DALLAS — Glenstar Properties LLC has acquired Premier Place, a 457,000-square-foot office building located at 5910 North Central Expressway in Dallas. Built in 1985 and renovated in 2014, the 20-story, transit-oriented property offers proximity to Southern Methodist University, the Katy Trail and Dallas Love Field Airport. The building also houses a 62,000-square-foot Life Time Fitness. The seller and sales price were not disclosed.
PHILADELPHIA — J.P. Morgan Chase has provided a $388 million loan for the refinancing of 1500 Market Street, a 1.7 million -square-foot, Class A office complex in Philadelphia. The property comprises two towers that rise 36 and 43 floors and are connected by a three-story atrium. Amenities include a fitness center and direct access to food options, retail and subway lines. The property is also the only office in the Philadelphia CBD with its own subterranean parking garage, offering 450 spots. Dustin Stolly and Jordan Roeschlaub led a Newmark Knight Frank team that arranged the financing in conjunction with David Rosenberg and Mark Silbersher of Walker & Dunlop. A partnership between Nightingale Properties and Wafra Capital Partners is the borrower and landlord of 1500 Market Street.
MISSION AND MCALLEN, TEXAS — Laredo-based Killam Development Ltd. has purchased 3,400 acres in the Rio Grande Valley cities of Mission and McAllen for the development of a new master-planned community. In addition to residential, office and retail uses, the development will include walking trails, park space and connections to entertainment districts and education centers. Carlos Marquez and Brett Lum of NAI Partners represented the seller, Hunt Valley Development, in the land sale. Killam could begin construction early next year.
NORWALK, CONN. —CBRE has brokered the sale of 800 Connecticut Avenue, a 412,231-square-foot, Class A office park in Norwalk, located approximately 10 miles west of Stamford. Tenants include Booking Holdings, Priceline and Hitachi Capital America Corp. Amenities include a 6,400-square-foot conference center, an outdoor plaza, fitness center and a cafeteria. Jeffrey Dunne, David Gavin, Steven Bardsley, Jeremy Neuer, Gene Pride and Travis Langer of CBRE represented the undisclosed seller in the transaction. The CBRE team also procured the buyer, KH 800 Connecticut Avenue LLC, a subsidiary of Kamran Hakim.
FRISCO, TEXAS — JLL has negotiated the sale of Little Elm Towne Crossing, a 150,0007-square-foot shopping center in Frisco. Hobby Lobby anchors the center, which was built in 2007 on 17.6 acres and had an occupancy rate of approximately 95 percent at the time of sale. Other tenants include 24 Hour Fitness, Hibbett Sports, Great Clips and Monarch Dental. Aaron Johnson, Barry Brown, Chris Gerard, Ryan Shore and Adam Roosien of JLL represented the seller, Dallas-based Dunhill Partners Inc., in the transaction. The buyer and sales price were undisclosed.
DALLAS — Talley Riggins Construction Group has broken ground on Daniel House, a 53,000-square-foot, on-campus student housing building at Southern Methodist University (SMU) in Dallas. Designed by Merriman Anderson/Architects, the three-story building will feature 72 beds, laundry facilities, common space and study rooms. Completion is slated for July 2020.
GARLAND, TEXAS — Tosca Services LLC, a provider of reusable plastic containers, has signed a 152,000-square-foot industrial lease at Gateway East Business Center in Garland, a northeastern suburb of Dallas. Ryan Wolcott and Matt Dornak of Stream Realty Partners represented the landlord, Barings, in the lease negotiations. Louis Pascuzzi of Newmark Knight Frank represented the tenant.
PARSIPPANY, N.J. — New York City-based PAG Investments has acquired 5 Wood Hollow Road, a Class A office building in Parsippany, located approximately 30 miles west of New York City. Amenities include a full-service cafeteria and a fitness center with shower and locker facilities. Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Frank DiTommaso of Cushman & Wakefield represented the seller, Mack-Cali Realty Corp. The team also procured PAG as the buyer.
NEW YORK CITY — Greystone has provided a $68.5 million Fannie Mae loan for the refinancing of Capitol Apartments, a Section 8 seniors housing property in Midtown Manhattan. The loan carried a 10-year term, a 30-year amortization period and a fixed interest rate. The borrower, Fifty First Capitol Associates, will use the proceeds to pay yield maintenance, make capital improvements to the property and monetize its existing equity. Originally built in 1925 as a hotel, the property offers 278 studio and one-bedroom apartments, including 250 age-restricted units. Rob Meehan and Jon Morales of Greystone originated the loan.
BRIARCLIFF MANOR, N.Y. — Senior Lifestyle Corp. has opened The Club at Briarcliff Manor, a seniors housing community in Briarcliff Manor, a village along the Hudson River located approximately 30 miles north of New York City. The property offers 167 independent living units, 87 assisted living units and 33 memory care units in two interconnected buildings. Apartments range from 605 square feet to 1,040 square feet, with monthly rents starting at $7,350. The site was formerly housed Briarcliff Lodge, a grand resort hotel built in the early 1900s.
