Property Type

Marcus & Millichap Brokers $5.5M Sale of Retail Center in Gainesville, Georgia

by Alex Tostado January 31, 2020

GAINESVILLE, GA. — Marcus & Millichap has brokered the $5.5 million sale of Washington Street Commons, a 73,618-square-foot retail center in Gainesville. The shopping center was leased to 15 tenants at the time of sale, including Bargain Hunt, El Patron, SalonCentric and World Finance. Zach Taylor of Marcus & Millichap’s Taylor McMinn Retail Group represented both the buyer and seller in the transaction. Atlanta-based shopping center owner Mimms Enterprises sold Washington Street Commons. The buyer, Mark Nelkin of M.B.D. Properties, is a multifamily owner phasing out of apartment assets who was attracted to the yield that Washington Street Commons provides compared to apartments, according to Taylor.

January 31, 2020

Development Industrial Texas

Reports: Pflugerville City Council Approves Rezoning Ordinance for Amazon Distribution Center

by Taylor Williams January 31, 2020

PFLUGERVILLE, TEXAS — The City Council of Pflugerville on Tuesday approved a rezoning ordinance for a 94-acre tract that will house a 3.8-million-square-foot Amazon distribution center, according to multiple news outlets. The City of Pflugerville, located northeast of Austin, has not confirmed Amazon’s involvement, referring to the project as “Project Charm” in City Council documents, but both the Austin Business Journal and the Austin-American Statesman have named Amazon as the facility’s end-user. Amazon also operates an 850,000-square-foot distribution in San Marcos, located midway between the state capital and San Antonio.

January 31, 2020

Acquisitions Multifamily Texas

Castle Lanterra Sells 350-Unit Villas Tech Ridge Apartments in Austin

by Taylor Williams January 31, 2020

AUSTIN, TEXAS — New York-based investment firm Castle Lanterra Properties (CLP) has sold Villas Tech Ridge, a 350-unit apartment community in Austin. Built in 2008, the property is part of the 236-acre Tech Ridge master-planned community and features one-, two- and three-bedroom units. Amenities include a pool, fitness center and a resident clubhouse. CLP acquired the asset in 2016 and implemented a value-add program that upgraded unit interiors and amenity spaces. Villas Tech Ridge was 98 percent occupied at the time of sale.

January 31, 2020

Development Multifamily Texas

Wood Partners Opens 285-Unit Alta Champions Circle Apartment Community in Fort Worth

by Taylor Williams January 31, 2020

FORT WORTH — Multifamily developer Wood Partners has opened Alta Champions Circle, a 285-unit community in Fort Worth. The property is located near the recently completed Tanger Outlet Fort Worth and the Texas Motor Speedway. Floor plans include one-, two- and three-bedroom units with full-size washers and dryers and private yards in select units. Amenities include a pool with a tanning deck, fitness center, micro offices, indoor party room, a pet park and outdoor grilling stations.

January 31, 2020

Industrial Leasing Activity Texas

Owens & Minor Distribution Signs 124,044 SF Industrial Lease Renewal in Houston

by Taylor Williams January 31, 2020

HOUSTON — Owens & Minor Distribution Inc., a Virginia-based healthcare solutions firm, has signed a 124,044-square-foot industrial lease renewal at 2700 Brittmoore Road in Houston. Jim Cooksey and Adam Faulk of Newmark Knight Frank represented the tenant in the lease negotiations. Stream Realty Partners represented the landlord, G&I IX Kempwood LLC.

January 31, 2020

Acquisitions Multifamily Texas

Muskin Commercial Arranges Sale of 72-Unit Palo Santo Apartments in Austin

by Taylor Williams January 31, 2020

AUSTIN, TEXAS — Muskin Commercial LLC has arranged the sale of Palo Santo Apartments, a 72-unit community located in north central Austin. Units at the property feature hardwood-style flooring and upgraded appliances, and amenities include a pool and onsite laundry facilities. Muskin Commercial represented the seller, AL Rundberg Apartments LLC, in the transaction. James Young of Newmark Knight Frank represented the buyer, 1809 West Rundberg Lane LP.

January 31, 2020

Hospitality Loans Michigan Midwest

Mag Mile Capital Arranges $23.6M Refinancing for Michigan Hotel Portfolio

by Kristin Harlow January 31, 2020

GRAND RAPIDS, NOVI AND STERLING HEIGHTS, MICH. — Mag Mile Capital has arranged $23.6 million in CMBS loans for the refinancing of three Michigan hotels. Stellar Hospitality was the borrower. In the first transaction, Francisco Narcoda of Mag Mile arranged a $9.4 million loan for a Staybridge Suites hotel in Grand Rapids. The 94-room hotel opened in December 2001. Nacorda also secured an $8.5 million loan for the 89-room Homewood Suites in Novi. In the final transaction, the team arranged a $5.7 million loan for the 98-room Tru by Hilton property in Sterling Heights. The 10-year loans feature an interest rate of 4.2 percent.

January 31, 2020

Loans Michigan Midwest Multifamily ORIX

Hunt Provides $18.3M Refinancing for Two Multifamily Properties in Michigan

by Kristin Harlow January 31, 2020

KALAMAZOO AND SAGINAW, MICH. — Hunt Real Estate Capital has provided two Freddie Mac loans totaling $18.3 million for the refinancing of two multifamily properties in Michigan. The borrower is Michigan-based limited liability company ROCO Real Estate. Both loans feature 10-year terms with 30-year amortization periods. The properties include Waverly Place, a 228-unit community in Kalamazoo; and Bancroft, a 152-unit community in Saginaw.

January 31, 2020

Affordable Housing Development Illinois Midwest Multifamily

Joseph J. Duffy Co. to Break Ground on 37-Unit Affordable Housing Project in Oak Park, Illinois

by Kristin Harlow January 31, 2020

OAK PARK, ILL. — Joseph J. Duffy Co. is set to break ground on a new four-story, 37-unit affordable housing project in Oak Park. An official groundbreaking ceremony will take place on Monday, Feb. 10. The project will be situated on a vacant lot at the corner of Oak Park Avenue and Van Buren Street. The ground floor will house approximately 900 square feet of commercial space plus bicycle storage. Plans also call for a 28-car parking area, an outdoor roof terrace and a multipurpose room. Nonprofit real estate developer The Community Builders is the developer and DesignBridge Ltd. is the architect.

January 31, 2020

Hospitality Loans Midwest Nebraska

Petros PACE Provides $4.2M in Financing for Conversion of Historic Omaha Building into Boutique Hotel

by Kristin Harlow January 31, 2020

OMAHA, NEB. — Petros PACE Finance LLC has provided a $4.2 million commercial property assessed clean energy (C-PACE) loan for the conversion of a historic building in downtown Omaha into a boutique hotel. REV Development was the borrower. The transaction will fund a portion of the renovation of Omaha’s century-old Logan Building. The seven-story building will be operated as a 90-key Hotel Indigo, with additional space reserved for condos and ground-level retail. The redevelopment project includes energy-saving improvements to the property’s lighting, HVAC, windows, roofing and plumbing systems. Completion of construction is slated for July 2020. C-PACE is a relatively new financing tool for energy- and water-efficiency projects. Building owners borrow money for energy-efficiency projects and make repayments via an assessment on their property tax bills. C-PACE may be funded by private investors or government programs, but it is only available in states with enabling legislation and active programs, according to the U.S. Department of Energy.

January 31, 2020

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