Property Type

McShane to Construct 302-Unit Apartment Community in Oconomowoc, Wisconsin

by Kristin Harlow May 3, 2021

OCONOMOWOC, WIS. — Developer Mandel Group has selected McShane Construction Co. to build Hackney House Apartments at Pabst Farms in Oconomowoc, about 35 miles west of Milwaukee. The apartment community will include 302 units across 20 garden-style and townhome buildings. Amenities will include a 4,000-square-foot clubhouse, fitness center, outdoor pool, grill area, dog wash and bike storage. HUD 221(d)(4) financing will be used to finance the project. Completion is slated for April 2023. BSB Design is the architect.

May 3, 2021

Acquisitions Indiana Midwest Office

Marcus & Millichap Brokers $8.6M Sale of Office Building in Indianapolis

by Kristin Harlow May 3, 2021

INDIANAPOLIS — Marcus & Millichap has brokered the sale of Heritage Park I in Indianapolis for $8.6 million. The 86,657-square-foot office building is located at 6612 E. 75th St. Alexander Nulf, Joseph DiSalvo and John Godwin of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Nulf secured and represented the buyers, a limited liability company and a private investor.

May 3, 2021

Acquisitions Healthcare Midwest Ohio

Montecito Acquires 69,800 SF Surgical Facility in Suburban Cleveland

by Kristin Harlow May 3, 2021

BEACHWOOD, OHIO — Montecito Medical has acquired Beachwood Medical Center in Beachwood, a suburb of Cleveland. Built in 2019, the surgical facility spans 69,800 square feet and is fully leased to an operating entity owned predominantly by Lake Health and University Hospitals. The facility specializes in orthopedics, urology, the spine, general surgery and pain management. Most of the hospital’s surgeries are performed on an outpatient basis, with elective procedures representing 75 percent of the surgical volume. The two-story facility, which also offers physical therapy, advanced imaging and a 24/7 emergency department, includes eight operating rooms, two procedure rooms and 25 patient beds. The purchase price and seller were undisclosed.

May 3, 2021

Development Office Texas

Cousins Properties to Develop $147M Office Building at The Domain in Austin

by Taylor Williams May 3, 2021

AUSTIN, TEXAS — Atlanta-based developer Cousins Properties will develop Domain 9, a 335,000-square-foot office building that will be located within The Domain, a mixed-used development on Austin’s north side. Total project costs are anticipated to be about $147 million. Cousins plans to break ground on Domain 9 in the second quarter and to deliver the building in mid-2023. The company’s current office portfolio within the Domain submarket spans 2.1 million square feet and is 98 percent leased.

May 3, 2021

Leasing Activity Office Texas

Caterpillar to Open New Regional Office at Williams Square in Irving

by Taylor Williams May 3, 2021

IRVING, TEXAS — Caterpillar Inc., the Illinois-based manufacturer of construction and mining equipment, will open a new regional office at Williams Square, a 1.4 million-square-foot office campus in Irving. Caterpillar will occupy multiple floors at Williams Square West Tower, one of the campus’ four buildings, with a projected move-in date of early 2022. The square footage of the newly designed office space has not yet been determined. Bill Brokaw and Karch Schreiner internally represented the landlord, a partnership between Apollo Global Real Estate, Vanderbilt Partners and Hillwood Urban, in the lease negotiations. Ned Franke and Matt Heidelbaugh of Cushman & Wakefield represented Caterpillar.

May 3, 2021

Acquisitions Office Texas

Fenway Capital Acquires 322,283 SF Campbell Centre Office Building in Dallas

by Taylor Williams May 3, 2021

DALLAS — California-based Fenway Capital Advisors has acquired Campbell Centre, a 322,283-square-foot office building located at 8150-8350 N. Central Expressway in Dallas. The 20-story property was originally built in 1978 and was renovated in 1999 and 2009. Amenities include a 6,000-square-foot fitness center with locker rooms, a 70-seat conference facility, deli and a tenant lounge. Fenway Capital Advisors plans to modernize the interior of the building. The seller was not disclosed.

May 3, 2021

Acquisitions Multifamily Texas

American Landmark Buys 240-Unit Pine Creek Ranch Apartments in Metro Houston

by Taylor Williams May 3, 2021

THE WOODLANDS, TEXAS — Tampa-based investment firm American Landmark has purchased Pine Creek Ranch, a 240-unit apartment community located about 30 miles north of Houston in The Woodlands. Built in 2005, the property features one- and two-bedroom units with granite countertops, walk-in closets and individual washers and dryers. Amenities include a pool, resident clubhouse, tennis court and an outdoor picnic area. The seller was not disclosed. American Landmark, which now owns 41 properties in Texas and 17 in the Houston area, will invest $2.7 million in capital improvements and rebrand the community as Stone Creek at The Woodlands.

May 3, 2021

Loans Multifamily Texas

MMCC Arranges $4.5M Loan for Refinancing of Houston Multifamily Property

by Taylor Williams May 3, 2021

HOUSTON — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4.5 million loan for the refinancing of a 65-unit multifamily property in Houston. The loan was structured with a fixed 3.45 percent interest rate, a 10-year term and three years of interest-only payments. Jamie Safier of MMCC arranged the financing on behalf of the undisclosed borrower. The property name and direct lender were also not disclosed.

May 3, 2021

Industrial Leasing Activity New Jersey Northeast

General Plumbing Supply Signs 300,000 SF Industrial Lease in Piscataway, New Jersey

by Taylor Williams May 3, 2021

PISCATAWAY, N.J. — General Plumbing Supply Inc. (GPS) has signed a 300,000-square-foot industrial lease at Piscataway Logistics Center in Northern New Jersey. The property, which is situated on a 16-acre site and features a clear height of 36 feet and ample car and trailer parking, will serve as GPS’ headquarters, showroom and distribution center. Tim Cadigan, Matthew Turse and Grant Otto of Avison Young represented the landlord, a partnership between Transwestern Development Co. and QuadReal Property Group, in the lease negotiations. Ed English and Ron Ganter of Avison Young, along with Michael Schipper of Blau & Berg, represented GPS.

May 3, 2021

Loans New York Northeast Office

Bank of America Provides $52M Loan for Refinancing of Queens Office Building

by Taylor Williams May 3, 2021

NEW YORK CITY — Bank of America has provided a $52 million loan for the refinancing of Flushing Plaza, a 233,436-square-foot office building in Queens. The property includes 71,930 square feet of medical office space, 10,653 square feet of retail space and an 808-space parking garage. Gideon Gil and Alex Lapidus of Cushman & Wakefield arranged the loan, which carried a 10-year term and a fixed interest rate, on behalf of the borrower, Muss Development LLC.

May 3, 2021

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