Property Type

HFF Arranges $10.3M Construction Loan for Self-Storage Facility in New Jersey

by Alex Tostado February 7, 2019

ROCHELLE PARK, N.J. — HFF has arranged a $10.3 million construction loan for the development of an 829-unit CubeSmart self-storage facility in Rochelle Park. The 112,980-square-foot facility will be located on two acres at 120 W. Passaic St. and will house climate-controlled storage units ranging from 25 to 300 square feet. Michael Klein and Jon Mikula of HFF secured the four-year, fixed-rate financing on behalf of the borrower, Tulfra Real Estate, through lender First Bank. CubeSmart will manage daily operations.

February 7, 2019

Development Office Texas

Ryan, Invest Group to Develop 900,000 SF Office Complex in Frisco

by Alex Tostado February 7, 2019

FRISCO, TEXAS — Minneapolis-based Ryan Cos. and Dubai-based Invest Group Overseas will develop Auspire at The Gate, a 900,000-square-foot office campus that will be located in the northern Dallas metro of Frisco. The office space will be part of a mixed-use development that includes retail space, two multifamily buildings totaling 775 units and a hotel. Avison Young will handle leasing of the office space, which has a construction schedule of 18 to 20 months.

February 7, 2019

Development Industrial Loans New Jersey Northeast Self-Storage

Caddis to Build 99-Unit Heartis Seniors Housing Community in Pennsylvania

by David Cohen February 7, 2019

YARDLEY, PA. — Caddis has announced plans to develop Heartis Yardley, a 99-unit assisted living and memory care community in Yardley, just across the state border from Trenton, N.J. The two-story, 95,587-square-foot project is located on a 6.1-acre plot. The property will be the first Heartis-branded community in Pennsylvania, and is part of Dallas-based Caddis’ planned expansion in the Mid-Atlantic. “Caddis’ extensive research on this market — including population and demographic trends, existing senior residences and other factors — showed that there is a demand for more seniors housing, especially assisted living and memory care communities,” says Tami Cumings, Caddis vice president of senior living. The project is slated for completion in summer 2020. Pathway to Living will be the operator. The architect is Austin, Texas-based Katus, which has designed 15 Heartis communities. The general contractor is Wohlsen Construction Co.

February 7, 2019

Acquisitions Industrial Northeast Pennsylvania Self-Storage

Marcus & Millichap Brokers Sale of 91,740 SF Self-Storage Facility Near Pittsburgh

by David Cohen February 7, 2019

GIBSONIA, PA. — Marcus & Millichap has brokered the sale of Route 8 Self Storage, a 91,740-square-foot self-storage facility in Gibsonia, approximately 15 miles north of Pittsburgh. The sales price was undisclosed. Located at 5301 North Pioneer Road, the facility includes 670 units across 16 buildings. The property is currently 89 percent occupied. Brett R. Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was also a a limited liability company.

February 7, 2019

Acquisitions Mixed-Use Texas

Braun Enterprises Acquires 195,853 Office, Retail Property in Houston

by Alex Tostado February 7, 2019

HOUSTON — Local investment firm Braun Enterprises has acquired a 195,853-square-foot office and retail property in Houston’s Galleria neighborhood from WEDGE Properties Management Corp. Davis Adams, Wally Reid and Kelly Layne of HFF represented the seller and procured the buyer in the transaction. The property, which comprises two six-story office buildings, a single-story retail building and a two-story parking garage, was 54 percent leased at the time of sale. Braun plans to extensively renovate the interior and exterior of the office buildings and redevelop the retail space.

February 7, 2019

Leasing Activity Office Texas

Common Desk Opens 18,085 SF Coworking Office Space in West End of Dallas

by Taylor Williams February 7, 2019

DALLAS — Common Desk has opened an 18,085-square-foot coworking office space at Factory Six03, a warehouse-turned-office building located at 603 Munger St. in Dallas’ West End neighborhood. The space features 26 private offices, conference rooms, a vinyl record lounge, nap room and a wet bar. The location represents the second collaboration between Common Desk and the landlord, Granite Properties.

February 7, 2019

Acquisitions Georgia Office Southeast

Ardent Buys Office Building in Atlanta’s Buckhead District for $58M

by Alex Tostado February 7, 2019

ATLANTA — The Ardent Cos. has purchased Piedmont Center 14, a 300,454-square-foot office building located at 3535 Piedmont Road in Atlanta’s Buckhead district, for $58 million. The building is situated within Piedmont Center, a 2.1 million-square-foot office park in Buckhead located on 52 acres near Ga. Highway 400 and Piedmont Road. According to the Atlanta Business Chronicle, Ardent now owns nearly 1.7 million square feet within Piedmont Center and has the third largest office footprint among Buckhead owners, trailing only Cousins Properties and Highwoods Properties Inc. Built in 1988, Piedmont Center 14 was 79 percent leased at the time of sale to tenants including MagMutual, Change Healthcare, Kenzie Lane and NCC Media. Richard Reid, Ryan Clutter, Ralph Smalley and Huston Green of HFF represented the undisclosed seller and procured the buyer in the transaction.

February 7, 2019

Development Industrial Kentucky Southeast

Crossdock Development Breaks Ground on 572,000 SF Spec Industrial Facility Near Louisville

by Alex Tostado February 7, 2019

SHEPHERDSVILLE, KY. — Louisville, Ky.-based Crossdock Development has broken ground on a 572,000-square-foot speculative industrial facility situated within the Salt River Business Park in Shepherdsville. The Class A facility will be located on a 43-acre site off Interstate 65 about 14 miles south of the UPS Worldport in Louisville. The project, which will be shell-ready in June, will feature 36-foot clear heights and expandable parking. This facility marks the eighth industrial project in the Louisville market for Crossdock Development.

February 7, 2019

Acquisitions Florida Multifamily Southeast

Berkadia Brokers $50.1M Sale of Apartment Community near Tampa Bay

by Alex Tostado February 7, 2019

CLEARWATER, FLA. — Berkadia has brokered the $50.1 million sale of Estates at Countryside, a 320-unit apartment community located at 2652 N. McMullen Booth Road in Clearwater. The buyer, an affiliate of Insula Cos., plans to improve the property’s energy and water usage. Mitch Sinberg and Matt Robbins of Berkadia’s South Florida office arranged a $37.2 million, 10-year, floating-rate loan through Freddie Mac’s Green Up program on behalf of Insula Cos. Built in 1990, the property is situated about 21 miles from downtown Tampa on the other side of Old Tampa Bay. Estates at Countryside comprises one-, two- and three-bedroom apartments with vaulted ceilings, sunrooms, walk-in closets and washer/dryer units. Community amenities include a fitness center, spa, pool and a playground. Jason Stanton and Cole Whitaker of Berkadia represented the buyer in the transaction. The seller was not disclosed.

February 7, 2019

Acquisitions Multifamily South Carolina Southeast

JLL Arranges $49M Sale of New Multifamily Property in Metro Charlotte

by Alex Tostado February 7, 2019

FORT MILL, S.C. — JLL has arranged the $49 million sale of Beckett Farms, a 280-unit apartment community located at 1111 Gennett Circle in Fort Mill, a suburb of Charlotte in South Carolina. PRG Real Estate purchased the asset from the developer, Miller-Valentine Group. Built along Interstate 77 in 2018, Beckett Farms features a clubhouse, fire pits, pocket parks and play lawns, fitness center and a saltwater/mineral pool with sun shelves and private cabanas. Units average 1,026 square feet and include wood-style flooring, patios and balconies, large closets, granite countertops and stainless steel appliances.

February 7, 2019

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