Property Type

JLL Arranges $991.8M in Financing for 17-Property National Portfolio

by Amy Works March 25, 2020

SAN FRANCISCO — JLL Capital Markets has secured $991.8 million in financing for a 17-property portfolio totaling more than 7 million square feet across seven states, including California, Arizona, Texas, Tennessee, Georgia, Virginia and Massachusetts. The portfolio’s five office assets comprise the majority of the asset’s value, with the remaining properties consisting of nine industrial facilities and three multifamily communities. The commercial property portfolio is leased to a diverse mix of tenants from a variety of industries, including financial services, media, software, government, food, law, internet, e-commerce and healthcare. Further details on the assets were not disclosed. The JLL team worked on behalf of CalSTRS and its advisor, PCCP, to arrange the 10-year, fixed-rate loan with New York Life Insurance Co. Kevin MacKenzie, Bruce Ganong, Brian Torp, Spencer Bergthold, Sam Godfrey, Bercut Smith and Andie Fezell of JLL represented the borrower in the financing.

March 25, 2020

Acquisitions Multifamily Texas

Realty Capital, BKE Capital Acquire 137-Unit Oak Lawn Heights Apartments in Dallas

by Taylor Williams March 25, 2020

DALLAS — A joint venture between locally based investment firm Realty Capital Partners LLC and multifamily operator BKE Capital LLC has acquired Oak Lawn Heights, a 137-unit apartment community in Oak Lawn area of Dallas. The property offers one- and two-bedroom units and amenities such as a pool, dog park and a resident clubhouse. The new ownership will implement a multimillion-dollar renovation of the unit interiors, adding new appliances, countertops and washers and dryers, as well upgrading exterior spaces. The joint venture, which expects to complete the renovation project within two years, will also rebrand the community as The Maverick at Oak Lawn. The seller was Houston-based investment firm Barvin.

March 25, 2020

Acquisitions Retail Texas

STRIVE Arranges Sale of 68,500 SF Fossil Creek Plaza Shopping Center in Fort Worth

by Taylor Williams March 25, 2020

FORT WORTH, TEXAS — Dallas-based retail investment brokerage firm STRIVE has arranged the sale of Fossil Creek Plaza, a 68,500-square-foot shopping center located at the intersection of Western Center Boulevard and North Beach Street in Fort Worth. The property was built in 1990. STRIVE represented the Los Angeles-based seller in the transaction, with the firm’s Sam House procuring a Dallas-based investor as the buyer.

March 25, 2020

Acquisitions Industrial Texas

Stream Realty Partners Brokers Sale of 42,420 SF Warehouse in Dallas

by Taylor Williams March 25, 2020

DALLAS — Stream Realty Partners has brokered the sale of a 42,420-square-foot industrial warehouse located at 8400 Ambassador Row in northwest Dallas. The property was fully leased to two tenants at the time of sale. Jamie Jennings, Jason Moser and Andre Rabinovich of Stream Realty Partners represented the seller, a Dallas-based private partnership, in the transaction. The buyer was locally based investment firm PrattCo Creekway.

March 25, 2020

Acquisitions Industrial Texas

PDGL Partners Buys Land in Metro Houston for 39,000 SF Industrial Project

by Taylor Williams March 25, 2020

TOMBALL, TEXAS — PDGL Partners LP has purchased 2.8 acres in the northern Houston suburb of Tomball for the development of a 39,000-square-foot industrial project. The multi-tenant office/warehouse property will be constructed on a speculative basis and will be located within Tomball Business & Technology Park. The groundbreaking is slated for late 2020. Tom Condon Jr. of Colliers International represented the seller, Tomball Economic Development Corp., in the land sale.

March 25, 2020

Healthcare Leasing Activity Northeast Pennsylvania

Broad Street Healthcare Offers to Lease Shuttered Medical Center to City of Philadelphia to Treat Covid-19 patients

by Alex Patton March 25, 2020

PHILADELPHIA — Broad Street Healthcare Properties, owner of the shuttered Hahnemann University Hospital, has offered to lease the medical facility to the City of Philadelphia below market cost in the event that a surge of coronavirus cases occurs. The 496-bed former acute care hospital is located in the Logan Square neighborhood, a central district of the city. Broad Street offered the facility at a daily rental price of approximately $27 per bed plus operating costs. As of March 25, The Wall Street Journal tracked 946 cases in Pennsylvania and 8 confirmed deaths.

March 25, 2020

Acquisitions Industrial Northeast Pennsylvania Self-Storage

JLL Arranges Sale of 3,596-Unit Self-Storage Portfolio in New York City, Boston

by Alex Patton March 25, 2020

NEW YORK CITY AND BOSTON — JLL has arranged the sale of three-property self-storage portfolio totaling 3,596 units. The facilities are located in the greater New York City and Boston areas. The assets were all constructed in 2018 or 2019 and are located at 5002 2nd Ave. in Brooklyn; 479 5th Ave. in New Rochelle; and 490 Eastern Ave. in metro Boston. Steve Mellon, Brian Somoza, Andrew Scandalios and Coleman Benedict of JLL represented the sellers, affiliates of Banner Real Estate Group. The team also procured the buyer, an affiliate of California-based REIT Public Storage.

March 25, 2020

Development Northeast Office Pennsylvania

Rubenstein Plans Amenity Overhaul Project at 276,533 SF Office Complex in Yardley, Pennsylvania

by Alex Patton March 25, 2020

YARDLEY, PENN. — Rubenstein Partners L.P. is planning an amenity overhaul project at Makefield Crossing, a four-building office complex in Yardley, a southwestern suburb of Trenton. Rubenstein plans to upgrade the fitness center, conference center, full-service café and tenant lounge, and will also replace a portion of the parking lot with green space. In the past 12 months, several new tenants have signed office leases at Makefield Crossing, including Biohaven Pharmaceuticals (21,082 square feet) and Cello Health (21,690 square feet). Further details of the project, including the project cost and construction schedule, were not disclosed. Rubenstein owns three of the complex’s four buildings totaling 276,533 square feet of Class A space

March 25, 2020

Acquisitions Multifamily South Carolina Southeast Student Housing

MultiVersity Housing Acquires 616-Bed Student Housing Community Near Clemson University

by Alex Tostado March 25, 2020

CLEMSON, S.C. — Alexandria Va.-based MultiVersity Housing Partners has acquired The Ridge, a 616-bed student housing community located near Clemson University in South Carolina. The property was built in 2018 and offers two- and four-bedroom, apartment- and townhome-style units with bed-to-bath parity. Shared amenities include a pool with a lazy river, dog park, clubhouse, private shuttle to campus and a fitness center. MultiVersity Property Management (MVPM) will oversee management of the community. The seller and further details of the transaction were not disclosed.

March 25, 2020

Acquisitions Florida Loans Multifamily Southeast

NorthMarq Provides $41.2M Acquisition Loan for Multifamily Community in Orlando

by Alex Tostado March 25, 2020

ORLANDO, FLA. — NorthMarq has provided a $41.2 million Freddie Mac acquisition loan for The Bentley at Maitland, a 324-unit multifamily community in Orlando. The borrowers, Enzo Multifamily and Moneil Investments, received the loan through Freddie Mac’s Green Advantage program. The 10-year loan features five years of interest-only payments followed by a 30-year amortization schedule. The property is situated at 6750 Woodlake Drive, nine miles north of downtown Orlando. The community offers one- and two-bedroom floor plans and amenities such as a fitness center, business center, pool, playground, clubhouse, a tennis court and grilling stations.

March 25, 2020

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