Property Type

JLL Negotiates Sale of 663,978 SF South Park Mall in San Antonio

by Taylor Williams February 25, 2020

SAN ANTONIO — JLL has negotiated the sale of South Park Mall, a 663,978-square-foot enclosed regional mall in south San Antonio. Built on 48.5 acres in 1968, the property has been renovated several times, most recently in 2018. South Park Mall was 95 percent leased at the time of sale to tenants including anchors JC Penney, Dick’s Sporting Goods and Beall’s, as well as Old Navy, Ulta Beauty and The Vitamin Shoppe. Dave Monahan, Cameron Pittman, Akhil Patel, Claudia Steeb and Barry Brown of JLL represented the undisclosed seller in the transaction. A partnership between Mason Asset Management, Namdar Realty Group and CH Capital Group purchased the asset.

February 25, 2020

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Arranges Sale of 147-Unit Multifamily Property in Midtown Atlanta

by Alex Tostado February 25, 2020

ATLANTA — Cushman & Wakefield has arranged the sale of Lilli Midtown, a 24-story, 147-unit multifamily community in Midtown Atlanta. The property offers one-, two- and three-bedroom floor plans, as well as 3,965 square feet of ground-level retail space. Communal amenities include a pool, clubhouse, grilling area, fitness center and bike storage. The community is situated at 693 Peachtree St., three miles north of downtown Atlanta. The sellers, JPX Works, Mariner Group and ELV Associates, delivered the property in 2016. Oxford Properties Group acquired the asset. Robert Stickel, Alex Brown and Chris Spain of Cushman & Wakefield represented the sellers in the transaction.

February 25, 2020

Acquisitions Industrial Texas

TA Realty Acquires 350,000 SF East Belt Business Park in Southeast Houston

by Taylor Williams February 25, 2020

HOUSTON — Boston-based TA Realty has acquired East Belt Business Park, a 350,000-square-foot industrial development situated on 23.7 acres in southeast Houston. The property consists of two rear-load and two cross-dock buildings that include 20- to 24-foot clear heights, 114 dock-high doors, 120- to 180-foot truck court depths and 510 parking spaces. Trent Agnew, Rusty Tamlyn, Charlie Strauss and Tom Weber of JLL represented the seller, a fund advised by Morgan Stanley Real Estate Investing, in the transaction.

February 25, 2020

Florida Loans Office Southeast

Ready Capital Closes $5.4M Acquisition Loan for Office Building in Metro Miami

by Alex Tostado February 25, 2020

MIAMI GARDENS, FLA. — Ready Capital has closed a $5.4 million acquisition loan for a 77,000-square-foot, Class B office building in Miami Gardens. The undisclosed borrower plans to upgrade the common areas and lease up vacant suites. The three-year, non-recourse loan features a floating interest rate and flexible prepayment options. Further details of the property were not disclosed.

February 25, 2020

Loans Retail Texas

NorthMarq Arranges $28.5M Loan for Refinancing of Houston Retail Asset

by Taylor Williams February 25, 2020

HOUSTON — NorthMarq has arranged a $28.5 million loan for the refinancing of Champions Forest Plaza, an 187,000-square-foot retail center in Houston. Originally built in the 1960s, the property was 92 percent leased at the time of the loan closing to tenants such as The Container Store, Gap, Ann Taylor, Starbucks and Jos. A. Bank. Matthew Franke, Ray Driver and Michael Borden of NorthMarq arranged the 15-year, fixed-rate loan with a 25-year amortization schedule through OneAmerica, an Indianapolis-based life insurance company. The borrower was Smithco, a locally based developer.

February 25, 2020

Acquisitions Colorado Industrial Mixed-Use Multifamily Self-Storage Western

Denver Realty Group Acquires 25-Property Portfolio in Colorado Springs for $22M

by Amy Works February 25, 2020

COLORADO SPRINGS, COLO. — Denver Realty Group, through its DRGinvest platform, has purchased a 25-property portfolio in Colorado Springs for $22 million. The portfolio totals 186 units and includes multifamily, single-family homes and a storage facility. The off-market deal was acquired using a unique, deal-specific loan arranged by NorthMarq’s Denver office and placed with ArrowMark Commercial Real Estate Partners and Arbor Realty SR as lenders. DRG was represented by Zach Hansen of Denver Realty Group and Stuart Sloat of Olive Realty Estate Group as transaction brokers.

February 25, 2020

Industrial Leasing Activity Texas

Jackson-Shaw Signs Two Industrial Leases Totaling 124,537 SF at Parc NorthEast in Richardson

by Taylor Williams February 25, 2020

RICHARDSON, TEXAS — Locally based developer Jackson-Shaw has signed two new tenants at Parc NorthEast, a 434,640-square-foot industrial development in the northeastern Dallas suburb of Richardson. Mygrant Glass, a family-owned auto glass wholesaler, has leased 93,079 square feet at Building 4, and garage door provider Section Stack has leased 31,458 square feet at Building 2. Josh Barnes of Holt Lunsford Commercial represented Jackson-Shaw in the lease negotiations.

February 25, 2020

Loans Multifamily New Jersey Northeast

Progress Capital Arranges $120M in Construction Financing for Jersey City Multifamily Project

by Alex Patton February 25, 2020

JERSEY CITY, N.J. — Progress Capital has arranged $120 million in construction financing for The Element, a multifamily project located at 400 Claremont Ave. in Jersey City. Tall Pines Capital provided an $84 million construction loan while private investors contributed $36 million in equity. The Element will include 631 units, including 277 studios with less than 500 square feet, which are also known as “micro-units.” The six-story building will also include approximately 70,000 square feet of amenities, including a fitness center, heated pool and rooftop terrace, as well as 15,500 square feet of additional retail space. The borrower was 400 Claremont Urban Renewal LLC.

February 25, 2020

Leasing Activity Office Texas

Energy Surveying Firm Signs 97,295 SF Office Lease Renewal in Houston

by Taylor Williams February 25, 2020

HOUSTON — TGS-NOPEC Geophysical Co., a Norwegian provider of surveying services for the energy industry, has signed a 97,295-square-foot office lease renewal at 10451 Clay Road in Houston. Doug Little and Louann Pereira of Transwestern represented the landlord, Office Properties Income Trust, in the lease negotiations. Jon Silberman of NAI Partners represented the tenant.

February 25, 2020

Acquisitions California Multifamily Western

Levin Johnston Brokers $12.9M Sale of Apartment Community in San Mateo, California

by Amy Works February 25, 2020

SAN MATEO, CALIF. — Levin Johnston of Marcus & Millichap has negotiated the sale of 600 Mariners Island, a multifamily property located in San Mateo. A private owner sold the asset to an undisclosed buyer for $12.9 million. Originally constructed in 1976, 600 Mariners Island features 24 apartments in a mix of six two-bedroom/one-bath layouts and 18 one-bedroom/one-bath units. Community amenities include a swimming pool, children’s swimming pool, clubhouse, boat launch, private storage, modern fitness center, dog park and playground. Adam Levin and Robert Johnston handled the transaction.

February 25, 2020

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