Property Type

KKR, Banyan Street Capital Acquire Office Tower in Buckhead for $205M

by Alex Tostado August 1, 2019

ATLANTA — KKR and Banyan Street Capital have acquired Salesforce Tower, a 34-story, 631,808-square-foot office tower in Atlanta’s Buckhead district, for $205 million. Banyan Street partnered with the previous owner, Oaktree Capital Management LP, to invest $14 million in renovations to the tower. The new owners are planning to invest an additional $5 million in renovations. Major tenants include the regional hub for Salesforce and the corporate headquarters for RentPath and Rubicon Global. Salesforce Tower sits directly on the MARTA line and interstate system. Justin Parsonnet, Will Yowell, Jay O’Meara and Ryan Reeth of CBRE represented thew sellers in the transaction. Chris Port, Nicole Goldsmith and Kyle Kenyon of CBRE have been retained to lease the tower. Banyan Street Capital will manage the property directly.

August 1, 2019

Development Florida Loans Multifamily Southeast

Regions Bank Provides $54M Construction Loan for Townhouse Community in South Florida

by Alex Tostado August 1, 2019

MIRAMAR, FLA. — Regions Bank has provided a $54 million construction loan to FCI Residential Corp. for Miramar Phase II, which will include Catalina at Miramar. Catalina at Miramar will be a 300-unit rental townhouse development spanning 33 acres. Delivery is expected for January 2022. The project will consist of 180 two-bedroom units and 120 three-bedroom units in 36 two-story buildings of two types. The first type will consist of a traditional two-story townhome with one- and two-car garage options. The second building type will consist of two-stories without a garage with front patio, back-to-back units including spacious public courtyards and pedestrian walkways between buildings. Communal amenities will include a two-story clubhouse, fitness center, yoga room, virtual fitness, business center, swimming pool with outdoor kitchen and café-style lounge area.

August 1, 2019

Acquisitions Multifamily North Carolina Southeast

JLL Negotiates Sale of 344-Unit Apartment Complex in Charlotte

by Alex Tostado August 1, 2019

CHARLOTTE, N.C. — JLL has negotiated the sale of Novel NoDa, a 344-unit, transient-orient apartment complex in Charlotte. The seller, Crescent Communities, developed the project in 2018. The property is situated on six acres at 424 E. 36th St., directly next to Charlotte’s LYNX 36th Street station and three miles from downtown Charlotte. The community is located within the NoDa (North Davidson) neighborhood. Communal amenities include a saltwater pool with sun shelf; common courtyard with a beer garden, grilling area and fire pit; clubroom with billiards, shuffleboard and oversized tables; indoor/outdoor skyline lounge with views of Uptown and NoDa; transit lounge with transit screen, coffee bar and Wi-Fi; flexible work spaces; electric car charging stations, pet salon with washing tubs and grooming tables; and 462 parking spaces. Allan Lynch, Caylor Mark, Justin Good, Jeff Glenn and Roberto Casas of JLL represented the seller in transaction. The buyer and sales price were not disclosed.

August 1, 2019

Acquisitions Multifamily Texas

SWBC Buys 248-Unit Apartment Community in Austin

by Taylor Williams August 1, 2019

AUSTIN, TEXAS — SWBC Real Estate, a Dallas-based multifamily development and investment firm, has purchased Falconhead Apartments, a 248-unit community in Austin. Built in 2003, the property is located near Lake Travis and was 94 percent occupied at the time of sale. Floor plans consist of one-, two- and three-bedroom apartments, and amenities include a pool, fitness center, clubhouse, outdoor pavilion, playground and a dog park. Kelly Witherspoon, Ryan Epstein and Justin Cole of Berkadia represented the seller, Connell Real Estate & Development Co., which invested roughly $4 million in capital improvements to the property over the last several years.

