Property Type

Texas Military Department, USACE to Convert Dallas Convention Center into COVID-19 Healthcare Facility

by Taylor Williams March 30, 2020

DALLAS — The State of Texas, the Texas Military Department (TMD) and the U.S. Army Corps of Engineers (USACE) have identified the Kay Bailey Hutchison Convention Center in Dallas as a makeshift healthcare facility to treat patients suffering from COVID-19, Texas Gov. Greg Abbott announced on Sunday. The convention center, located downtown, will be the first site to be equipped with additional healthcare equipment and facilities. Local ABC affiliate WFAA reports that 250 beds will be set up with the capacity to expand to 1,400 beds if needed. In his statement, Abbott also stated that the number of hospital beds for COVID-19 patients in Texas has doubled over the past week, and announced a mandatory 14-day quarantine for anyone traveling into Texas from any part of Louisiana. According to its website, the Kay Bailey Hutchison Convention Center features 1 million square feet of exhibit space, three ballrooms, 88 meeting rooms, a 1,750-seat theater and a 9,816-seat arena.

March 30, 2020

Acquisitions Multifamily Texas

Strategic Realty Acquires 240-Unit Stonebridge at City Park Apartments in Houston

by Taylor Williams March 30, 2020

HOUSTON — Strategic Realty Holdings LLC has acquired Stonebridge at City Park, a 240-unit apartment community in southwest Houston. The property offers one- and two-bedroom units ranging in size from 680 to 1,107 square feet and amenities such as a pool, fitness center, business center and onsite laundry facilities. Florida-based alternative lender Electra Capital contributed a $5.5 million preferred equity investment for the acquisition. The seller was not disclosed.

March 30, 2020

Acquisitions Industrial Texas

Titan Development Real Estate Fund 1 Sells 187,674 SF Spec Industrial Building in Schertz, Texas

by Taylor Williams March 30, 2020

SCHERTZ, TEXAS — Titan Development Real Estate Fund 1 has sold Building 1 at Titan Industrial Park in the Central Texas city of Schertz. The property was built on a speculative basis, fronts Interstate 35 and has been marketed to users seeking spaces between 20,000 and 100,000 square feet. The buyer was not disclosed.

March 30, 2020

Industrial Leasing Activity Texas

Finial Group Arranges 42,979 SF Industrial Lease Renewal in Houston

by Taylor Williams March 30, 2020

HOUSTON — Locally based brokerage firm Finial Group has arranged a 42,979-square-foot industrial lease renewal at 15882 Diplomatic Plaza Drive in Houston for Elbi of America LP, a manufacturer of water storage, heating and treatment systems. Doc Perrier and Jack Parsons of Finial Group represented the tenant in the lease negotiations. Dayne Wunderlich of InSite Realty Partners LP represented the undisclosed landlord.

March 30, 2020

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of 13,753 SF Strawberry Plaza Retail Center in Metro Houston

by Taylor Williams March 30, 2020

PASADENA, TEXAS — Marcus & Millichap has brokered the sale of Strawberry Plaza, a 13,753-square-foot retail center located in the eastern Houston suburb of Pasadena. The asset was listed for $1.7 million. Riley Sharman of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a limited liability company.

March 30, 2020

Hospitality New York Northeast

Four Seasons New York Offers All 368 Rooms Free to Medical Workers Treating Coronavirus

by Alex Patton March 30, 2020

NEW YORK CITY — The Four Seasons Hotel New York in Manhattan has made all of its 368 rooms available free of charge to medical workers including doctors, nurses and other personnel treating patients in the epicenter of the novel coronavirus, COVID-19, according to a statement by New York Gov. Andrew Cuomo. The hotel industry has suffered a severe decline in demand due to “stay at home” orders and travel restrictions nationwide, according to recent data from CBRE. The Los Angeles-based real estate giant estimates that revenue per available room RevPAR, a key financial metric for the industry, will decline 37 percent in 2020, with a contraction of more than 60 percent in the second quarter. Prior to the spread of COVID-19 into the United States, CBRE had forecasted a 0.1 percent decline in RevPAR on a national basis in 2020. Several hotels in New York City and other major markets are temporary utilizing their vacant rooms to lodge medical personnel and some non-critical patients.

March 30, 2020

Acquisitions New York Northeast Office

Avison Young Negotiates $16.7M Sale of Office Building in Manhattan’s Tribeca Neighborhood

by Alex Patton March 30, 2020

NEW YORK CITY — Avison Young has negotiated the $16.7 million sale of a seven-story office building in the Tribeca neighborhood of Manhattan. The 13,667-square-foot building is located at 177 Franklin St., between Greenwich and Hudson streets and was 80 percent leased at the time of sale. The flagship store of watch retailer Shinola occupies the ground floor. James Nelson and Charles Kingsley led an Avison Young team that represented the seller, Bedrock Real Estate Partners. The buyer was undisclosed.

March 30, 2020

Connecticut Loans Northeast Retail

ABS Altman Warwick Arranges $15.2M Refinancing Loan for Retail Center in Hartford, Connecticut

by Alex Patton March 30, 2020

HARTFORD, CONN. — ABS Altman Warwick, a division of ABS Partners Real Estate, has arranged a $15.2 million permanent refinancing loan for Charter Oak Marketplace, a 309,800-square-foot shopping center located in Hartford. An undisclosed direct lender provided the seven-year, nonrecourse loan, which features a fixed interest rate of 3.5 percent. Walmart anchors the shopping center along with tenants including Marshall’s and Dollar Tree, as well as several restaurants. The borrower was Paramount Realty. Morris Dweck of ABS Altman Warwick originated the loan.

March 30, 2020

Acquisitions New York Northeast Office

Apollo Electric Acquires Office Condo in Manhattan’s Chelsea Neighborhood for $3.6M

by Alex Patton March 30, 2020

NEW YORK CITY — Apollo Electric has acquired a 5,650-square-foot office condo in the Chelsea neighborhood of Manhattan for $3.6 million. The suite includes the entire fifth floor of a seven-story building, which is located at 127 W. 24th St. The building was constructed in 1904. Brock Emmetsberger, Ryan Kossoy and Reed Waggoner of JLL represented the seller, a private owner. The team also procured Apollo as the buyer.

March 30, 2020

Industrial Michigan Midwest

Fiat Chrysler Automobiles to Produce Face Masks for Coronavirus Relief

by Kristin Harlow March 30, 2020

AUBURN HILLS, MICH. — Fiat Chrysler Automobiles (FCA) is in the process of converting some of its North American plants to produce face masks that will be donated to first responders and healthcare workers. The first machinery has been delivered and installed. Donation of the face masks will come in the following weeks. FCA operates 36 production plants in North America, according to its website. FCA is also working in partnership with nonprofit organizations that are providing food to children until schools return to session. Starting immediately, FCA will help provide more than 1 million meals to school-age children in the communities around its principal manufacturing plants in Illinois, Indiana, Michigan and Ohio. The program will then be extended nationwide and to Canada and Mexico. FCA plants across the U.S. and Canada, as well as headquarters operations in Auburn Hills and construction projects, will remain closed until April 14, dependent upon various states’ stay-in-place orders and the readiness of each facility to return to normal production. Mopar Parts distribution centers, which have been deemed essential to keeping first responders and commercial vehicles on the road, will continue to operate with paid volunteers.

March 30, 2020

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