Property Type

Hines, MetLife Break Ground on 228-Unit The Grant Multifamily Development in Concord, California

by Amy Works June 9, 2020

CONCORD, CALIF. — Hines, along with investment partner MetLife Investment Management, has broken ground on The Grant, a multifamily community in downtown Concord. Comprising two buildings separated by Clayton Road, The Grant will feature a north building office with 139 apartments and ground-floor retail space, as well as a south building with 89 units. The property will feature a mix of studio, one- and two-bedroom layouts ranging in size from 506 square feet to 1,211 square feet. Community amenities will include a swimming pool, roof deck, clubhouse, outdoor fitness area, fire pits, bicycle parking and space for dogs, as well as 328 parking spaces. Completion is slated for third-quarter 2022, with leasing scheduled to begin in April 2022. Development partners include Architects Orange as design and landscape architect, Haven Design Studio for interior design services and Brown Construction as general contractor.

June 9, 2020

Georgia Leasing Activity Office Southeast

Law Firm Signs 48,000 SF Office Lease at Bank of America Plaza in Downtown Atlanta

by Alex Tostado June 9, 2020

ATLANTA — Law firm Lewis Brisbois has signed a 48,000-square-foot office lease at Bank of America Plaza in downtown Atlanta. The company will occupy the 46th and 47th floors beginning in April 2021. Lewis Brubois, which was found in Los Angeles in 1979, is relocating its Atlanta office from 1180 Peachtree St. The landlord of Bank of America Plaza, Shorenstein Properties, recently completed a $10 million renovation to the building’s west wing that delivered modern amenities; workspace; and Marketplace 600, a 17,000-square-foot food hall. Other amenities include the 17,000-square-foot RPM Health Club & Spa, conference facilities and a Starbucks in the main lobby. Jeff Keppen and Nicole Goldsmith of CBRE represented the landlord in the transaction. Jonathan Larsen, Rick Nash, Chandler Larsen and Molly Millard of Avison Young represented the tenant.

June 9, 2020

Colorado Loans Office Western

NXT Capital Provides $45.6M Acquisition Loan for Cherry Creek Plaza Office Park in Glendale, Colorado

by Amy Works June 9, 2020

GLENDALE, COLO. — NXT Capital has provided a $45.6 million loan to finance the acquisition of Cherry Creek Plaza I & II, a two-building, Class B office park in Glendale. C.J. Kelly of CBRE Atlanta and Jeff Halsey of CBRE Denver placed the loan with NXT Capital for the undisclosed borrower. Located five miles from downtown Denver, the 335,000-square-foot asset features individual lobbies, two fitness centers, a deli, boardroom, classroom and three-story parking structure.

June 9, 2020

Acquisitions California Industrial Western

Westcore Expands Bay Area Portfolio with $9.2M Industrial Acquisition

by Amy Works June 9, 2020

SAN JOSE, CALIF. — Westcore has purchased an industrial warehouse, located at 660 N. King Road in San Jose, for $9.2 million. The 40,000-square-foot property features 29-foot clear heights and a secured yard. Westcore plans to renovate the warehouse to include a new roof, seismic retrofitting, parking lot repairs, office reconfiguration and upgrades. The asset is adjacent to an 87,000-square-foot industrial warehouse, located at 1800 Dobbin Drive, that Westcore acquired earlier this year. Jeffrey Ida and Cole Ferrari of Marcus & Millichap represented the buyer and undisclosed seller in the transaction.

June 9, 2020

Acquisitions Colorado Multifamily Western

AQYRE Real Estate Advisors Brokers $3.1M Sale of Apartment Building in Denver

by Amy Works June 9, 2020

DENVER — AQYRE Real Estate Advisors has arranged the sale of an apartment building located at 2441 S. York St. in Denver. An undisclosed buyer acquired the property for $3.1 million, or $350.10 per square foot. Situated between the University of Denver campus and University Avenue, the 8,926-square-foot property features on-site parking and 17 apartments, with 13 units fully renovated. Joe Hornstein, Scott Fetter and David Barocas of AQYRE represented the undisclosed seller, while Matt Lewallen and Kevin Calame, also of AQYRE, represented the buyer in the deal.

