Property Type

Nuveen Real Estate Provides $114M Refinancing Loan for Office Park in Northwest Atlanta

by Alex Tostado December 22, 2020

ATLANTA — Nuveen Real Estate has provided a $114 million refinancing loan for Pennant Park, a six-building office park in northwest Atlanta’s Cumberland-Galleria submarket. The borrower, Rubenstein Partners LP, owns the 760,000-square-foot campus, which is situated near Truist Park, Battery Atlanta and the intersection of Interstates 75 and 285. Rubenstein acquired the property in 2016 and implemented $17 million in renovations to enhance the walkability of the park, as well as introduce an outdoor courtyard dubbed The Quad. Since Rubenstein acquired the park, new tenants and expansions include thyssenkrupp Elevator Americas, Arco Design Build, Artera Services, Juneau Construction and Oversight Systems. Mike Ryan, Brian Linnihan, Richard Henry and Blake Cohen of Cushman & Wakefield arranged the loan on behalf of the borrower.

December 22, 2020

Acquisitions Industrial Southeast Tennessee

CBRE Global Investors Acquires 421,470 SF Industrial Facility in Memphis

by Alex Tostado December 22, 2020

MEMPHIS, TENN. — A fund sponsored by CBRE Global Investors has acquired Memphis Global Crossing, a 421,470-square-foot logistics facility in Memphis. DHL leases a majority of the asset, which is situated on 24 acres at 6200 Global Drive, 12 miles southeast of Memphis International Airport. The property features 32-foot clear heights, 125 dock doors, two drive-in doors, ESFR sprinklers and 119 trailer spaces. The seller was not disclosed, though Atlanta-based Robinson Weeks Partners delivered the facility in 2019. The sales price was also not disclosed.

December 22, 2020

Loans Multifamily Southeast Virginia

Berkadia Arranges $75M Refinancing Loan for Multifamily Community in Northern Virginia

by Alex Tostado December 22, 2020

MANASSAS, VA. — Berkadia has arranged a $75 million refinancing loan for Arcadia Run, a 616-unit multifamily community in Manassas. Allianz Real Estate of America provided the 20-year loan, which features a fixed interest rate below 2.5 percent. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, fitness center, clubhouse and a firepit. The asset is situated at 11775 Boltania Drive, 37 miles southwest of downtown Washington, D.C. Andy Ahlers of Berkadia arranged the loan on behalf of the borrower, California-based Arcadia Run LLC.

December 22, 2020

Acquisitions Affordable Housing Maryland Multifamily Southeast

NHP Foundation Purchases 63-Unit Townhome Property in Suburban Maryland to Preserve as Affordable Housing

by Alex Tostado December 22, 2020

FREDERICK, MD. — The NHP Foundation (NHPF) has purchased Overlook Manor, a 63-unit townhome community in Frederick. The Low-Income Investment Fund, a national nonprofit financial institution, provided a $10 million acquisition loan to the New York City-based buyer. NHPF plans to preserve the property as affordable housing. Units will include new kitchen and bathroom components, HVAC systems, water heaters, windows, lighting fixtures and flooring. NHPF also expects to upgrade the exterior, including installing new roofs, patching the parking lot and expanding the first floors of the three end units to install units in compliance with the American Disability Association (ADA). The renovations are slated to begin in the third quarter of 2021. NHPF will utilize a $20 million loan from several sources, such as HUD, short-term tax-exempt bonds and Low-Income Housing Tax Credits. Originally built in 1985, Overlook Manor is located at 1208 Alban Court, equidistant to Baltimore and Washington, D.C. The seller and sales price were not disclosed.

December 22, 2020

District of Columbia Leasing Activity Office Southeast

The Atlantic to Move Office Headquarters to The Wharf in D.C.

by Alex Tostado December 22, 2020

WASHINGTON, D.C. — Media company The Atlantic will move its headquarters to the top two floors of an office building located at 610 Water St. within Phase II of The Wharf in Washington, D.C. Hoffman Madison Waterfront,a joint venture between Hoffman & Associates and Madison Marquette, is developing the 90,000-square-foot office building, which is situated three miles south of downtown D.C. and along the Washington Channel waterway. The Atlantic’s current headquarters are located at 600 New Hampshire Ave. in D.C. Morris Adjmi Architects is designing the five-story office building, which will feature 11-foot ceilings, 360-degree views and a 10,000-square-foot outdoor terrace. Phase II of The Wharf, which will also include retail, hospitality and residential space, is expected to deliver in 2022. Phase II will also include two more office buildings known as 670 and 680 Maine Avenue, which will be anchored by law firm Williams & Connolly LLP.

