Property Type

New York Life Provides $44.5M Bridge Loan for Houston Office Property

by Taylor Williams January 15, 2019

HOUSTON — New York Life Real Estate Investors has provided a $44.5 million bridge loan for 515 Post Oak, a 274,848-square-foot, 12-story office property located in the Galleria area of Houston. The Class A property, which offers access to Interstates 610 and 69, was renovated in 2012 and includes a four-story parking garage, fitness center and a full-service deli. Proceeds will be used to meet the lease-up objectives of the owner and borrower, Spear Street Capital. Other loan terms were not disclosed.

January 15, 2019

Development Multifamily Texas

AMCAL Equities Acquires 35.3 Acres in Fort Worth for New Multifamily Project

by Taylor Williams January 15, 2019

FORT WORTH, TEXAS — Agoura Hills, Calif.-based AMCAL Equities LLC has acquired 35.3 acres near Fort Worth Alliance Airport for the development of a new multifamily project. Construction of Phase I will begin in June and deliver 264 units, while construction of Phase II will begin in 2022 and deliver 256 units. Amenities will include multiple pools, a fitness center, media and movie room, business center and a dog park. Lane Kommer and Dan Spika of Henry S. Miller represented AMCAL Equities in the land sale. Ryan Turner, David Davidson and Ed Bogel of Davidson Bogel Real Estate represented the seller, Dallas-based Harwood Properties LLC.

January 15, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 288-Unit Apartment Community in Houston

by Taylor Williams January 15, 2019

HOUSTON — Marcus & Millichap has brokered the sale of One Pine Apartments, a 288-unit multifamily community in Houston. Built in 1972, the property offers one-, two- and three-bedroom units and amenities such as a pool, playground, outdoor grilling area and a business center. Jeffrey Fript and Christian Mazzini of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity. The new ownership will implement a value-add program.

January 15, 2019

Acquisitions Office Texas

Weingarten Sells 129,250 SF Office Building in Northwest Houston

by Taylor Williams January 15, 2019

HOUSTON — Weingarten Realty Investors has sold 1919 North Loop West, a 129,250-square-foot office building in northwest Houston. The six-story building is located near The Galleria neighborhood and Memorial Hermann Greater Heights Hospital. Rudy Hubbard, Kevin McConn and Rick Goings of JLL handled the sale on behalf of Weingarten. Paul House and John Ream of JLL arranged an undisclosed amount of acquisition financing for the deal on behalf of the buyer, an affiliate of Houston-based Simpkins Group Inc. In addition, Cutt Ableson, Mark Crosswell and Colin Marusak of Berkadia arranged an undisclosed amount of joint venture equity for the acquisition on behalf of the buyer.

January 15, 2019

Healthcare Leasing Activity Texas

NAI Partners Negotiates 4,646 SF Lease Renewal, Expansion for Houston Healthcare Provider

by Taylor Williams January 15, 2019

HOUSTON — NAI Partners has negotiated a 4,646-square-foot lease renewal and expansion at 5757 Woodway Drive in Houston for Luna Recovery, a local mental health provider that specializes in outpatient drug and alcohol addiction counseling. Taylor Wright of NAI Partners represented the tenant in the lease negotiations. Zachary Wolf of Braun Enterprises represented the landlord, 5757 Woodway Ltd., an entity owned by Braun Enterprises.

January 15, 2019

Development Healthcare Michigan Midwest

Granger, HED Complete $24M Renovation of Cancer Center in Ann Arbor, Michigan

by Kristin Harlow January 15, 2019

ANN ARBOR, MICH. — Granger Construction and architect Harley Ellis Devereaux (HED) have completed the renovation of the Robert H. and Judy Dow Alexander Cancer Center at the St. Joseph Mercy Ann Arbor’s hospital campus. The $24 million project involved the expansion of the cancer center to 66,000 square feet in order to provide space for the hospital’s growth and to enhance the facility’s cancer research and treatment facilities. Home to 38 exam rooms, the expanded facility offers a separate entrance and exit for patients. The existing building’s main atrium was also replaced, and significant exterior improvements were added. A new infusion center overlooks a healing garden. St. Joseph Mercy Hospital owns the facility and served as project developer.

January 15, 2019

Loans Midwest Minnesota Multifamily Seniors Housing

Dougherty Provides $20.9M Construction Loan for Seniors Housing Apartment Complex in West St. Paul

by Kristin Harlow January 15, 2019

WEST ST. PAUL, MINN. — Dougherty Mortgage LLC has provided a $20.9 million HUD-insured loan for the construction of Darts Senior Apartments, a 172-unit affordable seniors housing property in West St. Paul. All units will be restricted to persons age 62 and older who earn up to 60 percent of the area median income. Dougherty arranged the 40-year loan on behalf of the borrower, WSP Senior Housing I LLLP. In addition to the HUD-insured first mortgage, the project will receive equity from the sale of low-income housing tax credits and funds from the Dakota County Community Development Agency Housing Opportunities Enhancement program. Dougherty & Co. LLC also underwrote tax-exempt bonds for the development, which is expected to open in summer 2020.

January 15, 2019

Illinois Loans Midwest Retail

Cushman & Wakefield Arranges $12M Refinancing for Retail Property in Naperville, Illinois

by Kristin Harlow January 15, 2019

NAPERVILLE, ILL. — Cushman & Wakefield has arranged a $12 million loan for the refinancing of River Square in Naperville. The 58,677-square-foot retail property, located at 22 E. Chicago Ave., is 96 percent leased. Jeffrey Cohen of Cushman & Wakefield arranged the fixed-rate loan on behalf of Clarion Partners and a large overseas pension fund. Voya Investment Management provided the loan. NARE, a local real estate investor, sold the property to Clarion in October 2018.

January 15, 2019

Acquisitions Midwest Minnesota Restaurant Retail

Hanley Investment Group Brokers $5M Sale of Building Leased to Raising Cane’s in Metro Minneapolis

by Kristin Harlow January 15, 2019

COON RAPIDS, MINN. — Hanley Investment Group Real Estate Advisors has brokered the sale of a new single-tenant building occupied by Raising Cane’s Chicken Fingers in Coon Rapids for $5 million. The 2,780-square-foot building is located at 13001 Round Lake Blvd. Raising Cane’s has a new 15-year lease term. Jeff Lefko and Bill Asher of Hanley represented the seller, OneCore Global. Mehdi Star of Colliers International represented the buyer, a San Francisco-based private investor. The sales price represents a cap rate of 6 percent. This was the highest-priced Raising Cane’s to trade in the Midwest, according to Hanley.

January 15, 2019

Acquisitions Midwest Missouri Retail

Block & Co. Negotiates Sale of 19,900 SF Retail Building in Liberty, Missouri

by Kristin Harlow January 15, 2019

LIBERTY, MO. — Block & Co. Inc. Realtors has negotiated the sale of a 19,900-square-foot retail building in Liberty, a northeastern suburb of Kansas City. The sales price was not disclosed. The property is located on a one-acre pad site in front of Liberty Commons shopping center. The building is fully leased to Blaze Pizza, Phone Medic, Evolve Juicery & Paleo Kitchen, Chic Nails & Spa, Orange Theory Fitness, Joplimo Mattress and McAlister’s Deli. David Block and Alex Block of Block & Co. represented the buyer, Liberty Commons 2018 LLC. Legacy Liberty LLC was the seller. Block & Co. will handle leasing and property management for the building.

January 15, 2019

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