Property Type

ZMR Capital Acquires 240-Unit Chimney Hill Apartments in Richardson, Texas

by Taylor Williams June 4, 2021

RICHARDSON, TEXAS — Tampa-based investment firm ZMR Capital has acquired Chimney Hill Apartments, a 240-unit multifamily community located in the northeastern Dallas suburb of Richardson. The property offers a mix of one-, two- and three-bedroom units across 11 two-story buildings. Amenities include a pool with a lounge area, outdoor picnic and grilling stations, fitness center and a cybercafé. Brian Eisendrath of CBRE arranged an undisclosed amount of acquisition financing on behalf of ZMR Capital, which will implement a capital improvement program focused on unit interiors, amenity spaces and building exteriors.

June 4, 2021

Loans Multifamily Texas

Colliers Mortgage Provides Loan for Refinancing of 142-Unit Multifamily Asset in Metro Dallas

by Taylor Williams June 4, 2021

FARMERS BRANCH, TEXAS — Colliers Mortgage has provided a Fannie Mae loan of an undisclosed amount for the refinancing of Villa Gardens, a 142-unit multifamily property located in the northern Dallas suburb of Farmers Branch. Built in 1969 and renovated between 2018 and 2020, the property consists of 16 two-story buildings that feature studio, one- and two-bedroom floor plans. Amenities include a pool, business center, picnic area and a children’s play area. Colliers Mortgage originated the loan through a partnership with Old Capital Lending on behalf of the borrower, an entity doing business as 2730 Villa Gardens LLC.

June 4, 2021

Acquisitions Multifamily Texas

CBRE Negotiates Sale of 136-Unit Spanish Trace Apartments in Irving

by Taylor Williams June 4, 2021

IRVING, TEXAS — CBRE has negotiated the sale of Spanish Trace, a 136-unit apartment complex in Irving. Built in 1968, the property offers one- and two-bedroom units, according to Apartments.com. Dallas-based Reap Capital purchased the asset from Lane Star Properties for an undisclosed price. Chris Deuillet and William Hubbard of CBRE brokered the deal on behalf of the seller, and William Givens and Robert Siddall of CBRE arranged acquisition financing on behalf of the buyer. Spanish Trace was 88 percent occupied at the time of sale. The new ownership will implement a value-add program and rebrand the community.

June 4, 2021

Development Hospitality Massachusetts Northeast

Carpenter & Co. Completes 61-Story Hotel, Residential Tower in Boston

by Taylor Williams June 4, 2021

BOSTON — Locally based developer Carpenter & Co. has completed the Four Seasons Hotel & Private Residences One Dalton Street, a 61-story tower located in Boston’s Back Bay neighborhood. Designed by Pei Cobb Freed and Cambridge Seven Associates, the building consists of 160 for-sale private residences that are situated atop 215 hotel rooms. Residential units include one-bedroom homes and duplex penthouses. Residents and guests have access to shared amenities such as a lounge, an indoor pool, fitness center, spa, yoga and Pilates studios, golf simulator room with a wet bar, theater and performance room, meeting facilities and a pet washing station. The building also houses three food and beverage concepts, including contemporary Japanese restaurant Zuma, craft cocktail bar Trifecta and One + One, a concept managed by Four Seasons.

June 4, 2021

Development Industrial Northeast Pennsylvania

Court Street, Walton Capital to Develop 381,200 SF Distribution Center in Philadelphia

by Taylor Williams June 4, 2021

PHILADELPHIA — A partnership between developer Court Street Ventures and Chicago-based private equity firm Walton Street Capital will develop Crown 95 Logistics Center, a 381,200-square-foot distribution center that will be located in northeast Philadelphia. Crown 95 Logistics Center will feature a clear height of 36 feet and 3.5 acres of secured off-street parking for trailers, vans and cars. Construction is expected to begin before the end of the year and to be complete in the third quarter of 2022. Colliers International has been tapped to lease the Class A development.

