Property Type

Capital Funding Provides $36.9M Acquisition Financing for Two Mid-Atlantic Skilled Nursing Facilities

by Alex Tostado August 30, 2019

DUNN LORING, VA., AND SILVER SPRING, MD. — Capital Funding has provided $36.9 million in financing for private equity firm The Portopiccolo Group to acquire two skilled nursing facilities in Dunn Loring and Silver Spring. The properties include the Iliff Nursing and Rehabilitation Center, a 130-bed pediatric and geriatric facility in Dunn Loring, and the Fox Chase Rehabilitation and Nursing Center, a 74-bed geriatric facility in Silver Spring. Accordius Health, an operating platform of The Portopiccolo Group, manages both properties. Tim Eberhardt of Capital Funding originated the acquisition financing, which included a $30.6 million senior loan, $3.8 million mezzanine loan and a $2.5 million accounts receivable line of credit for working capital needs. The financing provided Portopiccolo with 90 percent of total transaction costs as well as a $2.7 million reserve for post-closing renovations.

August 30, 2019

Acquisitions Florida Retail Southeast

Avison Young Brokers $16M Sale of Publix-Anchored Shopping Center in Boca Raton

by Alex Tostado August 30, 2019

BOCA RATON, FLA. — Avison Young has brokered the $16 million sale of West Boca Plaza, a 70,524-square-foot, Publix-anchored shopping center in Boca Raton. The center is located at 22973-23071 U.S. Highway 441, seven miles west of downtown Boca Raton. Other tenants at West Boca Plaza include Little Caesar’s, Orient Garden, La Perredo del Gordo and 441 Animal Hospital. David Duckworth, John Crotty, Michael Fay and Brian de La Fé of Avison Young represented the seller, Sandalfoot Investments LLC, in the transaction. Investments Limited acquired the property.

August 30, 2019

Acquisitions Multifamily Texas

Greystone Arranges Sale of 232-Unit Multifamily Asset in Killeen

by Taylor Williams August 30, 2019

KILLEEN, TEXAS — Greystone has arranged the sale of The Willows Apartments, a 232-unit multifamily asset located in the Central Texas city of Killeen. Built in 1983, the property features one-, two- and three-bedroom units and amenities such as a pool and an outdoor picnic area. Nicholas Brown of Greystone represented the seller and procured the out-of-state buyer in the transaction. Both parties requested anonymity.

August 30, 2019

Acquisitions Multifamily Texas

Draper & Kramer Buys 211-Unit Apartment Community in McKinney, Texas

by Taylor Williams August 30, 2019

MCKINNEY, TEXAS — Draper & Kramer Inc. has purchased St. Paul’s Square, a 211-unit multifamily community in McKinney, a northeastern suburb of Dallas. The property offers one-, two- and three-bedroom units ranging in size from 735 to 2,073 square feet and featuring wood-plank flooring, granite countertops, stainless steel appliances and washer and dryer connections. Amenities will include a pool, fitness center, outdoor grilling areas, a coffee bar, business center and rentable storage units. The transaction marks Draper & Kramer’s third acquisition in Texas.Will Balthrope, Drew Kile, Tommy Lovell III, Joey Tumminello, Richard Robson and Grant Raymond of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Himalayan Ventures LLC in the transaction.

August 30, 2019

Acquisitions Hospitality Texas

Peachtree Hotel Group Acquires 111-Room Home2 Suites Hotel in El Paso

by Taylor Williams August 30, 2019

EL PASO, TEXAS — Atlanta-based hospitality investment and management firm Peachtree Hotel Group has acquired Home2 Suites by Hilton El Paso Airport, a 111-room hotel located at 6308 Montana Ave. in El Paso. The property, which is located less than two miles from El Paso International Airport, features amenities such as a fitness center, business center, outdoor pool and an airport shuttle service. The seller was not disclosed.

