FRISCO, TEXAS — Locally based general contractor KWA Construction has begun work on Kilby, a 258-unit apartment community that will be located within the $600 million Frisco Square development on the northern outskirts of Dallas. Developed by Toll Brothers Apartment Living and designed by BGO Architects, the four-story property will feature amenities such as a pool, fitness center, outdoor patio with grills, game lounge and a clubroom. Completion is scheduled for late 2020.
ROCKWALL, TEXAS — Marcus & Millichap has arranged the sale-leaseback of a 145,375-square-foot industrial property located at 2975 Discovery Blvd. in Rockwall, an eastern suburb of Dallas. The property was built on 12 acres in 2015. Adam Abushagur of Marcus & Millichap represented the seller and tenant, Col-Met Engineered Finishing Solutions, in the transaction. Abushagur also procured the buyer, an institutional investor.
DALLAS — Stream Realty Partners has brokered the sale of a 127,270-square-foot industrial building located at 4545 W. Davis St. in Dallas. The property was built in 2001, according to LoopNet Inc., and offers proximity to Dallas-Fort Worth International Airport. Cannon Green and Sarah Ozanne of Stream Realty Partners represented the seller, Orion Realty, in the transaction. Craig Jones and Caleb McCoy with JLL represented the buyer.
NEW YORK CITY — Australian restaurant Ruby’s Café has signed a 1,450-square-foot retail lease in Manhattan. The property is Ruby’s Café’s third location in Manhattan, and the company plans to install a garage-door storefront ahead of its opening in fall 2019. Daniyel Cohen of Winick Realty Group represented Ruby’s Café in the lease negotiations. Benjamin Birnbaum and Andrew Taub of Newmark Knight Frank represented the landlord, HUBBNYC.
WASHINGTON, D.C. — Lowe, a national real estate investor, developer and manager, has acquired the former Randall School site at 65 I St. SW in Washington, D.C. Lowe plans to redevelop the 2.7-acre site into a 500,000-square-foot mixed-use project featuring a contemporary art museum. Lowe had first come on as partner for the project in 2017 but is now assuming control of the development from TRSW, a partnership between Telesis Corp., a national affordable housing developer, and the Rubell family, long-standing collectors and patrons of the arts. Lowe intends for the project to create an arts and cultural anchor in the Southwest neighborhood. The designated Arts District will provide a second home for the Miami-based Rubell Family Collection, an internationally acclaimed contemporary art collection that draws visitors from around the world, according to Mark Rivers, executive vice president at Lowe. At the core of the project is the restoration and repositioning of the school’s three buildings, of which two will be transformed into an approximately 31,000-square-foot art museum housing the Rubell Family Collection. Entry to the museum will be free of charge to all residents of the District. The West Randall building will be reconfigured as an 18,000-square-foot creative office …
Driven by activity in the office sector, commercial real estate in Manhattan is having one of its best years on record. The overwhelming demand for Manhattan office space has led to a surge in office-using employment and an accelerated pace of construction. In addition, the success and appeal of the new Hudson Yards project has breathed new life into the borough’s office market, with developers unable to keep up with the demand. The continued expansion in the technology and coworking sectors is reshaping the market. Companies are willing to pay a premium to snag office space that attracts top-tier, tech-savvy talent. This trend has caused office asking rents to rise to record levels. By The Numbers CBRE data shows that average asking rents for Midtown Manhattan office space reached $88 per square foot in the second quarter of 2019, 9.1 percent higher than the previous year. Class A office space commands even more, surpassing the $100 per square foot mark in desirable submarkets like Hudson Yards, Times Square or the Plaza District. The Midtown vacancy rate decreased 10 basis points to 12.2 percent, the lowest in 18 years, according to CBRE, while the past quarter saw 14.7 million square feet …
For decades, the real estate market in Miami has been either boom or bust. Lately, the market has been on an impressive expansion cycle, with new office development following aggressive lease rate increases that in some areas have risen as much as 20 percent in total the past few years. As investors and users witness the growth in South Florida, the market has seen a significant amount of new development as rental rates continued to climb. The quick expansion, and arguably over-development, has left some investors wondering if a bust is inevitable with such a crowded market. In many metro areas, a bust would be a logical result. However, South Florida has become more mature as a corporate center, leading many industry leaders to see Miami’s future as a more consistent, stable market of growth rather than one with a constant pattern of boom and bust. As South Florida matures with a diverse range of investors and users, adapts to industry disruptors and addresses transportation issues, the office market is moving into a pattern of more stable growth, with no bust on the horizon. Leasing, sales activity In the first quarter of 2019, the office market saw 1.1 million square …
TAMPA, FLA. — SunTrust Bank has provided a $75 million refinancing loan to The Related Group for a 396-unit waterfront apartment community in Tampa. Town Westshore, located at 5001 Bridge St. fronting Old Tampa Bay, offers communal amenities such as a clubhouse with catering kitchen, bay-front health spa, swimming pool, water walkway, electric car charging stations and a controlled-access parcel room with refrigerated storage for grocery deliveries. The loan was provided to refinance an existing construction loan. First residents moved into the building in March of this year.
TAMPA, FLA. — JLL has arranged the $29.4 million sale of Fountain Square II, a 133,887-square-foot office building in Tampa’s Westshore office submarket. The property is situated at 4925 Independence Parkway, eight miles west of downtown Tampa. Recently renovated in 2018, the four-story building features a fitness center, management office and a café with outdoor seating area. The building was 93.1 percent leased at the time of sale to tenants including CarePlus, ConnectWise and the U.S government. Ike Ojala and Hermen Rodriguez of JLL represented the seller, Equus Capital Partners, in the transaction. The team also procured the buyer, a joint venture between Owens Realty Capital and Galium Capital. Additionally, working on behalf of the buyers, Rebecca VanReken of JLL arranged a $20.4 million acquisition loan through TD Bank. The loan features a seven-year term with a fixed interest rate.
HATTIESBURG, MISS. AND MEMPHIS, TENN. — Blue Magma Residential LLC has purchased Country Oaks Apartments in Memphis and Prosper Hattiesburg Apartments in Hattiesburg for a total of $32.6 million. Country Oaks is located at 6536 S. Country Oaks Circle in southeast Memphis. The property will be rebranded as The Park at Hollyford. Country Oaks was 98 percent occupied at the time of sale and the new ownership is planning to invest $2.6 million to renovate the interiors and exterior of the property. Multifamily Capital Markets represented the buyer in the transaction. Prosper Hattiesburg is located at 200 Foxgate Ave., near the University of Southern Mississippi. The buyer will invest $3.4 million to upgrade the interiors and exteriors of the property and rebrand it as The Park at Mayfield. Andrew Brown of Cushman & Wakefield represented the buyer in the transaction. Regions Bank provided acquisition financing on behalf of Blue Magma for both transactions.
