Property Type

Newmark Arranges $1.5B Recapitalization of Life Sciences, Office Campus in Boston

by Kristin Harlow February 17, 2021

BOSTON — Newmark has arranged the $1.5 billion recapitalization of 401 Park Drive and 201 Brookline Ave. in Boston’s Fenway submarket. The 1.5 million-square-foot campus sits on nearly nine acres. Concurrent with the financing transaction, Alexandria Real Estate Equities Inc. acquired a majority stake in the campus. The seller is a joint venture between institutional investors advised by J.P. Morgan Global Alternatives and Samuels & Associates. Boston-based Samuels will retain a minority interest in the campus and continue to operate, lease and lead development activities for the property in conjunction with the new majority owner. The asset at 401 Park Drive is an existing 973,145-square-foot office and retail tower. It is currently 93 percent occupied. The second property, 201 Brookline Ave., is a 510,116-square-foot laboratory and office tower that is currently under construction. It is 17 percent pre-leased with tenants expected to take occupancy in 2022. There is also potential for an additional phase of commercial development at the site. Located next to an MBTA Green Line station, the campus incorporates a recently created 1.1-acre park that provides direct access to new retailers Time Out Market and Trillium Brewing Co. The park also features an ice-skating rink in the winter. …

February 17, 2021

Development Florida Loans Multifamily Southeast

Estate Cos. Secures $55.5M in Construction Financing for Soleste Cityline Multifamily Project in South Florida

by John Nelson February 16, 2021

DANIA BEACH, FLA. —The Estate Cos., a multifamily developer based in Miami, has secured $55.5 million in construction financing for Soleste Cityline. The eight-story property will be a Class A, mixed-use community with 340 rental units and 12,800 square feet of retail at 4 North Federal Highway in Dania Beach. Soleste Cityline will be located on the northeast corner of Federal Highway and Dania Beach Boulevard, around 25 miles from Miami. Synovus Financial Corp. arranged the financing. The developer plans to break ground this quarter. Fort Lauderdale-based Merrimac Ventures is a partner in the project and will own the retail portion of the property, along with Miami-based Tricera Capital. The project will offer units ranging from approximately 600 to 1,200 square feet. Studios, one-, two- and three-bedroom units include dual master suites, spacious walk-in closets, private balconies and a full-size washer and dryer. Soleste Cityline will feature a pool deck, fitness center, outdoor grilling stations, clubroom and private event space.

February 16, 2021

Georgia Loans Multifamily Southeast

Dwight Capital Provides $40.5M in HUD Financing for Walton Westside Apartments in Atlanta

by John Nelson February 16, 2021

ATLANTA — Dwight Capital has provided $40.5 million in HUD financing for Walton Westside, a 254-unit apartment community located at 790 Huff Road NW in Atlanta’s West Midtown. Built in 2014, Walton Westside has one residential building and one garage building. Community amenities include a rooftop patio with a gazebo, swimming pool, dog park, coffee shop and an outdoor fireplace. The property is located 15 miles from the Hartsfield-Jackson Atlanta International Airport. Walton Westside is Energy-Star-certified, thus qualifying for HUD’s Green Mortgage Insurance Premium (MIP) reduction, which was set at 25 basis points. Brandon Baksh and Karnveer Bal of Dwight Capital originated the loan on behalf of the undisclosed borrower. Dwight Capital LLC is a commercial real estate finance company based in New York.

February 16, 2021

Acquisitions Florida Industrial Southeast

Lexington Realty Trust Purchases Industrial Facility in Lakeland, Florida for $22.3M

by John Nelson February 16, 2021

LAKELAND, FLA. — Lex Lakeland LLC, an affiliate of Lexington Realty Trust, has purchased a 222,134-square-foot industrial property at 5275 Drane Field Road in Lakeland for $22.3 million. The newly constructed, tilt-wall facility is located on 19.5 acres approximately 2.8 miles from Interstate 4. Ryan Vaught, Robyn Hurrell and Oliver de la Croix-Vaubois of Colliers International represented the seller, Fort Wayne, Ind.-based Bobeck Real Estate, in the transaction. The buyer, a New York-based real estate investment trust (REIT), was self-represented. At the time of the sale, the Lakeland property was 52.9 percent leased to Motion Industries, which occupies 117,440 square feet. Motion Industries is an industrial solutions company based in Birmingham, Ala.

