Property Type

Kadean Construction Purchases 5,250 SF Building for Kansas City Office

by Kristin Harlow October 23, 2019

KANSAS CITY, MO. — Kadean Construction has purchased the 5,250-square-foot building at 1821 McGee St. in Kansas City that the company has been leasing since January 2018. The purchase price was not disclosed. Kadean plans to immediately commence renovations to finish out approximately 2,700 square feet of existing shell space into new office space. The construction firm expects to fully occupy the space beginning in January. Headquartered in St. Louis, Kadean has been active in the Kansas City market since 2015.

October 23, 2019

Acquisitions Multifamily Texas

Passco Acquires 313-Unit Lakeview Villas Apartments Near San Antonio

by Taylor Williams October 23, 2019

NEW BRAUNFELS, TEXAS — California-based investment and development firm Passco Cos. has acquired Lakeview Villas, a 313-unit apartment community in New Braunfels, a northeastern suburb of San Antonio. The community’s one and two-bedroom units feature stainless steel appliances, hardwood-style ﬂooring, granite countertops, brushed nickel hardware, gooseneck faucets in the kitchen and private detached garages. Amenities include a resort-style pool with tanning ledge and outdoor kitchen, poolside lounge and ﬁre pit, as well as a ﬁtness center, a resident clubhouse and a walking trail surrounding a lake on the grounds. Will Balthrope, Jordan Featherston and Drew Garza of Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale on behalf of the seller.

October 23, 2019

Acquisitions Office Texas

Songy Highroads Acquires 151,722 SF Office Building in Metro Houston

by Taylor Williams October 23, 2019

SUGAR LAND, TEXAS — Songy Highroads LLC, an Atlanta-based investment and development firm, has acquired Sugar Creek Place I, a 151,722-square-foot office building located in the southwestern Houston suburb of Sugar Land. The six-story, Class A building was 86 percent leased at the time of sale. Sugar Creek Place I recently received more than $1.7 million in capital improvements, including the addition of a new conference facility, tenant lounge and common area, as well as an upgraded lobby and corridors. Marty Hogan and Dan Miller of JLL represented the seller, HighBrook Investors, in the transaction, while Ed Coco, Matt Casey and Michael Johnson of JLL arranged acquisition financing on behalf of Songy Highroads. Transwestern Commercial Services handles leasing of the property, which was 86 percent occupied at the time of sale.

October 23, 2019

Company News Multifamily Texas

Roscoe Property Management Awarded 3,500-Unit Multifamily Portfolio in DFW, Houston

by Taylor Williams October 23, 2019

AUSTIN, TEXAS — Austin-based Roscoe Property Management (RPM) has been awarded the B/K portfolio, which consists of 14 apartment communities totaling approximately 3,500 units, the majority of which are located in the Dallas-Fort Worth (DFW) and Houston markets. RPM has now added more than 50 communities to its management portfolio in 2019 alone.

October 23, 2019

Leasing Activity Office Texas

Architecture Firm Signs 34,000 SF Office Lease Extension in Downtown Dallas

by Taylor Williams October 23, 2019

DALLAS — Global architecture and engineering firm Page has signed a 34,000-square-foot office lease extension at the historic Mercantile National Bank Building in downtown Dallas. The firm has operated out of the property, located at 1800 Main St., since 2011 and will add an additional seven years to its lease term. Matt Heidelbaugh and Billy Gannon of Cushman & Wakefield represented Page in the lease negotiations.

October 23, 2019

Acquisitions Multifamily Texas

JLL Negotiates Sale of 53-Unit Dakota Lofts Apartments in Houston’s Warehouse District

by Taylor Williams October 23, 2019

HOUSTON — JLL has negotiated the sale of the historic Dakota Lofts apartment building, a 53-unit property in Houston’s Warehouse District. The property was originally built in 1911 and housed the Bute Paint Factory. The Randall Davis Co. renovated the building in 1993, when the facility was converted to multifamily housing featuring vintage loft-style units. Chip Nash and Bob Heard of JLL, along with Jim Hurd and Bishale Patel of Houston Income Properties, represented Randall Davis in the sale. Dakota Lofts was more than 90 percent occupied at the time of sale.

October 23, 2019

Acquisitions New York Northeast Office

Citigroup Agrees to Purchase 158,000 SF Office Building in Getzville, New York

by Alex Patton October 23, 2019

GETZVILLE, N.Y. — Citigroup has agreed to purchase 580 CrossPoint Parkway, a 158,000-square-foot office building in the CrossPoint Business Park, as well as approximately nine acres of adjacent land in the northern Buffalo suburb of Getzville. With this transaction, Citigroup will also extend its lease at the conjoined 107,000-square-foot office building located at 540 CrossPoint Parkway. Uniland Development Co. was the seller of 580 CrossPoint and is also the landlord of 540 Crosspoint. The Buffalo News reports the sale, which is expected to close in November, fetched a sales price of $52 million.

October 23, 2019

Acquisitions Hospitality New York Northeast

HREC Arranges Sale, Financing of 117-room Hampton Inn Hotel in Rochester, New York

by Alex Patton October 23, 2019

ROCHESTER, N.Y. — HREC Investment Advisors has arranged the sale and financing of the 117-room Hampton Inn Rochester North, a hotel located approximately 70 miles east of Buffalo. Ketan Patel and Mark von Dwingelo of HREC Investment Advisors arranged the sale on behalf of an undisclosed buyer. John Siska of HREC Capital Markets placed a five-year, fixed-rate acquisition loan on behalf of the buyer with a regional bank. The sales price was undisclosed.

October 23, 2019

grandview-gardens-apts-hasbrouck-heights-nj-primary-photo

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers $3.6M Sale of Grandview Gardens Apartments in Hasbrouck Heights, New Jersey

by Alex Patton October 23, 2019

HASBROUCK HEIGHTS, N.J. — Marcus & Millichap has brokered the sale of Grandview Gardens Apartments, a 20-unit multifamily property located in Hasbrouck Heights, a northwestern suburb of New York City. The property offers one-, two- and three-bedroom floor plans ranging from $1,475-$1,930. Kevin Taub, Daniel Aviles and Casey Egan of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The team also secured and represented the buyer, a private investor.

October 23, 2019

Leasing Activity Northeast Office Pennsylvania

CBRE Negotiates 6,724 SF Office Lease at Spring House Innovation Park Near Philadelphia

by Alex Patton October 23, 2019

LOWER GWYNEDD, PA. — CBRE has negotiated a 6,724-square-foot office lease for cancer screening company Anpac Bio at Spring House Innovation Park in Lower Gwynedd, a northern suburb of Philadelphia. Developed and owned by MRA Group, the 600,000-square-foot property offers lab, research and development facilities, as well as Class A office and coworking space. Anpac Bio is expected to move into the space in March 2020. Toni Rossi of CBRE represented the tenant in the lease negotiations.

October 23, 2019

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