Property Type

Walker & Dunlop Structures Equity for 171,000 SF Industrial Development in Nashville

by John Nelson January 29, 2021

NASHVILLE, TENN. — Walker & Dunlop has structured joint venture equity for Myatt Drive Industrial, a 171,000-square-foot facility in Nashville. Heather McClure of Walker & Dunlop’s Capital Markets advised the client, CA South Development, in sourcing a joint venture partner, a Texas-based private equity fund, to fully capitalize the development. The project will be situated on 16 acres two miles south of Interstate 65 and 13 miles of downtown Nashville. The Class A development will have high-end office finishes and consists of 5-10 percent front office and 90 percent warehouse capacity in the rear. The transaction is Walker & Dunlop’s first deal with CA South, a women-owned industrial development firm based in Nashville.

January 29, 2021

Development Office Texas

KDC Breaks Ground on $59.5M Phase II of Independent Bank’s Headquarters Campus in McKinney

by Taylor Williams January 29, 2021

MCKINNEY, TEXAS — Developer KDC has broken ground on Phase II of the headquarters campus for Independent Bank (NASDAQ: IBTX) in the northern Dallas suburb of McKinney. The project is valued at roughly $59.5 million. The new office building will rise six stories and span 198,000 square feet and will be located within the Craig Ranch master-planned development. Independent Bank’s existing building totals 165,000 square feet. Phase I was completed in 2019, and Phase II is expected to be complete in 2022.

January 29, 2021

Development Industrial Texas

Uzin Utz North America to Open $34M Manufacturing Plant in Waco

by Taylor Williams January 29, 2021

WACO, TEXAS — Uzin Utz North America, a Colorado-based supplier of product installation systems for all types of flooring, will open a $34 million plant in Waco. The 125,000-square-foot facility will produce self-leveling compounds, thin set and grout material for tile installation, as well as patching compounds under the Uzin brand. The new facility will be located at the intersection of Mars Drive and Texas Central Parkway and will mark the third location in North America for the company, which is also a subsidiary of German chemical manufacturer Uzin Utz. A tentative opening date was not released.

January 29, 2021

Affordable Housing Development Multifamily Texas

CitySquare to Develop Affordable Housing Property in Dallas Using Shipping Containers

by Taylor Williams January 29, 2021

DALLAS — Nonprofit organization CitySquare Housing will develop the Lomax Container Housing Project, an endeavor that will convert old shipping containers into affordable housing for Dallas residents. Construction of the project, which will be located at the intersection of S. Malcolm X Boulevard and Louise Avenue on the city’s southeast side, is expected to begin during the first quarter. Units will average 300 square feet and will be reserved for renters earning 60 percent or less of the area median income. Dallas-based Merriman Anderson/Architects designed the project. Shipping containers make for viable living structures because they are modular and are built out offsite and delivered complete with just hook-ups necessary.

January 29, 2021

Acquisitions Office Texas

Stanton Road Capital Acquires 176,700 SF Office Complex in Irving

by Taylor Williams January 29, 2021

IRVING, TEXAS — California-based investment firm Stanton Road Capital has acquired Esters 114 Business Center, a 176,700-square-foot office complex in Irving’s Las Colinas District. The two-building property was 91 percent leased at the time of sale. Chris Murphy, Robert Hill, Gary Carr and John Alvarado of Newmark represented the undisclosed seller in the transaction. Cushman & Wakefield will handle leasing of the property for the new ownership.

January 29, 2021

Acquisitions Office Texas

Partners Capital Sells 85,368 SF Marymont Office Park in San Antonio

by Taylor Williams January 29, 2021

SAN ANTONIO — Partners Capital, the investment arm of NAI Partners, has sold Marymont Office Park, an 85,368-square-foot complex located adjacent to NE Loop 410 in San Antonio. Partners Capital originally acquired the four-building park in 2017. Carrie Caesar of Cushman & Wakefield represented Partners Capital in the transaction. Houston-based Citadel Venture Holdings purchased the asset for an undisclosed price.

