October 1, 2024

IRVING, TEXAS — JLL has arranged a $210 million loan for the refinancing of the 427-room Ritz-Carlton Dallas Las Colinas Hotel in Irving. The hotel sits on a 16.7-acre site and was previously known as the Four Seasons Resort & Club Dallas at Las Colinas. The sponsor, a joint venture between Partners Group and funds managed by Trinity Investments, acquired the hotel in May 2022 and subsequently implemented a renovation and rebrand. Today, the hotel offers 80,000 square feet of meeting and event space, five food-and-beverage venues, a pool, spa, golf course, fitness center and squash, tennis and racquetball courts. Kevin Davis, Mark Fisher, De’On Collins and Caleigh O’Connell of JLL arranged the loan through Marathon Asset Management.

October 1, 2024

Acquisitions Office Texas

Shorenstein Acquires 388,000 SF Office Building in North Dallas

by Taylor Williams October 1, 2024

DALLAS — Shorenstein Investment Advisers, a privately owned office and multifamily owner-operator based in San Francisco, has acquired International Plaza II, a 388,000-square-foot office building in North Dallas. The 15-story building was recently redeveloped and now features nearly 50,000 square feet of new amenity space, including a full-floor food hall, a coffee and wine bar, multiple indoor and outdoor tenant lounges, fitness center and conference facilities. The seller and sales price were not disclosed. International Plaza II was 93 percent leased at the time of sale.

October 1, 2024

Development Hospitality Multifamily Texas

OHT Partners Begins 299-Unit Multifamily Conversion Project Near Downtown Dallas

by Taylor Williams October 1, 2024

DALLAS — OHT Partners has begun a multifamily conversion project in Dallas. The Austin-based developer will convert the former Ambassador Hotel, located just southeast of downtown, into a 299-unit apartment complex. Known as Ambassador, the complex will offer studio, one- and two-bedroom units that will range in size from 502 to 1,539 square feet. Amenities will include a pool, fitness center, coworking lounge, package lockers, dog park, minimart and indoor/outdoor club with a kitchen. Corgan is the project architect. The first units could be available for occupancy as early as third-quarter 2026.

October 1, 2024

Acquisitions Office Texas

Fullerton Properties Sells 107,529 SF Office Building in Clear Lake, Texas

by Taylor Williams October 1, 2024

CLEAR LAKE, TEXAS — New York-based investment firm Fullerton Properties has sold Atrium Crest, a 107,529-square-foot office building in Clear Lake, a southeastern suburb of Houston. The building was most recently renovated in 2004 and was 79 percent leased at the time of sale. Marty Hogan of JLL represented Fullerton Properties in the transaction. Patrick Hill of Colliers represented the undisclosed buyer.

October 1, 2024

California Development Multifamily Western

WNPM Opens 406-Unit Link OC Apartments in Anaheim, California

by Amy Works October 1, 2024

ANAHEIM, CALIF. — Western National Property Management (WNMP) has opened Link OC Apartments, a multifamily community located at 1075 N. Link in Anaheim. Situated adjacent to Anaheim Canyon Metrolink, Link OC Apartments offers 406 studio, one- and two-bedroom residences spread across two five-story buildings. Units feature a complete kitchen appliance package, in-home washer/dryer, quartz slab countertops with full-height tile backsplashes and wood plank-style flooring. Community amenities include two swimming pools and spas, two fitness centers, two clubhouses, two rooftop decks with barbecue grills, a business center with coworking space, courtyards with barbecue grills, bike storage, electric vehicle charging stations and complimentary Wi-Fi. WNPM, a subsidiary of Western National Group, will serve as property manager for Link OC Apartments.

October 1, 2024

California Loans Multifamily Western

Dwight Capital Provides $32.6M HUD Refinancing for Westlake Apartments in Sacramento

by Amy Works October 1, 2024

SACRAMENTO, CALIF. — Dwight Capital has provided a $32.6 million HUD 223(f) refinance for Westlake Apartments, a lakeside multifamily complex in Sacramento. The borrower, Tesseract Capital Group, will use proceeds from the loan to retire existing debt and complete property enhancements. The financing also benefited from a Green Mortgage Insurance Premium (MIP) Reduction to 25 basis points, as Westlake Apartments holds a National Green Building Standard Bronze certification. Situated on 5.9 acres, Westlake Apartments offers 13 two-story residential buildings with 148 renovated one- and two-bedroom units and three amenity buildings. Community amenities include a fitness center, pool, spa and resident-only access to a private beach on Lake Greenhaven.

October 1, 2024

Acquisitions California Industrial Western

EQT Exeter Buys Martin Furniture-Occupied Warehouse Building in San Diego for $23.4M

by Amy Works October 1, 2024

SAN DIEGO — EQT Exeter, the real estate division of EQT, has acquired an industrial property located at 2345 Britannia Blvd. in the Otay Mesa submarket of San Diego. Washington Capital Management sold the warehouse for $23.4 million. Martin Furniture, a manufacturer of case good furniture for dining, office and entertainment, fully occupies the 115,520-square-foot building as its headquarters. The property offers 32-foot clear heights, grade- and dock-high loading capabilities and well-designed ingress/egress. Bryce Aberg, Jeff Chiate, Jeffrey Bole, Matthew Leupold and Ryan Demarest of Cushman & Wakefield’s National Industrial Advisory Group-West represented the seller in the deal.

October 1, 2024

Acquisitions Loans Nevada Retail Western

CommCap Advisors Arranges $23M Acquisition Loan for Las Vegas Shopping Center

by Amy Works October 1, 2024

LAS VEGAS — CommCap Advisors has arranged a $23 million bridge loan for the acquisition of Renaissance III, a retail property in Las Vegas, on behalf of an entity doing business as Aspen NV LLC. Situated on 23 acres at 3220-3370 E. Flamingo Road, Renaissance III offers 39 retail units totaling 225,748 square feet. Specific tenants were not released. Provided by Symetra Financial, the loan features a three-year, interest-only term at 8.89 percent. The financing was structured to accommodate the borrower’s plans for property renovations to enhance leasing opportunities.

October 1, 2024

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