Property Type

Bridge Investment Group Acquires 510,200 SF Office Complex in Suburban Maryland

by Alex Tostado January 4, 2019

SILVER SPRING, MD. — A subsidiary of Bridge Investment Group, Bridge Office Fund Manager LLC, has acquired Station Square in Silver Spring. The three-building, Class A office complex is situated adjacent to a Metro station and about six miles north of downtown Washington, D.C. The sales price was undisclosed, though the new owners are planning a $12 million renovation to upgrade the exteriors of the three buildings, modernize elevators and lobbies and improve mechanical systems. Bridge plans to unveil a new coworking concept coming to Station Square that will create a more modern and tech-centric vibe and appearance. Station Square was built between 1982 and 1987, and was 80 percent leased at the time of the sale. The seller was undisclosed, but media outlets are reporting that Brandywine Realty Trust was the previous owner.

January 4, 2019

Acquisitions Multifamily Southeast Tennessee

Joint Venture Buys 306-Unit Apartment Complex in Memphis

by Alex Tostado January 4, 2019

MEMPHIS, TENN. — A joint venture between Balfour Beatty Communities, American National Insurance Co. and ApexOne Investment Partners has acquired Preserve at Southwind, a 306-unit apartment complex in Memphis. The community was built in 2000 and features one-, two- and three-bedroom floor plans. The property is situated in the city’s Germantown/Collierville area about 15 miles east of Memphis International Airport and about 22 miles east of downtown Memphis. As part of the ownership agreement, Balfour Beatty will provide property management services. Newmark Knight Frank brokered the acquisition. The seller and sales price were undisclosed.

January 4, 2019

Acquisitions Retail Southeast Virginia

PAC Subsidiary Purchases Target-Anchored Shopping Center in Charlottesville

by Alex Tostado January 4, 2019

CHARLOTTESVILLE, VA. — New Market Properties LLC, a subsidiary of Preferred Apartment Communities (PAC), has acquired Hollymead Town Center, a Target-anchored shopping center in Charlottesville. In addition to the 142,000-square-foot Target, the center is also anchored by a 60,607-square-foot Harris Teeter grocery store. The seller and sales price were undisclosed, but the property was formerly listed on Regency Centers’ website. Aegon provided a non-recourse acquisition loan to PAC totaling approximately $27.3 million.

January 4, 2019

Florida Leasing Activity Office Southeast

Franklin Street Negotiates 61,598 SF Office Lease in Tampa for Corporate Headquarters of Insurance Firm

by Alex Tostado January 4, 2019

TAMPA, FLA. — Franklin Street has negotiated the 61,598-square-foot, long-term lease for Baldwin Krystyn Sherman Partners (BKS) to relocate its corporate headquarters to Tampa. The independent insurance firm will occupy two floors at Corporate Center II at International Plaza, a 10-story office building located about five miles west of downtown Tampa. The firm will be moving from the city’s Westshore district. Chris Bulter and Ryan McCurdy of Franklin Street represented the tenant in the lease transaction. Ron Ruffner and Clay Sovich of JLL represented the landlord, Atlanta-based Cousins Properties Inc.

January 4, 2019

Development Multifamily Oklahoma Texas

American Residential Group to Build Six-Story Apartment Project in Tulsa Arts District

by John Nelson January 4, 2019

TULSA, OKLA. — American Residential Group (ARG) plans to build The View, a six-story multifamily property that will be located in the Tulsa Arts District. The 198-unit project will feature high-end finishes, a rooftop amenity deck and an attached parking structure. Situated just outside Tulsa’s central business district, The View will be located directly across the street from the ONEOK Field, the home baseball park of the Tulsa Drillers. ARG will break ground early this year on The View with a projected completion date of late 2020. ARG purchased the entire square block on the southeast corner of Archer Street and Elgin Avenue from the Tulsa Stadium Trust in 2015. The lot falls within a Qualified Opportunity Zone.

