Property Type

Joint Venture Breaks Ground on 440,000 SF Headquarters for Hewlett Packard Enterprise in Houston

by Taylor Williams February 14, 2020

HOUSTON — A joint venture between Patrinely Group, USAA Real Estate and CDC Houston has broken ground on the new, 440,000-square-foot headquarters for Hewlett Packard Enterprise. The property will be located within CityPlace at Springwoods Village and will span two five-story buildings with a bridge connector at each level and structured parking for 2,055 cars. Amenities will include a fitness center, café, kitchen and pharmacy, laboratory and office space and a large central courtyard with a multi-use basketball pavilion, fitness/yoga lawn, water feature, outdoor tables and green space. Completion is scheduled for spring 2022. Pickard Chilton is the design architect; Kirksey is the executive architect; REES is the interior architect; and D.E. Harvey Builders is the general contractor.

February 14, 2020

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 1,070-Unit Right Move Storage Facility in Fort Worth

by Taylor Williams February 14, 2020

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Right Move Storage, a 1,070-unit, climate-controlled self-storage facility in Fort Worth. The site previously housed a two-story retail property occupied by Macy’s within Ridgmar Mall and was converted in 2019 into a self-storage facility spanning 126,985 square feet. Dave Knobler, Charles LeClaire, Danny Cunningham and Brandon Karr of Marcus & Millichap represented the undisclosed seller in the transaction. The team also procured the buyer, Colorado-based Spartan Investment Group.

February 14, 2020

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 152-Unit Brownstone Uvalde Apartments in South Texas

by Taylor Williams February 14, 2020

UVALDE, TEXAS — Berkadia has arranged the sale of Brownstone Uvalde, a 152-unit apartment community located in the South Texas city of Uvalde. Built in 2012, the property features one-, two- and three-bedroom units with hardwood floors, walk-in closets, breakfast bars and private patios or balconies. Amenities include a pool, fitness center, business center, media lounge, clubhouse and dog park. Will Caruth and Cody Courtney of Berkadia represented the seller, Colorado-based Interurban Cos., in the transaction. The buyer was 3CM Multifamily.

February 14, 2020

Healthcare Loans Texas Walker & Dunlop

Walker & Dunlop Provides $13M HUD Loan for Refinancing of Skilled Nursing Facility in Lubbock

by Taylor Williams February 14, 2020

LUBBOCK, TEXAS — Walker & Dunlop has provided a $13 million HUD loan for the refinancing of Crown Point Health Suites, a skilled nursing facility in Lubbock. The property was built in 2011 and features 96 units. Kevin Giusti of Walker & Dunlop structured the financing through HUD’s LEAN 232/233(f) program, which provides long-term and reduced-rate financing for specialty healthcare facilities. The borrower was not disclosed.

February 14, 2020

Development Multifamily Texas

Masonwood Development Begins Work on 86-Unit Residential Project Near Austin

by Taylor Williams February 14, 2020

LEANDER, TEXAS — Masonwood Development Corp. has begun construction on South Street Villas, an 86-unit residential project located in the northern Austin suburb of Leander. Units at the for-rent development will feature nine-foot ceilings, stainless steel appliances and granite countertops. Trez Capital provided construction financing for the project, which is scheduled for a fall 2020 completion.

February 14, 2020

Development Florida Retail Southeast

Time Century Holdings Breaks Ground on $35M Renovation of Metro Mall in Miami

by Alex Tostado February 14, 2020

MIAMI — Time Century Holdings LLC has broken ground on its redevelopment of Metro Mall in Miami’s Jewelry District. The $35 million project includes gutting the interior of the 225,000-square-foot building, adding a three-story atrium, security system, valet parking and creating a new façade. Miami-based Kobi Karp is the architect for the 94-year-old building, which Time Century purchased in 2018. Time Century is handling the leasing efforts and has already signed some leases with jewelers, according to Yair Levy of Time Century Holdings. The developer expects to reopen Metro Mall in spring 2021. Metro Mall is situated at 1 NE First St., three blocks from downtown Miami. The Jewelry District is home to more than 500 jewelry stores in a four-block radius.

