Property Type

Palomar Group Arranges $1.8M Sale of Starbucks-Occupied Building Near Chattanooga

by Alex Tostado January 11, 2021

SIGNAL MOUNTAIN, TENN. — The Palomar Group has arranged the $1.8 million sale of a 2,100-square-foot retail building in Signal Mountain leased to Starbucks. The property is situated as an outparcel to a Food City-anchored shopping center at the intersection of Signal Mountain and Mountain Creek roads, four miles northwest of downtown Chattanooga. Starbucks has 10 years remaining on the double-net lease, which includes four five-year extension options. The Palomar Group represented the seller, an undisclosed private investor based in New York, in the transaction. Chris Schellin of Westwood Net Lease Advisors represented the buyer, an undisclosed real estate developer based in Charleston, S.C.

January 11, 2021

Acquisitions Civic Office Oklahoma Texas

Tanenbaum Equity Partners Buys Portfolio of Government-Leased Office Properties for $106.5M

by Taylor Williams January 11, 2021

OKLAHOMA CITY — Tanenbaum Equity Partners (TEP), a subsidiary of Oklahoma City-based Gardner Tanenbaum, has purchased a portfolio of 42 federally leased properties in 11 states for $106.5 million. Most of the buildings, which collectively total 573,000 square feet, were constructed as build-to-suits for government agencies such as the Social Security Administration, the Department of Homeland Security and the Veterans Administration. A Dallas-based team of Sunny Sajnani, Todd McNeill and Brandon Wilhite of Marcus & Millichap Capital Corp. arranged acquisition financing through Arkansas-based Centennial Bank on behalf of TEP. A Colliers International team led by Geoff Ficke represented TEP in the sale. The seller was CoreCivic, according to the Nashville Business Journal.

January 11, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 320-Unit Huntington Apartments in Plano

by Taylor Williams January 11, 2021

PLANO, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Huntington, a 320-unit apartment community that is located less than a mile from the Legacy West corporate campus in Plano. The property was built on five acres in 2018 and features studio, one- and two-bedroom units averaging 914 square feet. Amenities include a pool, fitness center, lounge and a dog park. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of IPA represented the seller, Catalyst Urban Development, and procured the buyer, Fairfield Residential.

January 11, 2021

Loans Office Texas

JLL Arranges Refinancing of Two Houston Office Buildings Totaling $40M

by Taylor Williams January 11, 2021

HOUSTON — JLL has arranged two loans totaling $40 million for the refinancing of 5300 Memorial and 10497 Town & County, two office buildings totaling 302,980 square feet in Houston. The properties respectively span 153,671 and 149,309 square feet and were 93 and 91.5 percent leased at the time of the loan closings. John Ream led a JLL team that arranged the floating-rate financing through East West Bank on behalf of the borrower, metro Philadelphia-based Equus Capital Partners.

January 11, 2021

Acquisitions Office Texas

Menlo Properties Acquires 136,075 SF Office Complex in Southwest Austin

by Taylor Williams January 11, 2021

AUSTIN, TEXAS — California-based Menlo Properties has acquired 7000 West at Lantana, a 136,075-square-foot office complex in southwest Austin. The property was built in 1999 as part of the Lantana master-planned community. Dallas-based Starwood Capital Group sold the asset for an undisclosed price. Mike McDonald, Ryan Stevens and Celeste Fowden of Cushman & Wakefield brokered the deal.

January 11, 2021

Loans Multifamily Texas

Colliers Mortgage Provides Acquisition Financing for 152-Unit Multifamily Community in Metro Dallas

by Taylor Williams January 11, 2021

GARLAND, TEXAS — Colliers Mortgage has provided an undisclosed amount of Fannie Mae acquisition financing for Centerville Crossing Apartments, a 152-unit multifamily property located in the northeastern Dallas suburb of Garland. Built in 1970 and renovated in 2003, the market-rate property consists of 14 two-story buildings and a single-story leasing office. Colliers Mortgage provided the 12-year loan through a partnership with Old Capital Lending on behalf of the borrower, an entity doing business as 834 Centerville Crossing LLC.

January 11, 2021

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Arranges $92.5M Sale of Multifamily Portfolio in New Jersey

by Taylor Williams January 11, 2021

EAST ORANGE AND IRVINGTON, N.J. — Marcus & Millichap has arranged the $92.5 million sale of a 24-property, 702-unit multifamily portfolio in East Orange and Irvington, two cities located in Essex County. Approximately 55 percent (390) of the units are located in East Orange, and the remaining units (312) are located in Irvington. Richard Gatto and Fahri Ozturk of Marcus & Millichap represented the seller, a partnership between ERCT Capital Group, MAVeCap and Metropolitan America, in the transaction. Eric Anton and Chris Warner in the firm’s Manhattan office represented the buyer, Spaxel LLC, a New York-based multifamily developer. Brad Domenico of Progress Capital arranged $81 million in acquisition financing for the deal.

January 11, 2021

Connecticut Development Multifamily Northeast

Building & Land Technology Opens 435-Unit Waterfront Apartment Community in Stamford, Connecticut

by Taylor Williams January 11, 2021

STAMFORD, CONN. — Developer Building & Land Technology (BLT) has opened Escape, a 435-unit waterfront apartment community located in the Harbor Point district in Stamford. The property offers one-, two- and three-bedroom units as well as four-bedroom penthouses that range in size from 701 to 4,445 square feet and that feature floor-to-ceiling windows and stainless steel appliances. Amenities include a pool, fitness center, lounges, a café and a wine tasting room, as well as courts for basketball, pickleball and shuffleboard. Rents start at approximately $2,500 per month for a one-bedroom unit, according to Apartments.com.

January 11, 2021

Acquisitions Massachusetts Multifamily Northeast

Pacific Urban Residential Acquires 266-Unit Apartment Community in Salem, Massachusetts

by Taylor Williams January 11, 2021

SALEM, MASS. — California-based investment firm Pacific Urban Residential has acquired Bell at Salem Station, a 266-unit apartment community in Salem. Built on 10.5 acres in 2002, the property features 12 different floor plans with an average unit size of 1,333 square feet. Amenities include an outdoor pool, fitness center, media room and a community room. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, Bell Partners, and the buyer in the transaction. Pacific Urban Residential will rebrand the community as Sofi at Salem Station.

January 11, 2021

Affordable Housing Loans Midwest Multifamily Ohio

KeyBank Structures $86.8M in Financing for Acquisition, Renovation of Affordable Housing Property in Columbus

by Kristin Harlow January 11, 2021

COLUMBUS, OHIO — KeyBank has structured $86.8 million in financing for the acquisition and renovation of Crosswinds Village, a 232-unit affordable housing property in Columbus. Built in 1999, the property spans 21 buildings. Cleveland-based real estate development and construction firm PIRHL acquired the property in conjunction with the Columbus Metropolitan Housing Authority. The buyers plan to renovate the units and community areas as well as preserve the property’s affordable housing status. The renovation is scheduled for completion in summer 2022. Kelly Frank and Ryan Olman of KeyBank Community Development Lending and Investment secured $49.4 million in acquisition and construction financing. Robbie Lynn of KeyBank’s Commercial Mortgage Group arranged a $23.8 million, fixed-rate Freddie Mac loan that will fund upon completion and stabilization of the project. Key Community Development Corp. provided $13.8 million of low-income housing tax credit equity and the Ohio Housing Finance Agency issued bonds.

January 11, 2021

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