February 16, 2021

Affordable Housing Development Florida Multifamily Southeast

Wendover Housing Partners Breaks Ground on $16.3M Affordable Housing Community in Sanford, Florida

by John Nelson February 16, 2021

SANFORD, FLA. — Wendover Housing Partners, an Altamonte Springs, Fla.-based multifamily developer, has broken ground on Monroe Landings, a $16.3 million affordable housing community in Sanford. Wendover received $11.5 million in tax credit equity, $1.3 million from partner Orlando Housing Authority and a $2.8 million permanent loan from Neighborhood Lending Partners. Roger B. Kennedy Construction is overseeing the construction of the community. Located at 375 Oleander Ave. in Sanford, Monroe Landings will be a 60-unit, multifamily community with one-, two- and three-bedroom units. Community amenities will include a clubhouse with a gathering area and fireplace, resident computer center, pool, tot lot, gazebo with picnic tables, outdoor grills and a community gardening area. Rent is expected to start at $766 per month for one-bedroom units, $908 per month for two-bedroom units and $1,041 per month for three-bedroom units. Wendover expects to move residents in by the end of 2021 or beginning of 2022. In November 2013, HUD demolished an existing affordable housing community at the site after being deemed uninhabitable. Several hundred residents were displaced at the time the community was demolished. Wendover will offer the former residents the option to live at Monroe Landings when completed. The property will serve …

February 16, 2021

Acquisitions Florida Industrial Leasing Activity Southeast

Cushman & Wakefield Arranges $14.5M Sale-Leaseback for Industrial Facility in Orlando

by John Nelson February 16, 2021

ORLANDO, FLA. — Cushman & Wakefield has arranged a $14.5 million sale-leaseback for a distribution facility in Orlando. GES, a Las Vegas-based marketing and logistics partner for the exhibition and convention industry, is the seller and the sole tenant of the property. Skye Cook, Brad Torell, Jared Bonshire, David Perez, Taylor Zambito, Rick Colon, Mike Davis and Rick Brugge of Cushman & Wakefield represented GES in the transaction. An affiliate of Coral Springs, Fla.-based Eisenberg Investment Group acquired the property. Located at 4805 W. Sand Lake Road, the 192,700-square-foot property is situated on 17 acres and is used for GES’ regional and international operations. The property includes 44,167 square feet of two-story office space, a trailer storage yard, onsite weigh station, clear heights of 21 feet to 29 feet, 38 dock doors and 254 parking spaces. The GES facility is located 12 miles from Walt Disney World Resort.

February 16, 2021

Loans Multifamily Texas

PCCP Provides $86.3M Acquisition Loan for Multifamily Portfolio in Houston

by Taylor Williams February 16, 2021

HOUSTON — Los Angeles-based PCCP LLC has provided an $86.3 million loan for the acquisition and renovation of two apartment communities totaling 620 units that are located within the 37-acre CityCentre mixed-use development in Houston’s Memorial City district. The properties, both of which offer Class A amenities, are branded Domain at CityCentre and Lofts at CityCentre. Domain features 370 units averaging 975 square feet in one-, two- and three-bedroom floor plans. Lofts totals 250 units averaging 958 square feet with a similar unit mix. The borrower was Lubbock-based Madera Residential, which purchased the assets from J.P Morgan.

February 16, 2021

Acquisitions Industrial Texas

AQUILA Commercial Brokers Sale of 152,234 SF Industrial Building in Hutto, Texas

by Taylor Williams February 16, 2021

HUTTO, TEXAS — Austin-based AQUILA Commercial has brokered the sale of Innovation Business Park Building III, a 153,234-square-foot industrial building located at 1150 New Technology Blvd. in Hutto, located northeast of Austin. Dogwood Industrial Properties, a platform backed by TPG Real Estate Partners, purchased the asset from Titan Development for an undisclosed price. Titan Development delivered the building in the fourth quarter of 2020. At the time of sale, the property was 62 percent leased to EDC Moving Systems.

February 16, 2021

Acquisitions Multifamily Texas

180 Multifamily Properties Buys 208-Unit Complex Near Dallas Love Field Airport

by Taylor Williams February 16, 2021

DALLAS — Locally based investment firm 180 Multifamily Properties has acquired a 208-unit apartment complex in Dallas’ Bachman Lake area, located near Dallas Love Field Airport. The seller was an undisclosed firm based on the East Coast. Bard Hoover and Wes Racht of Marcus & Millichap brokered the deal. The new ownership plans to implement a capital improvement program that will also include a rebranding of the property.

February 16, 2021

Acquisitions Multifamily Texas

Sterling Real Estate Acquires 160-Unit Silver Creek Apartments in North San Antonio

by Taylor Williams February 16, 2021

SAN ANTONIO — Arizona-based investment firm Sterling Real Estate Partners has acquired Silver Creek Apartments, a 150-unit multifamily community located near USAA’s headquarters on the north side of San Antonio. According to Apartments.com, the property was built in 1983, features studio, one- and two-bedroom units and offers amenities such as a clubhouse, lounge, fitness center and a pool. The seller was not disclosed. Sterling plans to implement a value-add program.

February 16, 2021

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