February 14, 2020

Acquisitions North Carolina Office Southeast

Magnolia Partners Acquires Two-Building Office Portfolio in Winston-Salem

by Alex Tostado February 14, 2020

WINSTON-SALEM, N.C. — Magnolia Partners has acquired 370 and 380 Knollwood, a two-building, 250,049-square-foot office building campus in Winston-Salem. Krispy Kreme Doughnut Corp. fully occupies 370 Knollwood, while tenants such as Bank of America/Merrill Lynch, Allman Spry Davis Leggett & Crumpler and Nelson Mullins law firm occupy 380 Knollwood. Onsite amenities include ground-level retail, full-service restaurants, an attached parking deck, vending services, security patrol and an energy management system. The CBRE|Raleigh and CBRE|Triad team of Ben Kilgore, Greg Wilson, Will Henderson, Chandler Hawkins and Leslie Holmes represented the undisclosed seller in the transaction. Winston-Salem-based Magnolia Partners purchased the portfolio for an undisclosed price.

February 14, 2020

Development Multifamily South Carolina Southeast

JMG Realty to Open New Multifamily Property in Bluffton, South Carolina

by Alex Tostado February 14, 2020

BLUFFTON, S.C. — JMG Realty Inc. will open Enclave at Bluffton Park, a 110-unit multifamily property in Bluffton, on Monday, March 2. The property will offer a mix of one-, two- and three-bedroom floor plans across one-story garden-style buildings and two-story townhomes. Communal amenities will include a pool with covered entertainment pavilion, a clubhouse with 24-hour fitness center and outdoor recreational areas with grills and TVs. There will also be a complimentary rental bike service for residents. The property is situated at 12 Wilkinson Way, eight miles west of Hilton Head Island. A grand opening event will be scheduled for the spring.

February 14, 2020

Acquisitions Georgia Loans Multifamily Southeast Walker & Dunlop

Walker & Dunlop Provides $26M Acquisition Loan for Multifamily Community Near Atlanta

by Alex Tostado February 14, 2020

JOHNS CREEK, GA. — Walker & Dunlop has provided a $26 million Fannie Mae acquisition loan for The Reserve at Johns Creek Walk, a 210-unit multifamily community in Johns Creek. The 10-year loan features five years of interest-only payments. The borrower was JLL Income Property Trust. The Reserve at Johns Creek Walk is situated on nine acres at 6215 Johns Creek Commons, 29 miles northeast of downtown Atlanta in north Fulton County. The property offers one-, two- and three-bedroom floor plans and communal amenities such as a 24-hour cyber café, 24-hour fitness center, conference room, pool, outdoor kitchen, pet spa, playground and a car care center. Jim Cope and Benjy Krosin of Walker & Dunlop originated the loan on behalf of the borrower.

February 14, 2020

Acquisitions District of Columbia Multifamily Southeast

Greysteel Arranges $13.7M Sale of Apartment Complex in D.C.

by Alex Tostado February 14, 2020

WASHINGTON, D.C. — Greysteel has arranged the $13.7 million sale of Glenwood Apartments, a 90-unit apartment complex in Washington, D.C.’s Edgewood neighborhood The property was originally built in 1942 at 2315-2321 Lincoln Road NE, two miles northeast of downtown D.C. The community offers studio, one- and two-bedroom floor plans and amenities including a courtyard, package services, dog park and a grilling area. The seller, Stonebridge Investments, recently invested $1.5 million to upgrade the lobbies, hallways, leasing office, courtyard, dog park and approximately 37 units prior to the sale. Ari Firoozabadi, Kyle Tangney, Herbert Schwat and Dutch Seitz of Greysteel represented the seller in the transaction. The buyer was not disclosed.

February 14, 2020

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