August 1, 2019

Acquisitions Office Texas

Harwood International Acquires 226,344 SF Office Building in Dallas

by Taylor Williams August 1, 2019

DALLAS — Harwood International, a locally based investment and development firm, has acquired Citymark on the Katy Trail, a 226,344-square-foot office building located at 3100 McKinnon St. in Uptown Dallas. According to LoopNet Inc., the Class A property was built in 1987 and features a food court and a fitness center. Creighton Stark and Chris Boyd of Colliers, along with internal representatives Morgan Staub and Rob Steinwedell represented Harwood in the transaction. The seller was Bradford Cos. The building is situated just off the Katy Trail, a jogging and biking path that runs through the Uptown and Oak Lawn areas.

August 1, 2019

Acquisitions Multifamily Oklahoma Texas

Marcus & Millichap Arranges $8.7M Sale of Apartment Property in Oklahoma City

by Taylor Williams August 1, 2019

OKLAHOMA CITY — Marcus & Millichap has arranged the sale of Chelsea Manor, a 187-unit apartment community in Oklahoma City. The sales price was approximately $8.7 million. Built on 7.2 acres in 1971, the property offers several different floor plans and amenities such as a pool, clubhouse and onsite laundry facilities. Derek Wilson of Marcus & Millichap represented the seller, a partnership that recently implemented a $500,000 renovation program, in the transaction. Wilson also procured the buyer, a limited liability company.

August 1, 2019

Acquisitions Office Texas

NKF Negotiates Sale of 118,905 SF Office Building in Houston

by Taylor Williams August 1, 2019

HOUSTON — Newmark Knight Frank (NKF) has negotiated the sale of a 118,905- square-foot office building located at 12700 Northborough Drive in Houston. According to LoopNet Inc., the property was built in 1981. Eva Horton, Greg Marconi and Albert Spiers of NKF represented the seller, Veritex Community Bank, in the transaction. The buyer was Cepideh Investments LLC.

August 1, 2019

Acquisitions Healthcare Retail Texas

TIG Real Estate Sells 75,000 SF Retail, Medical Office Property in Metro Houston

by Taylor Williams August 1, 2019

PEARLAND, TEXAS — TIG Real Estate Services has sold Sunrise Lake, a 74,612-square-foot retail and medical office property located in the southern Houston suburb of Pearland. Sunrise Lake offers roughly 50,000 square feet of office/medical office space and approximately 24,500 square feet of retail space, which was a combined 86 percent leased at the time of sale. Dan Miller, John Indelli and Bryan Strode of JLL represented TIG in the transaction and procured the undisclosed buyer.

August 1, 2019

Acquisitions Florida Multifamily Southeast

Marcus & Millichap Brokers $22.5M Sale of Multifamily Community in Miami

by Alex Tostado August 1, 2019

MIAMI — Marcus & Millichap has arranged the sale of Summer Grove Apartments, a 116-unit multifamily community in Miami. The property sold for $22.5 million, or $193,534 per unit. The community comprises 12 two-story buildings spanning five acres. Joseph Thomas, Adam Duncan, Brett McMahon and Elliot Blasser of Marcus & Millichap represented the seller, a personal trust, in the transaction. Jonathan De La Rosa, Eduardo Toledo, and Jorge Ruiz, also with Marcus & Millichap, represented the buyer, which is also a personal trust.

August 1, 2019

Acquisitions Florida Loans Office Southeast

Cushman & Wakefield Arranges Sale, Financing of Office Building in West Palm Beach

by Alex Tostado August 1, 2019

WEST PALM BEACH, FLA. — Cushman & Wakefield has arranged the $19.4 million sale of 1700 Palm Beach Lakes, a 113,964-square-foot office building in West Palm Beach. Located at 1700 Palm Beach Lakes Blvd., the building was delivered in 1988 and features structured parking and a covered entrance. The seller, 1700 PBL LLC, an affiliate of Breakers Capital, recently completed a $2 million renovation that included a complete elevator modernization, clobby and garage restorations and a full-building generator replacement. Capstone acquired the property. Scott O’Donnell, Dominic Montazemi, Greg Miller, Miguel Alcivar, Michael Ciadella and Anthony Librizzi of Cushman & Wakefield represented the seller in the transaction. Jason Hochman of Cushman & Wakefield represented the buyer in arranging an $18.4 million acquisition loan from Blue Vista Finance.

August 1, 2019

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