December 22, 2020

Company News Multifamily Texas

Private Equity Firm Thoma Bravo Acquires Texas-Based RealPage for $10.2B

by Taylor Williams December 22, 2020

CHICAGO AND RICHARDSON, TEXAS — Chicago-based private equity firm Thoma Bravo has acquired RealPage (NASDAQ: RP), the Richardson, Texas-based provider of property management software, in a deal valued at $10.2 billion. The price tag includes the assumption of the debt of RealPage, which was founded in 1998 and serves owners worldwide that have more than 19 million apartments in their combined portfolios. Under the terms of the agreement, RealPage stockholders will receive $88.75 in cash per share of RealPage common stock upon closing of the transaction. The purchase price represents a premium of 30.8 percent over RealPage’s closing stock price of $67.83 on Dec. 18, 2020. The stock price of RealPage opened at $87.65 per share on Tuesday, Dec. 22, up from $53.65 a year ago. According to The Wall Street Journal, software providers have performed well during the pandemic as more companies have pivoted to digital marketing of goods and services. As a technology specialist within the private equity space, Thoma Bravo was drawn to this operational trend. RealPage CEO Steve Winn echoed this notion in an interview with the Journal, saying, “we were able to do quite well during the pandemic because there was a rush by our industry to go …

December 22, 2020

Development Industrial Texas

Hello Bello to Open 312,000 SF Diaper Manufacturing Plant in Waco, Create 110 Jobs

by Taylor Williams December 22, 2020

WACO, TEXAS — Hello Bello, a provider of baby and family care consumer products co-founded by actors Kristen Bell and Dax Shepard, will open a 312,000-square-foot diaper manufacturing plant in Waco. The project is expected to bring about 110 new jobs and $31 million in total capital investment to the region. The site of Hello Bello’s new facility formerly housed the manufacturing operations of paper producer Domtar Corp. and is expected to open next summer.

December 22, 2020

Acquisitions Affordable Housing Multifamily Texas

Steele Properties Buys Affordable Housing Complex in Dallas for $57.7M

by Taylor Williams December 22, 2020

DALLAS — Denver-based Steele Properties, in partnership with the Dallas Housing Finance Corp., has purchased Ridgecrest Terrace Apartments, a 250-unit affordable housing community. The sales price was $57.7 million. The property was built in 1969 on 16.2 acres and features one-, two- and three-bedroom units, as well as a playground and communal activity room. The new ownership will invest approximately $77,000 per unit in capital improvements, including new kitchens, appliances, cabinetry, toilets, flooring and fixtures, as well as mechanical system upgrades. The property’s parking lot, sidewalks, fencing and amenity spaces will also be upgraded.

December 22, 2020

Leasing Activity Office Texas

JLL Signs 81,999 SF Office Lease in Houston, Consolidates Footprint

by Taylor Williams December 22, 2020

HOUSTON — JLL has signed an 81,999-square-foot office lease at 200 Park Place, a 210,000-square-foot building in Houston’s Galleria neighborhood, in a deal that consolidates the commercial real estate giant’s Houston offices into a single location. JLL will occupy three floors at the 15-story building, which is owned by Stonelake Capital Partners and was completed in 2020. Ronnie Deyo and Beau Bellow represented JLL internally in the lease negotiations. William Peeples represented Stonelake Capital, also on an internal basis.

December 22, 2020

Acquisitions Illinois Industrial Midwest

Sealy Acquires 1.1 MSF Warehouse Near St. Louis

by Kristin Harlow December 22, 2020

EDWARDSVILLE, ILL. — Sealy & Co. has acquired a 1.1 million-square-foot warehouse in Edwardsville near St. Louis for an undisclosed price. The purchase brings the company’s acquisition volume for 2020 to more than $400 million. The Class A facility is located at 3951 Lakeview Corporate Drive within Lakeview Commerce Center. The business park is situated in the Metro East submarket. The building features a clear height of 32 feet, 96 dock doors and 90 trailer stalls. The current tenant has expanded its presence in recent years within Lakeview Commerce Center and occupies three additional properties, one of which Sealy acquired in January of this year. Michael Caprile and Zach Graham of CBRE brokered the sale. Panattoni Development Co. was the seller.

December 22, 2020

Newer Posts

Older Posts