Property Type

JLL Brokers Sale of 2900 Weslayan Office Building in Houston’s Greenway Plaza District

by John Nelson February 6, 2020

HOUSTON — JLL has arranged the sale of 2900 Weslayan, a six-story boutique office building located at the corner of Weslayan and West Alabama streets in Houston’s Greenway Plaza submarket. Houston-based Griffin Partners, using its investment vehicle Griffin Partners Office Fund III, purchased the 136,698-square-foot office building from Madison Marquette. Dan Miller and Katherine Miller of JLL represented the seller in the transaction. The office building was nearly 82 percent leased at the time of sale, including to retailers Baggy’s Grill, Apteek Pharmacy and Results Physiotherapy. Wally Reid, Cameron Cureton and John Ream, also with JLL, secured a three-year, floating-rate acquisition loan through Frost Bank on behalf of Griffin Partners. Janie Snider and Lee Moreland of Griffin Partners will manage 2900 Weslayan internally. The new ownership has retained Madison Marquette to lease the property.

February 6, 2020

Development Loans Multifamily Texas

Dougherty Mortgage Provides $35M HUD Construction Loan for Apartment Project in Terrell, Texas

by John Nelson February 6, 2020

TERRELL, TEXAS — Dougherty Mortgage has provided a $35 million construction loan for Crossroads at Terrell, a 270-unit, garden-style apartment community planned for a 10.5-acre site in the east Dallas suburb of Terrell. Dougherty’s Fort Worth office closed the HUD 221(d)(4) loan on behalf of the borrower and developer, an entity doing business as Terrell MF Ventures LLC. The loan features a 40-year term and 40-year amortization schedule. The Class A community will feature a package center, resort-style pool, fire pit, outdoor cooking, business center, clubhouse with kitchen, game room, fitness center, bicycle storage, dog park and a pet spa. The developer plans to build Crossroads at Terrell to National Green Building Bronze standards. The 221(d)(4) product is HUD’s flagship loan program financing the construction and redevelopment of market-rate and affordable housing apartment communities. Details about the project’s construction timeline were not disclosed.

February 6, 2020

Industrial Loans Texas

Philipsborn Arranges $4M Refinancing Loan for Distribution Center in Metro Houston

by John Nelson February 6, 2020

STAFFORD, TEXAS — The Philipsborn Co., a Chicago-based mortgage banking firm, has arranged a $4 million loan for the refinancing of a distribution center located at 4030 Bluebonnet Drive in Stafford, about 15 miles southwest of Houston. Built in 1983, the 66,336-square-foot warehouse is situated on 4.1 acres and features 24- to 26-foot clear heights, four exterior loading docks, nearly 10,000 square feet of finished office space and 2,628 square feet of refrigerated space. The facility is leased on a long-term basis to a national specialty food distributor. David Kubert of Philipsborn arranged the 15-year, fixed-rate loan through Ameritas Life Insurance Co. on behalf of the borrower, a private investor.

February 6, 2020

Arizona Development Office Western

Cousins, Hines to Develop 18-Story Office Tower in Downtown Tempe

by Amy Works February 6, 2020

TEMPE, ARIZ. — Cousins Properties and Hines have unveiled plans for 100 Mill, an 18-story office tower in downtown Tempe. Cousins will have 90 percent ownership and Hines will have 10 percent ownership interest in the project. Located at the southwest corner of Mill Avenue and Rio Salado Parkway, the 287,000-square-foot office building is 44 percent pre-leased, with two long-term lease commitments from a Fortune 100 company and a professional services firm. Completion is scheduled for the first quarter of 2022. Total development cost is anticipated to be approximately $153 million.

February 6, 2020

California Development Hospitality Mixed-Use Multifamily Office Retail Western

Sea Breeze Properties Breaks Ground on 40-Acre Mixed-Use Development in San Diego

by Amy Works February 6, 2020

SAN DIEGO — Sea Breeze Properties has broken ground for MERGE 56, a 40-acre mixed-use development located in the Torrey Highlands submarket of San Diego. Adjacent to State Route 56 at Camino Del Sur, MERGE 56 will feature a 450,000-square-foot, Class A office and retail space; a boutique hotel; and 242 residential units, including single-family homes, townhomes and affordable apartments. The land was originally approved in 2004 as a big-box retail center before Sea Breeze Properties acquired the land in 2013 and redesigned it into a pedestrian-centric, mixed-use environment. CBRE’s Chris Pascale, Mike Hoeck and Ellycia Halden will handle leasing for the office space, while Steve Avoyer of Flocke & Avoyer will handle leasing for the retail component.

