Property Type

Walker & Dunlop Brokers Sale of 402-Unit Apartment Community in Houston

by Taylor Williams July 20, 2022

HOUSTON — Walker & Dunlop has brokered the sale of 7 Square, a 402-unit apartment community in Houston. The property offers one- and two-bedroom units and amenities such as two pools, a fitness center with yoga and spin rooms, a wine room and outdoor grilling stations. Walker & Dunlop’s Ryan Epstein and Jennifer Ray represented the undisclosed seller in the transaction. The duo also worked with Mark Vinitsky and Harvey Pava of Walker & Dunlop to arrange acquisition financing through Voya Financial on behalf of the buyer, a partnership between DLP Capital and Avid Realty Partners. The loan was structured with a three-year term and interest-only payments.

July 20, 2022

Acquisitions Office Retail Texas

Venture Investment Partners Buys 83,256 SF Office, Retail Property in Richardson, Texas

by Taylor Williams July 20, 2022

RICHARDSON, TEXAS — Venture Investment Partners has purchased The Shire at CityLine, an 83,256-square-foot office and retail property located in the northeastern Dallas suburb of Richardson. The property was built on 6.2 acres between 2005 and 2006 and was 85 percent leased at the time of sale. Tenants include Sweeney Eye Associates, Dogtopia, Shire Pediatrics, North Texas Dermatology, Anaya’s Seafood, Republic Title, Modern Dental, Ameriprise, Re/Max and Gillespie’s Tavern. Adam Howells, Barry Brown, Jack Copher and Beth Copeland of JLL represented the seller, locally based investment firm Standridge Cos., in the transaction.

July 20, 2022

Acquisitions Industrial Texas

PHP Capital Buys 30,029 SF Industrial Property in Fort Worth

by Taylor Williams July 20, 2022

FORT WORTH, TEXAS — Fort Worth-based PHP Capital has purchased CentrePort Tech, a 30,029-square-foot industrial property in Fort Worth. The multi-tenant property, which was fully leased at the time of sale, is located within the CentrePort master-planned business park on the city’s northeast side. The seller and sales price were not disclosed.

July 20, 2022

Hospitality Loans Texas

Avatar Financial Provides $5.3M Acquisition Loan for West Texas Hotel

by Taylor Williams July 20, 2022

ODESSA, TEXAS — Seattle-based Avatar Financial Group has provided a $5.3 million bridge loan for the acquisition of a Hilton-branded hotel in the West Texas city of Odessa. The Hilton Garden Inn at 5221 John Ben Shepperd Parkway totals 100 rooms and spans 22,000 square feet. The loan was structured with a 12-month term and an 8 percent interest rate. The borrower was not disclosed.

July 20, 2022

Loans New York Northeast Office

Newmark Arranges $175M in Debt, Equity for Midtown Manhattan Office Building

by Taylor Williams July 20, 2022

NEW YORK CITY — Newmark has arranged $175 million in debt and equity financing for Park 53, a 129,000-square-foot boutique office building in Midtown Manhattan. The financing consists of a $120 million acquisition loan and $55 million in equity from Acres Capital. The 20-story building was originally constructed in 1991 as the New York City headquarters of Santander Bank. The borrower, a joint venture between ZG Capital Partners and Rialto Capital Management, plans to upgrade the lobby and elevators, activate outdoor gathering spaces and add two amenity centers. Dustin Stolly, Jordan Roeschlaub, Daniel Fromm, Eden Abraham and Michael Dorfman led the transaction for Newmark.

