Property Type

Laemmle Theatres Completes Sale-Leaseback of its Pasadena, California Location

by Amy Works February 1, 2021

PASADENA, CALIF. — Laemmle Theatres, a Los Angeles-based art-house cinema chain, has completed the sale-leaseback of Laemmle Playhouse 7 in Pasadena. Arash Danialifar of Los Angeles-based GD Realty Group acquired the property from Laemmle Theaters. The acquisition price was not released. The 22,897-square-foot property is located at 673 E. Colorado Blvd. in Old Pasadena in the Playhouse District. The Laemmel Playhouse 7 is available for auditorium rentals for private and public screenings or full-week engagements, and offers feature films, documentaries and shorts for viewing. Matthew May of May Realty Advisors represented the seller, while Carlos Lopez of Hanley Investment Group Real Estate Advisors represented the buyer in the transaction.

February 1, 2021

Development Multifamily Texas

Presidium Breaks Ground on 340-Unit Apartment Community in Fort Worth

by Taylor Williams February 1, 2021

FORT WORTH, TEXAS — Texas-based developer Presidium has broken ground on Presidium Berkshire, a 340-unit apartment community located near Alliance Town Center in Fort Worth. Designed by Dallas-based O’Brien Architects, the 352,000-square-foot property will feature units with stainless steel appliances, individual washers and dryers and high-end finishes. Amenities will include a clubhouse with gaming tables and a speakeasy-style bar, a business center with private offices and conference rooms, demonstration kitchen, two-story fitness center, dog park, pool and outdoor grilling stations. Kimley-Horn is the civil engineer for the project, and Provident General Contractors is handling construction, which is slated for a mid-late 2022 completion.

February 1, 2021

Loans Multifamily Texas

Berkadia Provides $69.5M HUD Loan for North Austin Multifamily Property

by Taylor Williams February 1, 2021

AUSTIN, TEXAS — Berkadia has provided $69.5 million in HUD construction and permanent financing for 27 Eleven Apartments, a 320-unit multifamily property located at 2711 W. Anderson Lane in North Austin. The community features studio, one- and two-bedroom units and amenities such as a pool, clubhouse, courtyard and a fitness center. Chad Bedwell of Berkadia originated the 40-year loan through HUD’s 221(d)(4) program on behalf of the borrower, California-based Paydar Properties.

February 1, 2021

Acquisitions Retail Texas

Stan Johnson Brokers $68.4M Sale of 27-Property Single-Tenant Retail Portfolio

by Taylor Williams February 1, 2021

TULSA, OKLA. — Tulsa-based Stan Johnson Co. has brokered the $68.4 million sale of a 27-property, single-tenant retail portfolio located across 18 states. The 340,000-square-foot portfolio includes properties ranging from 5,100 square feet to 23,500 square feet. The buildings are leased to tenants including dollar stores, discount retailers, automotive suppliers, farm stores and home improvement retailers. Zach Harris, Jeff Hughes and Melissa McKenzie of Stan Johnson Co. represented the seller, a Midwest-based private family office, in the disposition of the properties to an undisclosed institutional investor.

February 1, 2021

Champions-Circle-Business-Park-Fort-Worth

Development Industrial Texas

Hopewell, GTIS to Develop 361,000 SF Champions Circle Business Park in Fort Worth

by Taylor Williams February 1, 2021

FORT WORTH, TEXAS — A joint venture between Canadian firm Hopewell Development LP and New York-based GTIS Partners LP has acquired land in the Alliance submarket of Fort Worth for the development of Champions Circle Business Park. The 361,000-square-foot industrial project will consist of three buildings that will offer proximity to Interstates 35 and 820. Construction is scheduled to begin in March and to be complete in the first quarter of next year. Nathan Denton and Reid Bassinger of Lee & Associates represented the development team in its acquisition of the land. Dustin Volz, Stephen Bailey and Wells Waller of JLL arranged the joint venture partnership between Hopewell and GTIS.

February 1, 2021

Development Industrial Texas

Jackson-Shaw Begins Work on 154,127 SF Industrial Project in Arlington

by Taylor Williams February 1, 2021

ARLINGTON, TEXAS — Locally based developer Jackson-Shaw has begun construction on Parc 20, a two-building, 154,127-square-foot industrial project in Arlington. Building 1 will span 96,931 square feet and Building 2 will total 57,196 square feet. Each building will feature flexible space designed to accommodate office, showroom, manufacturing, distribution, assembly and other uses. Ridgemont Commercial Construction is the general contractor for the project, with GSR Andrade as the architect. Stream Realty Partners is providing leasing services. Completion is scheduled for the third quarter.

February 1, 2021

Development Loans Multifamily Northeast Student Housing

ACRES Capital Provides $32.5M Construction Loan for Buffalo Student Housing Project

by Taylor Williams February 1, 2021

BUFFALO, N.Y. — ACRES Capital Corp. has provided a $32.5 million construction loan for Auden Buffalo, a 481-bed student housing project that will be located a mile from State University of New York (SUNY) at Buffalo’s campus. The 154-unit property will offer a fitness center, clubroom, study lounges and a pool. Richard Horowitz, Nicholas Barbato and Justin Horowitz of Cooper Horowitz LLC arranged the debt on behalf of the sponsor and developer, New York City-based DMG Investments. An expected completion date was not released.

February 1, 2021

Development Healthcare Massachusetts Northeast

Dana-Farber Opens 140,000 SF Cancer Treatment Center at Former Atrium Mall in Metro Boston

by Taylor Williams February 1, 2021

NEWTON, MASS. — Dana-Farber has opened a 140,000-square-foot cancer treatment center at the site of the former Atrium Mall, located at 300 Boylston St. in Newton, a western suburb of Boston. The Bulfinch Companies led the redevelopment of the two-story facility, which offers a range of cancer therapy practices, clinical trials and supportive services for adult patients and families throughout the region. Bulfinch acquired the property in 2012 with plans to convert it into a medical and wellness facility.

February 1, 2021

Acquisitions Hospitality New York Northeast

Marcus & Millichap Brokers Sale of 207-Room Holiday Inn Hotel in Buffalo

by Taylor Williams February 1, 2021

BUFFALO, N.Y. — Marcus & Millichap has brokered the sale of the Holiday Inn Buffalo International Airport, a 207-room hotel, for $3.9 million. The property was built in 1968 and features banquet facilities, a fitness center, shuttle service, business center and an outdoor pool. Jerry Swon, Daniel Zagoria, Luke Prybylski and Will Nollmann of Marcus & Millichap represented the seller, DSM California LLC, in the transaction. The team also secured the buyer, Stephen Development LLC.

February 1, 2021

Loans Massachusetts Multifamily Northeast

Cornerstone Arranges $14.8M Acquisition Loan for Multifamily Property Near Boston

by Taylor Williams February 1, 2021

RANDOLPH, MASS. — Cornerstone Realty Capital has arranged a $14.8 million acquisition loan for Reed Street Apartments, an 88-unit multifamily property in Randolph, a southern suburb of Boston. The property’s unit mix consists of 15 studios, 49 one-bedroom apartments and 24 two-bedroom residences. The borrower, True North Capital Partners, plans to upgrade unit interiors, common areas and amenity spaces. The financing was structured with a fixed interest rate, a 30-year amortization schedule and 36 months of interest-only payments.

February 1, 2021

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