August 30, 2019

Leasing Activity Office Texas

ESRP Negotiates 114,500 SF Office Lease in Irving

by Taylor Williams August 30, 2019

IRVING, TEXAS — ESRP, a brokerage firm specializing in tenant representation, has negotiated a 114,500-square-foot office lease in Irving for biotechnology firm Caris Life Sciences. Greg Burns and Christopher Schafer of ESRP handled the lease negotiations on behalf of the tenant, which will relocate to a newly constructed facility that offers lab and office space. Myers & Crow Co. developed the property, which is owned by a fund managed by Kawa Capital Partners.

August 30, 2019

Industrial Leasing Activity Texas

American Tile & Stone Signs 58,296 SF Industrial Lease Extension in Metro Dallas

by Taylor Williams August 30, 2019

CARROLLTON, TEXAS — American Tile & Stone has signed a 58,296-square-foot industrial lease extension at Luna Distribution Center, a 1.3 million-square-foot development in Carrollton, a northern suburb of Dallas. George Billingsley of Billingsley Co. represented the landlord on an internal basis. Ryan Boozer with Stream Realty Partners represented the tenant.

August 30, 2019

Arizona Development Industrial Western

Foundation Capital Partners, Baker Development Break Ground on 325,000 SF Industrial Project in Arizona

by Amy Works August 30, 2019

GOODYEAR, ARIZ. — New York-based Foundation Capital Partners and Chicago-based Baker Development Corp. have broken ground on VB/143, a two-building, Class A industrial project in Goodyear. Situated within a foreign trade zone magnet site, the project is slated for completion by fourth-quarter 2019. VB/143 will feature a 213,000-square-foot, cross-docked building and a 112,000-square-foot, rear-loading building. The project will offer divisibility down to 30,000 square feet and includes modern amenities, such as 36-foot clear heights, secured concrete truck courts, insulated dock doors, energy-efficient clerestory windows, robust power, trailer drops, public transportation and outdoor employee amenity spaces. The property will be located at the southeast and southwest corners of 143rd Avenue and Van Buren Street. The project team includes Layton Construction Co. as general contractor and Butler Design Group as architect. The project is situated within Goodyear Gateway South, a Class A, master-planned industrial park, less than one mile from a full interchange at Interstate 10 and Bullard Avenue, just north of Phoenix Goodyear Airport. The joint-venture developers have named Anthony Lydon, Marc Hertzberg and Riley Gilbert of JLL as the project’s exclusive leasing agents.

August 30, 2019

Acquisitions Arizona Multifamily Western

Trillium Residential Sells 297-Unit Trillium 44 in Central Phoenix for $56M

by Amy Works August 30, 2019

PHOENIX — Trillium Residential has completed the disposition of Trillium 44, a multifamily property located at 111 N. Dupont Circle in central Phoenix. An affiliate of ConAm Group acquired the asset for $56 million. The four-story apartment community features 297 units, a swimming pool area with private cabanas, grilling area, resident sports lounge, wine storage room, cybercafé, fitness center, movie theater, dog park and multiple courtyards. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.

August 30, 2019

Acquisitions Arizona Multifamily Western

Thayer Manca Residential Re-Enters Tucson Multifamily Market with $40.3M Acquisition

by Amy Works August 30, 2019

TUCSON, ARIZ. — Seattle-based Thayer Manca Residential (TMR) has re-entered the Tucson multifamily market with its first purchase since 2000. The company acquired Palm Canyon Apartments for $40.3 million. The name of the seller was not released. Located at 2255 W. Orange Grove Road, Palm Canyon Apartments features 368 units. The low-density, value-add property was built in 1986. TMR has more than $5 million planned for renovations to the property with both interior and exterior spaces to receive resident-focused upgrades. Additionally, the property will undergo a full rebranding, and receive a revamped clubhouse, office interiors, fitness facility, two swimming pool areas, package lockers, landscaping, exterior amenities and interior unit renovations.

August 30, 2019

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