Property Type

Courtyard-by-Marriott-Austin-University-Area

PMZ Realty Capital Arranges $20.7M Acquisition Loan for Downtown Austin Hotel

by Taylor Williams March 17, 2023

AUSTIN, TEXAS — PMZ Realty Capital has arranged a $20.7 million acquisition loan for Courtyard by Marriott Austin-University Area, a nine-story, 198-room hotel located in the state capital’s downtown district. The nonrecourse loan was structured with a floating interest rate. The accommodations consist of 186 guestrooms and 12 suites, and guests have access to a pool, fitness center, business center and 1,342 square feet of meeting and event space. The name of the direct lender and the borrower, a Dallas-based investment firm, were not disclosed.

March 17, 2023

Development Multifamily Texas

Pearlstone Partners Breaks Ground on 182-Unit Multifamily Project in South Austin

by Taylor Williams March 17, 2023

AUSTIN, TEXAS — Locally based developer Pearlstone Partners has broken ground on The Montage, a 182-unit multifamily project in South Austin. The condominium development will offer studio, one- and two-bedroom units that will range in size from 520 to 1,400 square feet, as well as 12,872 square feet of retail space. Amenities will include a pool, fitness center, coworking lounge, clubhouse and a rooftop terrace. STG Design is the project architect, and Summit Design Build is the general contractor. Knighthead Funding provided construction financing. Completion is scheduled for spring 2025.

March 17, 2023

Acquisitions Hospitality Texas

Excel Commercial Real Estate Acquires 114-Site RV Park in Southeast Houston

by Taylor Williams March 17, 2023

HOUSTON — Excel Commercial Real Estate has acquired Eric & Jay’s RV Resort, a 114-site property in southeast Houston. The park sits on a 10-acre site with a stocked lake and offers both back-in and luxury pull-through slips. Amenities include a pool, fitness center, game room, outdoor grilling and dining stations and onsite laundry facilities. The seller and sales price were not disclosed. Jetstream Communities, an affiliate of CityStreet Residential Partners, will manage the property.

March 17, 2023

Acquisitions Retail Texas

Partners Real Estate Arranges Sale of 5,302 SF Car Wash in Metro Austin

by Taylor Williams March 17, 2023

ROUND ROCK, TEXAS — Partners Real Estate, the Houston-based investment and brokerage firm formerly known as NAI Partners, has arranged sale of a 5,302-square-foot retail property in the northern Austin suburb of Round Rock that is leased to Mister Car Wash. Landan Dory and Jason Chtay of Partners represented the buyer, an entity doing business as AJH Williamsburg Ltd., in the transaction. Spencer Henderson and Jim Ceresnak from B&E CRE represented the undisclosed seller.

March 17, 2023

Development Life Sciences Massachusetts Northeast

Leggat McCall, DLJ Properties Top Out 370,000 SF Life Sciences Project in Somerville, Massachusetts

by Taylor Williams March 17, 2023

SOMERVILLE, MASS. — A partnership between Leggat McCall Properties and DLJ Real Estate Capital Partners has topped out 808 Windsor, a 370,000-square-foot life sciences project located roughly four miles outside of Boston in Somerville. The site is situated adjacent to the newly developed Union Square MBTA Green Line Station within the 1.8 million-square-foot Boynton Yards mixed-use development. The 11-story facility will include 7,000 square feet of retail and 242 below-grade parking spaces. Shawmut Design & Construction is the general contractor for the project, which is slated for an early 2024 completion.

March 17, 2023

Leasing Activity Life Sciences New York Northeast

Elevate Research Properties to Open 200,000 SF Life Sciences Facility in Manhattan

by Taylor Williams March 17, 2023

NEW YORK CITY — Elevate Research Properties, the life sciences subsidiary of locally based investment and development firm Taconic Partners, will open a 200,000-square-foot facility at 309 E. 94th St. on Manhattan’s Upper West Side. The facility will be named Iron Horse Labs after Yankees legend Lou Gehrig. Taconic Partners is developing the property, which will house both lab and research and development space, as well as multiple loading bays and outdoor terraces, in partnership with Nuveen Real Estate and Flatiron Equities. Iron Horse Labs is expected to open in mid- to late-2025.

March 17, 2023

Connecticut Loans Multifamily Northeast

Eastern Union Arranges $28M Acquisition Loan for Multifamily Portfolio in Bridgeport, Connecticut

by Taylor Williams March 17, 2023

BRIDGEPORT, CONN. — Eastern Union has arranged a $28 million acquisition loan for a portfolio of 13 multifamily properties totaling 437 units in Bridgeport, located in southern coastal Connecticut. Motti Blau, Mendy Pfeifer, Hershy Fried and Dov Bakon of Eastern Union originated the 10-year loan, which was structured with a 5.25 percent fixed interest rate, a 30-year amortization schedule and five years of interest-only payments. KeyBank provided the financing. The borrower was not disclosed.

March 17, 2023

Acquisitions Connecticut Multifamily Northeast

Marcus & Millichap Brokers Sale of 28-Unit Apartment Building in Hartford

by Taylor Williams March 17, 2023

HARTFORD, CONN. — Marcus & Millichap has brokered the sale of a 28-unit apartment building located at 385 Main St. in downtown Hartford. The five-story building houses 25 one-bedroom residences and three two-bedroom units. Eric Pentore, Ross Friedel and Wes Klockner of Marcus & Millichap represented the seller, a Connecticut-based private investor, in the transaction. The trio also procured the buyer. Both parties requested anonymity.

March 17, 2023

Leasing Activity Midwest Minnesota Office

Cushman & Wakefield Negotiates Nearly 45,000 SF of Office Leases at The 15 Building in Minneapolis

by Kristin Harlow March 17, 2023

MINNEAPOLIS — Cushman & Wakefield has negotiated nearly 45,000 square feet in office leases at The 15 Building, a downtown Minneapolis office building known for its mural of Bob Dylan. R2 and Goldman Sachs Asset Management own the property, which is now 70 percent leased. The building rises 12 stories, totals 130,000 square feet and features new speculative suites. New tenants for the spec suites include Fjorge, which leased the entire fifth floor; Arux, which leased the entire 11th floor; and Inspire11, which inked a lease for the entire ninth floor. Channel Z renewed its lease for 6,000 square feet and Chobani renewed its lease for 2,500 square feet. Tom Tracy and Katie Tufford of Cushman & Wakefield have worked as the leasing agents for the property since February 2020.

March 17, 2023

Acquisitions Industrial Northeast Pennsylvania

NAI Mertz Negotiates Sale of 25,080 SF Industrial Building in Trevose, Pennsylvania

by Taylor Williams March 17, 2023

TREVOSE, PA. — NAI Mertz has negotiated the sale of a 25,080-square-foot industrial building that sits on a 1.3-acre parcel in Trevose, a northeastern suburb of Philadelphia. Fraser Optics, which manufactures binoculars and associated products, occupies the entirety of the facility at 210 Andrews Road. Jeff Licht and Jared Licht of NAI Mertz represented the seller, a limited liability company, in the transaction.

March 17, 2023

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