Property Type

Headline Solar Leases 15,000 SF for New Headquarters at Bell Works Chicagoland

by Kristin Harlow April 28, 2022

HOFFMAN ESTATES, ILL. — Headline Solar has leased 15,000 square feet of office space for its new headquarters at Bell Works Chicagoland in the Chicago suburb of Hoffman Estates. Bell Works is a $200 million redevelopment of the former AT&T campus. Headline Solar, a Midwest-based solar company, is relocating from a roughly 3,500-square-foot office at 1750 E. Golf Road in Schaumburg. Gregg Espach, Patrick Kobilca and Bryant McKenzie of Vestian represented Headline Solar in the lease negotiations. The 10-year lease included flexible terms, buildout allowances, the right to scale occupancy and swing space to house employees while the buildout was being completed, according to Vestian. Headline Solar is set to move into its new space by the end of this month.

April 28, 2022

Development Hospitality Southeast Virginia

Twain Financial to Begin $76.5M Hotel Redevelopment in Alexandria, Virginia

by Julia Sanders April 28, 2022

ALEXANDRIA, VA. — St. Louis-based Twain Financial Partners has plans to redevelop Hotel Heron, an approximately 90,000-square-foot hotel redevelopment in Alexandria. Construction on the $76.5 million adaptive reuse project is set to begin in June and wrap by November 2023. Twain Financial provided $59.2 million in financing through a mixture of sale-leaseback financing and both federal and state historic tax credit equity on behalf of the developers, May Riegler Properties and Potomac Investment Properties. The Hotel Heron project will restore the original George Mason Hotel building, which was constructed in 1925. The hotel will contain 134 rooms and 30,000 square feet of amenities, meeting space, restaurant space and ground-floor retail. Aparium Hotel Group will manage the hotel and restaurant upon completion. The property is currently being used as an office building and parking garage.

April 28, 2022

Loans Multifamily North Carolina Southeast

Ready Capital Closes $34M Loan for Multifamily Portfolio in Wilmington, North Carolina

by Julia Sanders April 28, 2022

WILMINGTON, N.C. — Ready Capital has closed a $34 million loan for the acquisition and renovation of a 200-unit, two-property multifamily portfolio in Wilmington. The non-recourse, interest-only, floating-rate loan features a 36-month term with two extension options and flexible prepayment. The loan is inclusive of a facility to provide future funding for capital expenditures and interest and operating shortfalls. Upon acquisition, the sponsor will convert the properties from student housing to traditional multifamily. In addition, the sponsor will implement a capital improvement plan to renovate unit interiors, improve curb appeal and upgrade community amenities and common areas.

April 28, 2022

Acquisitions Retail Southeast Virginia

JLL Arranges Sale of Stony Point Fashion Park Shopping Center in Richmond

by Julia Sanders April 28, 2022

RICHMOND, VA. — JLL Capital Markets has arranged the sale of Stony Point Fashion Park, a 396,961-square-foot, open-air shopping center in Richmond. David Monahan, Cameron Pittman, Jordan Lex, Jimmy Appich and Spotty Robins of JLL represented the seller, a receiver acting pursuant to a receivership order entered by the Circuit Court of the City of Richmond. Second Horizon Capital acquired the asset for an undisclosed price. Opened in 2003, Stony Point Fashion Park is anchored by Dillard’s and an 83,600-square-foot Saks Fifth Avenue. The center is also home to RH, Tiffany & Co., Brooks Brothers, Anthropologie, Latitude Seafood, P.F. Chang’s, CMX CineBistro, Vineyard Vines, Talbots, Fleming’s Steakhouse, Eggspectation and LensCrafters. Located on 45 acres at 9200 Stony Point Parkway, the property is situated 10 miles from downtown Richmond and 22.4 miles from Richmond International Airport.

