Property Type

Trez Capital, Hines Acquire 1,603-Unit Self-Storage Facility in Plano

by Taylor Williams October 28, 2019

PLANO, TEXAS — A partnership between Dallas-based Trez Capital and Houston-based Hines has acquired a 1,603-unit self-storage facility located at 525 N Ave. in Plano. The four-building facility, which is located near the intersection of President George Bush Tollway and U.S. Highway 75, features a gross square footage of 235,400 square feet and 124 for-lease parking spaces. The new ownership plans to increase the leasable parking space by 30 to 40 percent. The transaction marks the first self-storage acquisition for the partnership, which has primarily focused on single-family development over its six-year existence.

October 28, 2019

Acquisitions Multifamily Texas

RightQuest Sells 416-Unit Multifamily Portfolio in South Texas

by Taylor Williams October 28, 2019

EDINBURG AND BROWNSVILLE, TEXAS — Dallas-based developer RightQuest, n conjunction with local partnerships JTMR LLC and JJR Group Ltd, has sold a 416-unit luxury apartment portfolio located in south Texas to an undisclosed buyer. The portfolio includes the 144-unit Royal Vista in Edinburg, the 128-unit Bella Vista Phase I and the 144-unit Bella Vista Phase II in Brownsville. All properties were completed within the last six years. Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction, and JLL represented the buyer.

October 28, 2019

Leasing Activity Retail Texas

Virgata Announces Tenant Openings at 14-Acre Mixed-Use Project Near Houston

by Taylor Williams October 28, 2019

FRIENDSWOOD, TEXAS — Virgata Property Co. has announced several new tenant openings at Virgata Commons, the company’s 14-acre mixed-use development in Friendswood, located south of Houston. Orangetheory Fitness and MOD Pizza recently opened their doors, while Chipotle Mexican Grill and Jersey Mike’s are slated to open in mid-November. A space for Chick-fil-A is under construction and is expected to be complete by early 2020.

October 28, 2019

Hospitality Loans Texas

Greysteel Arranges Refinancing of 64-Room La Quinta Hotel in San Antonio

by Taylor Williams October 28, 2019

SAN ANTONIO — Greysteel has arranged a loan of an undisclosed amount for the refinancing of the 64-room La Quinta Inn & Suites by Wyndham San Antonio, located just off Interstate 10 in the Alamo City. The hotel features a pool, fitness center and a business center. Mitt Patel and Daniel Hartnett of Greysteel arranged the long-term, fixed-rate financing on behalf of the undisclosed borrower.

October 28, 2019

Loans New York Northeast Office

AKS Capital Arranges $749M Refinancing for The Company Building Office Property in Manhattan

by Alex Patton October 28, 2019

NEW YORK CITY — AKS Capital Partners has arranged a $749 million refinancing loan for the redevelopment of 335 Madison as The Company Building, a 1.1 million-square-foot, Class A office property in Manhattan. Brookfield Real Estate Financial Partners provided the loan to the borrower, Milstein Properties, to support the building’s redevelopment plan, which will deliver a interior upgrades such as a new wellness center, outdoor space, dining venues and a theater. Company, a tech startup incubator, occupies 250,000 square feet as the building’s anchor tenant. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz and Michael Diaz of AKS Capital Partners arranged the transaction for Milstein Properties. SHoP Architects is handling design of the redevelopment.

October 28, 2019

Development Industrial Southeast Tennessee

Holladay Properties Breaks Ground on 330,000 SF Phase III of Industrial Park Near Nashville International Airport

by Alex Tostado October 28, 2019

NASHVILLE, TENN. — Holladay Properties has broken ground on Phase III of Airport Logistics Park, a 95-acre master-planned industrial park near Nashville International Airport on Old Murfreesboro Pike. Phase III will span 330,000 square feet. Holladay expects Phase I and II to deliver in spring 2020 while Phase III is expected to deliver in fourth-quarter 2020. Ronnie Wenzler of Cushman & Wakefield oversees leasing efforts for the logistics park. Phases I and II comprise 402,500 square feet, 329,400 square feet of which is leased to companies including Aramark, DHL, Power Home Remodeling Group, Advance Electric & Industrial, PGW Auto Glass, Safeway and Overhead Door. Airport Logistics Park’s design team includes civil engineer Kimley-Horn and architect TRC Worldwide. Eutaw Construction has begun site work and a general contractor has yet to be named.

October 28, 2019

Development Florida Multifamily Southeast

Roger B. Kennedy Construction Begins 318-Unit Multifamily Property in Fort Myers

by Alex Tostado October 28, 2019

FORT MYERS, FLA. — Roger B. Kennedy Construction has begun construction on Murano at Three Oaks Apartments in Fort Myers on behalf of developer Courtelis Co. Although costs were not expressly disclosed, the contractor said its contract is worth $38 million. The property is a planned 318-unit apartment community located at 17167 Three Oaks Parkway. The community will feature two four-story apartment buildings, a clubhouse, pool pavilion and detached garages. Forum Architecture & Interior Design designed the property, which is expected to deliver in January 2021.

October 28, 2019

Acquisitions Multifamily South Carolina Southeast

Capstone Negotiates Sale of 304-Unit Apartment Complex in Columbia

by Alex Tostado October 28, 2019

COLUMBIA, S.C. — Capstone Apartment has negotiated the sale of Hunter’s Way, a 304-unit apartment complex in Columbia. The garden-style property offers one-, two- and three-bedroom floor plans spanning 38 two-story buildings. The community was 92 percent occupied at the time of sale. Communal amenities include a swimming pool, playground and clubhouse, as well as laundry facilities in each building. The buyer, GLP Investments, plans to rebrand the community and implement a multimillion-dollar renovation. Ron Corrao, Alex McDermott, Austin Green, and Brian Ford of Capstone represented the seller, Rivercity Ventures, in the transaction. The sales price was not disclosed.

October 28, 2019

Acquisitions Georgia Retail Southeast

Halpern Enterprises Acquires 133,310 SF Shopping Center in North Georgia

by Alex Tostado October 28, 2019

CALHOUN, GA. — Halpern Enterprises has acquired Indian Hills, a 133,310-square-foot shopping center in Calhoun. Developed in 1998, Indian Hills’ current tenants include Chick-fil-A, Hibbett Sports, CATO, GNC, PT Solutions and Tractor Supply. Taco Bell and Captain D’s are located on separately owned parcels directly in front of the property. Indian Hills is located at 429 Ga. Highway 53, directly across from Mohawk Industries, which employs 3,400 people. The seller and sales price were not disclosed.

October 28, 2019

Acquisitions Multifamily South Carolina Southeast

Berkadia Arranges $28M Sale of Multifamily Community in North Charleston

by Alex Tostado October 28, 2019

NORTH CHARLESTON, S.C. — Berkadia has arranged the $28 million sale of Planters Crossing, a 256-unit multifamily community in North Charleston. The property is located at 7910 Crossroads Drive, 15 miles north of downtown Charleston. The community offers one- and two-bedroom floor plans. Communal amenities include a clubhouse, swimming pool, sundeck, barbecue area and laundry facilities. Mark Boyce and Blake Coffey of Berkadia represented the seller, Intersouth Realty, in the transaction. John Bray of Berkadia originated a Fannie Mae acquisition loan on behalf of the buyer, Charleston-based Blaze Partners.

October 28, 2019

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