Property Type

Related Group, Integra to Develop 354-Unit St. Regis Condo Project in Miami

by Julia Sanders December 21, 2021

MIAMI — Related Group and Miami-based Integra Investments have plans to develop St. Regis Residences, Miami, a two-tower condominium project in Miami’s Brickell district. New York City-based Robert A.M Stern Architects and New York-based Rockwell Group will oversee architecture and interior design, respectively. ONE Sotheby’s International Realty will be the project’s sales and marketing partner. St. Regis Residences, Miami will offer 354 residential units across both towers. The units will range in size from a 1,300-square-foot one-bedroom to a 7,000-square-foot duplex. The prices will start at $2 million per unit and go up to over $40 million, according to Bloomberg. Condo reservations for St. Regis Residences, Miami will begin this January, with the official sales slated to begin shortly thereafter. The property will also include over 55,000 square feet in amenity areas, including an indoor lap pool, St. Regis Tea Room and butler service. The amenities and features are similar to the original St. Regis, a hotel property in New York City dating back to 1904. Located at 1809 Brickell Ave., the project will be located 12 miles from Miami Beach, about 11 miles from Miami International Airport and 6.6 miles from the University of Miami. The property will also …

December 21, 2021

Acquisitions Multifamily Texas

CBRE Negotiates Sale of Two Metro Houston Multifamily Properties Totaling 602 Units

by Taylor Williams December 21, 2021

KATY AND PEARLAND, TEXAS — CBRE has negotiated the sale of two multifamily properties totaling 602 units in the Houston area. Spencer Park Row is a 390-unit community located in the western suburb of Katy, and Tranquility Lakeside is a 212-unit complex located in the southern suburb of Pearland. The properties were respectively built in 2002 and 2004 and offer one-, two- and three-bedroom units. Clint Duncan and Matt Phillips of CBRE represented the undisclosed seller in the transaction. James D’Argenio and Chang Liu represented the buyer, California-based investment firm Bascom Group, on an internal basis. Michael Thompson and Travis Fincher of CBRE arranged acquisition financing through a fund backed by Oaktree Capital.

December 21, 2021

Affordable Housing District of Columbia Loans Lument Multifamily Southeast

Lument Provides $16.9M in Freddie Mac Financing for Affordable Housing Project in D.C.

by Julia Sanders December 21, 2021

WASHINGTON, D.C. — Lument has provided two Freddie Mac tax-exempt loans (TEL) totaling $16.9 million for the development of 1515 North Capitol Apartments, a 15-story affordable housing development in Washington, D.C. Construction for the project is slated to be complete in 27 months. The borrower is So Others Might Eat (SOME), a Washington, D.C.-based local nonprofit organization that provides services to those facing poverty and homelessness. 1515 North Capitol will feature 136 affordable studio units, with 75 units subsidized through D.C.’s Local Rental Supplement Program (LSRP), 61 units restricted to tenants earning 50 percent of area median income (AMI) and three units reserved for staff. The units features will include vinyl plank flooring, ranges with vented hoods, microwave ovens and garbage disposals. Community amenities will include a community room, conference and meeting rooms, classrooms, library, computer room, fitness center, bike storage, two roof terraces and a laundry room on every residential level. Lument structured two portions of debt for the Freddie Mac TEL. The first part of financing was in the amount of $11.8 million and featured a 17-year term and 40-year amortization schedule. The other loan was in the amount of $5.1 million based on the LSRP overhang to …

December 21, 2021

Development Multifamily Texas

GID Development Group Completes 590-Unit Sterling Apartments in Houston

by Taylor Williams December 21, 2021

HOUSTON — GID Development Group has completed The Sterling, a 590-unit apartment community that represents Phase II of the Regent Square mixed-use project near Buffalo Bayou Park in Houston. Units feature studio, one- and two-bedroom floor plans, and amenities include a pool, dog park, fitness center, demonstration kitchen and a lounge. The midrise building also houses retail space and connects to multiple parks and open green spaces. Project partners included general contractor Arch-Con Corp. and design firms CBT and OJB Landscape Architecture. Rents start at approximately $1,400 per month for a studio unit.

