Property Type

Newmark Brokers Sale of 316-Unit Maxwell Townhomes in San Antonio

by Taylor Williams February 11, 2022

SAN ANTONIO — Newmark has brokered the sale of Maxwell Townhomes, a 316-unit apartment community in San Antonio. Built in 1982 on the north-central side of the city, Maxwell Townhomes features one-, two-, and three-bedroom units. Amenities include two pools, a fitness center, playground, putting green, sport court, dog park and a clubhouse. Patton Jones and Matt Michelson of Newmark represented the seller, Philadelphia-based Resource REIT Inc., in the transaction. The buyer, Orion Real Estate Partners, plans to further upgrade the unit interiors, building exteriors and common spaces.

February 11, 2022

Leasing Activity Office Texas

Energy Firm Signs 98,616 SF Office Lease Extension at Greenway Plaza in Houston

by Taylor Williams February 11, 2022

HOUSTON — Gulf South Pipeline Co., a midstream provider of natural gas, has signed a 98,616-square-foot office lease extension at Greenway Plaza, a 52-acre campus located between Houston’s Uptown and downtown areas. The company will continue to occupy space at the 746,824-square-foot Nine Greenway Plaza building. J.P. Hutcheson and Rima Soroka represented the landlord, Parkway, on an internal basis in the lease negotiations. Christopher Oliver and David Guion of Cushman & Wakefield represented the tenant.

February 11, 2022

Acquisitions Retail Texas

SRS Real Estate Negotiates Sale of 78,888 SF Shopping Center in Metro Austin

by Taylor Williams February 11, 2022

GEORGETOWN, TEXAS — Dallas-based SRS Real Estate Partners has negotiated the sale of Oak Meadows Marketplace, a 78,888-square-foot shopping center located in the northern Austin suburb of Georgetown. Built in 2018, the property was 92 percent leased at the time of sale, with grocer Randalls serving as the anchor tenant. Cathy Nabours, Walter Saad, Kyle Shaffer and Aaron Johnson of SRS represented the seller, Cypress Equities, in the transaction. Cincinnati-based retail REIT Phillips Edison & Co. (NASDAQ: PECO) purchased Oak Meadows Marketplace for an undisclosed price.

February 11, 2022

Loans Multifamily Texas

Ready Capital Closes $9.5M Acquisition Loan for Houston Multifamily Property

by Taylor Williams February 11, 2022

HOUSTON — New York City-based Ready Capital has closed a $9.5 million loan for the acquisition, renovation and stabilization of an unnamed, 61-unit apartment complex in Houston’s Montrose submarket. The nonrecourse, interest-only loan features a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The sponsor was not disclosed.

February 11, 2022

Acquisitions Massachusetts Northeast Office

Newmark Brokers $129M Sale of Raytheon Office Campus in Woburn, Massachusetts

by Taylor Williams February 11, 2022

WOBURN, MASS. — Newmark has brokered the $129 million sale of a two-building, 440,130-square-foot office campus in the northern Boston suburb of Woburn that is leased to defense contractor Raytheon. The campus includes research and development space, as well as a fitness center, full-service cafeteria, conference facilities and two parking garages. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell and William Sleeper of Newmark represented the seller, Atlanta-based Piedmont Office Realty Trust, in the transaction. The team also procured the undisclosed buyer.

February 11, 2022

Acquisitions Georgia Industrial North Carolina Self-Storage South Carolina Southeast

Space Shop Sells Two Self-Storage Portfolios in Georgia, Carolinas for $137M

by Julia Sanders February 11, 2022

ATLANTA — Atlanta-based Space Shop Self Storage has sold two self-storage portfolios for $137 million to Salt Lake City-based Extra Space Storage, a national self-storage REIT. The nine properties are situated across Georgia, South Carolina and North Carolina. The first portfolio sale included five properties such as a 75,000-square-foot facility in Covington, Ga.; three properties throughout Charleston totaling 175,000 square feet; and a 75,000-square-foot facility in Cary, N.C. The first portfolio sold for $55 million, or an average of $183 per square foot. The second portfolio included four facilities in metro Atlanta totaling 300,250 square feet. The facilities are located in downtown Atlanta, the Buckhead district, Chamblee and Cumming. The portfolio traded for $82 million.

February 11, 2022

Development Industrial New Jersey Northeast

Larken Associates Breaks Ground on 150,000 SF Industrial Project in Flemington, New Jersey

by Taylor Williams February 11, 2022

FLEMINGTON, N.J. — New Jersey-based developer Larken Associates has broken ground on a four-building, 150,000-square-foot industrial project in Flemington, about 60 miles west of New York City. Flemington Junction Business Center will be situated on a 29-acre site and will be able to accommodate tenants with requirements from 1,250 to 40,000 square feet. Building features will include clear heights of 32 feet, LED warehouse lighting and a total of 270 parking spaces. The project is 27 percent preleased, and the development team expects the complex to be available for occupancy in the fourth quarter.

February 11, 2022

Loans Multifamily New York Northeast

Ready Capital Closes $16.5M Acquisition Loan for Multifamily Asset in New York City

by Taylor Williams February 11, 2022

NEW YORK CITY — Locally based direct lender Ready Capital has closed a $16.5 million loan for the acquisition, renovation and stabilization of an 81-unit multifamily property in the Murray Hill submarket of New York City. The nonrecourse, interest-only loan carried a 36-month term, floating interest rate and two extension options. Upon acquisition, the undisclosed sponsor will execute a sale-leaseback of the ground and implement a capital improvement plan to renovate units and upgrade common areas.

February 11, 2022

Arkansas Georgia Loans Multifamily Southeast

Grandbridge Secures $113.7M Financing for Three Multifamily Properties in Arkansas, Georgia

by Julia Sanders February 11, 2022

CHARLOTTE, N.C. — Charlotte-based Grandbridge Real Estate Capital LLC has secured $113.7 million in financing for three multifamily properties, including The Reserve at Chaffee Crossing in Fort Smith, Ark., and Medlock Woods Apartments and Country Club Apartments in Norcross, Ga. Sunbelt Residential was the borrower for the Medlock Woods and Country Club deals, while the borrower for The Reserve at Chaffee Crossing was Canyon View Capital. The Reserve at Chaffee Crossing is a 438-unit multifamily property that offers one- and two-bedroom floorplans. Grandbridge secured a $43 million acquisition loan with a five-year term, including an initial interest-only period and extension options to accommodate the lease up and stabilization of the property. Medlock Woods is a 246-unit multifamily property that offers one-, two- and three-bedroom floorplans. The borrower received $35.5 million acquisition loan that was structured with a five-year term, including an initial interest-only period and extension options. Country Club is a 298-unit property that offers one-, two- and three-bedroom floorplans. The borrower received a $35.2 million acquisition loan that was structured with a five-year term, including an initial interest-only period and extension options.

February 11, 2022

Development Multifamily New York Northeast Seniors Housing

Chelsea Senior Living Completes Expansion Project in Yaphank, New York

by Taylor Williams February 11, 2022

YAPHANK, N.Y. — Chelsea Senior Living has completed an assisted living and memory care expansion project at The Chelsea at Brookhaven, located in the Long Island hamlet of Yaphank. The number of units was not disclosed. While the community’s independent living portion has been open for the past two years, the assisted living and memory care building next door recently received licensing approval from the state.

February 11, 2022

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