Property Type

Q&A: Workplace, Meeting Space Concept ƎDEN Gives Landlords Possible Solution to Post-Pandemic Office Conundrum

by Julia Sanders April 19, 2021

In the past year, COVID-19 has impacted how and where people work, and the future of the U.S. office workplace is a major unknown. Landlords are grappling with how to maximize their physical work spaces as many employees continue to work from home full-time or at least a few days per week. This shift is leading some business owners to look for alternative forms of workplaces. ƎDEN, a flexible workplace and meeting space provider, allows for users to rent out space to fulfill their everyday working needs, including in-person meetings. ƎDEN users can download the brand’s app and then reserve an array of workplaces: work lounges, private offices and conference rooms, among other offerings. Standard rates for renting out the spaces starts at $99 a month per person, according to the firm’s website. ƎDEN currently operates from several different markets, but most locations are concentrated in the New York area. These include a location in Queens at Parker Towers and another in Brooklyn at Box Factory. The firm also has a location in Northern Virginia at Tysons Corner and three upcoming locations in Detroit. Brandon Singer, CEO of MONA and ƎDEN’s commercial real estate advisor and broker, says ƎDEN utilizes …

April 19, 2021

Development Multifamily Texas

Partnership Tops Out 326-Unit Canton at Classen Curve Apartments in Oklahoma City

by Taylor Williams April 19, 2021

OKLAHOMA CITY — A partnership between Houston-based Hines and Humphreys Capital has topped out The Canton at Classen Curve, a 326-unit apartment community in Oklahoma City. Designed by Dwell Design Studio and HPA Design Group, the midrise property will offer studio, one- and two-bedroom units. Amenities will include multiple private outdoor courtyards, a heated pool, private fitness center, clubroom, resident library, outdoor dog run, dog spa and modern package facilities. Preleasing is expected to begin in October, with the first units becoming available for occupancy in January 2022.

April 19, 2021

Development Hospitality Texas

NewcrestImage Opens 152-Room Hilton-Branded Hotel Near DFW Airport

by Taylor Williams April 19, 2021

GRAPEVINE, TEXAS — Dallas-based hospitality owner-operator NewcrestImage has opened a 152-room Hilton Garden Inn hotel that is located about two miles from DFW International Airport in Grapevine. The property joins a 181-room Courtyard by Marriott and a 120-room TownSuites by Marriott as the third hotel within the 52-acre SilverLake Crossings mixed-use development. The Hilton Garden Inn offers amenities such as a 24-hour business center, fitness center, a grab-and-go mart and multiple dining options.

April 19, 2021

Acquisitions Multifamily Texas

REEP Equity Buys 192-Unit Savoy Manor Apartments in Northwest Houston

by Taylor Williams April 19, 2021

HOUSTON — San Antonio-based investment firm REEP Equity has purchased Savoy Manor, a 192-unit apartment community in northwest Houston. The pet-friendly property features one- and two-bedroom units that all offer private patios and balconies. Amenities include a pool, playground, fitness center, dog park and outdoor grilling areas. Mark Brandenburg, C.W. Sheehan and Cort Martin of JLL represented the seller in the transaction. JLL also provided an undisclosed amount of Freddie Mac acquisition financing, which was structured with a 10-year term and a floating interest rate, on behalf of REEP Equity.

April 19, 2021

Affordable Housing Development Multifamily Seniors Housing Texas

Palladium Underway on 122-Unit Mixed-Income Seniors Housing Project in Garland, Texas

by Taylor Williams April 19, 2021

GARLAND, TEXAS — Locally based developer Palladium USA is underway on construction of a 122-unit mixed-income seniors housing project in Garland, a northeastern suburb of Dallas. Designed by HEDK Architects, the development will consist of 92 units that will be reserved for renters aged 62 and above who earn 60 percent or less of the area median income. The remaining 30 units will be rented at market rates. Amenities will include a fitness center, computer lab, library and a theater. Completion is scheduled for June 2022.

