Property Type

NorthMarq Arranges $38.2M Loan for The Shore Apartments in Lakeland, Florida

by John Nelson February 15, 2021

LAKELAND, FLA. — Robert Hernandez of NorthMarq’s Tampa regional office has arranged the $38.2 million Fannie Mae Green Rewards loan for The Shore Apartments, a newly constructed, 300-unit multifamily property in Lakeland. The permanent, fixed-rate loan was structured with a 10-year term on a 30-year amortization schedule. The loan includes five years of interest-only payments. Built in 2019-2020, The Shore features 15 three-story residential buildings spread across a 65-acre site. The lakeside property is located at 5680 Waterside Blvd., about 58 miles from Orlando. The Shore’s community amenities include a private lake, resort-style pool and spa, cabanas with outdoor kitchen, fire pit, gas grills, walking trail with fitness stations, playground, dog park, 54-detached garages for rent, two electric car charging stations, car care center, clubhouse, cyber café with coffee bar, theater room, business center, 24-hour fitness center and yoga and spin room. The Shore’s unit interiors feature nine-foot ceilings, walk-in closets, full-size washer and dryer and a private screened-in balcony and most units offering views of the lake and nature preserve. At loan closing, the property was 100 percent occupied.

February 15, 2021

Development Office Retail Southeast Virginia

T-Mobile Opens 131,000 SF Customer Care Center at Former Sam’s Club in Richmond

by John Nelson February 15, 2021

RICHMOND, VA. — T-Mobile U.S. Inc. has opened a 131,000-square-foot customer care center at White Oak Village, a mixed-use development in Richmond. Aston Capital converted a vacant, former Sam’s Club at White Oak Village into new Class A office space for T-Mobile. The Bellevue, Wash.-based mobile phone carrier is relocating approximately 500 employees from Richmond’s Short Pump area to the building with plans to eventually grow the staff to over 1,000. Charlotte-based Aston Capital acquired the White Oak Village building in February 2020 through an affiliate company, AC Richmond. The company then made renovations to the property, including a new exterior facade and renovated parking and landscaping. The firm also added employee amenities including exercise rooms, gaming room, onsite café and mother’s room. The $30 million project, which is adjacent to more than 900,000 square feet of retail, offices, restaurants and hotels at White Oak Village, was completed in October 2020. Since 2015, Aston Capital has repurposed over 500,000 square feet of former retail properties. Frampton Construction was the general contractor on the conversion and interior upfit, Timmons Group provided civil engineering services and McMillan Pazdan Smith Architecture and JPC Architects were the architects on the project.

February 15, 2021

Acquisitions Hospitality Louisiana Southeast

HREC Brokers Sale of Sheraton Galleria Metairie Hotel in Metairie, Louisiana

by John Nelson February 15, 2021

METAIRIE, LA. — HREC Investment Advisors has brokered the sale of the 181-unit Sheraton Galleria Metairie Hotel located in Metairie. Len Wormser of HREC exclusively represented the seller, Hotel Capital LLC, in the transaction. Barry Swanson, Michael Salloway, Ketan Patel and Scott Stephens of HREC assisted in the transaction as well. The buyer, Atlanta-based Generation Hospitality, will manage the hotel. The sales price was not disclosed. The Sheraton Galleria Metairie Hotel is located at Four Galleria Blvd. and is five miles from the New Orleans Botanical Garden and seven miles from Louis Armstrong New Orleans International Airport. The property’s rooms feature free Wi-Fi, flat-screen TVs, mini fridges, safes and coffeemakers, as well as room service. Other hotel amenities include a restaurant/bar, a convenience shop, gym, rooftop pool and event space. Hotel Capital LLC is an Indianapolis-based, private equity real estate investment firm.

February 15, 2021

Development Office Texas

CHRISTUS Health to Develop 400,000 SF Corporate Office Building in Irving

by Taylor Williams February 15, 2021

IRVING, TEXAS — CHRISTUS Health, a faith-based healthcare provider, will develop a new 400,000-square-foot corporate office building that will be located on a 4.2-acre parcel within Irving’s Las Colinas district. BOKA Powell is designing the building, which is expected to be complete in 2023 and will include outdoor patios, conference rooms and large areas for collaboration. Fidelis Healthcare Partners represented CHRISTUS Health in its site selection and pre-development planning. CHRISTUS Health, which is already headquartered in Irving, has a real estate footprint comprising almost 350 services and facilities, including more than 60 hospitals and long-term care facilities and 175 clinics and outpatient centers.

