Property Type

Birtcher Anderson Sells Industrial Property in Tampa for $15.8M

by Alex Tostado October 11, 2019

TAMPA, FLA. — Birtcher Anderson has sold Park 6, a 184,500-square-foot industrial property in Tampa, for $15.8 million. Park 6 was previously part of the 676,735-square-foot Tri County Business Park that Birtcher Anderson purchased for $40.4 million in December 2017. The property was subdivided for sale and includes six of Tri County Business Park’s 20 buildings. Park 6 was 93 percent leased at the time of the sale. Ryan Vaught and Robyn Hurrell of Colliers International represented the seller in the transaction. The buyer was not disclosed.

October 11, 2019

Development Office Texas

KDC, Weston Urban Complete 460,000 SF Frost Tower in Downtown San Antonio

by Taylor Williams October 11, 2019

SAN ANTONIO — Developers KDC and Weston Urban have completed the 460,000-square-foot Frost Tower in downtown San Antonio. Construction of the 23-story building, which the developers say represents the biggest office project delivered in downtown San Antonio in 30 years, began in March 2017. Tenants have started moving in, and include JPMorgan Chase, State Farm and Toyota. Pelli Clarke Pelli served as the design architect. Kendall/Heaton Associates was the production architect, and Clark Construction Group LLC was the general contractor.

October 11, 2019

Acquisitions Multifamily Texas

Praedium Group Acquires 387-Unit Everly Apartments in West Houston

by Taylor Williams October 11, 2019

HOUSTON — The Praedium Group, a New York-based investment firm, has acquired Everly Apartments, a 387-unit multifamily community in West Houston. Built in 2018, the property offers one- and two-bedroom units that range in size from 659 to 1,292 square feet and feature stainless steel appliances, granite or quartz countertops and custom wood cabinetry. Amenities include a pool with cabanas, a fitness center, indoor golf simulator, outdoor beer garden and a Wi-Fi lounge with private conference rooms. The seller was not disclosed.

October 11, 2019

Loans Multifamily Texas

CIT Group Funds $56M Loan for Acquisition, Renovation of Irving Apartment Complex

by Taylor Williams October 11, 2019

IRVING, TEXAS — New York City-based bank CIT Group Inc. has provided a $56 million loan for the acquisition and renovation of Bel Air Las Colinas, a 515-unit multifamily complex in Irving. The garden-style property consists of 28 three-story buildings that feature studio, one- and two-bedroom floor plans. Amenities include a pool and a resident clubhouse. A portion of the proceeds will be used to fund capital improvements to the unit interiors, landscaping and amenity spaces. The borrower was Western Wealth Capital, an investment firm based in British Columbia.

October 11, 2019

Loans Multifamily Seniors Housing Texas

Greystone Provides $37M Refinancing for Seniors Housing Community in Metro Houston

by Taylor Williams October 11, 2019

PEARLAND, TEXAS — Greystone has provided a $37 million Fannie Mae loan for the refinancing of Watercrest at Shadow Creek Ranch, an independent living community in Pearland, a southern suburb of Houston. The property was constructed in 2017 and features 222 units. The borrower was Integrated Real Estate Group and its affiliated operator, Integrated Senior Lifestyles. Cary Tremper of Greystone structured the 10-year senior mortgage.

October 11, 2019

Industrial Leasing Activity Texas

Avison Young Negotiates 102,863 SF Industrial Lease Near Port Houston

by Taylor Williams October 11, 2019

PASADENA, TEXAS — Avison Young has negotiated a 102,863-square-foot industrial lease within Bayport North Logistics Center I, located near Port Houston in the eastern suburb of Pasadena. Bob Berry and Grant Hortenstine of Avison Young represented the tenant, American Cross-Dock & Storage, in the lease negotiations. CBRE’s Jason Dillee and Andrew Jewett represented the landlord, Triten Real Estate Partners.

October 11, 2019

Development Michigan Midwest Retail

PREIT Opens Woodland Mall Expansion in Grand Rapids, Michigan

by Kristin Harlow October 11, 2019

GRAND RAPIDS, MICH. — PREIT has opened the Woodland Mall expansion wing. In 2017, the company purchased the store formerly occupied by Sears at the mall. It was demolished in order to make way for new uses. Von Maur now occupies 90,000 square feet at the new wing and is the department store’s first in the region. Other new retailers slated to open at the property include Urban Outfitters, Sephora, White House Black Market, Tricho Salon, Paddle North, Mobile Station and REI, which opened in May. New dining options include Black Rock Bar & Grill and The Cheesecake Factory, slated to open in November.

October 11, 2019

Loans Midwest Multifamily Ohio Seniors Housing

NorthMarq Arranges $23.7M Construction Financing for Seniors Housing Property in Cincinnati

by Kristin Harlow October 11, 2019

CINCINNATI — NorthMarq has arranged $18.2 million of construction debt and $5.5 million of equity for Airy Hills at North Bend Crossing, a seniors housing property in Cincinnati. The 82-unit community will be located at 5150 N. Bend Crossing. The unit mix will include 31 assisted living units, 32 memory care units and 19 rehabilitation units. Noah Juran of NorthMarq arranged the three-year financing with a regional bank. General contractor The Douglas Co. expects to begin construction immediately. Completion is slated for the fourth quarter of 2020 or early 2021.

October 11, 2019

Development Healthcare Midwest Minnesota Retail

Lupe to Redevelop Retail Site in Woodbury, Minnesota Into Medical Office

by Kristin Harlow October 11, 2019

WOODBURY, MINN. — Lupe Development Partners has unveiled plans to redevelop a 6.7-acre retail site at the intersection of Valley Creek Road and I-494 in Woodbury. Lupe will tear down an existing Key Inn motel to make way for a new 34,000-square-foot medical office building. There will also be a credit union-anchored retail building and a drive-thru restaurant. Plans also call for the renovation of two small office buildings on Woodlane Drive. Demolition of the motel is expected to begin in early 2020. The first new buildings are slated for completion in September 2020. Aaron Barnard and Anne Stahley of Cushman & Wakefield will market the medical office building for lease. Sara Martin and Molly Townsend of Colliers International will market the retail portion for lease.

October 11, 2019

Acquisitions Industrial Michigan Midwest

Innovative Industrial Properties Acquires 156,000 SF Property in Michigan for $19M

by Kristin Harlow October 11, 2019

WARREN, MICH. — Innovative Industrial Properties Inc. (IIP) has acquired a 156,000-square-foot industrial property in Warren, a northern suburb of Detroit. The purchase price was $19 million. Concurrent with the acquisition, IIP entered into a long-term, triple-net lease agreement with LivWell Michigan LLC, a licensee of LivWell Holdings Inc. The tenant intends to operate the property as a licensed cannabis cultivation and processing facility. LivWell is expected to complete tenant improvements at the property and IIP has agreed to provide reimbursement of up to $23 million.

October 11, 2019

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