Property Type

Hoar Construction Delivers 168,000 SF Office Project in North Austin

by Taylor Williams March 3, 2020

AUSTIN, TEXAS — Hoar Construction has delivered a 168,000-square-foot office project at the Paloma Ridge campus in North Austin. Designed by Sixthriver Architects and developed by Stream Realty Partners, the $17.6 million project is located less than a mile from Capital MetroRail Lakeline station. Amenities include private terraces on the third floor, a 2,000-square-foot fitness center, outdoor lounge, a jogging trail and bike storage space. The building is the third at Paloma Ridge, which houses Hewlett Packard Enterprise as one of its tenants.

March 3, 2020

Acquisitions Civic Texas

J. Beard Arranges Sale of 100,000 SF Legends Sports Complex in Metro Houston

by Taylor Williams March 3, 2020

SPRING, TEXAS — The J. Beard Real Estate Co. has arranged the sale of Legends Sports Complex, a 100,000-square-foot commercial property located at 602 Pruitt Road in the northern Houston suburb of Spring. The asset was built in 2007 on 14.8 acres. Jeff Beard of The J. Beard Real Estate Co. represented the seller, Caduceus Management, in the transaction. Kevin Barr of Mohr Partners represented the buyer, Church Project, which will use the property as its new headquarters.

March 3, 2020

Acquisitions Industrial Texas

SkyWalker Property Acquires 67,161 SF Office, Warehouse Asset in Arlington

by Taylor Williams March 3, 2020

ARLINGTON, TEXAS — SkyWalker Property Partners has acquired a 67,161-square-foot office and warehouse asset located at 14211 Industry St. in Arlington in a sale-leaseback deal. The seller and tenant, AMACS Process Tower Internals, a provider of process towers and vessels for the industrial and energy sectors, has signed a 15-year lease. The property was built in 1968 and has been expanded over the years. Clint Holland and Gary Walker of SkyWalker handled the acquisition on an internal basis. Zane Marcell of JLL represented AMACS.

March 3, 2020

Development Multifamily Nevada Western

WestCorp, Nevada West Development Open 380-Unit Aviator Apartments in Henderson, Nevada

by Amy Works March 3, 2020

HENDERSON, NEV. — WestCorp Management Group, in partnership with Nevada West Development, has opened The Aviator, a multifamily community in West Henderson near the Henderson Executive Airport. Located at 3660 St. Rose Parkway, The Aviator features 380 apartments in a mix of one-, two- and three-bedroom layouts ranging in size from 836 square feet to 1,390 square feet. Each unit offers quartz countertops, stainless and energy-efficient appliances, wood-style flooring, walk-in closets and in-home washer and dryers. Additionally, the property offers Sky Suites, which are top-floor units that feature 12-foot coffered ceilings, Transom windows and three-panel glass slider walls in the living room. The pet-friendly community features two swimming pools, a fitness center, sauna, steam room, clubhouse with business center, hammock garden, children’s playground, on-site dog park and pet wash. Carport parking and garages are also available for residents. The Aviator is part of WestCorp’s line of Vivint Smart Home living spaces throughout Henderson. Vivint Smart Home living includes intelligent cameras with live doorbell video; doors that can be locked and unlocked remotely; smart thermostats; connected lights; and home security alarms, all of which can be remotely controlled via Vivint’s smart home app.

March 3, 2020

Acquisitions Arizona Multifamily Western

IPA Brokers $49.6M Sale of Country Club Verandas Multifamily Community in Arizona

by Amy Works March 3, 2020

MESA, ARIZ. — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of Country Club Verandas, a multifamily property located along Country Club Drive in Mesa. Weidner Apartment Homes sold the asset to Bridge Investment Group for $49.6 million, or $142,529 per unit. Constructed in 1985, Country Club Verandas features 348 apartments and a swimming pool on a 13-acre site. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

March 3, 2020

California Civic Development Western

McCarthy Tops Out 161,200 SF Academic Building at San Jose State University

by Amy Works March 3, 2020

SAN JOSE, CALIF. — McCarthy Building Cos., in collaboration with FLAD Architects, has topped out the Interdisciplinary Science Building (ISB) at San Jose State University in San Jose. The project is the first new academic building to be built on campus in more than 30 years and the first new science facility in almost 50 years. The eight-story building will serve the 3,000 undergraduate and graduate students within the College of Science and STEM and is the first phase of the San Jose State University’s new Science Park, a science and innovation center. In addition to research and teaching labs, the 161,200-square-foot facility will feature specified rooms provided for student research teams to gather and work away from chemicals and instrument setups to discuss the results of projects. Each floor of the ISB will also include collaborative hubs for students and faculty to work together. Targeting LEED Gold certification, ISB will feature modern, state-of-the-art science laboratories and research capabilities in order to meet the needs of students within the disciplines of biology, chemistry, biochemistry, biotechnology and high-performance computing.

