Property Type

Avison Young Arranges $46M Sale of Contiguous Sites in Miami’s Wynwood District, Buyer Plans to Build Multifamily Units

by Alex Tostado August 23, 2019

MIAMI — Avison Young has arranged the $46 million sale of seven contiguous parcels in Miami’s Wynwood neighborhood. An affiliate of PMG Acquisitions LLC purchased the land and plans to build multifamily units up to six stories high above the existing single-story retail buildings. Six of the seven parcels have retail buildings already in place. The land is located at the corner of Second Avenue and 24th Street, three miles north of downtown Miami. Details for construction were not disclosed. John Crotty, Michael Fay, David Duckworth, Brian de la Fé and Myles Stepner of Avison Young represented the seller, a private family trust, in the sales transaction. Peter Desiderio of Stearns Weaver Miller Weissler Alhadeff & Sitterson P.A., and Laura Bourne Burkhalter of Laura Bourne Burkhalter P.A., provided legal representation on behalf of the seller.

August 23, 2019

Florida Loans Multifamily Southeast

KeyBank Provides $39M Acquisition Loan for Apartment Complex in Central Florida

by Alex Tostado August 23, 2019

DAVENPORT, FLA. — KeyBank Real Estate Capital has provided a $39 million Fannie Mae acquisition loan on behalf of Bluerock Real Estate for The Meadows at ChampionsGate. The Meadows at ChampionsGate is a 304-unit apartment community located in Davenport, adjacent to ChampionsGate Country Club and about 30 miles southwest of downtown Orlando. The property comprises nine three-story buildings on 17 acres. Communal amenities include a resident lounge with game room, 24-hour fitness center, swimming pool, bark park, clubhouse and a car care station. The seller was not disclosed.

August 23, 2019

Georgia Leasing Activity Retail Southeast

North American Properties Reveals First Retailers Joining $900M Mixed-Use Development in Metro Atlanta

by Alex Tostado August 23, 2019

DULUTH, GA. — North American Properties (NAP) has revealed its first retail tenant lineup at Revel, its $900 million, Infinite Energy Center-anchored mixed-use development in Duluth. The first nine tenants announced at the Gwinnett County project include Superica, a Tex-Mex restaurant run by restaurateur Ford Fry; Regal Cinemas; The Painted Pin, which will be the second location for the bowling, entertainment and bar concept; JINYA Ramen Bar; American Barber; Secreto, chef Boyd Rose’s concept serving Southern cuisine; The Local Expedition Wood Fired Grill; Maker’s Coffee & Wine; and Honeysuckle Gelato. The development will span 118 acres and will offer 300,000 square feet of curated retail, dining and entertainment; 650,000 square feet of office space; a 340-room, 4-star hotel; 900 single-family and multifamily residences; and 275,000 square feet of community greenspace. NAP is also redeveloping Infinite Energy Center, which includes Infinite Energy Arena, Forum and Theater. NAP is developing Revel through a public-private partnership with the Gwinnett County Convention and Visitors Bureau. A timeline for completion was not disclosed.

August 23, 2019

Loans Multifamily Seniors Housing Texas

CBRE Arranges $55.5M Loan for Refinancing of Seniors Housing Community in Houston

by Taylor Williams August 23, 2019

HOUSTON — CBRE has arranged a $55.5 million loan for the refinancing of The Village of River Oaks, a Class A, 198-unit continuing care retirement community (CCRC) in Houston. The borrower was a joint venture between Bridgewood Property Co. and Harrison Street. A national bank provided the loan, which features a four-year term, floating interest rate and 30 months of interest-only payments. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the transaction. CBRE also arranged the development financing for the property in 2015. Retirement Center Management, Bridgewood’s wholly owned management affiliate, will continue to operate the property.

August 23, 2019

Industrial Leasing Activity Texas

Lighting, Electrical Contractor Signs 72,900 SF Industrial Lease in Irving

by Taylor Williams August 23, 2019

IRVING, TEXAS — Facility Solutions Group Inc., an Austin-based provider of lighting, electrical and energy management products, has signed a 72,900-square-foot industrial lease at 2800 Valley View Lane in Irving. According to LoopNet Inc., the property was built in 2018 and totals 294,795 square feet. Jeremy Kelly and Sarah Ozanne of Stream Realty Partners represented the landlord, Alpha Industrial Properties, in the transaction. NAI Robert Lynn represented the tenant.

August 23, 2019

Industrial Leasing Activity Texas

NKF Negotiates 40,648 SF Industrial Lease Renewal in Houston

by Taylor Williams August 23, 2019

HOUSTON — Newmark Knight Frank (NKF) has negotiated a 40,648-square-foot industrial lease renewal at Eastwood Industrial Park, located at 4545 Eastpark Drive in Houston. Griffin Rich of NKF represented the tenant, Tri Star Freight Systems, Inc., in the lease negotiations. The representative of the landlord, Kadiwal Investments LP, was not disclosed.

August 23, 2019

Acquisitions Retail Texas

Marcus & Millichap Closes Sale of 8,144 SF Retail Property in Houston

by Taylor Williams August 23, 2019

HOUSTON — Marcus & Millichap has closed the sale of Bellaire Town Center, an 8,144-square-foot retail center located at 13438 Bellaire Blvd. in Houston. Gus Lagos and Alex Wolansky of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was not disclosed.

August 23, 2019

Acquisitions Retail Texas

EDGE Realty Brokers Sale of 4,800 SF Strip Retail Center in Metro Houston

by Taylor Williams August 23, 2019

SPRING, TEXAS — EDGE Realty Capital Markets has brokered the sale of Meadows Edge Shopping Center, a 4,800-square-foot strip retail property located along Interstate 45 in the northern Houston suburb of Spring. Shadow-anchored by Lowe’s Home Improvement, the property was fully leased at the time of sale to tenants such as Sprint, Leslie’s Pool Supplies, Lenny’s Grill & Subs and Paradise Grills. Burdette Huffman and Josh Jacobs of EDGE represented the seller, 20141 North Freeway LLC, in the transaction. Sam Affanhe of Hunington Properties represented the buyer.

August 23, 2019

Acquisitions Massachusetts Northeast Retail

Marcus & Millichap Negotiates $58M Sale of Retail Center in Attleboro, Massachusetts

by Alex Patton August 23, 2019

ATTLEBORO, MASS. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $58 million sale of Bristol Place, a retail center located about 30 miles south of Boston. At the time of sale, the property was 88 percent leased to tenants including Market Basket, Home Depot and Hobby Lobby. Joseph French, Glen Kunofsky, Thomas Dalzell, Russell Wachtler of IPA represented the undisclosed seller in the transaction. French procured the buyer, a joint venture between a Boston-based private real estate firm and an institutional investor.

August 23, 2019

Loans Multifamily New Jersey Northeast

JLL Arranges $43M in Refinancing for Multifamily Property in Morris Plains, New Jersey

by Alex Patton August 23, 2019

MORRIS PLAINS, N.J. — JLL has arranged $43 million for the refinancing for Signature Place, a 197-unit multifamily community in Morris Plains, a city located about 30 miles east of New York City. Nationwide Life Insurance Co. provided the loan, which carries a fixed interest rate and a five-year term. Loan proceeds retired the existing construction loan. Signature Place offers one-, two- and three-bedroom units, with amenities including a fitness center, walking trail and tennis courts. Jon Mikula, Greg Nalbandian, Andrew Zilenziger and Carlos Silva of JLL arranged the loan on behalf of the borrower, New Jersey-based developer Roseland Residential Trust.

August 23, 2019

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