Property Type

Rubenstein Mortgage Provides $62M Acquisition Loan for Metro Dallas Office Building

by Taylor Williams September 28, 2022

RICHARDSON, TEXAS — Rubenstein Mortgage Capital has provided a $62 million acquisition loan for 3400 CityLine, a 312,345-square-foot office building located within the CityLine mixed-use development in the northeastern Dallas suburb of Richardson. Built in 2018, the property rises five stories and features a total of 1,400 parking spaces, as well as a lounge, conference center, fitness center and an outdoor entertainment area. Andrew Murray of Rubenstein Mortgage Capital originated the loan on behalf of the borrower, Chicago-based Zeller Realty Group. At the time of the loan closing, 3400 CityLine was 83 percent leased. JLL arranged the debt.

September 28, 2022

Andretti-Indoor-Karting-&-Games-Grand-Prairie

Leasing Activity Retail Texas

Andretti Indoor Karting & Games to Open 96,000 SF Venue in Grand Prairie, Texas

by Taylor Williams September 28, 2022

GRAND PRAIRIE, TEXAS — Andretti Indoor Karting & Games will open a 96,000-square-foot racing and entertainment facility in Grand Prairie, located in the central part of the Dallas-Fort Worth (DFW) metroplex. In addition to the namesake activity, the center will include laser tag, arcade and virtual reality games and duckpin bowling. The facility, which will be the second in the DFW area and seventh nationwide for the Orlando-based concept, is scheduled to open before the end of 2023.

September 28, 2022

Development Mixed-Use North Carolina Southeast

CBRE to Lead Overhaul of EpiCentre Mixed-Use Development in Uptown Charlotte

by John Nelson September 28, 2022

CHARLOTTE, N.C. — CBRE has announced plans to lead the marketing, property management and renovations at the 302,324-square-foot EpiCentre mixed-use development in Uptown Charlotte, which opened in 2008 before CBRE took it out of receivership in 2021. CBRE plans to begin a renovation project at the development, which has been renamed Queen City Quarter after Charlotte’s nickname “The Queen City.” Streetsense, a global urban design and placemaking agency, has been engaged to shape the physical and branding elements of the property. Significant repairs to the courtyard, parking garage, patios and roof are underway and expected to be complete by year-end. In 2023, Queen City Quarter’s public staircases and escalators will also be renovated, and new landscaping, lighting, benches and security cameras will be installed. CBRE’s Kivett Williams is the exclusive marketing and leasing agent for the retail space at Queen City Quarter, and CBRE’s Kris Westmoreland is the exclusive marketing and leasing agent for the office space and will be involved in the rebranding. The development can accommodate traditional retail, restaurants and office tenants in addition to creative office, medical office and various other office and retail uses. CBRE Property Management is leading the property management services at the property. …

September 28, 2022

Alabama Build-to-Rent Development Multifamily Single-Family Rental Southeast

Landmark Breaks Ground on 231-Unit Build-to-Rent Community in Madison, Alabama

by John Nelson September 28, 2022

MADISON, ALA. — Landmark Properties, the student housing development giant based in Athens, Ga., has broken ground on its first build-to-rent community. The property, named The Everstead at Madison, will be located in the Huntsville suburb of Madison and comprise 231 single-family and cottage-style homes. Finishes for the homes will include quartz countertops, stainless steel appliances, large pantries, hardwood-style floors, full-size washers and dryers, ceiling fans, a walk-in closet for the main bedroom and backyards with private patios. Some units will also feature an attached garage. Community amenities will include a resort-style swimming pool, fitness center, playground, fire pit, grilling area and a dog park. TSB Capital Advisors arranged financing on behalf of Landmark, which expects to deliver first homes in 2023 and complete the neighborhood in 2024.

