DALLAS — Dallas-based investment firm CanTex Capital has acquired a 92,000-square-foot industrial complex in Dallas. The property is situated on two contiguous lots and is located within two miles of Dallas Love Field Airport. CanTex will implement a capital improvement program at both buildings on the property, which will be rebranded as Stemmons Design Center. Stream Realty Partners will handle leasing of the upgraded space.
MESQUITE, TEXAS — Locally based developer Brosco Group has broken ground on Corner Stone Plaza, a 21,000-square-foot retail project in the eastern Dallas suburb of Mesquite. Weitzman, which is handling leasing of the center, is targeting a mix of restaurant, beauty, fitness and service tenants, as well as healthcare practices. Completion is slated for mid-2020.
CHESTNUT HILL, MASS. — Berkadia has arranged a $211.2 million refinancing loan for Hancock Village, a 161-unit multifamily community in Chestnut Hill, a northwestern suburb of Boston. The 15-year Freddie Mac loan featured a fixed interest rate and a 30-year amortization schedule. The property features one- and two-bedroom townhomes and amenities including a fitness center and a resident lounge. Robert Lipson of Berkadia arranged the loan on behalf of the borrower, Chestnut Hill Realty.
NEW HAVEN, CONN. — Greystone has arranged a $50 million construction loan for a multifamily project that will be located at 44 Olive St in New Haven. BMO Harris Bank, a subsidiary of BMO Financial Group, provided the loan on a three-year initial term. The borrower, Adam America Real Estate, will use the loan to finance construction of a six-story multifamily building with 299 units and 6,100 square feet of ground-floor retail space. Drew Fletcher and Matthew Hirsh of Greystone arranged the loan. Construction is slated to be complete by August 2022.
BOSTON — Greystar Real Estate Partners is underway on a 126-unit multifamily project in the Bay Village neighborhood of Boston. The 150,000-square-fooot, 19-story building will be located at 212 Stuart St., a site that was previously a vacant lot. The project will also include two townhouses and retail space on the ground level. Sasaki is serving as the project architect, and Höweler + Yoon is the design architect. Construction is slated for completion in early 2022.
NEW YORK CITY — In a dramatic move, the International Council of Shopping Centers (ICSC) has postponed its annual RECon event over rapidly escalating concerns about COVID-19 (coronavirus), according to an announcement posted today on the trade association’s website. In 2019, more than 37,000 industry professionals descended on the Las Vegas Convention Center for the annual retail and real estate networking event, which featured 1,200 exhibitors and 853,000 square feet of exhibit space. In addition to postponing RECon, ICSC has suspended all of its events through June 30 of this year and is currently evaluating alternative dates for RECon. Registration, exhibitor and sponsorship fees will automatically roll over once the new date is announced or can be credited toward any future ICSC event, according to the organization’s website. At this time, fall events, including New York Deal Making, are scheduled to proceed as planned.
BOSTON — DWS Group has completed a 20,000-square-foot expansion of 50 and 60 Staniford Street, two adjacent medical office buildings totaling 193,230 square feet in the West End neighborhood of Boston. The project involved construction of additional lobby space between the two buildings, effectively enlarging and connecting the first floors. Margulies Perruzzi served as the project architect, and Lee Kennedy Co. was the general contractor.
When I talk to out-of-staters about Texas, they often think I mean “Dallas” when discussing the Metroplex as a whole. That’s when I explain how important the Fort Worth market is to our thriving and healthy Dallas-Fort Worth (DFW) retail scene. Weitzman, which operates offices in Texas’ major markets, has handled development, leasing and management in the Fort Worth market since our founding 30 years ago. Today, the Fort Worth area is home to some of the state’s most robust residential, commercial and cultural growth. In terms of retail, our most recent market survey shows that as of January 2020, Fort Worth’s retail market is about as healthy as it’s ever been. The Fort Worth-area market, which we’ll call Fort Worth for the sake of simplicity, largely encompasses Tarrant County. Today, Fort Worth reports a total multi-tenant retail inventory of 62.8 million square feet. As a reference, that figure accounts for about a third of the entire DFW retail market inventory, which clocks in at just over 200 million square feet. Fort Worth’s occupancy rate is around 93 percent, a healthy rate on par with the Dallas area’s occupancy. In terms of subcategories of retail product, the numbers of Fort …
WASHINGTON, D.C. — Novel Coworking has opened Novel Coworking Dupont Circle, a 12-story, 190,385-square-foot office building in northwest Washington, D.C. The company acquired the building, situated at 1201 Connecticut Ave. NW, in July 2019. The space can accommodate one- to 200-person teams. Situated two blocks from Dupont Circle, the building was originally developed in 1940. Memberships start at $199 per month, private offices start at $575 per month and office suites start at $399 per employee a month. Chicago-based Novel Coworking operates 37 locations nationwide.
LOUISVILLE, KY. — Hilton Hotels has broken ground on Tempo by Hilton Louisville NuLu, a 130-room, six-story hotel in Louisville’s NuLu neighborhood. The property is situated at 710 E. Jefferson St., two miles east of downtown Louisville and six miles north of Churchill Downs, site of the annual Kentucky Derby. Hilton, and co-owners First Hospitality and Weyland Ventures, expect the hotel to open in time for the 2021 Kentucky Derby. Tempo by Hilton will offer a rooftop bar, fitness center, meeting space, complimentary coffee service and public greenspaces. Hilton has more than 30 confirmed deals for the Tempo brand in cities including New York City, Maui, Boston and Washington, D.C.