Property Type

Taconic Capital Advisors Sells Office Building in Charlotte for $21M

by Julia Sanders March 15, 2022

CHARLOTTE, N.C. — Taconic Capital Advisors has sold Three Resource Square, a 125,728-square-foot, Class A office building in Charlotte. Praelium Commercial Real Estate purchased the property for $21 million. Patrick Gildea, Matt Smith, Grayson Hawkins, Joe Franco and Stephanie Spivey of CBRE represented the seller in the transaction. Harris Ralston and C.J. Kelly of CBRE arranged an undisclosed amount of debt financing through Prime Finance on behalf of the buyer. Built in 1999, Three Resource Square was 85 percent leased at the time of sale. The property will be anchored by Republic Services, a solid waste management company, through 2026. The property’s other tenant is Resolvion, a financial services firm. The office property offers a six per 1,000-square-foot parking ratio and a fitness center. Located at 10815 David Taylor Drive, the property is situated close to Charlotte Douglas International Airport, the University of North Carolina at Charlotte and Interstate 85. Additionally, the property is situated within one mile from Centene’s 1 million-square-foot East Coast headquarters campus.

March 15, 2022

Acquisitions Industrial Self-Storage Texas

StorageMart Buys 877-Unit Former Life Storage Facility in San Antonio

by Taylor Williams March 15, 2022

SAN ANTONIO — StorageMart, a Missouri-based owner-operator, has purchased a former Life Storage facility in San Antonio that spans 99,833 net rentable square feet across 877 units. The new ownership plans to implement a value-add program that will include the installation of an upgraded security system. StorageMart, which currently operates four self-storage facilities in the San Antonio area, will also turn management of the property over to its in-house team. The seller and sales price were not disclosed.

March 15, 2022

Acquisitions Development Georgia Industrial Southeast

Seefried Buys 31.8-Acre Site in Cartersville, Georgia for Distribution Center Project

by Julia Sanders March 15, 2022

CARTERSVILLE, GA. — Atlanta-based Seefried Industrial Properties has bought a 31.8-acre site in Cartersville with plans to develop Cassville 75 Distribution Center, a new 273,576-square-foot, speculative industrial development. The seller and sales price for the land were not disclosed. Construction is expected to begin in May, with delivery scheduled for April 2023. Cassville 75 Distribution Center will be located at the intersection of Cassville White and Old Grassdale roads and will offer access to Interstate 75. Project features will include 36-foot minimum clear heights with 185-foot minimum truck court depths, ESFR sprinklers and 39 dock-high loading positions with a front-load configuration. The project will also include office space customized to suit, as well as auto and trailer parking on a secure fenced site.

March 15, 2022

Acquisitions Multifamily Texas

Greysteel Brokers Sale of 250-Unit Greens of Hickory Trail Apartments in South Dallas

by Taylor Williams March 15, 2022

DALLAS — Greysteel has brokered the sale of Greens of Hickory Trail, a 250-unit apartment community in South Dallas. Built in 2000, the property offers two- and three-bedroom units with an average size of 1,200 square feet. Amenities include a pool, fitness center, business center, outdoor grilling and dining areas, playground and a basketball court. Doug Banerjee, Jack Stone and Andrew Mueller of Greysteel represented the seller in the transaction. Daniel Hartnett and Fisher Wells, also with Greysteel, arranged acquisition financing on behalf of the buyer. Both parties involved in the deal requested anonymity.

March 15, 2022

Acquisitions Multifamily Texas

Lynd Group Acquires Esperanza Apartments in San Antonio for $49M

by Taylor Williams March 15, 2022

SAN ANTONIO — Locally based development and investment firm The Lynd Group has acquired Esperanza Apartments, a 244-unit garden-style community in San Antonio, for $49 million. Built in 2020, Esperanza Apartments offers one-, two- and three-bedroom units that feature an average size of 954 square feet, as well as modern appliances, walk-in closets and outdoor balconies. The amenity package consists of a resort-style pool, clubhouse, fitness center, dog park, movie lawn and an outdoor sport court. Esperanza Apartments was 95 percent occupied at the time of sale. The seller was not disclosed.

