Property Type

Denholtz Properties Acquires 26,000-Square-Foot Industrial Building in Bridgewater, New Jersey

by Alex Patton January 16, 2020

BRIDGEWATER, N.J. — Denholtz Properties has acquired a 26,000-square-foot industrial building in Bridgewater, located approximately 45 miles west of New York City. Located at 6W Chimney Rock Road, the property is situated within Bridgewater Business Park, a 380,000-square-foot office complex comprising 16 industrial flex buildings. With this acquisition, Denholz now owns 12 buildings totaling 290,163 square feet in the park. Tenants include UPS, baseball training center Zoned Inc. and stone fabricator Bridgewater Marble. Kristine Hurlbut represented Denholtz Properties in the transaction on an internal basis. Marcus & Millichap represented the undisclosed seller.

January 16, 2020

Acquisitions Office Texas

JLL Negotiates Sale of 130,223 SF Concourse at Westway Office Building in Houston

by Taylor Williams January 16, 2020

HOUSTON — JLL has negotiated the sale of Concourse at Westway, a 130,223-square-foot office building located at 4700 W. Sam Houston Parkway in Houston. Built in 1999, the Class B property was 56 percent leased at the time of sale. Trent Agnew, Kevin McConn and Marty Hogan of JLL represented the seller, EverWest, in the transaction. The buyer was Houston-based investment firm Griffin Partners, which will implement a value-add program.

January 16, 2020

Loans Multifamily Texas

PGIM Provides $48M in Freddie Mac Permanent Financing for Houston Apartment Project

by Taylor Williams January 16, 2020

HOUSTON — PGIM Real Estate Finance has provided $48 million in Freddie Mac permanent financing for Red Line Station, a 300-unit affordable housing project in Houston. The borrower, San Antonio-based The NRP Group, will use a majority of the funds to retire construction debt. The loan was structured with a 10-year term and a 35-year amortization schedule. At least 50 percent of the units will be reserved for renters earning up to or less than 80 percent of the area median income.

January 16, 2020

Acquisitions Retail Texas

Colliers Brokers Sale of 88,492 SF Former Gander Mountain Retail Building in Houston

by Taylor Williams January 16, 2020

HOUSTON — Colliers International has brokered the sale of an 88,492-square-foot retail building formerly occupied by Gander Mountain at 19820 Hempstead Road in Houston. Kimberly Lenardson, Robert Hantgan, Ace Schlameus and Jenny Seckinger of Colliers represented the seller, an undisclosed REIT, in the transaction. Zac Hoffer of The Retail Connection represented the buyer, locally based investment firm Tazz Enterprise, which plans to convert the building into a multi-level entertainment center.

January 16, 2020

Leasing Activity Office Texas

TripActions Signs 88,490 SF Office Lease at Renaissance Tower in Downtown Dallas

by Taylor Williams January 16, 2020

DALLAS — Travel advisory firm TripActions has signed an 88,490-square-foot office lease at Renaissance Tower, a 56-story office tower located at 1201 Elm St. in downtown Dallas. Dennis Barnes, Clay Gilbert and Ben Davis of CBRE represented the landlord, a partnership between Moinian Group and SMA Equities, in the lease negotiations. Evan Hammer, David Harris and Jade Scott of Whitebox Real Estate, along with Bo McNally and David Bergeron of T3 Advisors, represented TripActions.

January 16, 2020

Acquisitions Massachusetts Northeast Office

Burgess Properties Brokers $11.8M Sale of Three Office Buildings in Malden, Massachusetts

by Alex Patton January 16, 2020

MALDEN, MASS. — Burgess Properties Inc. has brokered the $11.8 million sale of three office buildings totaling 34,696 square feet in Malden, a northern suburb of Boston. Located at 15-23 Pleasant St., 11 Dartmouth St. and 17 Dartmouth St., the buildings are situated in close proximity to each other as well as to the Malden Orange Line T and Commuter Rail Stop transit lines. Steve Nohrden of Burgess Properties represented the seller, North River Malden II, in the transaction. Nohrden also represented the buyer, Boston-based developer Quaker Lane Capital.

January 16, 2020

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Provides $53.5M Construction Loan for Townhome Project in Woodbury, Minnesota

by Kristin Harlow January 16, 2020

WOODBURY, MINN. — Dougherty Mortgage LLC has provided a $53.5 million HUD 221(d)(4) loan for the construction of Sundance at Settler’s Ridge, a 218-unit rental townhome project in Woodbury. Situated on a 23.2-acre site, the project will encompass 23 two-story buildings. Plans also call for a 4,300-square-foot clubhouse with a kitchen, coffee bar and fitness center. Additional amenities will include a pool, fire pit, dog park, dog spa and community garden. Dougherty originated the 40-year loan on behalf of the borrower, SD Woodbury Property LLC. A timeline for completion was not disclosed.

January 16, 2020

Midwest Office Ohio

Cushman & Wakefield Tapped to Manage 1.9 MSF Office Portfolio in Cincinnati

by Kristin Harlow January 16, 2020

CINCINNATI — Neyer Properties has hired Cushman & Wakefield to manage a portfolio of office properties totaling 1.9 million square feet throughout greater Cincinnati. The portfolio includes buildings such as 36 E. 7th Street, Centennial Plaza III, Baldwin 200, Keystone Parke I and Fountain Pointe I and II. Marnie Castleberry of Cushman & Wakefield will serve as account manager for the portfolio. Cincinnati-based Neyer is one of the largest property owners in greater Cincinnati.

January 16, 2020

Acquisitions Midwest Missouri Retail

StorCo Storage Buys Shopping Center in O’Fallon, Missouri, Plans to Build 100,000 SF Self-Storage Facility

by Kristin Harlow January 16, 2020

O’FALLON, MO. — StorCo Storage has purchased the O’Fallon Square Shopping Center from O’Fallon Square Properties LLC for $4.4 million. The self-storage provider plans to construct a 100,000-square-foot, indoor self-storage facility within the strip center. The two-story, climate-controlled facility will include space formerly occupied by Altitude Trampoline Park and Shop ‘n Save. Other tenants at the shopping center, including At Home Superstore, Vantage Credit Union and Fantastic Sam’s, will remain in place. StorCo will move its headquarters, including a call center and corporate offices, to the new facility. American Bank of Missouri is providing $7.5 million in acquisition and construction financing for the project. Tim McFarland of Sansone Group and Patrick Wittenbrink of Carmody MacDonald PC represented StorCo in the transaction. Scott Seyfried of Pace Properties represented the seller.

January 16, 2020

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $18.4M Sale of Apartment Portfolio in Chicago’s South Shore

by Kristin Harlow January 16, 2020

CHICAGO — Kiser Group has brokered the sale of a three-property apartment portfolio in Chicago’s South Shore neighborhood for $18.4 million. The transaction was the largest by dollar amount in the submarket in the last 15 years, according to CoStar Group. The portfolio includes the 130-unit 7500 S. Shore built in 1950; the 53-unit S. Clyde built in 1928; and the 25-unit 7038 S. Chappel constructed in 1926. Monthly rental rates range from $525 to $1,515. Noah Birk and Aaron Sklar of Kiser represented the seller, DAX Real Estate. An undisclosed buyer purchased the portfolio.

January 16, 2020

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