April 19, 2021

Development Florida Loans Mixed-Use Southeast

Tricera Capital Obtains $50.8M Loan for Adaptive Reuse Development in West Palm Beach

by Julia Sanders April 19, 2021

WEST PALM BEACH, FLA. — Tricera Capital, a Miami-based real estate investment firm led by Ben Mandell and Scott Sherman, has obtained a $50.8 million loan for The Press, a mixed-use project in West Palm Beach. The transaction refinances an existing loan and provides Tricera with the necessary funding to complete the redevelopment of the Palm Beach Post campus. Jason Krane and Simon Ziff of Ackman-Ziff Real Estate Group arranged the financing on behalf of Tricera through Chicago-based Monroe Capital LLC. Law firm Polsinelli served as Tricera’s legal representative for the transaction. Located on more than 11 acres at 2751 S. Dixie Highway, The Press is an adaptive reuse project in which nearly all existing structures are being preserved. The property includes a 125,000-square-foot retail component known as the Shops at the Press and an adjacent 140,000-square-foot office building branded as Workspaces at the Press. Tricera finalized a long-term lease with Joseph’s Classic Market to anchor Shops at the Press, and the company expects to deliver the Joseph’s space by summer 2022. Joseph’s, a family-owned Italian specialty market founded in 2005, is leasing more than 15,000 square feet. Tricera also completed a lease with retailer Tipsy Salonbar, a South Florida-based …

April 19, 2021

Development Florida Hospitality Southeast

Norwich Partners Opens 174-Room AC Hotel at Sawgrass Mills in Sunrise, Florida

by Julia Sanders April 19, 2021

SUNRISE, FLA. — Norwich Partners has opened the eight-story, 174-room AC Hotel Fort Lauderdale Sawgrass Mills/Sunrise in Sunrise. The hotel is located on the grounds of Sawgrass Mills, an outlet and value-oriented shopping mall. Global design firm Stantec served as the project’s architect and structural mechanical, electrical and plumbing engineer of record, working alongside interior design firm Group One Partners. The AC Hotel Fort Lauderdale Sawgrass Mills/Sunrise is located at 1870 Sawgrass Mills Circle. The hotel property is 36 miles from Miami Beach and 17 miles from Fort Lauderdale. The hotel lobby includes an AC Lounge featuring a communal space with a bar serving local beers and cocktails, as well as an outside terrace. The hotel’s amenities also include a rooftop deck with bar, lounge, cascading water fountain and 24-hour fitness center. Other hotel amenities include an art gallery featuring the works of local artists, a digital library, the AC Kitchen restaurant and 1,675 square feet of indoor and outdoor meeting space.

April 19, 2021

Loans Retail Texas

NorthMarq Arranges $3.8M Acquisition Loan for Louetta Creek Plaza in Metro Houston

by Taylor Williams April 19, 2021

SPRING, TEXAS — NorthMarq has arranged a $3.8 million acquisition loan for Louetta Creek Plaza, a 26,472-square-foot retail center in the northern Houston suburb of Spring. Tenants at the property include State Farm, Snowflake Donuts, Expro Nails, Leslie’s Pool Supplies and Pizza Zone. Travis Fite of NorthMarq arranged the fixed-rate loan through life company StanCorp on behalf of the undisclosed borrower. The seller was also not disclosed.

April 19, 2021

Development Loans Maryland Multifamily Southeast

JLL Arranges Capitalization for Multifamily Development in Bethesda

by Julia Sanders April 19, 2021

BETHESDA, MD. — JLL Capital Markets has arranged the capitalization for a Class A multifamily development located at 7000 Wisconsin Ave. in Bethesda, which is less than 10 miles from Washington, D.C. JLL Capital Markets arranged the land partnership between Starr Capital and Woodfield Development, and secured the joint venture development capital. The 7000 Wisconsin Ave. high-rise development will stand 12 stories tall, consist of 181 one- and two-bedroom units and include 6,090 square feet of ground-floor retail space. The property includes finishes such as two-toned shaker cabinetry, quartz countertops and stainless steel appliances. Community amenities include a coworking lounge, fitness center, game room, courtyard and a rooftop lounge. The multifamily property is positioned near Bethesda Metro Station and over 11 million square feet of office space, 250,000 plus private-sector employees and 530,000 square feet of retail and dining offerings. Travis Anderson, Cory Fowler, Susan Carras, Brian Crivella, Walter Coker and Robert Jenkins of JLL arranged the transaction.

April 19, 2021

Industrial Leasing Activity Northeast Pennsylvania

NAI Mertz Negotiates 200,000 SF Industrial Lease in Northeast Philadelphia

by Taylor Williams April 19, 2021

PHILADELPHIA — NAI Mertz has negotiated a 200,000-square-foot industrial lease in the Port Richmond neighborhood of northeast Philadelphia. The building at 225 Castor Ave. features clear heights of 15 and 16 feet, 14 loading docks and 1,512 square feet of office space. Jonathan Klear and Fred Meyer of NAI Mertz represented the landlord in the lease negotiations. The tenant is Dependable Distribution Services Inc., the largest cocoa bean storage company in North America that also recently signed a 71,445-square-foot lease in nearby Camden, New Jersey.

April 19, 2021

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