February 15, 2021

Acquisitions Industrial Texas

JLL Negotiates Sale of 601,261 SF Industrial Building Near Port Houston

by Taylor Williams February 15, 2021

PASADENA, TEXAS — JLL has negotiated the sale of a 601,261-square-foot industrial building located near Port Houston in Pasadena. The rail-served building is situated on 31 acres and features 32-foot clear heights, 62 dock-high doors, outside storage and trailer parking and ESFR sprinkler systems. Rusty Tamlyn, Trent Agnew and Charles Strauss of JLL brokered the transaction between the seller, Link Logistics Real Estate, and the buyer, Illinois-based CenterPoint Properties.

February 15, 2021

Acquisitions Multifamily Texas

Bascom Group Acquires 350-Unit Apartment Community in Cypress, Texas

by Taylor Williams February 15, 2021

CYPRESS, TEXAS — California-based investment firm The Bascom Group has acquired Cantera at Towne Lake, a 350-unit apartment community in Cypress, part of the Houston MSA. Built in 2006, the 13-acre property’s unit mix comprises 52 one-bedroom units, 266 two-bedroom units and 32 three-bedroom units averaging 1,015 square feet. Community amenities include a leasing office, two-story clubhouse, networking center, fitness center and two pools. Cantera at Town Lake is located within Caldwell Cos.’ Towne Lake master-planned community, which is also the home of Lone Star College. Brian Eisendrath, Annie Rice, and Samantha Jay with CBRE Capital Markets sourced Freddie Mac acquisition financing for the deal, which was brokered by David Mitchell of Newmark along with James D’Argenio and Chang Liu of Bascom Group.

February 15, 2021

Acquisitions Retail Texas

Younger Partners Buys 77,669 SF Grocery-Anchored Shopping Center in Heath, Texas

by Taylor Williams February 15, 2021

HEATH, TEXAS — The newly launched retail investment division of Dallas-based Younger Partners has purchased Heath Town Center, a 77,669-square-foot, grocery-anchored shopping center in Heath, located northeast of Dallas. Tom Thumb is the grocery anchor at the center, which was 98 percent leased at the time of sale. Micah Ashford, Moody Younger and Kathy Permenter negotiated the deal internally for Younger Partners. Adam Howells and Barry Brown of JLL represented the seller, Malouf Interests Inc.

February 15, 2021

Acquisitions Multifamily Seniors Housing Texas

SLIB Brokers Sale of 167-Unit Seniors Housing Portfolio in El Paso

by Taylor Williams February 15, 2021

EL PASO, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of SunRidge of Cambria, Cielo Vista and Desert Springs, three seniors housing communities in El Paso totaling 167 units. The assisted living and memory care communities were built in 1995, 1998 and 2000 and maintained 89 percent, 87 percent and 90 percent occupancy, respectively, at the onset of the COVID-19 pandemic. The seller is a debt and equity capital provider looking to divest of a non-core market, while the buyer is a local owner-operator. Ryan Saul and Matthew Alley of SLIB represented the seller in the deal.

February 15, 2021

Acquisitions New Jersey Northeast Retail

JLL Brokers $16.4M Sale of Retail Building Leased to Home Depot in Bloomfield, New Jersey

by Taylor Williams February 15, 2021

BLOOMFIELD, N.J. — JLL has brokered the sale of a 128,715-square-foot, single-tenant retail building in the Northern New Jersey community of Bloomfield that is triple-net leased to The Home Depot (NYSE: HD) on a long-term basis. Home Depot has occupied the property, which sits on an 11-acre tract adjacent to the Garden State Parkway, since 1994. Benderson Development purchased the asset from New York-based Acadia Realty Trust for $16.4 million. Jose Cruz, J.B. Bruno, Kevin O’Hearn, Michael Oliver, Steve Simonelli and Jordan Altman of JLL brokered the deal

February 15, 2021

Acquisitions Multifamily New York Northeast

Kempner Properties Acquires Multifamily Property in New Paltz, New York, for $7.6M

by Taylor Williams February 15, 2021

NEW PALTZ, N.Y. — Kempner Properties, an investment firm based in metro New York City, has acquired Paltz Commons, a 36-unit multifamily property in New Paltz, located roughly midway between Albany and New York City. Built in 1966, the garden-style property consists of three buildings and was fully occupied at the time of sale. The new ownership plans to implement a value-add program focused on improving the unit interiors, common areas, building exteriors and landscaping.

February 15, 2021

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