Property Type

Joint Venture to Develop Convenience Store, Hotel in Suburban Maryland

by Alex Tostado September 19, 2019

FREDERICK, MD. — A joint venture between Kline Associates and Stephanie Jordan Development will develop a Royal Farms convenience store and gas station, and Tru by Hilton hotel within Gateway East Plaza in Frederick. The project is situated within an Opportunity Zone, two miles east of downtown Frederick and 47 miles west of downtown Baltimore. Ryan Minnehan and Patrick Miller of KLNB represented Royal Farms in the lease and are marketing the property to retailers for six available pad site opportunities. The KLNB team is targeting sit-down restaurants, pharmacies, banks and drive-thru restaurants to join the project. Royal Farms and Tru By Hilton are the first tenants to join Gateway East Plaza. The joint venture will break ground on Royal Farms and Tru by Hilton this month with the grand opening slated for the second half of 2020. Royal Farms is based in Baltimore and operates more than 200 stores in Maryland, Delaware, Pennsylvania, New Jersey and Virginia. Tru by Hilton is a midscale hotel that was announced in January 2016. At the beginning of 2019, there were 53 locations nationwide.

September 19, 2019

Acquisitions Georgia Multifamily Southeast

Blue Magma Acquires Multifamily Community Near Atlanta Airport for $32.5M

by Alex Tostado September 19, 2019

EAST POINT, GA. — Blue Magma Residential LLC has acquired Parkside at Camp Creek, a 486-unit multifamily community in East Point, for $32.5 million. The property is located at 4031 7 Oaks Lane SW, four miles west of Hartsfield-Jackson Atlanta International Airport and 14 miles southwest of downtown Atlanta. Parkside at Camp Creek offers two- and three-bedroom floor plans and was 95 percent occupied at the time of sale. Communal amenities include a swimming pool, clubhouse, business center, fitness center, game room, media center and basketball and racquetball courts. The buyer will rebrand the community as The Park at Galaway. Tyler Averitt and Christopher Lyon of Cushman & Wakefield represented the buyer in the transaction. Greystone provided acquisition financing. The seller was not disclosed.

September 19, 2019

Acquisitions Florida Multifamily Southeast

PIA Residential Purchases Apartment Complex in Pensacola for $26.3M

by Alex Tostado September 19, 2019

PENSACOLA, FLA. — PIA Residential has purchased Crystal Lake, a 224-unit value-add apartment complex in Pensacola, for $26.3 million. The property was 98 percent occupied at the time of sale. The buyer plans to upgrade unit interiors and improve the property. Communal amenities include a beach volleyball court, barbecue area, playground, car washing station, private lake stocked with bass and a dog park. Arbor Realty Trust provided the buyer with a Fannie Mae acquisition loan. Jimmy Adams and Josh Jacobs of Cushman & Wakefield represented the seller, ExchangeRight, in the transaction.

September 19, 2019

Acquisitions Florida Industrial Self-Storage Southeast

SkyView Advisors Arranges Sale of 1,001-Unit Self-Storage Facility in Naples, Florida

by Alex Tostado September 19, 2019

NAPLES, FLA. — SkyView Advisors has arranged the sale of a 1,001-unit self-storage facility in Naples. The 99,713-square-foot property is located on 4.3 acres at 3807 White Lake Blvd. Cameron Vale and Ryan Clark of SkyView Advisors represented the undisclosed seller in the transaction. Public Self Storage acquired the facility for an undisclosed price.

September 19, 2019

Florida Industrial Loans Southeast

Ready Capital Provides $13.4M Acquisition Loan for Industrial Building in Tampa

by Alex Tostado September 19, 2019

TAMPA, FLA. — Ready Capital has provided a $13.4 million acquisition loan to an undisclosed borrower for a 365,000-square-foot industrial building in Tampa. The borrower plans to renovate the property, including various interior repairs, HVAC replacement, roof repairs, fresh paint and parking lot maintenance. The non-recourse, floating-rate loan features a 36-month term, one extension plan and flexible prepayment options. Further details of the transaction were not disclosed.

September 19, 2019

Development Multifamily Texas

SWBC Begins Construction on 271-Unit Apartment Project in McKinney, Texas

by Taylor Williams September 19, 2019

MCKINNEY, TEXAS — Multifamily developer SWBC has begun construction on Phase II of The Royalton at Craig Ranch, a 271-unit project that will be located within the Craig Ranch master-planned community in McKinney. Floor plans will consist of one-, two- and three-bedroom units that feature granite countertops, stainless steel appliances and individual washer and dryer connections. Amenities will include a pool, clubhouse, 24-hour fitness center and outdoor grilling areas. Cross Architects is handling design of the project, and Stantec is the civil engineer. Construction is expected to last about 22 months. SWBC previously developed a sister community, Central Park at Craig Ranch, which also spans 271 units and is now 92 percent occupied. The proposed construction time is 22 months, with the first units expected to be available in March 2021.

September 19, 2019

Loans Multifamily Texas

Greystone Provides $27M Bridge Loan for Houston Multifamily Asset

by Taylor Williams September 19, 2019

HOUSTON — Greystone has provided a $27 million bridge loan for the acquisition of Villa Nueva Apartments, a 542-unit multifamily asset in Houston. Built in 1980, the property features of one- and two-bedroom units and amenities such as three pools and onsite laundry facilities. Daniel Wolins of Greystone originated the interest-only loan, which carries a two-year term and two six-month extension options, on behalf of the borrower, Iliad Realty Group. Sal Torre of Estreich & Co. arranged the debt, a portion of which will be used to fund capital improvements.

September 19, 2019

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Arranges Sale of 209-Unit Self-Storage Facility in Fort Worth

by Taylor Williams September 19, 2019

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of A Plus Boat Club, a 209-unit self-storage facility in Fort Worth. Built in 1990, the property spans 60,856 net rentable square feet and features non-climate-controlled units ranging in size from 200 to 352 square feet. Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a locally based partnership, in the transaction. The duo also procured the buyer, Spartan Investment Group, a self-storage owner-operator based in Denver.

September 19, 2019

Development Office Texas

EMCID to Build 30,000 SF Office Building in Metro Houston

by Taylor Williams September 19, 2019

NEW CANEY, TEXAS — The East Montgomery County Improvement District (EMCID) will develop a 30,000-square-foot office building in New Caney, a northeastern suburb of Houston. The property will be located within a 500-acre industrial park that EMCID owns. The development team, which received a $1.5 million grant for the project from the U.S. Department of Commerce, hopes to break ground by October and finish construction within six months. A general contractor has not yet been appointed.

September 19, 2019

Leasing Activity Office Texas

Coworking Firm Moves Headquarters to Dallas’ West End Area

by Taylor Williams September 19, 2019

DALLAS — Common Desk, a locally based coworking concept, has moved its headquarters to Factory Six03, a 215,000-square-foot office building located in the West End area of Dallas. Common Desk opened an 18,000-square-foot coworking space at the property earlier this year. Granite Properties, a privately owned development and investment firm with five offices across the country, owns the building, which was formerly used as a warehouse. Common Desk now operates six coworking spaces in Dallas-Fort Worth, with a seventh coming soon to Trammell Crow Center.

September 19, 2019

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