DALLAS —iBorrow, a Los Angeles-based commercial bridge and direct lender, has provided a $20 million acquisition loan for a 232-unit apartment community located at 4542 W. Kiest Blvd. in the Oak Cliff neighborhood of Dallas. According to Apartments.com, the property offers two-bedroom units with an average size of 969 square feet. The borrower was not disclosed.
MESQUITE, TEXAS — Greysteel has arranged the sale of Town East, a 190-unit multifamily property located in the eastern Dallas suburb of Mesquite. The property was built in 1959 and offers one- and two-bedroom units with an average size of 608 square feet. Doug Banerjee, Jack Stone and Andrew Mueller of Greysteel represented the undisclosed seller in the transaction. The buyer, Elevate Commercial Investment Group, plans to upgrade unit interiors.
AUSTIN, TEXAS — A partnership between locally based development and brokerage firm AQUILA Commercial and institutional funds backed by J.P. Morgan Asset Management is underway on construction of Alto, a 110,000-square-foot office project at 924 E. Seventh St. in East Austin. Construction began earlier this year and is slated for delivery in the fourth quarter of 2023. The five-story building will include four levels of underground parking and an onsite restaurant. The Beck Group is the architect and general contractor for the project. AQUILA will also handle leasing of Alto.
INDIANAPOLIS — In a letter sent May 10 to Indianapolis-based Duke Realty Corp. (NYSE: DRE), San Francisco-based Prologis Inc. (NYSE: PLD) offered to acquire the firm in an all-stock transaction valued at $61.68 per share, which equates to about $23.7 billion. Under the terms of the proposal, Duke Realty stockholders would receive 0.466 shares of Prologis common stock for each share of Duke Realty common stock they own. The $61.68 figure is based on Prologis’ closing price on May 9, and represents a premium of 29 percent to Duke Realty’s closing price on the same date. Hamid Moghadam, CEO and co-founder of Prologis, said he is confident that the proposed combination will be a win-win for both company’s shareholders. Prologis first sent a letter to Duke Realty on Nov. 29 regarding a potential transaction at an exchange ratio of 0.465, representing a 20 percent premium to Duke Realty’s stock price at the time. On May 3, Prologis increased the proposed exchange ratio, but Duke Realty rejected the proposal that same evening. As of March 31, logistics real estate firm Prologis owned or had investments in properties and development projects totaling roughly 1 billion square feet in 19 countries. The company’s …
NEW YORK CITY — Vornado Realty Trust (NYSE: VNO) has sold The Center Building, a 470,000-square-foot office building located in the Long Island City neighborhood of Queens, for $173 million. The eight-story building, which includes ground-floor retail space, was originally constructed in 1914 as an assembly plant and service center for Ford’s Model T vehicle. Today, the building is home to five city agencies, as well as the Metropolitan Transportation Authority. Locally based development and investment firm 60 Guilders purchased the asset for an undisclosed price. Eastdil Secured provided financial advisory services to Vornado.
NEW YORK CITY — A partnership between multifamily owner-operator Asland Capital Partners and locally based investment firm Pembroke Residential Holdings has received $100 million in financing for the development of a 154-unit affordable housing project in the Soundview neighborhood of The Bronx. Residences will be reserved for renters age 62 and above with income levels that represent various percentages of the area median income. In addition, 30 percent of the units will be set aside for seniors who were formerly homeless. Completion of the 14-story building is scheduled for fall 2024. The $100 million construction loan was procured through a combination of both taxable and tax-exempt bonds issued by the New York State Housing Finance Agency, with credit enhancement in an equal amount provided by Goldman Sachs. Goldman Sachs is also providing tax credit equity for the development.
CHARLOTTE, N.C. — Highwoods Properties Inc. plans to purchase 650 South Tryon at Legacy Union, an 18-story office tower in Uptown Charlotte that is anchored by Big 4 accounting firm Deloitte. The Raleigh-based REIT plans to acquire the 367,000-square-foot, LEED Gold-certified tower for $203 million, which includes $3.9 million of capital expenditures to boost occupancy of the tower. The property was 78 percent leased at the time of the transaction, which is expected to close in the third quarter. The seller was not disclosed but the developer, Lincoln Harris, delivered the property in late 2020. The tower represented Phase II of the Legacy Union mixed-use campus and is connected to the 33-story Bank of America Tower, which Highwoods also owns. Additionally, Highwoods has agreed to acquire a development site in Charlotte’s South End district for $27 million. The parcel at 1426 S. Tryon St. is tentatively planned for a mixed-use property comprising 300,000 square feet of office space and 250 apartments. The seller of the site was also not disclosed.
NEW YORK CITY — Northwood Investors has completed the renovation of 1180 Avenue of the Americas, a 398,937-square-foot office building in Midtown Manhattan. The project involved renovating the building’s main entrance, lobby and façade and revamping the amenity center, which now houses a 3,500-square-foot terrace and two conference rooms and lounges. Northwood also upgraded the elevator and mechanical systems and added speculative office suites. Gensler designed the capital improvement program. Cushman & Wakefield leases the building.
MIAMI — Cushman & Wakefield has brokered the $56.7 million sale of a pair of office buildings in downtown Miami totaling more than 300,000 square feet. A partnership between Triple Double Real Estate and Stonerock Capital Partners purchased the portfolio from an undisclosed seller. Mike Davis, Dominic Montazemi, Miguel Alcivar, Adam Spies, Rick Brugge and Rick Colon of Cushman & Wakefield represented both parties in the transaction. The properties include a 12-story building at 200 S.E. 1st St. and a 26-story tower at 44 W. Flagler St. The buildings are about a quarter-mile from one another and were a combined 59 percent leased at the time of sale, giving value-add opportunities to the new owners.
TAMPA, FLA. — CP Capital US has formed a joint venture with Crescent Communities to develop Novel Independence Park, a 277-unit, Class A multifamily project in Tampa. The community will be part of Independence Park, a 44-acre, mixed-use development that was recently rezoned to accommodate the project, as well as future phases that include office, retail and townhomes. Charlotte-based Crescent Communities purchased the site from Independence Park master developer Highwoods Properties Inc. Situated in Tampa’s Westshore district, the developers plan to break ground this month and deliver the first units in the third quarter of 2023, with construction expected to be completed in early 2024. Truist provided construction financing for the project. Design partners include architecture firm Dwell Design Studio, landscape architect LandDesign, civil engineer Haiff Associates and interior designer Vignette Interior Design. CBG Construction will serve as the general contractor.