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LoansMultifamilyTexas

JLL Arranges Construction Financing for 266-Unit Multifamily Project in Waco

by Taylor Williams

WACO, TEXAS — JLL has arranged construction financing for The Riverfront Lofts, a 266-unit multifamily project in Waco that represents Phase I of The Riverfront mixed-use development. The community will feature a fitness center, coffee lounge, entertainment and gaming area, a community kitchen and a business center. First United Bank provided the floating-rate loan to the developer, Dallas-based Catalyst Urban Development. Jeremy Sain of JLL placed the debt. An expected completion date was not released.

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IndustrialLeasing ActivityTexas

Synnex Corp. Signs 117,206 SF Industrial Lease in Metro Dallas

by Taylor Williams

GARLAND, TEXAS — Synnex Corp., a California-based software and IT firm, has signed a 117,206-square-foot industrial lease at 1601 S. Shiloh Road in the northeastern Dallas suburb of Garland. According to LoopNet Inc., the property was built in 2019. Trevor Atkins of CBRE represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.

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AcquisitionsMidwestOfficeOhioTop Stories

Zamir Equities Acquires 538,437 SF Columbia Plaza Office Building in Downtown Cincinnati

by Alex Patton

CINCINNATI — Zamir Equities LLC, a private equity investment firm based in New York City, has acquired Columbia Plaza, a 538,437-square-foot office building in downtown Cincinnati. The 29-story tower is located at 250 E. 5th St. near the entertainment districts of Newport and Covington, as well as The Banks, the home stadium of the Cincinnati Bengals and Reds. The building was constructed in 1984. Columbia Plaza’s amenities include a fitness center with classes, a 3,000-square-foot tenant lounge, conference facilities, outdoor plaza, cafe, dry cleaning, car washing and detailing, art gallery and transportation services. The property also features a 494-space underground parking garage. The location in Cincinnati’s central business district offers convenient access to Interstates 71 and 75. The seller, New York City-based HighBrook Investors, acquired the property in 2015 and invested approximately $10 million in capital improvements during its ownership. Renovations included expansion of the lobby to 10,000 square feet, upgrading the building’s outdoor space and parking garage and renovations to the bathrooms and other common areas. At the time of sale, the property was approximately 76 percent leased. Western & Southern Financial Group anchor the tower with a 540,000-square-foot office lease across the top seven floors. The company moved into …

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IndustrialLeasing ActivityTexas

NKF Negotiates 34,995 SF Industrial Lease in Austin

by Taylor Williams

AUSTIN, TEXAS — Newmark Knight Frank (NKF) has negotiated a 34,995-square-foot industrial lease at 7000 William Cannon Drive in Austin. Mike Hopper, Steve Biegel, Mark Russell, Jeremy Hakala, Scott Lewis and Gregory Katz of NKF represented the tenant, Advanced Micro Devices Inc., a California-based provider of semiconductors, in the lease negotiations. The landlord was ATX Office Owner 4 LP, an affiliate of Endeavor Real Estate Group.

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IndustrialLeasing ActivityTexas

Johnson Controls Inks 29,954 SF Industrial Lease in Metro Houston

by Taylor Williams

PASADENA, TEXAS — Johnson Controls, a supplier of fire, HVAC and security equipment for buildings, has signed a 29,954-square-foot industrial lease in metro Houston. The company is taking space at a newly built facility located at 4111 Greenshadow Drive in the eastern suburb of Pasadena. Carlton Anderson of CBRE represented the tenant in the lease negotiations. Reed Vestal and Taylor Schmidt of Lee & Associates represented the owner and developer, VIGAVI Realty LLC.

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HealthcareLeasing ActivityTexas

Marcus & Millichap Brokers Sale of Baylor Scott & White-Leased Clinic Near Dallas

by Taylor Williams

FARMERS BRANCH, TEXAS — Marcus & Millichap has brokered the sale of the Baylor Scott & White Institute For Rehabilitation, a 5,000-square-foot medical clinic located in the northern Dallas suburb of Farmers Branch. The property was built in 2018 and was fully leased at the time of sale. Philip Levy and Vincent Knipp of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity.

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LoansNew JerseyNortheastOffice

JLL Arranges $59.9M Acquisition Loan for Office Complex in Parsippany, New Jersey

by Alex Patton

PARSIPPANY, N.J. — JLL has arranged a $59.9 million acquisition loan for Morris Corporate Center 1 & 2, a two-building, Class A office complex totaling 550,000 square feet in Parsippany, a western suburb of New York City. Bridge Investment Group provided the four-year, floating-rate loan to the borrower, P3 Properties. The complex is located at 300 Interpace Parkway and 1 Upper Pond Road within the larger Morris Corporate Center. Amenities at the center include a 5,000-square-foot fitness center with a yoga studio, two cafes and two conference areas. At the time of sale, the buildings were 67 percent leased to tenants including Zurich Insurance and York Risk Services. Greg Nalbandian and Andrew Zilenziger arranged the loan.

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AcquisitionsNew JerseyNortheastRetail

Caesars Entertainment, VICI Properties Agrees to Sell Bally’s Atlantic City Hotel & Casino for $25M

by Alex Patton

ATLANTIC CITY, N.J. — Caesars Entertainment Corp. and VICI Properties Inc. have agreed to sell Bally’s Atlantic City Hotel & Casino for approximately $25 million in cash. The buyer, Twin River Holdings Inc., will pay $19 million to VICI and $6 million to Caesars. The property includes approximately 225,750 square feet of gaming space and 1,214 hotel rooms. Restaurants on site include Italian eatery Buca di Beppo and Guy Fieri’s Chophouse. Following the sale, Caesars will continue to operate Caesars Atlantic City, which will include the Wild Wild West casino area, The Book sports wagering facility and Harrah’s Resort Atlantic City. VICI Properties will continue to own the land and real estate associated with Caesars Atlantic City, including the Wild Wild West casino area. Both parties were represented internally.

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ConnecticutLoansMultifamilyNortheast

M&T Bank Provides $24.5M Construction Loan for Multifamily Building in Danbury, Connecticut

by Alex Patton

DANBURY, CONN. — M&T Bank has provided a $24.5 million construction loan for  Brookview Commons Phase II, a 145-unit multifamily building in Danbury, located approximately 35 miles northwest of New Haven. M&T provided the two-year, recourse loan to a partnership of co-developers BRT General Corp. and The DiMarco Group. Phase II of Brookview Commons will be developed at a site located at 333 Main St., directly across from the existing 115 units at Brookview Commons. Phase II will feature 18 studios, 80 one-bedroom and 47 two-bedroom units. The construction schedule was undisclosed. John Harrington of HK Real Estate Advisors arranged the loan.

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Leasing ActivityNew YorkNortheastOffice

Oak Hill Advisors Expands Office Prelease to 69,802 SF in Manhattan

by Alex Patton

NEW YORK CITY — Investment firm Oak Hill Advisors has expanded its prelease to 69,802-square-feet in Midtown Manhattan. The firm originally preleased 45,954 square feet at One Vanderbilt Avenue, an approximately 1.7 million-square foot office tower slated for completion later this year. The firm has leased an additional 23,848 square feet and will now occupy space across the 15th and 16th floors. Lance Korman, Brian Waterman and Jared Horowitz of Newmark Knight Frank represented Oak Hill Advisors in the lease negotiations. Robert Alexander, Ryan Alexander, Emily Jones and Alex D’Amario of CBRE represented the landlord, SL Green.

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