April 28, 2022

Florida Loans Office Southeast

CBRE Secures $21.9M Refinancing of Medical Office Complex in Pembroke Pines, Florida

by Julia Sanders April 28, 2022

PEMBROKE PINES, FLA. — CBRE has secured a $21.9 million loan for the refinancing of Pines Medical Professional Centre, a 91,956-square-foot medical office complex in Pembroke Pines. Paul Ahmed and Mackenzie Lampman of CBRE Capital Markets arranged the seven-year, fixed-rate loan through Bank United on behalf of the borrower, an unnamed private investor. Pines Medical Professional Centre features four, two-story office buildings built between 2000 and 2002. The South Florida property was 97 percent leased at the time of financing to a variety of medical providers, including physicians, dentists, radiologists and urologists. Located at 400-700 N. Hiatus Road, the property is situated less than one mile from Memorial Hospital West and 9.8 miles from Hollywood.

April 28, 2022

Acquisitions Industrial Texas

Cushman & Wakefield Brokers Sale of Two Houston Industrial Portfolios Totaling 1.4 MSF

by Taylor Williams April 28, 2022

HOUSTON — Cushman & Wakefield has brokered the sale of two Houston industrial portfolios totaling approximately 1.4 million square feet. The Northwest Houston Portfolio consists of eight buildings totaling 740,925 square feet located along the U.S. Highway 290 corridor, and the Loop 610 Portfolio comprises five buildings totaling 709,114 square feet in various submarkets. Jim Carpenter, Jud Clements, Robby Rieke, Taylor Starnes, Jim Foreman and Brooke Forrest of Cushman & Wakefield represented the undisclosed seller in the transaction. At the time of sale, the portfolios had a combined occupancy rate of 97.4 percent. The buyer was also undisclosed.

April 28, 2022

Acquisitions Retail Texas

IPA Negotiates Sale of 534,566 SF La Frontera Village Power Center in Metro Austin

by Taylor Williams April 28, 2022

ROUND ROCK, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of La Frontera Village, a 534,566-square-foot regional power center located in the northern Austin suburb of Round Rock. Built on 62 acres in 1980, the center is situated within the 330-acre La Frontera master-planned community. At the time of sale, the property was 92 percent leased to tenants such as Kohl’s, Hobby Lobby, Burlington, Marshalls, Barnes & Noble and Cost Plus. Andrew Margulies, Erin Patton, Scott Wiles and Craig Fuller of IPA represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The sale included two ground-leased restaurant outparcels and a 0.8-acre undeveloped parcel.

April 28, 2022

Development Industrial Texas

Greystar Breaks Ground on Phase I of 70-Acre Industrial Project in Metro Dallas

by Taylor Williams April 28, 2022

MCKINNEY, TEXAS — South Carolina-based development and management firm Greystar has broken ground on Phase I of McKinney Airport Trade Center, a 70-acre industrial project located north of Dallas. Phase I will consist of three buildings spanning 320,000 square feet. Phase II will feature two buildings totaling 434,000 square feet. Completion of Phase I is slated for the end of the year. NAI Robert Lynn and Carey Cox Co., which jointly represented Greystar in its acquisition of the land, have also been retained to market and lease the property.

April 28, 2022

Loans Multifamily Texas

Lightstone Capital Provides $14.7M Acquisition Loan for Villa Ana Apartments in Houston

by Taylor Williams April 28, 2022

HOUSTON — Lightstone Capital, a New York City-based direct lender, has provided a $14.7 million acquisition loan for Villa Ana Apartments, a 176-unit multifamily complex in southwest Houston that was built in 1979. According to Apartments.com, Villa Ana offers one- and two-bedroom units and a pool, business center and onsite laundry facilities. Jim Richards of CBRE arranged the loan with Lightstone Capital. The borrower, an undisclosed, Houston-based limited liability company, will use a portion of the proceeds to fund capital improvements.

April 28, 2022

Leasing Activity Office Texas

WIS International Signs 70,996 SF Office Lease at Crown Centre in Lewisville, Texas

by Taylor Williams April 28, 2022

LEWISVILLE, TEXAS — WIS International, a provider of global inventory and data collection services, has signed a 70,996-square-foot office lease at Crown Centre, a 140-acre corporate campus located in the northern Dallas suburb of Lewisville. Robbie Baty and Mike Wyatt of Cushman & Wakefield represented the tenant, which plans to move in on Dec. 1, in the lease negotiations. Lauren Halstedt, Ashley Curry and James Esquivel of JLL represented the landlord, Bright Realty.

April 28, 2022

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