Property Type

ShareMD Acquires Two Medical Office Buildings Near Miami for $33.2M

by Alex Tostado November 4, 2019

SOUTH MIAMI AND CORAL GABLES, FLA. — ShareMD has acquired a medical office building in South Miami and one in Coral Gables for $33.2 million. Located at 5966 S. Dixie Highway in South Miami, the first medical office building sold for $19.6 million. The facility spans 50,600 square feet and was 71 percent leased at the time of sale. The other property, The Biltmore Professional Building, is located at 475 Biltmore Way in Coral Gables and sold for $14.6 million. The Biltmore Professional Building comprises 56,000 square feet and was 83 percent leased at the time of sale. Elliot LaBreche of Easton & Associates represented ShareMD, a Southern California-based REIT, in the transaction and has been retained to handle leasing efforts. Miami investor and founder of Slon Capital, Leonard Boord, sold both buildings.

November 4, 2019

Georgia Leasing Activity Restaurant Retail Southeast

Celebrity-Backed Tavern to Open in Downtown Alpharetta in February

by Alex Tostado November 4, 2019

ALPHARETTA, GA. — Five Guys Taverns LLC has signed a lease to open Taffer’s Tavern at 33 S. Main St. in historic downtown Alpharetta in February 2020. The location will be the first in the nation for Taffer’s Tavern, which is backed by TV star Jon Taffer. Taffer is the host of “Bar Rescue.” The restaurant will be situated in the Liberty Hall building, directly across the street from City Hall. The building will feature the original bar, which was built in the 1700s and imported from England. Taffer’s Tavern will offer a menu that features a vacuum-sealed cooking method that doesn’t use traditional, commercial equipment. Locally based firm Chandlee and Sons Construction will serve as the general contractor. Five Guys Taverns plans to open four more restaurants across the state. The company has teamed with Fransmart, which also partners with companies such as Qdoba Mexican Grill and Five Guys, as its franchise development partner.

November 4, 2019

Acquisitions Loans Retail South Carolina Southeast

Eyzenberg & Co. Arranges $14.1M Acquisition Loan for Beachside Retail Center in Myrtle Beach

by Alex Tostado November 4, 2019

MYRTLE BEACH, S.C. — Eyzenberg & Co. has arranged a $14.1 million acquisition loan for THEBlvd, a 42,000-square-foot entertainment, retail and restaurant building in Myrtle Beach. The property is located at 1410 N. Ocean Blvd., a mile north of downtown Myrtle Beach. The seller, Land South of MB LLC, developed the three-story asset, which was fully triple-net leased to tenants including live music venue Tin Roof Myrtle Beach, Bandito’s Restaurant and Cantina and American Resort Management. An undisclosed New York-based family investor acquired the property for $22.6 million via a 1031 exchange. David Eyzenberg and Anastasia Vladislavova of Eyzenberg & Co. represented the buyer in placing debt financing through Morgan Stanley.

November 4, 2019

Acquisitions Industrial Maryland Southeast

Terreno Realty Sells Industrial Property Near Baltimore for $7.5M

by Alex Tostado November 4, 2019

JESSUP, MD. — Terreno Realty Corp. has sold an 88,438-square-foot industrial building in Jessup for $7.5 million. The property is located at 8215 Dorsey Run Road, 16 miles southwest of downtown Baltimore. The property was fully leased to Nave Communications, which supplies telecommunications equipment to its customers, at the time of sale. Terreno Realty acquired the asset in November 2013 for $6 million. The buyer was not disclosed.

November 4, 2019

Development Massachusetts Multifamily Northeast

WinnCompanies to Develop $38.3M Residential Project in Lowell, Massachusetts

by Alex Patton November 4, 2019

LOWELL, MASS. — WinnCompanies plans to develop a $38.3 million residential project in the Hamilton Canal Innovation District of Lowell, located approximately 25 miles northwest of Boston. The Hamilton Canal Innovation District is a collection 17 master-planned development parcels in the city’s downtown area. WinnCompanies will develop adjacent vacant parcels into two five-story buildings comprising 125 apartments and 5,000 square feet of commercial space. The development will offer 15 studio units, 63 one-bedroom apartments and 47 two-bedroom residences. Of those residential units, 54 workforce apartments will rent at 100 percent of area median income (AMI), 39 apartments will be affordable up to 60 percent of AMI and 32 apartments will rent at market rates. ICON Architecture is designing the project. Construction will begin in December and is slated for completion by September 2021.

