Property Type

Aztec Arranges $142M Loan for Melo Group’s 667-Unit Art Plaza Community in Miami

by Alex Tostado December 13, 2019

MIAMI — Aztec Group Inc. has arranged $142 million in agency debt financing for the developer Melo Group’s new Art Plaza development in Miami. Berkadia’s Miami office will act as seller-servicer for the Freddie Mac loan. The 10-year loan features full-term interest-only payment and a fixed interest rate under 3.5 percent. Aztec’s Peter Mekras arranged the financing on behalf of Melo, which is using the loan to refinance an $85 million construction loan for the project. Located at 58 NE 14th St. in Miami’s Arts & Entertainment District, the Art Plaza multifamily tower consists of 667 rental apartments and 15,000 square feet of retail space. The building, which opened in June, is now 95 percent occupied. Located one block from the Metromover School Board station, Art Plaza features a pool, fitness center, social lounge and covered parking.

December 13, 2019

New Jersey Northeast Office

NAI James Hanson Negotiates 5,374 Office Lease in Paramus, New Jersey

by Alex Patton December 13, 2019

PARAMUS, N.J. — NAI James Hanson has negotiated a 5,374-square-foot office lease for Edge Physical Therapy & Sports Medicine LLC in Paramus, located approximately 20 miles northwest of New York City. The 168,000-square-foot office building offers access to Garden State Parkway, the New Jersey Turnpike and two regional shopping centers. Darren Lizzack and Randy Horning of NAI James Hanson represented the tenant in the lease negotiations. Curtis Foster and Jerry Shifrin of Cushman & Wakefield represented the landlord, Stanford Atrium Corp.

December 13, 2019

Acquisitions North Carolina Office Southeast

OA Development Sells Metro Charlotte Office Portfolio for $81.5M

by Alex Tostado December 13, 2019

HUNTERSVILLE, N.C. — Atlanta-based OA Development has sold a five-building office portfolio in Huntersville to Arizona-based healthcare REIT, Healthcare Trust of America Inc., for $81.5 million. The nearly 400,000-square foot office portfolio is located within The Park Huntersville, a mixed-use development situated 12 miles north of Charlotte. JLL’s Ryan Clutter represented OA Development in the sale. OA Development purchased the campus two years ago for $62.5 million. Located adjacent to Novant Hospital, the portfolio was 90.4 percent occupied at the time of sale to tenants including Ensemble Health Partners, Black & Decker Corp. and Covia Holdings Corp. The office portfolio includes a four-story, 123,000-square-foot building; two three-story buildings at 101,500 and 45,000 square feet; and two two-story buildings at 68,000 and 59,000 square feet. The five buildings were developed between 1990 and 2001. The Park Huntersville overall spans 2.6 million square feet.

December 13, 2019

Acquisitions Development Florida Multifamily Southeast

Terra Buys Land in South Florida for $52M, Plans to Build Nearly 1,400 Multifamily Units

by Alex Tostado December 13, 2019

HIALEAH, FLA. — Terra plans to break ground early next year on 1,369 multifamily units across three master-planned subdivisions in Hialeah, about 20 miles northwest of downtown Miami. Prologis sold the land to Terra for $52 million. The 70-acre development site is situated along NW 170th Street near the border of Miami-Dade and Broward counties. The project will include a series of garden-style apartment buildings with each subdivision centered around a communal clubhouse with pools, resident amenities and fitness centers, while a network of green spaces will create outdoor recreation areas. Pascual, Perez, Kiliddjian Architecture (PPK) is designing the development’s master plan. Brian Smith of JLL represented Prologis in the land transaction. Jason Shapiro and Sean Harrington of Aztec Group arranged a $43 million acquisition loan through Synovus on behalf of Terra.