March 15, 2022

Acquisitions Industrial Texas

JLL Negotiates Sale of 72,980 SF Industrial Portfolio in Houston Area

by Taylor Williams March 15, 2022

HOUSTON — JLL has negotiated the sale of a portfolio of three industrial properties totaling 72,980 square feet in the Houston area. The properties are located in Houston, Spring and Deer Park and are fully net leased to Global Drilling Support, Forge Systems Inc. and Intertek USA. Trent Agnew and Charles Strauss of JLL represented the seller, Finial Group, in the transaction. Michael Johnson of JLL arranged an undisclosed amount of acquisition financing through First Community Credit Union on behalf of the buyer, Houston-based NDP Interests. The loan carried a 10-year term and a fixed interest rate.

March 15, 2022

Acquisitions Connecticut Multifamily Northeast

Carmel Partners Buys 209-Unit Multifamily High-Rise in Stamford, Connecticut

by Taylor Williams March 15, 2022

STAMFORD, CONN. — California-based investment firm Carmel Partners has purchased Vela on the Park, a 209-unit multifamily high-rise in Stamford, located in the southern coastal part of the state. The 19-story building houses studio, one- and two-bedroom units with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a rooftop deck, fitness center, pet spa, arcade, media center and a resident lounge. Jose Cruz, Steve Simonelli, Michael Oliver and Kevin O’Hearn of JLL represented the seller, a partnership between an affiliate of regional developer Trinity Financial Inc. and Boston-based Berkshire Residential Investments, in the transaction.

March 15, 2022

Acquisitions Hospitality New York Northeast

Partnership Acquires Westchester Marriott Hotel in Tarrytown, New York, for $40M

by Taylor Williams March 15, 2022

TARRYTOWN, N.Y. — A partnership between New York-based Taconic Capital Advisors and Connecticut-based HEI Hotels & Resorts has acquired the 444-room Westchester Marriott hotel in Tarrytown, a northern suburb of New York City. The sales price was $40 million. The property houses two food and beverage concepts, a gift shop, fitness center, spa, laundry facilities and 26,700 square feet of meeting and event space. The new ownership will invest $30 million in renovations to the property, with HEI Hotels assuming management responsibilities. Ares Commercial Real Estate Corp. is financing the capital improvement program.

March 15, 2022

Acquisitions Midwest Minnesota Retail

JLL Arranges Sale of Galleria Edina Shopping Mall in Suburban Minneapolis

by Kristin Harlow March 15, 2022

EDINA, MINN. — JLL Capital Markets has arranged the sale of Galleria Edina in the Minneapolis suburb of Edina. The sales price was $150 million, according to Twin Cities Business. The 398,585-square-foot shopping mall is 99 percent leased to tenants such as Louis Vuitton, Tiffany & Co., Lululemon, Peloton, Tory Burch, Pottery Barn, Bluemercury, Warby Parker, Coach, Shinola and more. Danny Finkle, Barry Brown, Dave Monahan, Amy Sands, Cameron Pittman, Matt Hazelton and Cory Villaume of JLL represented the undisclosed seller. Local investor group 70th Street Properties LLC was the buyer. Park State Bank provided acquisition financing.

March 15, 2022

Illinois Loans Midwest Office Retail

PGIM Real Estate Provides $101M in Acquisition Financing for Four-Property Portfolio in Chicago

by Kristin Harlow March 15, 2022

CHICAGO — PGIM Real Estate has provided $101 million in floating-rate bridge financing for the acquisition and lease-up of a four-property retail and office portfolio in Chicago’s Fulton Market district. The buildings span 168,206 square feet and are home to 18 tenants. Asana Partners, a real estate investment company headquartered in Charlotte, N.C., was the borrower. Further details were not provided.

March 15, 2022

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