January 4, 2019

Development Leasing Activity Retail Texas

Sprouts Farmers Market to Open New Store in Sugar Land, Texas

by John Nelson January 4, 2019

SUGAR LAND, TEXAS — Sprouts Farmers Market, a specialty grocer based in Phoenix, plans to open a new store in Sugar Land on Wednesday, Jan. 16. The 30,000-square-foot store will be located at 13550 University Blvd. and will staff roughly 140 employees. According to the Houston Chronicle, the grocery store will anchor Phase II of University Commons, a shopping center owned by Houston-based Vista Properties. Other tenants coming to the 109,000-square-foot second phase include Ulta Beauty, Luna Grill, U’Maki and Tropical Smoothie. Phase I of University Commons spans 150,000 square feet and is leased to tenants including Burlington, Michaels, CVS/pharmacy and The Tile Shop. University Commons’ design team includes O’Brien Architects and Arch-Con Construction. The new Sugar Land store will donate unsold and edible groceries to Houston Food Bank through the grocer’s Food Rescue program. Sprouts employs more than 28,000 team members and operates more than 300 stores in 19 states.

January 4, 2019

Acquisitions Loans Multifamily Texas

NXT Capital Provides $18M Acquisition Loan for Houston Multifamily Community

by John Nelson January 4, 2019

HOUSTON — NXT Capital has provided an $18 million loan to finance the acquisition of a 216-unit, Class B apartment community in Houston. The property name was undisclosed, but the asset is situated 11 miles west of George Bush Intercontinental Airport and one mile west of Interstate 45. Community amenities include a clubhouse with a business center, fitness center, sand volleyball court, outdoor fire pits, outdoor grills, dog park, putting green and a swimming pool with a sun deck. Steve Whitehead of NorthMarq Capital’s Dallas office placed the loan with NXT Capital on behalf of the undisclosed borrower.

January 4, 2019

Leasing Activity Office Texas

Coworking Firm Leases 30,616 SF at Office Building in Plano

by John Nelson January 4, 2019

PLANO, TEXAS — CityCentral, a coworking office space provider based in Dallas, has leased 30,616 square feet within Atrium at Collin Ridge in east Plano. The 281,315-square-foot office building is located at 500 N. Central Expressway at the northeast corner of President George Bush Turnpike and North Central Expressway. CityCentral’s new location will provide more than 100 private offices, as well as coworking spaces, meeting rooms and event spaces. Matthew Hickey and Kristin Grammar of TIG Real Estate Services Inc. represented CityCentral in the lease negotiations, while Paladin Partners represented the undisclosed landlord. This will be CityCentral’s third location in the Dallas market, with a fourth location opening in Frisco later this year.

January 4, 2019

California Development Hospitality Mixed-Use Multifamily Office Restaurant Retail Western

Joint Venture to Develop 131-Acre Mixed-Use Project in San Luis Obispo, California

by Amy Works January 4, 2019

SAN LUIS OBISPO, CALIF. — A joint venture between San Diego-based Presidio Residential Capital and Coastal Community Builders has received approval from the San Luis Obispo City Council to develop San Luis Ranch, a 131-acre mixed-use farm-to-table community. Slated to break ground the first quarter of 2019, the development will features 580 residential homes, 150,000 square feet of commercial space, 100,000 square feet of office space and a 200-room hotel. Delivery of a 10-acre multifamily site and all commercial and hotel pads is scheduled for the second and third quarters of 2019. Additionally, 281 single-family lots will be delivered for home construction commencement starting in the third quarter of 2019. The residential portion of the development will include single-family detached and multifamily housing, including a significant number of affordable housing units. The residential homes will offer a variety of energy-efficient and environmentally friendly features, including solar panels, Energy Star-certified appliances and lighting, tankless water heaters, low-flow plumbing and natural, edible landscaping. More than 50 percent of the pedestrian-oriented community will be park land, open space and agricultural land with a working organic farm and learning center, community gardens, a recreation and fitness loop, and several parks and picnic areas. Additionally, …

January 4, 2019

Acquisitions Arizona Office Western

Equus Capital Partners Sells Raintree Corporate Center in Arizona for $91.7M

by Amy Works January 4, 2019

SCOTTSDALE, ARIZ. — Equus Capital Partners has completed the sale Raintree Corporate Center, an institutional-quality office project in Scottsdale. Funds managed by Oaktree Capital Management and Cypress Office Properties acquired the multi-tenant property for $91.7 million. Situated on 11.6 acres at 8800 and 8888 E. Raintree Drive, the 345,417-square-foot property was 90 percent leased at the time of sale. The asset consists of two three-story office buildings featuring a six-level parking garage and on-site amenities including a deli/restaurant and fitness center. CJ Osbrink, Kevin Shannon, Ken White, Brad Burton and Paul Jones of Newmark Knight Frank represented the seller, while the buyer was self-represented in the transaction.

January 4, 2019

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