Property Type

M&T Realty Capital Provides $51.2M Refinancing Loan for Apartment Complex in Northern Virginia

by Alex Tostado May 13, 2020

DULLES, VA. — M&T Realty Capital Corp. has provided a $51.2 million Freddie Mac refinancing loan for The Elms at Arcola, a 248-unit apartment complex in Dulles. The locally based borrower, Elm Street Development, delivered the community in 2016. The 10-year, fixed-rate loan features five years of interest-only payments followed by a 30-year amortization schedule. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool with sundeck, gym, yoga room, cyber café and a community garden. Situated off U.S. Highway 50, The Elms at Arcola is 30 miles west of downtown Washington, D.C. Legend Management Group will manage the property. Debra Goldstein and Matthew Hodson of M&T Realty originated the loan on behalf of the borrower.

May 13, 2020

Retail Southeast Virginia

Virginia on Track to Begin Phase I of Retail Reopenings on Friday, Says Gov. Northam

by Alex Tostado May 13, 2020

RICHMOND, VA. — Virginia Gov. Ralph Northam says the state is still on track to begin “Virginia Forward,” the state’s Phase I plan for reopening stores, restaurants and select businesses and organizations starting Friday, May 15. Northam said in a press release Tuesday, however, that Northern Virginia localities are able to delay reopenings to Thursday, May 28 if they feel it is unsafe to reopen Friday. The new guidelines outline more relaxed restrictions, including upping the capacity of non-essential retail from a 10-person limit to 50 percent capacity; allowing restaurants to open outdoor seating with a 50 percent capacity limit; allowing places of worship to have a 50 percent capacity, up from its previous 10-person limit; fitness centers may operate outdoor classes; and allowing for personal grooming services to reopen to appointment-only customers. Some restrictions that are unchanged include schools remaining closed, childcare remaining open only to working families and entertainment and public amusement remaining closed. As of this writing, there were 927 deaths and 26,746 total confirmed cases of COVID-19 in Virginia, according to the Virginia Department of Health.

May 13, 2020

Acquisitions Georgia Industrial Southeast

JLL Arranges $33.5M Sale of Distribution Center Near Atlanta Airport

by Alex Tostado May 13, 2020

EAST POINT, GA. — JLL has arranged the $33.5M Sale of Creekside Distribution Center, a 538,500-square-foot property in East Point. Developed in 2016, the property is situated on 32 acres at 2110-2135 Lawrence Ave., five miles north of Hartsfield-Jackson Atlanta International Airport and seven miles southwest of downtown Atlanta. The property features 32-foot clear heights, concrete tilt-wall construction, 85 dock-high doors, five drive-in doors and ESFR fire suppression. Dennis Mitchell, Britton Burdette, Matt Wirth and Brent Bono of JLL represented the seller, a joint venture between Solution Property Group and Singerman Real Estate, in the transaction. Summit Real Estate Group purchased the asset.

May 13, 2020

Acquisitions Kentucky Multifamily Southeast

Four Mile Capital Acquires New Multifamily Community in Louisville for $22M

by Alex Tostado May 13, 2020

LOUISVILLE, KY. — Four Mile Capital has acquired Avalon Springs Apartments, a 141-unit multifamily community in Louisville, for $22 million. The community was built in 2018, spans 18 acres and was 99 percent occupied at the time of sale. The property offers 126 two-bedroom townhomes, as well as 16 two- and three-bedroom apartments that have their own patios. Communal amenities include a fitness center, pool, playground and a clubhouse. Avalon Springs is situated at 7935 Zelma Fields Ave., 17 miles southeast of downtown Louisville. Ed Belz of Newmark Knight Frank originated a Freddie Mac acquisition loan on behalf of the buyer. The 10-year loan features a fixed 3.14 percent interest rate, 65 percent loan-to-value ratio and five years of interest-only payments.

