HALLANDALE BEACH, FLA. — Lotus Capital has arranged a $100 million construction loan for SLS Residence, a planned 250-unit residential tower in Hallandale Beach. Related Fund Management provided the five-year loan to the developer, Connecticut-based PPG Development. The 26-story building will be a part of a 150-acre project that will include SLS Hotel, tennis courts, a marina and a Greg Norman-designed golf course. The borrower expects to complete the multifamily units in late 2021.
WASHINGTON, D.C. — Drawbridge Realty has acquired 1331 L St., a 169,430-square-foot, 10-story office building in Washington, D.C., for $87 million. The building serves as the corporate headquarters for CoStar Group Inc., with approximately 850 employees on site. The building features a 2,940-square-foot roof terrace with views of downtown, a conference center with seating for 76 people and a 3,000-square-foot fitness center with showers and locker rooms. A three-level, below-grade parking garage offers 102 spaces with 12 electric vehicle charging stations. Built in 2008, 1331 L St. is located five blocks from The White House and two blocks from the McPherson Square Metro Station. Nicholas Pappas and Tim McDonald of Eastdil Secured represented the undisclosed seller in the transaction.
WASHINGTON, D.C. — JLL has negotiated the $69.8 million sale of 1120 G St., a 10-story, 134,964-square-foot office building located three blocks from The White House. The building was 75 percent leased at the time of sale to 13 tenants. Jim Meisel, Matt Nicholson, Andrew Weir, Stephen Conley and Dave Baker of JLL represented the undisclosed seller in the transaction. A fund sponsored by Global Real Estate of Credit Suisse Asset Management acquired the property.
PUNTA GORDA, FLA. AND WILLIAMSBURG, VA. — Branch Properties LLC has acquired two grocery-anchored shopping centers in the Southeast for $47 million. The two properties are Burnt Store Marketplace in Punta Gorda and Lightfoot Marketplace in Williamsburg. Branch Properties acquired the 95,625-square-foot Burnt Store Marketplace for $17 million. A 46,500-square-foot Publix anchors the center, which includes four undeveloped outparcels. The center was 88 percent leased at the time of sale to tenants including Anytime Fitness, Pet Supermarket and The Home Depot, which was not a part of the sale. Built in 1989, the center was fully renovated in 2017 as part of Publix’s store replacement and expansion. Lightfoot Marketplace spans 116,023 square feet and was 85 percent occupied at the time of sale to tenants including anchor Harris Teeter, Great Clips, SunTrust Bank, Pet Valu and Panera Bread. Atlanta-based Branch Properties bought the center for $30 million. The sellers were not disclosed.
HOUSTON — JLL has arranged the majority-interest sale of CityCentre Five, a 200,000-square-foot office building in Houston. The Class A, 15-story property is one of five office buildings in the CityCentre portfolio and was more than 95 percent leased at the time of sale. On behalf of a client, Lionstone Investments purchased the stake, the exact percentage of which was not disclosed, from Midway Cos. Kevin McConn, Rudy Hubbard, Rick Goings and Michael Zietsman of JLL represented Midway in the transaction.
HOUSTON — A joint venture between TriArc Real Estate Partners and Zeus Equity Group has acquired the Candlelight Portfolio, a 220-unit multifamily portfolio located in the Garden Oaks submarket of Houston. The portfolio consists of three properties on a combined 5.6 acres, all of which were built in the early 1970s. The new ownership will implement an $8 million capital improvement plan. The seller and property names were not disclosed.
THE WOODLANDS, TEXAS — The J. Beard Real Estate Co. has negotiated a 58,978-square-foot lease at Havenwood Office Park in The Woodlands, about 30 miles north of Houston. The tenant was not disclosed. Situated on Interstate 45 North between Woodlands Parkway and Sawdust Road, Havenwood Office Park features a LEED Silver-certified, four-story building offering approximately 250,000 square feet of Class A office space. Amenities include a fitness center, conference room and an outdoor plaza with seating area. Lisa Hughes of J. Beard represented the landlord, Havenwood Land Developments LP, in the lease negotiations.
FORT WORTH, TEXAS — Stork H&E, a manufacturer of turbine blades and machinery for the aerospace and petrochemical processing industries, has signed a 67,281-square-foot industrial lease at Carter Distribution Center in Fort Worth. Matt Carthey and Thomas Grafton with Holt Lunsford Commercial represented the owner, Boston-based Cabot Properties Inc., in the lease negotiations. Todd Hawpe with Transwestern represented the tenant.
RICHARDSON, TEXAS — Marcus & Millichap has arranged the sale of Hilton Garden Inn Dallas/Richardson, a 125-room hotel that was built in 2008. The property is located along the Telecom Corridor, a six-mile strip northeast of Dallas that houses some 600 technology companies and 25 million square feet of office space. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, a Texas-based limited liability company, in the transaction. The buyer was not disclosed.
LAS VEGAS — Security Properties has purchased Lofts at 7100, a Class A wrap-style multifamily asset located in Las Vegas’ Northwest submarket. An undisclosed seller sold the property for $80 million. Originally developed in 2008, Lofts at 7100 features 379 apartments with at least 11-foot ceilings, fully appointed kitchens, full-size washers/dryers and either a private patio/balcony or sunroom. The community features two resort-style swimming pools with spa, a 24-hour fitness center, clubhouse, pet exercise park, business center, secured parcel room and garage parking. Security Properties plans to hold the property long term and upgrade unit interiors to uniform finishes and improve the asset’s amenity package, focusing on the leasing office/entryway, fitness center and outdoor pool area. Security Properties Residential, an affiliate of Security Properties, will manage the community. With this acquisition, Security Properties now owns 123 assets totaling approximately 24,500 units across its portfolio, including five properties and more than 1,500 units in the Las Vegas marketplace.