June 4, 2021

Industrial Leasing Activity New Jersey Northeast

Amazon Signs 360,000 SF Industrial Lease in Rutherford, New Jersey

by Taylor Williams June 4, 2021

RUTHERFORD, N.J. — Amazon (NASDAQ: AMZN) has signed a 360,000-square-foot industrial lease at Highland Cross, a last-mile warehouse project under construction in the Northern New Jersey community of Rutherford. Lincoln Equities Group is developing Highland Cross, which will feature a cross-dock configuration, 70-plus dock high doors and 80-plus trailer parking stalls. Ford & Associates is designing the project, and RC Andersen LLC is serving as the general contractor. Completion is slated for early 2022. Jason Goldman of KBC Advisors represented Amazon in the lease negotiations. Lincoln Equities Group, which recently received $115 million in construction financing for the project, was represented internally.

June 4, 2021

Noble-Town-Center-Jenkinstown-Pennsylvania

Acquisitions Northeast Pennsylvania Retail

IPA Negotiates Sale of 167,689 SF Noble Town Center Near Philadelphia

by Taylor Williams June 4, 2021

JENKINTOWN, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Noble Town Center, a 167,689-square-foot shopping center in Jenkintown, a northern suburb of Philadelphia. The property was originally constructed in 1958 as a Wanamaker’s department store and was converted into a multi-tenant center in 1999. Anchor tenants include Ross Dress for Less, PetSmart, Bed Bath & Beyond and Walgreens. Brad Nathanson of IPA represented the undisclosed seller and procured the buyer, a joint venture between Paramount Realty Services and Edgewood Properties, in the transaction. Noble Town Center was 64 percent leased at the time of sale following the shuttering of space previously occupied by Stein Mart, which filed for Chapter 11 bankruptcy in August of last year.

June 4, 2021

Acquisitions Colorado Multifamily Western

29th Street Capital Acquires Parq at Iliff Station Apartment Community Near Denver for $134M

by Amy Works June 4, 2021

AURORA, COLO. — 29th Street Capital (29SC) has purchased Parq at Iliff Station, a multifamily property located in Southeast Aurora, for $134 million. Located at 2602 S. Anaheim St., Parq features 424 apartments and was built in 2018. 29SC plans to implement an improvement plan, including new smart-home technology packages, upgrading interior finishes and adding additional amenities throughout the community. Haven Residential, 29SC’s in-house property management group, will operate the community. Brian Eisendrath and Cameron Chalfant of CBRE arranged a fixed-rate acquisition through a life company for the buyer. The name of the seller was not released.

June 4, 2021

Acquisitions California Office Western

Bailard Sells Office Campus in Lake Forest, California to Kingsbam Real Estate Capital for $40M

by Amy Works June 4, 2021

LAKE FOREST, CALIF. — Bailard has completed the disposition of Bailard Real Estate Fund of Palm Terrace, an office campus located in Lake Forest. Kingsbam Real Estate Capital acquired the asset for $40 million in an off-market transaction. Located at 25521, 25531 and 25541 Commercentre Drive, the three-building campus features 155,795 square feet of office space. At the time of sale, the property was 97 percent leased to a variety of tenants, including Del Taco, PGM Holdings, Hometown Equity, Citadel Servicing and Anyone Home. The property features revamped landscaping, an outdoor common area and courtyard, open floorplates, ample natural light, abundant surface-level parking, building signage and energy-efficient lighting. Kevin Shannon, Paul Jones and Brandon White of Newmark represented the seller, while the buyer was self-represented in the deal.

June 4, 2021

Acquisitions Healthcare New Jersey Northeast

Colliers Brokers $20M Sale of Medical Office Complex in East Windsor, New Jersey

by Taylor Williams June 4, 2021

EAST WINDSOR, N.J. — Colliers International has brokered the $20 million sale of an 80,000-square-foot medical office complex in East Windsor, about 50 miles northeast of Philadelphia. Kim Kretowicz of Colliers represented the seller, Gordon Princeton Mab Associates, an affiliate of New Jersey-based medical office developer The Gordon Group. Kretowicz also represented the buyer, a partnership between global investment firm OrbVest and Wythe Medical Properties LLC NJ.

June 4, 2021

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