November 4, 2019

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $19M Sale of Perch Harlem Apartment Building in Manhattan

by Alex Patton November 4, 2019

NEW YORK CITY — Marcus & Millichap has brokered the $19 million sale of Perch Harlem, a 34-unit apartment building located at 542 West 153rd St. in the Hamilton Heights neighborhood of Manhattan. Eric Anton, Justin Natalizio and Christopher Warner of Marcus & Millichap represented the seller, a joint venture between Taurus Investment Holding and Synapse Development Group. The team also represented the buyer, the Olnick Organization.

November 4, 2019

Acquisitions Office Texas

Colliers Brokers Sale of 166,000 SF Bent Tree Office Tower in Metro Dallas

by Taylor Williams November 4, 2019

ADDISON, TEXAS — Colliers International has brokered the sale of Bent Tree Tower II, a 166,000-square-foot office building located in the northern Dallas suburb of Addison. Los Angeles-based Regent Properties sold the eight-story building to a partnership that was formed by Dallas-based Hudson Peters Commercial for an undisclosed amount. Creighton Stark and Chris Boyd of Colliers brokered the deal. Prior to disposing of the asset, Regent invested $4.7 million in capital improvements to the building, which included a remodel of the property’s entrance, an update of the building’s lobby and common areas, the addition of a large monument sign and a modernization of the building’s mechanical systems. Energy firm Forney Corp. is Bent Tree’s anchor tenant.

November 4, 2019

Leasing Activity New York Northeast Office

JLL Negotiates 15,361 SF Office Lease at Mutual of America Building in Manhattan

by Alex Patton November 4, 2019

NEW YORK CITY — JLL has negotiated a 15,361-square-foot office lease for private investment firm Newlight Partners LP at the Mutual of America Building in Manhattan. Newlight Partners is relocating from 390 Park Avenue, also known as The Lever House, to the 25th floor of the 750,000-square-foot, Class A office building. The term of the new lease is 10 years. Alexander Chudnoff and Daniel Turkewitz of JLL represented Newlight Partners in the lease negotiations. Frank Doyle, David Kleiner and Betsy Buckley of JLL represented the landlord, Mutual of America Life Insurance Co.

November 4, 2019

Acquisitions Multifamily Student Housing Texas

Joint Venture Acquires 828-Bed Student Housing Community Near Texas A&M

by Taylor Williams November 4, 2019

COLLEGE STATION, TEXAS — A joint venture between Texla Housing Partners and a private equity real estate fund advised by Crow Holdings Capital has acquired University Trails, a 828-bed student housing community serving students at Texas A&M University in College Station. The property offers one-, two-, three- and four-bedroom units. Shared amenities include a resort-style swimming pool, hot tub, sand volleyball court, basketball court, two fitness centers and a 24-hour study lounge and cafe. The joint venture plans to renovate the community’s interior, exterior and office/clubhouse building. A timeline for renovations was not announced. Ryan Lang, Brandon Buell and Jack Brett of Newmark Knight Frank brokered the transaction.

November 4, 2019

Development Hospitality Texas

SRH Hospitality to Develop 261-Room Westin-Branded Hotel Near Fort Worth

by Taylor Williams November 4, 2019

SOUTHLAKE, TEXAS — SRH Hospitality will develop a 261-room Westin-branded hotel on 6.8 acres in Southlake, a northern suburb of Fort Worth. SRH originally owned the land on which the property will be constructed and sold the tract to a Florida-based hedge fund in the form of a ground lease, proceeds from which will be used to finance construction of the hotel. The property will feature a 25,000-square-foot conference center with a ballroom, full-service restaurant and bar and a rooftop lounge area. SRH will operate the hotel and make monthly ground lease payments to the Florida-based hedge fund for a term of 99 years.

November 4, 2019

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