May 13, 2020

Florida Industrial Leasing Activity Southeast

Refresco Beverages US Leases 364,084 SF of Industrial Space in Tampa

by Alex Tostado May 13, 2020

TAMPA, FLA. — Refresco Beverages US Inc. has leased 364,084 square feet of industrial space at 5210 S. 16th Ave. in Tampa. The 10-year lease is valued at $18 million. Refresco Beverages US is a North American subsidiary of the Netherlands-based soft drink bottler and distributor. This is Refresco’s third location in Tampa, growing its footprint in the region by 50 percent. The property, located six miles east of downtown Tampa, was previously home to Southern Glazer’s Wine & Spirits. Ryan Vaught and Robyn Hurrell of Colliers International represented the landlord, RealOp Investments, in the transaction. Foundry Commercial represented the tenant.

May 13, 2020

Acquisitions Affordable Housing Multifamily Texas

JLL Negotiates Sale of 844-Unit Affordable Housing Portfolio in San Antonio

by Taylor Williams May 13, 2020

SAN ANTONIO — JLL has negotiated the sale of a portfolio of five garden-style affordable housing properties totaling 844 units in San Antonio. The portfolio includes the 120-unit Roselawn Apartments; the 160-unit Spanish Spur Apartments; the 160-unit Villas of Pecan Manor; the 308-unit Westwood Plaza Apartments and the 96-unit Winston Square Apartments. The properties were built between 1960 and 1976 and feature an average unit size of 769 square feet across the portfolio. Moses Siller and Zar Haro of JLL represented the seller, locally based investment firm Terravista Partners, and procured the buyer, Pico Union Housing Corp. Anson Snyder of JLL arranged acquisition financing on behalf of the new ownership.

May 13, 2020

Acquisitions Multifamily Texas

Presidium Completes Phase I of 188-Unit Multifamily Project in Frisco

by Taylor Williams May 13, 2020

FRISCO, TEXAS — Locally based developer Presidium has completed Phase I of Presidium at Edgestone, a multifamily project in the northern Dallas suburb of Frisco that will ultimately total 188 units. Designed by Cross Architects, Presidium at Edgestone will eventually offer amenities such as a pool, fitness center, media and game room, hair salon, cinema, bocce ball court and a dog park. Presidium expects to open the community this summer.

May 13, 2020

Acquisitions Office Texas

CBC Lewis Realty Brokers Sale of 29,940 SF Office Property in El Paso

by Taylor Williams May 13, 2020

EL PASO, TEXAS — Coldwell Banker Commercial (CBC) Lewis Realty Group has brokered the sale of a 29,940-square-foot office property located at 2150 Trawood Drive on the eastern side of El Paso. According to LoopNet Inc., the Class B property was built in 1986 and renovated in 2019. Tommy Lewis of CBC’s Lewis Realty Group represented the seller, El Paso-based Rocabar Investments LLC, in the transaction. Aasheeni Properties LLC purchased the building for an undisclosed price.

May 13, 2020

Leasing Activity Office Texas

NKF Negotiates 30,116 SF Office Lease in Northwest Houston

by Taylor Williams May 13, 2020

HOUSTON — Newmark Knight Frank (NKF) has negotiated a 30,116-square-foot office lease at 4541 Brittmoore Road in northwest Houston. Garrett Gibbons Jr., Jack Brewer and Lucas Kay of NKF represented the tenant, Vere Technology, a provider of pumps and compressors for the energy sector, in the lease negotiations. Lee & Associates represented the landlord, Britmore Investments LLC.

May 13, 2020

Industrial Leasing Activity Texas

Swiss Pharmaceutical Firm Novartis Signs 13,294 SF Industrial Lease in Fort Worth

by Taylor Williams May 13, 2020

FORT WORTH, TEXAS — Novartis, a multinational pharmaceutical company based in Switzerland, has signed a 13,294-square-foot industrial lease at Everman Trade Center in Fort Worth. Matt Carthey and Thomas Grafton with Holt Lunsford Commercial represented the owner, Boston-based TA Realty, in the lease negotiations. Joe Siglin with Newmark Knight Frank represented the tenant. Everman Trade Center is a four-building, shallow-bay industrial development on the city’s south side that spans approximately 512,000 square feet.

May 13, 2020

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