December 13, 2019

Development Multifamily Texas

JPI Secures Construction Financing for 430-Unit Jefferson Central Apartments in Uptown Dallas

by Taylor Williams December 13, 2019

DALLAS — Locally based multifamily developer JPI has secured an undisclosed amount of construction financing for Jefferson Central, a 430-unit community in the Uptown neighborhood of Dallas. Scheduled to open in fall 2021, the property’s units will feature a minimum of 10-foot ceilings in every unit, island kitchens and hardwood-style flooring. Amenities will include a pool, fitness center with spin and yoga studios, business center, demonstration kitchen, a pet park with grooming station and a 1,675-square-foot lounge with views of downtown Dallas. BB&T served as the senior lender on the construction loan, specific terms of which were not disclosed.

December 13, 2019

Development Multifamily Texas

Leasing Underway at Alliance Residential’s 375-Unit Apartment Community in Houston

by Taylor Williams December 13, 2019

HOUSTON — Leasing activity is underway at Broadstone Summer Street, a 375-unit apartment community by Alliance Residential that is located in the Washington Arts District of Houston. The property offers one- and two-bedroom units averaging 793 square feet and featuring stainless steel appliances, quartz countertops and wood-plank flooring. Amenities include a pool, outdoor kitchen, gaming area and theater screening room. The property also offers 536 parking spaces.

December 13, 2019

Acquisitions Industrial Texas

Stan Johnson Co. Brokers Sale of 60,000 SF Industrial Facility in Austin

by Taylor Williams December 13, 2019

AUSTIN, TEXAS — Stan Johnson Co. has brokered the sale of a 60,000-square-foot industrial facility in Austin. The single-tenant facility is leased to ABC Supply Co., a distributor of building exteriors. Colin Couch and Jason Powell of Stan Johnson Co. represented the seller, a California-based private investor, in the transaction. A private investor based in Alaska purchased the asset at a cap rate of approximately 5.5 percent.

December 13, 2019

Acquisitions Healthcare Texas

JLL Negotiates Sale of Two Healthcare Facilities Totaling 35,000 SF in Central Texas

by Taylor Williams December 13, 2019

ROUND ROCK AND SAN ANTONIO — JLL has negotiated the sale of two healthcare facilities totaling 35,000 square feet in Round Rock, a northern suburb of Austin, and San Antonio. The properties serve as post-acute neuro-rehabilitation facilities for patients with brain and spinal cord injuries. Rick Goings and Kevin McConn of JLL represented the seller, an affiliate of Houston-based Simpkins Group, in the transaction. The buyer was an affiliate of Virginia-based Capital Square 1031.

December 13, 2019

Loans Multifamily Texas

Trevian Capital Provides $7.5M Acquisition Loan for Two Apartment Properties in Lubbock

by Taylor Williams December 13, 2019

LUBBOCK, TEXAS — New York-based Trevian Capital has provided a $7.5 million bridge loan for the acquisition of two apartment communities totaling 173 units in the West Texas city of Lubbock. A portion of the proceeds will be used to fund capital improvements at both properties. The borrower was a partnership between three undisclosed investors. The sellers and property names were also undisclosed.

December 13, 2019

Acquisitions California Industrial Western

Rexford Industrial Buys Two Assets in Southern California for $99.7M

by Amy Works December 13, 2019

POMONA AND RANCHO DOMINGUEZ, CALIF. — Rexford Industrial Realty has purchased two industrial properties for $99.7 million in Southern California. The investments were funded using cash on hand. The names of the sellers were not released. The company acquired Pomona Distribution Center, located at 1601 W. Mission Blvd. in Pomona, for $87.8 million, or $117 per square foot. Situated on 32.2 acres, the 751,528-square-foot property is fully leased to two tenants. Upon expiration of the existing leases, Rexford plans to increase rents and complete value-add functional and cosmetic upgrades. Rexford also purchased a single-tenant industrial asset, located at 2757 E. Del Amo Blvd. in Rancho Dominguez, for $11.9 million, or $207 per square foot. Situated on 3.5 acres with excess land for trailer parking and storage, the fully occupied building features 57,300 square feet of industrial space. Upon expiration of an in-place lease, the buyer plans to implement a value-add repositioning program to drive cash flow and value growth.

December 13, 2019

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