Property Type

PMG, Greybrook Obtain $178M Refinancing for Society Wynwood Mixed-Use Development in Miami

by John Nelson August 20, 2024

MIAMI — PMG and Greybrook have obtained $178 million for the refinancing of Society Wynwood, a 10-story mixed-use property located at 176 N.W. 25th St. in Miami’s Wynwood Arts District. Eastdil Secured arranged the financing through funds managed by Ares Management and Monarch Alternative Capital on behalf of the borrowers. Randy Barcelo of Stearns Weaver Miller advised PMG in the transaction. Society Wynwood, which opened in March, features 318 luxury apartments and co-living units, 50,210 square feet of retail space and 82,000 square feet of amenities, including a rooftop pool, theater lawn, outdoor gym and coworking spaces. PMG expects the multifamily component to reach full stabilization by spring 2025. Retail tenants include Dave’s Hot Chicken, Bodega Taqueria, Chama de Fogo’s Brazilian steakhouse, Nacho Daddy, Starbucks, Voodoo Donuts and I Scream Gelato.

August 20, 2024

Development Southeast Student Housing Virginia

Pinecrest Delivers 509-Bed Student Housing Development Near VCU in Richmond

by John Nelson August 20, 2024

RICHMOND, VA. — Pinecrest has delivered Parc View at Commonwealth, a 509-bed student housing development located pedestrian to the Virginia Commonwealth University (VCU) campus in Richmond. The 16-story community spans 275,000 square feet and offers units in one-, two-, three- and four-bedroom configurations with bed-to-bath parity. Shared amenities include a rooftop sky deck, art room, fitness center and collaborative study spaces. The development team for the project included Rycon Construction Inc. as general contractor; Hickok Cole Architects; Timmons Group as civil engineer; and University Partners as managing operator. CIBC Bank USA provided construction financing for the development.

August 20, 2024

Development Florida Multifamily Southeast

Mast Capital, Rockpoint Complete 248-Unit Harlow Apartments in Metro Tampa

by John Nelson August 20, 2024

WESLEY CHAPEL, FLA. — Mast Capital and Rockpoint have completed The Harlow, a 248-unit luxury apartment community located on 16 acres in the Tampa suburb of Wesley Chapel. Designed by Dwell Design Studio, The Harlow features one-, two- and three-bedroom layouts ranging from 750 to 1,500 square feet in size. Monthly rental rates range from $1,503 to $2,800, according to Apartments.com. Amenities include a clubhouse with a full-service fitness studio, game room, coworking lounge with private offices, lounge areas, resort-style swimming pool with a sundeck, an outdoor pavilion, pet park and a children’s playground. Other features at the garden-style property include detached garages and electric vehicle charging stations.

August 20, 2024

Loans Retail Southeast Virginia

MMCC Arranges $14.5M Refinancing for Somerset Crossing Shopping Center in Gainesville, Virginia

by John Nelson August 20, 2024

GAINESVILLE, VA. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $14.5 million loan for the refinancing of Somerset Crossing, a 108,000-square-foot shopping center located on Somerset Crossing Drive in Gainesville, about 30 miles west of downtown Washington, D.C. Jared Cassidy of MMCC’s D.C. office worked with Dean Zang and David Crotts of Institutional Property Advisors (IPA), a division of Marcus & Millichap, to arrange the 18-month loan through Trevian Capital. The borrower, an unnamed development firm, used the non-recourse financing to refinance its existing acquisition loan on the property, as well as pay off its investor base and fund tenant build-outs and improvements. Urban Air and Goodwill will anchor Somerset Crossing in the near future.

August 20, 2024

Acquisitions Healthcare Office Texas

Edge Capital Markets Arranges Sale of 525,580 SF Office, Healthcare Property in West Houston

by Taylor Williams August 20, 2024

HOUSTON — Edge Capital Markets has arranged the sale of Southwest Corporate Center, a 525,580-square-foot office and healthcare property in Houston. The 39-acre site at 9700-9702 Bissonnet St. is located on the city’s west side and includes 8.6 acres of undeveloped land for future expansion. Texas Children’s Pediatrics, the State of Texas and DIRECTV are the anchor tenants at the property, which was originally built in 1975 and renovated in 2020, according to LoopNet Inc. Micha van Marcke and Chace Henke of Edge Capital Markets represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.

