Property Type

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

Leasing Activity Retail Texas

Teso Life Signs 14,236 SF Retail Lease at Carrollton Town Center in Metro Dallas

by Taylor Williams June 9, 2020

CARROLLTON, TEXAS — Teso Life, a provider of Japanese beauty products, snacks and home goods, has signed a 14,236-square-foot retail lease at Carrollton Town Center on the northern outskirts of Dallas. The store, which will be the company’s first outside of its home base of New York City, is scheduled to open this fall. Heather Nguyen represented the landlord, Houston-based NewQuest Properties, in the lease negotiations on an internal basis. John Nguyen and Grace La, also with NewQuest, represented the tenant.

June 9, 2020

Loans Lument Midwest Multifamily Ohio RED Capital Group

RED Mortgage Capital Provides $11.4M Refinancing for Multifamily Community Near Columbus, Ohio

by Kristin Harlow June 9, 2020

REYNOLDSBURG, OHIO — RED Mortgage Capital, a division of ORIX Real Estate Capital, has provided an $11.4 million Freddie Mac loan for the refinancing of Redwood Reynoldsburg in suburban Columbus. Formerly known as Blacklick Pointe, the 89-unit multifamily community consists of 20 one-story buildings. Each residence has an attached two-car garage. Built in 2018, the property is 94.4 percent occupied. Reynoldsburg One LLC was the borrower. The 10-year loan features a 30-year amortization schedule.

June 9, 2020

Acquisitions Midwest Ohio Retail

Boulder Group Arranges $2.6M Sale of Property Net Leased to Walgreens in Metro Cleveland

by Kristin Harlow June 9, 2020

PAINESVILLE, OHIO — The Boulder Group has arranged the $2.6 million sale of a 15,048-square-foot property net leased to Walgreens in Painesville within metro Cleveland. The building is located at 132 Richmond St. Walgreens has nearly eight years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Northeast-based private real estate company. A West Coast-based investor purchased the asset.

June 9, 2020

Leasing Activity Michigan Midwest Restaurant Retail

Captain D’s Expands into 23rd State with New Location in Michigan

by Kristin Harlow June 9, 2020

CLINTON TOWNSHIP, MICH. — Fast-casual seafood restaurant Captain D’s has opened its newest franchised location in Clinton Township, about 25 miles north of Detroit. Situated at 35134 Groesbeck Highway, the restaurant marks Captain D’s only Michigan location and expands the brand’s footprint into its 23rd state. Currently, the Clinton Township Captain D’s is open for drive-thru, call-ahead ordering for curbside pickup and delivery. The dining room will remain closed for the immediate future due to COVID-19. Detroit native and restaurant industry veteran Kirit Patel of J&D Restaurant Group LLC owns and operates the Clinton Township building, which was formerly occupied by Dunkin’. Patel has plans to develop two additional Captain D’s restaurants in metro Detroit by 2023. There are now more than 530 Captain D’s locations across 23 states.

June 9, 2020

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