December 21, 2021

Acquisitions Georgia Retail Southeast

First National Realty Partners Acquires 93,728 SF Shopping Center in Metro Atlanta

by Julia Sanders December 21, 2021

STONE MOUNTAIN, GA. — First National Realty Partners has acquired Crowe’s Crossing, a 93,728-square-foot shopping center in Stone Mountain. The seller and sales price were not disclosed. Located at 1232 South Hairston Road, the property is situated approximately 12 miles east of downtown Atlanta. The shopping center was 97 percent occupied at the time of sale and anchored by a 45,528-square-foot Kroger Supermarket. The other tenants were not disclosed.

December 21, 2021

Development Healthcare Texas

NexCore, NCLV Open 112,505 SF Medical Office Building in Northwest Houston

by Taylor Williams December 21, 2021

HOUSTON — A partnership between Denver-based developer NexCore Group and North Cypress Land Ventures (NCLV), a group of physician investors, has opened Doctors’ Pavilion, a 112,505-square-foot medical office building in Houston. The four-story building is situated on a 4.7-acre site within the HCA Houston Healthcare campus on the city’s northwest side and will house an array of specialty medical practices. Construction began in summer 2020. In addition to retaining ownership, NCLV physicians will occupy space within the property.

December 21, 2021

Acquisitions Industrial Texas

BH Properties Acquires 86,640 SF Industrial Building in Harlingen, Texas

by Taylor Williams December 21, 2021

HARLINGEN, TEXAS — Los Angeles-based BH Properties has acquired an 86,640-square-foot industrial building located in the Rio Grande Valley city of Harlingen. The property was built in 1970 as a regional distribution facility for Sears. Most recently, Valley Baptist Hospital operated the property as a laundry and supply storage facility prior to it being damaged in a storm. BH Properties will undertake a multimillion-dollar capital improvement program to address deferred maintenance, install a new roof and restore power and building systems. Conrad McEachern and Carlos Telles with CBRE represented the seller in the transaction.

December 21, 2021

Acquisitions Retail Texas

JAH Realty Buys 62,394 SF Shopping Center in Plano

by Taylor Williams December 21, 2021

PLANO, TEXAS — JAH Realty has purchased Preston Parkway Center, a 62,394-square-foot shopping center in Plano. At the time of sale, the property was 79 percent leased to tenants such as Red Hot & Blue, Einstein Bros. Bagels, Dogtopia, Honey Baked Ham, Ben & Jerry’s. Toronto-based Great Gulf sold the asset for an undisclosed price. Dallas-based John Freese & Associates brokered the deal.

December 21, 2021

Development Loans New York Northeast Office

L&L Holding Receives $911.4M in Financing for 47-Story Office Project in Midtown Manhattan

by Taylor Williams December 21, 2021

NEW YORK CITY — Locally based developer L&L Holding Co. has received $911.4 million in financing for 425 Park Avenue, a 47-story office building that is nearing completion in Midtown Manhattan. L&L Holding, which is developing the building in partnership with BentallGreenOak and Tokyu Land Corp., will use the proceeds to retire existing construction debt and fund the final stages of development, including lease-up costs. Global asset management firm Citadel has already committed to roughly half of the space as the 670,000-square-foot building’s anchor tenant. Additional tenants include Wafra Capital Partners, Hellman & Friedman and Medical Properties Trust. Michael Tepedino and Michael Gigliotti of JLL arranged the financing through a consortium of lenders led by Blackstone Real Estate Debt Strategies.

December 21, 2021

Acquisitions Illinois Midwest Office

Cushman & Wakefield Brokers $41.7M Sale of Office Property in Chicago

by Kristin Harlow December 21, 2021

CHICAGO — Cushman & Wakefield has brokered the $41.7 million sale of 1100 West Fulton, a 45,380-square-foot office property in Chicago’s Fulton Market. Fulton Street Cos. and Huizenga Capital Management completed development of the five-story building in 2020. Furniture company Herman Miller occupies space at the property on a long-term lease. Cody Hundertmark, David Knapp, Tom Sitz, Dan Deuter and Paul Lundstedt of Cushman & Wakefield represented the sellers. Zagame Corp. was the buyer. The transaction sets a new per-square-foot record for Chicago office investment sales, according to Cushman & Wakefield.

December 21, 2021

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