July 20, 2022

Development Georgia Industrial Southeast

Rooker Begins Construction on 797-Acre Industrial Park Near Port of Savannah

by John Nelson July 20, 2022

BLACK CREEK, GA. — Rooker, an Atlanta-based industrial developer and construction management firm, has broken ground on Seaport 16 Trade Center, a 797-acre industrial campus situated about 25 miles from the Port of Savannah in Black Creek. The multi-phased project has the capacity for 7.1 million square feet of logistics space across 10 facilities at full buildout. Rooker has begun construction on Building 1, an 868,160-square-foot speculative building that is expandable to 1.6 million square feet and is scheduled for completion in 2023. Solution Property Group is Rooker’s marketing partner for the project and represented the developer in its land acquisition in 2021. Thomas & Hutton is the civil engineer for Seaport 16, and POH Architects will provide architectural design. Morgan Corp. is the site work contractor. The development will be located at the intersection of Olive Branch Road and Ga. Highway 80, a little over three miles from I-16. The campus will also be situated about five miles from Hyundai’s new electric vehicle assembly and battery factory, which is expected to come on line in 2025.

July 20, 2022

Acquisitions Georgia Multifamily Southeast

Hudson Capital Properties Sells Hudson Ridge Apartments in Atlanta for $143.5M

by John Nelson July 20, 2022

ATLANTA — Hudson Capital Properties (HCP) has sold Hudson Ridge Apartments, a 434-unit multifamily community located at 3505 Windy Ridge Lane in Atlanta’s Cumberland-Galleria submarket. An affiliate of New York-based L+M Fund Management purchased the community for $143.5 million. Kevin Geiger of CBRE represented HCP, which purchased the property in 2016 and executed a community-wide renovation, in the transaction. Built in 1998, Hudson Ridge features one-, two- and three-bedroom apartments, some of which feature detached garages and offer views of the nearby Truist Park, the home ballpark of the Atlanta Braves. Amenities at Hudson Ridge include a clubhouse with a lounge, resort-style pool and sundeck, tennis court, business center and a fitness center.

July 20, 2022

Development Life Sciences Massachusetts Northeast

Lincoln Property Co. Receives Approval for 650,000 SF Life Sciences Project in Boston’s Seaport District

by Taylor Williams July 20, 2022

BOSTON — Dallas-based Lincoln Property Co. has received approval from The Boston Planning & Development Agency for the development of a 650,000-square-foot life sciences project in the city’s Seaport District. The facility, which will be known as Seaport Circle, will sit on 1.9 acres and will feature traditional lab and office space, as well as 5,000 square feet of retail space and a 15,000-square-foot training center. The development team expects that the project will create approximately 2,500 permanent jobs, 1,159 construction jobs and train approximately 2,000 students per year for careers in the life sciences industry. Construction is scheduled to begin in early 2023.

July 20, 2022

Development Hospitality Southeast Tennessee

Chartwell Hospitality, Rockbridge Underway on 292-Room Hilton Hotel at Nashville International Airport

by John Nelson July 20, 2022

NASHVILLE, TENN. — Chartwell Hospitality and partner Rockbridge have been selected by the Metropolitan Nashville Airport Authority (MNAA) to develop a Hilton-branded hotel at Nashville International Airport. The duo began vertical construction earlier this month on the property, which will feature 292 guest rooms, about 16,000 square feet of meeting space and a rooftop pool and bar. Other amenities will include a fitness center on the top floor, as well as a cafe, lobby bar and full-service restaurant on the ground level for guests and travelers. The hotel will be the tallest building at the airport campus. The project team includes locally based general contractor Crain Construction. Targeted completion or opening dates were not disclosed by Chartwell, which is also part of a development team for two hotels underway at John F. Kennedy International Airport in New York City.

July 20, 2022

Acquisitions Industrial Southeast Tennessee

Lee & Associates Brokers $52M Sale of Industrial Facility in Metro Nashville

by John Nelson July 20, 2022

SPRING HILL, TENN. — Lee & Associates’ Nashville office has brokered the $52 million sale of a 276,056-square-foot industrial facility located at 3555 Cleburne Road in Spring Hill. San Diego-based STOS Partners purchased the property from Effingham, Ill.-based Agracel Inc. Brett Wallach and William Sisk of Lee & Associates represented both parties in the transaction. The property, which is STOS’ first acquisition in the metro Nashville area, was fully leased at the time of sale on a triple-net basis to tenants including automotive firm Fourecia.

July 20, 2022

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