February 6, 2020

Jefferson-Creative-Campus-Los-Angeles-CA

Acquisitions California Lee & Associates Office Western

NKF Brokers $169M Sale of Jefferson Creative Office Campus Near Los Angeles

by Amy Works February 6, 2020

CULVER CITY, CALIF. — Newmark Knight Frank (NKF) has brokered the sale of Jefferson Creative Campus, a three-building office property located in the Culver City submarket of Los Angeles. Clarion Partners and Lincoln Property Co. acquired the asset from Rader Properties Group VII and Rodeo Properties for $169 million. Situated on seven acres at 5870, 5880 and 5890 W. Jefferson Blvd., the asset offers a total of 152,146 square feet of office space. Excess development potential could allow for more than 600,000 square feet of additional office buildings. At the time of sale, the property was fully leased. Major tenants include Spin Master, MedMen and Prana Studios. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of NKF, along with Ron Rader of Lee & Associates, represented the sellers. The buyers were self-represented in the transaction.

February 6, 2020

Acquisitions Development Office Southeast Tennessee

Forstone Capital Purchases Nashville Warehouse, Plans to Convert into Boutique Office Space

by Alex Tostado February 6, 2020

NASHVILLE, TENN. — Forstone Capital has purchased a 130,000-square-foot warehouse located at 3040 Sidco Drive in Nashville. The Stamford, Conn.-based buyer plans to redevelop the building into a 157,000-square-foot office project with central conference and meeting rooms, food and beverage services, a fitness center with locker rooms and showers, a gaming room, outdoor leisure space and tenant programming with rotating food trucks and entertainment vendors. The building was originally built in 1962 just south of downtown Nashville. Forstone expects to begin construction on the project this month with the base building projected to be completed in less than a year. Custom buildouts for tenants will start as early as July. Norwalk, Conn.-based Beinfield Architecture designed the redevelopment, and locally based T.W. Frierson will serve as the general contractor. Bill Adair and Ashley Albright of JLL will handle the marketing and lease negotiations. Further details of the transaction were not disclosed.

February 6, 2020

Development Florida Multifamily Southeast

DIX Developments Unveils Plans to Construct 120 Micro Apartment Units in Orlando

by Alex Tostado February 6, 2020

ORLANDO, FLA. — DIX Developments LLC has unveiled plans to develop Vive on Eola, a 12-story residential building that will feature 120 micro units averaging 400 square feet. The development, estimated at $32 million, will welcome its first residents in early 2022. Vive on Eola’s floor plans will be similar to a studio apartment and monthly rental rates are projected to start at $1,250. The tower will have a ground-level signature restaurant, coffee shop, three floors of parking and as much as 13,500 square feet of coworking space. The site is at the corner of South Eola Drive and Church Street, which currently has a 9,000-square-foot office building that will be operational with month-to-month and other short-term leasing while DIX Developments awaits a demolition permit and other governmental approvals. Once the existing building is taken down, construction of Vive on Eola is expected to take eight to 12 months.

February 6, 2020

Acquisitions Multifamily Washington Western

Turner Impact Capital Acquires 240-Unit Workforce Housing Asset in Metro Seattle

by Amy Works February 6, 2020

RENTON, WASH. — Turner Impact Capital has purchased Sunset View, a multifamily community located in Renton, for an undisclosed price. This is the firm’s first investment in the Pacific Northwest and brings its total number of acquired housing units to 9,755. Terms of the acquisition were not disclosed. Located less than 10 miles from downtown Seattle, Sunset View features 240 workforce housing units. Community amenities include a clubhouse, pool, fitness center and an outdoor game area. Turner Impact Capital purchased the asset through its Turner Multifamily Impact Fund II. The Fund plans to provide programs and implement a range of LEED-based sustainability improvements, including low-flow toilets, Energy Star appliances and LED lighting.

February 6, 2020

Acquisitions Retail Southeast Virginia

Alto Real Estate Funds Acquires Shopping Center Near D.C. for $37.9M

by Alex Tostado February 6, 2020

WOODBRIDGE, VA. — Alto Real Estate Funds has acquired Prince William Square, a 232,957-square-foot shopping center in Woodbridge, for $37.9 million. The property was 89 percent leased at the time of sale to tenants including Ross Dress for Less, Mom’s Organic Grocer, dd’s Discounts, Ashley Furniture, Harbor Freight Tools and Jo-Ann Fabrics. Prince William Square is situated at 14200-14520 Smoketown Road, 27 miles southwest of downtown Washington, D.C. Morgan Stanley provided the buyer with a $25 million acquisition loan that offers a seven-year term and a fixed interest rate. Walker & Dunlop’s Los Angeles Capital Markets Team secured the debt on behalf of Alto Real Estate Funds. This transaction marks the buyer’s first acquisition in the Northern Virginia market. The seller was not disclosed.

February 6, 2020

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