September 28, 2022

Acquisitions Mixed-Use Multifamily North Carolina Southeast

Matthews Brokers $44.8M Sale of Loray Mill Lofts in Gastonia, North Carolina

by John Nelson September 28, 2022

GASTONIA, N.C. — Matthews Real Estate Investment Services has brokered the $44.8 million sale of Loray Mill Lofts, an adaptive reuse development located at 300 S. Firestone St. in Gastonia, a suburb of Charlotte. Originally constructed in 1902 and renovated in 2016, Loray Mill Lofts is situated on 12 acres and comprises 189 apartments and 75,000 square feet of commercial space. Atlanta-based TriBridge Residential purchased the 600,000-square-foot mixed-use property from an entity doing business as Loray Mill Redevelopment LLC. Jack Lenihan and Connor Kerns of Matthews represented the seller in the transaction.

September 28, 2022

Acquisitions Affordable Housing District of Columbia Multifamily Southeast

Enterprise Community Development Purchases Skyland Apartments in Southeast D.C. for $25.7M

by John Nelson September 28, 2022

WASHINGTON, D.C. — Enterprise Community Development Inc., an affiliate of Enterprise Community Partners, has closed on its $25.7 million purchase of Skyland Apartments, a 224-unit community in the Randle Heights neighborhood of Southeast Washington, D.C. Originally built in 1939, the “naturally occurring affordable housing” (NOAH) community comprises one- and two-bedroom duplexes and one-bedroom flats, as well as 10,000 square feet of commercial space. Enterprise Community Development’s acquisition from W.C. Smith was executed through the District of Columbia’s Tenant Opportunity to Purchase Act, which the residents began in 2019 before being delayed by the COVID-19 pandemic. EagleBank and Capital Impact Partners provided acquisition financing. Winn Management is currently serving as property manager for Skyland Apartments. Enterprise Community Development will focus on the property’s redevelopment and rehabilitation efforts in collaboration with residents to keep rents affordable.

September 28, 2022

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 424-Unit Self-Storage Facility in El Paso

by Taylor Williams September 28, 2022

EL PASO, TEXAS — Marcus & Millichap has brokered the sale of Stuff Hotel, a 424-unit self-storage facility that is situated on a 2.5-acre site at 11655 Pellicano Drive in El Paso. Jon Danklefs of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction.

September 28, 2022

Acquisitions Multifamily Northmarq Texas

Northmarq Negotiates Sale of 192-Unit Aubry Hills Apartments in North Austin

by Taylor Williams September 28, 2022

AUSTIN, TEXAS — Northmarq has negotiated the sale of Aubry Hills, a 192-unit apartment complex located at 8926 N. Lamar Blvd. in North Austin. Built in 1973, the property offers units with a range of floor plans that feature balconies and washer/dryer connections. Amenities include a pool, outdoor grilling and dining areas, a clubhouse, playground and sport courts for tennis, basketball and volleyball. Zar Haro, Moses Siller, Scott Lamontagne, Bryan VanCura and Will Collier of Northmarq represented the seller, a private investor, in the transaction. The buyer was also a private investor.

September 28, 2022

Leasing Activity Office Texas

Brown Sims Signs 35,198 SF Office Lease in Uptown Houston

by Taylor Williams September 28, 2022

HOUSTON — Law firm Brown Sims has signed an 35,198-square-foot office lease at Post Oak Central in Uptown Houston. The national litigation firm will occupy two full floors at the three-building, 1.2 million-square-foot campus. Amanda Nebel represented the landlord, Parkway, in the lease negotiations on an internal basis. Griff Bandy of Partners represented Brown Sims.

September 28, 2022

Development Multifamily New York Northeast

LeCesse Development Breaks Ground on 189-Unit Multifamily Project in Malta, New York

by Taylor Williams September 28, 2022

MALTA, N.Y. — Florida-based LeCesse Development Corp. has broken ground on GrandeVille at Malta, a 189-unit multifamily project that will be located north of Albany in Upstate New York. The project represents Phase II of a larger development, the initial phase of which comprised 292 units. Phase II residences will be spread across three buildings and will come in one-, two- and three-bedroom formats. Units will be furnished with stainless steel appliances, quartz countertops, custom cabinetry, walk-in closets and individual washers and dryers. Communal amenities will include an indoor pool, clubhouse, fitness center, game room, business lounge and a spa. Completion is scheduled for next fall. Other project partners include James Fahy Design Associates, general contractor Platinum-LeChase, Lansing Engineering and Five Star Bank.

September 28, 2022

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