August 20, 2024

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 483-Unit Self-Storage Portfolio in Inez, Texas

by Taylor Williams August 20, 2024

INEZ, TEXAS — Marcus & Millichap has brokered the sale of a portfolio of two self-storage facilities totaling 483 units in Inez, located in southeast Texas. Inez Storage and Beck Road Storage span a combined 11 acres and consist of 10 buildings that house 214 climate-controlled units, 258 drive-up non-climate spaces and 10 covered parking spaces. Dave Knobler and Mixson Staffel of Marcus & Millichap represented the seller, a private investor, in the transaction. The duo also procured the buyer, a California-based family trust. The sales price was not disclosed.

August 20, 2024

Development Industrial Texas

Welcome Group Nears Completion of 125,333 SF Industrial Project in North Houston

by Taylor Williams August 20, 2024

HOUSTON — Locally based developer Welcome Group is nearing completion of Pinto Park, a 125,333-square-foot industrial project that encompasses a nine-acre site in North Houston. Construction of the 56,272-square-foot building at 454 Fallbrook Drive is expected to be complete in the coming weeks, and the building is fully preleased to an undisclosed tenant in the advanced technology manufacturing sector. Welcome Group was self-represented in the lease negotiations. Building 2, which totals 69,061 square feet, is also scheduled for a fall completion. Houston-based KDW served as the general contractor for the project, construction of which was financed by Simmons Bank.

August 20, 2024

Loans Midwest Multifamily Nebraska

Northmarq Provides $75.5M Loan for Refinancing of Luxury Apartment Complex in Omaha

by Kristin Harlow August 20, 2024

OMAHA, NEB. — Northmarq has provided a $75.5 million Fannie Mae loan for the refinancing of Brickline at The Mercantile in Omaha. Completed in 2023, the luxury apartment complex features 379 units along with commercial space leased to three restaurant/entertainment concepts. Amenities include a resort-style pool, golf simulator, fitness center, yoga studio, electric vehicle charging stations and coworking spaces. Kevin McCarthy, Jeff Frankel, Alex Czachor and Jason Kinnison of Northmarq originated the loan on behalf of the borrower, a joint venture between Hines and Cresset Real Estate Partners. The eight-year, fixed-rate loan features interest-only payments and a flexible prepayment option starting after the sixth year.

August 20, 2024

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 40,081 SF Industrial Lease in Northwest Dallas

by Taylor Williams August 20, 2024

DALLAS — Lee & Associates has negotiated a 40,081-square-foot industrial lease in northwest Dallas. According to LoopNet Inc., the building at 1314 Viceroy Drive, which was built in 1969 and renovated in 2023, features 17-foot clear heights and four dock-high doors. Stephen Williamson of Lee & Associates represented the landlord, Stonelake Capital Partners, in the lease negotiations. Tod Zhang of Mohr Partners represented the tenant, Yamato Transport USA.

August 20, 2024

Acquisitions Hospitality Illinois Midwest

Sterling Bay, Wheelock Street Capital Sell 200-Room Hyatt House Hotel in Chicago

by Kristin Harlow August 20, 2024

CHICAGO — Sterling Bay and Wheelock Street Capital have sold the Hyatt House Chicago/West Loop-Fulton Market hotel for an undisclosed price. Located at 105 N. May St. in the Fulton Market district, the 200-room extended-stay property includes 5,224 square feet of retail space on the ground floor that is now fully leased to The Original Pancake House. The breakfast restaurant plans to open in late spring or early summer 2025. Sterling Bay and Wheelock completed development of the hotel in 2019. Amenities at the property, designed by Eckenhoff Saunders Architects, include an indoor rooftop pool, sky deck, fitness center and full-service lobby bar. Columbus, Ohio-based Rockbridge Capital was the buyer, according to Crain’s Chicago Business.

August 20, 2024

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