Property Type

Cushman & Wakefield Arranges $29.7M Sale of Multifamily Community in North Charleston

by Alex Tostado February 13, 2020

NORTH CHARLESTON, S.C. — Cushman & Wakefield has arranged the $29.7 million sale of Greenwood at Ashley River, a 280-unit multifamily community in North Charleston. The property offers two- and three-bedroom floor plans. Communal amenities include a clubhouse, pool, playground and a sundeck. The community is situated at 6520 Dorchester Road, 12 miles north of downtown Charleston. The Atlanta-based seller, The RADCO Cos., invested $4.3 million in curb appeal and upgrading amenities. Jordan McCarley, Marc Robinson and Tai Cohen of Cushman & Wakefield represented the seller in the transaction. Brick Lane, a multifamily investment firm based in Washington, D.C., was the buyer.

February 13, 2020

Acquisitions Georgia Hospitality Southeast

TGC Group Buys 95-Room TownePlace Suites Hotel in Macon, Georgia

by Alex Tostado February 13, 2020

MACON, GA. — TGC Group has acquired TownePlace Suites by Marriott Macon Mercer University, a 95-room hotel near Mercer University in Macon. The four-story hotel offers studio and one-bedroom suites with fully equipped kitchens. The property is located at 1550 Mercer University Drive, three miles from downtown Macon and adjacent to Mercer’s campus. This is the third TownePlace by Marriott in TGC Group’s portfolio, according to Nick Esterline, founder and president of Wichita, Kan.-based TGC Group. TGC Hospitality Management will manage the property. The seller and sales price were not disclosed.

February 13, 2020

Loans Multifamily Southeast Virginia

Ready Capital Closes $10.5M Acquisition Loan for Apartment Property in Norfolk

by Alex Tostado February 13, 2020

NORFOLK, VA. — Ready Capital has closed a $10.5 million acquisition loan for a 250-unit, Class B apartment property in Norfolk. The borrower will use a portion of the loan to address deferred maintenance and upgrade unit interiors. The non-recourse, three-year loan comes with two extension options and flexible prepayment. Further details of the property were not disclosed.

February 13, 2020

Acquisitions Retail Texas

JLL Negotiates Sale of 219,379 SF Shops at Vineyard Village Near DFW Airport

by Taylor Williams February 13, 2020

EULESS, TEXAS — JLL has negotiated the sale of the Shops at Vineyard Village, a 219,379-square-foot retail power center in Euless, located just south of Dallas-Fort Worth International Airport. The property was 98.2 percent leased at the time of sale to tenants such as Ross Dress for Less, Bed Bath & Beyond, Marshalls, Staples, PetSmart, Party City, Dollar Tree and Rally House. Chris Gerard, Barry Brown, Ryan Shore, Aaron Johnson, Austin Ross and Ben Siegel of JLL represented the seller, BIG Shopping Centers USA Inc. in the transaction. The buyer was an undisclosed private investor.

February 13, 2020

Acquisitions Industrial Texas

Dalfen Industrial Buys 187,288 SF Schertz Distribution Center in Central Texas

by Taylor Williams February 13, 2020

SCHERTZ, TEXAS — Dallas-based Dalfen Industrial has purchased Schertz Distribution Center, a 187,288-square-foot asset located in the Central Texas city of Schertz. The Class A property offers proximity to Interstate 35 and San Antonio International Airport. Schertz Distribution Center was more than 70 percent leased at the time of sale, with TJ Maxx occupying roughly 90,000 square feet and Forward Air occupying approximately 50,000 square feet. The seller was not disclosed.

February 13, 2020

Leasing Activity Retail Texas

Alamo Drafthouse to Open 10-Screen Movie Theater in League City, Texas

by Taylor Williams February 13, 2020

LEAGUE CITY, TEXAS — Austin-based Alamo Drafthouse Cinema will open a 10-screen movie theater within the Victory Lakes shopping center in League City, a southeastern suburb of Houston, in late 2020. The theater will feature oversized recliners, made-from-scratch food and a standalone lobby with more than 40 local and regional craft beers. The new Alamo Drafthouse will be the company’s first venue in the Houston area since Alamo Drafthouse LaCenterra opened in Katy in 2018.

February 13, 2020

Acquisitions Multifamily Texas

Newport Acquires 150-Unit Haven at Louetta Apartments in Metro Houston

by Taylor Williams February 13, 2020

SPRING, TEXAS — Newport Real Estate Partners LLC has acquired Haven at Louetta, a 150-unit apartment community located in the northern Houston suburb of Spring. The property was developed in 2018 and features 90 one-bedroom units and 60 two-bedroom units. Amenities include a clubhouse, pool, grilling area, fitness center and a dog park. Guefen Development sold the property for an undisclosed price. Newport plans to develop an additional 30 units at the property over the next 36 months.

February 13, 2020

Acquisitions Multifamily Texas

CBRE Brokers Sale of 118-Unit Bishop Highline Apartments in Dallas

by Taylor Williams February 13, 2020

DALLAS — CBRE has brokered the sale of Bishop Highline, a 118-unit apartment community in the Bishop Arts District in Dallas. The property was built in 2018 and was 96 percent occupied at the time of sale. Bishop Highline is located across the street from Bishop Arts Village. Chris Deuillet and Chandler Sims of CBRE represented the seller, Houston-based Urban Genesis, in the transaction. Dallas-based Exxir purchased the asset for an undisclosed price.

February 13, 2020

Industrial Loans Northeast Pennsylvania

Ready Capital Closes Two Acquisition Loans for Industrial Properties in Pennsylvania

by Alex Patton February 13, 2020

NORRISTOWN AND PERKASIE, PA. — Ready Capital has closed two loans for the acquisition, renovation and lease-up of two Class B, industrial properties in Pennsylvania. The properties are located in Norristown and Perkasie, two northern suburbs of Philadelphia. The two buildings comprise approximately 220,000 square feet. Upon acquisition, the sponsor will implement capital improvements at each property, while simultaneously leasing to market occupancy. The nonrecourse loans are structured with floating interest rates, 36-month terms, two extension options, flexible prepayment and facilities to provide future funding for capital expenditures, tenant leasing costs and interest and operating shortfalls. The loan amounts, property names and sponsors were undisclosed.

February 13, 2020

SpringHill-Suites-Marriott-Boston-Peabody

Acquisitions Hospitality Massachusetts Northeast

MCR Acquires 164-Room SpringHill Suites by Marriott Boston Peabody

by Alex Patton February 13, 2020

PEABODY, MASS. — MCR Development LLC, a hotel owner and manager headquartered in New York City and Dallas, has acquired the SpringHill Suites by Marriott Boston Peabody, a 164-room hotel located approximately 30 miles north of Boston. The sales price was $16.2 million. Situated at 43 Newbury St., the hotel offers convenient access to State Route 1 and Interstate 95. Amenities include a fitness center and saltwater pool. The property is MCR’s first in Massachusetts. New York City-based investor Lightstone Group was the seller.

February 13, 2020

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