March 3, 2020

Acquisitions Florida Office Southeast

Joint Venture Acquires 247,947 SF Office Complex in Downtown Sarasota

by Alex Tostado March 3, 2020

SARASOTA, FLA. — A joint venture between Feldman Equities LLC, Tower Realty Partners and Equity Street has acquired Sarasota City Center, a two-building, 247,947-square-foot office complex located at 1819 Main St. in downtown Sarasota. The complex was 82 percent leased at the time of sale. The buyers plan to renovate and lease-up the property over the next two years. Equity Street will finance an undisclosed amount for the acquisition. Bryan Clark and Daniel Pinkus of JLL arranged financing through NXT Capital on behalf of the joint venture for the acquisition and renovation plans. The asset comprises the 13-story North Tower, the three-story South Tower and a six-story parking garage with 611 spaces. The property features green floor-to-ceiling reflective glass, a tenant lounge, onsite restaurant, fitness center, hair salon and spa, shoe repair and landscaped courtyard with tables and chairs. Sarasota City Center was delivered in 1989 and renovated most recently in 2018. Hermen Rodriguez, Ike Ojala and Matthew McCormack of JLL represented the seller, The Dilweg Cos., in the transaction.

March 3, 2020

Acquisitions Kentucky Multifamily Southeast

Monument Capital Purchases 228-Unit Multifamily Community in Lexington

by Alex Tostado March 3, 2020

LEXINGTON, KY. — Monument Capital Management has purchased Triple Crown at Tates Creek, a 228-unit multifamily community in Lexington. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, fitness center, playground, barbecues with outdoor dining and a dog walk area. The complex was built in 1974 and is situated at 3501 Pimlico Parkway, five miles south of downtown Lexington. The buyer, an affiliate of the Alex Rodriguez-led A-Rod Corp., plans to upgrade each unit. Brad Williamson and Wesley Moczul of Berkadia arranged a three-year, floating-rate, interest-only acquisition loan through an undisclosed life insurance company. The sales price and seller were not disclosed.

March 3, 2020

Acquisitions North Carolina Office Southeast

JLL Arranges Sale of Vacant 67,949 SF Office Building in South Charlotte

by Alex Tostado March 3, 2020

CHARLOTTE, N.C. — JLL has arranged the sale of a vacant, 67,949-square-foot office building in Charlotte’s Montclaire South neighborhood. Little Architecture occupied the space through 2019. Originally built in 1984 and renovated in 1996, the building is situated at 5815 Westpark Drive, seven miles south of downtown Charlotte. The buyer, Conshohocken, Pa.-based Exeter Property Group, plans to renovate the two-story building. Plans include outdoor common areas, building automation systems and a complete exterior reskin, offering expanded glass window lines and a modern curb-appeal. The project is expected to deliver and be ready for occupancy by the end of this year. Chris Lingerfelt, Zack Drozda and Ryan Clutter of JLL represented the undisclosed seller in the transaction. Fred Knapp internally represented the buyer. The sales price and expected costs for the renovation were not disclosed.

March 3, 2020

Georgia Hospitality Loans Southeast

Trez Capital Provides $25.5M Acquisition Loan for Downtown Atlanta Hotel

by Alex Tostado March 3, 2020

ATLANTA — Trez Capital has provided a $25.5 million acquisition loan for a 173-room Holiday Inn Express in downtown Atlanta. The hotel was originally built in 1933 and most recently renovated in 2012. The borrowers, IE Development LLC and CG Management LLC, will use loan proceeds to renovate all rooms and build out a 3,240 square-foot rooftop meeting room with outdoor patio to attract more corporate clients. The property includes a small convenience store and a 5,000-square-foot-restaurant that is currently vacant. Hotel operations will continue during the renovation period, which are expected to conclude in summer 2021. The property is situated at 111 Cone St. NW, blocks from Centennial Olympic Park, Mercedes-Benz Stadium, CNN Studios and the Georgia Aquarium. Brett Forman of Trez Capital originated the loan on behalf of the borrowers.

March 3, 2020

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