January 29, 2021

Company News Multifamily New York Northeast

Meridian Capital, Barings Launch New Multifamily Lending Platform, Tap Former Freddie Mac Chief to Lead Initiative

by Taylor Williams January 29, 2021

NEW YORK CITY — New York City-based mortgage banking firm Meridian Capital Group and global investment manager Barings have launched a new multifamily lending platform that will be headed by former Freddie Mac CEO David Brickman, who left the agency late last year. Under the terms of the agreement, the joint venture will acquire the assets and liabilities of Barings Multifamily Capital and operate that entity’s origination and servicing businesses for its portfolio of agency loans. The philosophy behind the new venture centers on leveraging the depth and reach of the platform of Meridian Capital, which in 2020 closed approximately $40 billion in loans via deals with more than 250 unique lenders. The newly created platform will be operated as a standalone business under its own name and branding, which will be announced prior to the transaction closing. Meridian will own a majority of the newly created platform, the day-to-day operations of which will be overseen by Brickman. “Our partnership with Barings will enable us to join forces with one of the world’s leading asset managers and reintroduce Meridian to the direct agency lending arena,” said Ralph Herzka, chairman and CEO of Meridian Capital. “The addition of David Brickman to our executive …

January 29, 2021

Loans Multifamily New York Northeast

Greystone Provides $61.2M Agency Loan for Refinancing of Upstate New York Multifamily Portfolio

by Taylor Williams January 29, 2021

CANANDAIGUA, BROCKPORT AND FAIRPORT, N.Y. — Greystone has provided a $61.2 million Fannie Mae loan for the refinancing of a portfolio of multifamily properties totaling 769 units in Upstate New York. The portfolio comprises the 295-unit Centerpointe Apartments & Townhomes in Canandaigua, the 160-unit Willowbrooke Manor Apartments in Brockport and the 314-unit Highview Manor Apartments & Townhomes in Fairport. Drew Fletcher, Matthew Hirsch and Paul Fried of Greystone originated the financing, which was structured with a 10-year term and a fixed interest rate, on behalf of the borrower, locally based investment and development firm Sinatra & Co. Real Estate.

January 29, 2021

Acquisitions Hospitality New York Northeast

JLL Negotiates Sale of 443-Unit New York LaGuardia Airport Marriott Hotel

by Taylor Williams January 29, 2021

NEW YORK CITY — JLL has negotiated the sale of the 443-room New York LaGuardia Airport Marriott hotel in Queens. The building spans 224,620 square feet and houses the Ditmars Bar & Grill restaurant, a fitness center and 13,000 square feet of meeting and event space. The property received $30 million in renovations in 2018, including reconfigurations of public spaces and meeting areas, as well as remodeling of guest rooms and upgrading of parking lots. K.C. Patel, Kevin Davis and Nikhil Chuchra of JLL represented the seller, Rubicon Cos., in the transaction. California-based ASAP Holdings purchased the asset for an undisclosed price.

January 29, 2021

Leasing Activity New York Northeast Office

Freshly Signs 92,306 SF Office Headquarters Lease at 63 Madison Avenue in Manhattan

by Taylor Williams January 29, 2021

NEW YORK CITY — Freshly, a provider of meal kit services that was recently acquired by Nestlé USA, has signed a 92,306-square-foot office lease at 63 Madison Avenue in Manhattan. The company’s new headquarters space will encompass the 12th and 13th floors at the Class A building. Eric Ferriello of Colliers International represented Freshly, which is expanding and relocating from a 20,000-square-foot space at 115 E. 23rd St., in the lease negotiations. Peter Duncan, Matt Coudert and Alex Bermingham represented the landlord, George Comfort & Sons Inc., on an internal basis. The building was recently renovated, and a 60,000-square-foot Whole Foods Market is planned to open on the ground floor.

January 29, 2021

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