Property Type

JLL Negotiates $405M Sale of Life Sciences Portfolio in Durham

by Alex Tostado August 2, 2019

DURHAM, N.C. — JLL has arranged the $405 million sale of Keystone Technology Park and Imperial Center, which total 1.3 million square feet of office space across 18 buildings adjacent to Research Triangle Park in Durham. The portfolio was 94 percent leased at the time of sale. The buildings feature a STEM ecosystem with buildouts and amenities including fitness centers, outdoor amenity space and lounges. Scot Humphrey, Ryan Clutter, Chris Norvell, Coleman Benedict and Zack Drozda of JLL represented the seller, Bain Capital Real Estate, in the transaction. The team also procured the buyer, an affiliate of Longfellow Strategic Value Fund LLC. Longfellow is developing the nearby Durham Innovation District, which upon completion will include 1.3 million square feet of office space, 60,000 square feet of retail space, 250,000 square feet of residential space and 115,000 square feet of lab space.

August 2, 2019

Development Florida Mixed-Use Southeast

Miami Beach City Commission OKs $15M Ocean Terrace Project

by Alex Tostado August 2, 2019

MIAMI BEACH, FLA. — The Miami Beach City Commission has approved a two-block development of its Ocean Terrace Streetscape Plan. The City entered a private-public partnership with Ocean Terrace Holdings LLC, which will be responsible for the design, construction and full execution of the five-acre public space. The redevelopment will take four years or fewer to complete and cost $15 million. What is today an asphalt street will be converted into a pedestrian-focused green space with native trees that will provide shade, walking promenades, water features and public seating. The design was developed by landscape architecture firm Raymond Jungles Inc., the group behind the Miami Beach Botanical Gardens and the promenade in front of 1111 Lincoln Road. The redevelopment will also include a boutique residential building, an upscale hotel and repositioned retail. The City of Miami Beach will retain control of all the land.

August 2, 2019

Acquisitions Georgia Multifamily Southeast

Passco Purchases Apartment Community in Augusta for $58M

by Alex Tostado August 2, 2019

AUGUSTA, GA. — Passco Cos. has purchased Grand Oaks at Crane Creek, a 300-unit apartment community in Augusta, for $58 million. The seller, Southeastern Development Associates, delivered the property in 2016 at 680 Crane Creek Drive, about five miles west of downtown Augusta. Communal amenities include a pet wash station, dog park, 24-hour fitness center, spin room, yoga studio, saltwater swimming pool, outdoor kitchen, shuffleboard, cybercafe and outdoor fireplaces. Passco plans to implement a series of eco-friendly upgrades to the property, including new LED lighting, low-flow toilets and showerheads and Nest thermostats. The company will also add washers and dryers to each unit.

August 2, 2019

Acquisitions Industrial Office Southeast Virginia

Minkoff Development Buys Office, Industrial Portfolio in Northern Virginia

by Alex Tostado August 2, 2019

CHANTILLY, VA. — Minkoff Development has acquired a five-building flex/industrial portfolio within Avion Business Park in Chantilly. The portfolio includes office buildings at 14500 Avion Parkway and 14520 Avion Parkway; and flex/industrial buildings at 14700 Avion Parkway, 3635 Concorde Parkway and 3650 Concorde Parkway. Minkoff will add a shared conference facility and tenant lounge at 14500 Avion Parkway overlooking a pond. These new amenities, along with an existing fitness facility, are open to all tenants within the portfolio. Minkoff will also be introducing modern spec suites to the office buildings. Avion Business Park is located adjacent to Dulles International Airport and 25 miles west of downtown Washington, D.C. Andy Klaff, Jeff Tarae and Dominic Orcino of Newmark Knight Frank (NKF) will handle the leasing of the office buildings. Larry FitzGerald and Cole Spalding, also with NKF, are overseeing the leasing of the flex buildings. The seller and sales price were not disclosed.

August 2, 2019

Alabama Loans Office Southeast

Grandbridge Arranges $20.5M Acquisition Loan for Office Building in Birmingham

by Alex Tostado August 2, 2019

BIRMINGHAM, ALA. — Grandbridge Real Estate Capital has arranged a $20.5 million acquisition loan for Lakeshore Park Plaza, a four-story, 196,871-square-foot office building in Birmingham. The 10-year loan, provided by one of Grandbridge’s insurance company correspondents, features a fixed interest rate and a 30-year amortization schedule. The building was constructed in 1980, renovated in 2016 and was 93 percent leased at the time of sale. The borrower and seller were not disclosed.