June 9, 2020

Development Office Texas

Cawley Partners to Develop 120,000 SF Office Project in Plano

by Taylor Williams June 9, 2020

PLANO, TEXAS — Locally based firm Cawley Partners will develop The Parkwood, a 120,000-square-foot office building that will be located just off the Dallas North Tollway in Plano. The property will serve as the new headquarters for Oklahoma-based First United Mortgage Corp, which will occupy approximately half the building. Gensler is designing the project, which will also feature a fully equipped fitness center. Construction of the four-story project is scheduled to begin in September and to be complete in the fourth quarter of 2021.

June 9, 2020

Industrial Loans Texas

JLL Arranges $10M Loan for Refinancing of Pinnacle Business Center in Dallas

by Taylor Williams June 9, 2020

DALLAS — JLL has arranged a $10 million loan for the refinancing of Pinnacle Business Center, a 181,050-square-foot industrial complex in Dallas. The three-building, Class A property was built in 2004 and was fully leased at the time of the loan closing. Property features include clear heights ranging from 24 to 28 feet, 51 dock-high doors, nine ramp access doors, office space and ample parking. D.J. Meagher, Paul Brindley and Dillon Donald of JLL arranged the loan through insurance company National Life on behalf of the borrower, an affiliate of California-based Cohen Asset Management. The loan carries a 10-year term and a fixed interest rate.

June 9, 2020

Development Industrial Texas

Equity Industrial, Raith Capital Break Ground on 123,966 SF Spec Industrial Project in El Paso

by Taylor Williams June 9, 2020

EL PASO, TEXAS — A partnership between Massachusetts-based Equity Industrial Partners and New York-based Raith Capital Partners has broken ground on a 123,966-square-foot speculative industrial project in El Paso. The property will be located at 9541 Joe Rodriguez Drive near the Zaragoza International Bridge. Building features will include 28-foot clear heights, overflow trailer storage, a fenced truck court and an ESFR sprinkler system. Construction is expected to be complete in December. Loya Wilke Architects is handling design of the project, and Jacob CM is the general contractor. CBRE will market the space for lease.

June 9, 2020

Development Hospitality Midwest Missouri

Midas Hospitality Opens First Aloft Hotel in St. Louis

by Kristin Harlow June 9, 2020

ST. LOUIS — Midas Hospitality has opened the St. Louis region’s first Aloft hotel in the heart of the 200-acre Cortex Innovation Community. The Aloft by Marriott hotel is located at 4245 Duncan Ave. and offers 129 rooms. Amenities include a fitness center, indoor pool, bar and two meeting rooms. The fitness center is closed until June 15 per St. Louis guidelines for the coronavirus. The five-story hotel is the 12th hotel Midas will manage in the greater St. Louis region, bringing its total hotel count nationwide to 40. The Aloft brand “caters to today’s modern traveler who craves jet-setting style and a vibrant social scene at an affordable price,” says Midas. The Cortex Innovation Community is a technology and science-driven district in the Midtown neighborhood of St. Louis. It serves as the main location for many of the city’s technology startups.

June 9, 2020

Hospitality Illinois Midwest

Three Chicago-Based Firms Form Joint Venture to Provide Receivership Services for Hospitality Industry

by Kristin Harlow June 9, 2020

CHICAGO — Chicago-based Frontline Real Estate Partners LLC, Four Corners Advisors Inc. and Aries Capital LLC have formed a joint venture known as Frontline Real Estate Partners: Hospitality Division. The venture will provide competitive marketplace analysis, broker valuations, financing services, receivership management and disposition services aimed at hotel, luxury resort and gaming properties valued at $5 million to more than $100 million. “The hotel market is facing a downturn unlike any we’ve experienced in recent history owing to the global pandemic,” says Michael Schindler, president and CEO of Four Corners Advisors. “Hotel owners are finding it necessary to defer loan payments or enter forbearance agreements, all of which are likely to expire before the market can fully recover. This is creating an unprecedented need for financing and receivership analysis, as well as expert guidance on how to best generate maximum recovery for lien holders.”

June 9, 2020

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