August 2, 2019

Acquisitions Multifamily Texas

Waterton Acquires 950-Unit Multifamily Portfolio in Austin

by Taylor Williams August 2, 2019

AUSTIN, TEXAS — Chicago-based investment and management firm Waterton has acquired a three-property, 950-unit multifamily portfolio in Austin. The garden-style properties include the 390-unit Madison at Stone Creek, the 300-unit Madison at Wells Branch and the 260-unit Madison at Scofield Farms. All properties were built in the 1990s and offer amenities such as pools, fitness centers, dog parks and clubhouses. Waterton will implement a value-add program focused on unit interiors, utility systems and amenity spaces. The seller(s) was not disclosed.

August 2, 2019

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 360-Unit Apartment Community in San Antonio

by Taylor Williams August 2, 2019

SAN ANTONIO — Berkadia has arranged the sale of Axio Apartments, a 360-unit apartment community in San Antonio. Built in 1982 and renovated in 2016, the property features one-, two- and three-bedroom units and amenities such as a pool and a fitness center, as well as tennis, basketball and volleyball courts. Mike Miller, Will Caruth and Chris Ross of Berkadia represented the seller, Texas-based investment firm Presidium Group, in the transaction. The buyer was not disclosed.

August 2, 2019

Broward County Convention Center rendering

Civic Development Florida Hospitality Southeast Top Stories

Balfour Beatty to Build $1B Broward County Convention Center Expansion in Fort Lauderdale

by Jeff Shaw August 2, 2019

FORT LAUDERDALE, FLA. — General contractor Balfour Beatty has signed a $780 million agreement with developer Matthews Southwest, making Balfour Beatty the design-build lead for the over $1 billion expansion of the Broward County Convention Center in Fort Lauderdale. The project will add 525,000 square feet of meeting space to the complex, plus a 29-story, 800-room Omni Hotel. Located on Florida’s southeastern coast approximately 25 miles north of Miami, the completed convention center will total 1.2 million square feet. The expanded property will include 350,000 square feet of contiguous exhibition space, a 65,000-square-foot waterfront ballroom, modern technology, new dining concepts, enhanced water taxi access and a waterfront plaza with public access. The Omni Hotel will add 73,000 square feet of meeting and ballroom space; multiple restaurant options including a rooftop bar; an 11,000-square-foot, full-service spa and fitness center; and over 30,000 square feet of pool decks. The hotel will be positioned along the city’s famed Intracoastal Waterway with a scenic view of the Atlantic Ocean. Matthews Southwest has called on London-based firm Balfour Beatty for projects in the United States before. The company was hired by Matthews Southwest to build the Omni convention center hotel in Dallas and a residential …

August 2, 2019

Acquisitions Industrial Lee & Associates Texas

Lee & Associates Brokers Sale of 143,332 SF Industrial Property in Houston

by Taylor Williams August 2, 2019

HOUSTON — Lee & Associates has brokered the sale of a 143,332-square-foot industrial property located at 9411 Alcorn St. in Houston. Mike Spears, Derek Riggleman and Robert LaCoure of Lee & Associates represented the seller in the transaction. Abbas Rajabi of Mohegan Capital LLC represented the buyer, Mohegan Alcorn LP.

August 2, 2019

Development Hospitality Texas

NewcrestImage Completes 195-Room AC Hotel by Marriott in Downtown Houston

by Taylor Williams August 2, 2019

HOUSTON — NewcrestImage, a Dallas-based hospitality development firm, has completed the 195-room AC Hotel by Marriott Houston Downtown. The 10-story hotel represents an adaptive reuse of the historic, former Gulf Oil headquarters building that was originally constructed in 1914. The hotel houses a restaurant, bar and lounge, as well as a fitness center, business center, a media salon, Starbucks Coffee and a 3,600-square-foot event space. Mitchell Carlson Stone served as the project architect, and Arch-Con served as the general contractor.

August 2, 2019

Newer Posts

Older Posts