PLANO, TEXAS — Newmark Knight Frank (NKF) will relocate its North Dallas office to an 8,454-square-foot space at 5201 Tennyson Parkway within Legacy Business Park in Plano. The 124,731-square-foot building was completed in 2015. John Wolf internally represented NKF, which is nearly doubling the size of it old office, in the lease negotiations.
FORT LAUDERDALE, FLA. — HFF has arranged a $42.3 million acquisition loan for the Renaissance Fort Lauderdale Cruise Port Hotel in Fort Lauderdale. A joint venture led by DoveHill Capital Management acquired the 236-room hotel, which opened in 2001 and has been updated throughout the years, most recently in 2016. An undisclosed CMBS lender provided the 10-year, fixed-rate loan, which is structured as interest-only for the full term. Hotel amenities include 12,838 square feet of meeting and event space; an outdoor pool; 24-hour fitness center; business center; limousine service; a salon; and three food and beverage outlets: Bistro 17, R Lounge and Calusa Coffee Roasters Bar. Josh Simon, Maxx Carney and Tyler Dumon of HFF arranged the loan on behalf of the borrower.
NAPLES, FLA. — A joint venture between Creekside West Inc., GC Partnership Ltd. and FoxRock Newgate 5150 Realty LLC has sold Newgate Center and Park North, a pair of adjacent office campuses in Naples. Newgate Center is a three-building, 80,000-square-foot office campus situated at 5200 Tamiami Trail N., and Park North is a two-building, 19,450-square-foot office property situated at 5125 Castello Drive. David Stevens of Investment Properties Corp. represented the sellers in the transaction. Rainer Filthaut of International Realty Corp. represented the buyer, a private European investment group doing business as Tamiami Newgate LLC.
BLUFFTON, S.C. — Boca Raton, Fla.-based Halvorsen Holdings is planning to develop May River Crossing, a 70,200-square-foot, Publix-anchored shopping center in Bluffton, 16 miles north of downtown Savannah and 16 miles west of Hilton Head Island. May River Crossing will be situated on 15 acres on the northeast corner of Okatie Highway and May River Road. Publix will occupy 48,000 square feet and will feature a drive-thru pharmacy. There is 21,845 square feet of available space. May River Crossing’s committed tenants include a nail salon, national hair salon and a national cellphone provider. A timeline for construction was not disclosed.
GREENVILLE, S.C. — Coworking firm Spaces has signed an office lease to occupy the bottom two floors of Falls Tower in downtown Greenville. Falls Tower is a 184,000-square-foot office building under construction at 423 S. Main St. as part of Centennial American Properties’ Camperdown development. This marks Spaces’ first location in South Carolina. It will occupy 28,900 square feet, business solutions firm Elliott Davis will occupy 65,000 square feet and Bank of America will occupy 32,000 square feet at Falls Tower. At full buildout, Camperdown will offer office, residential, retail and hotel space, as well as an outdoor courtyard. Centennial American Properties expects to complete Falls Tower in mid-2020. Charles Gouch and Doug Webster of CBRE represented the landlord and developer in lease negotiations.
LAFAYETTE, LA. — Alpha Capital Partners has acquired University Place, a 342-bed student housing community located near the University of Louisiana at Lafayette. The acquisition is the second of five identified projects in the company’s Opportunity Zone Fund, which was launched last October in an effort to take part in the opportunity zone program implemented by the Tax Cuts and Jobs Act of 2017. University Place offers access to campus through a private pedestrian bridge, alongside shared amenities including a 24-hour fitness center, swimming pool and cyber café. The new ownership plans to invest capital to reposition the property, details of which have yet to be announced. The seller and terms of the transaction were not disclosed.
MESA, ARIZ. — CVG Properties has purchased Verde Dimora, an apartment community located on the corner of Power and McKellips roads in Mesa. Western Wealth Capital sold property for $27 million, or $176,470 per unit. Verde Dimora features 153 apartment units in one- and two-bedroom layouts, a seasonally heated resort-style pool and spa, fitness center, clubhouse, barbecue and picnic area, community garden plots, community-wide recycling program, dog wash station, electric vehicle charging stations, fire pit, and solar-panel technology. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and buyer in the deal.
SEATTLE — Sonnenblick-Eichner Co. has arranged $21 million in non-recourse first mortgage leasehold financing for Palihotel Seattle. A partnership between Los Angeles-based Lighthouse Investments LLC and KCB Management is the borrower. Operated by Palisociety, the hotel features 96 guest rooms. Originally built in 1895, the newly renovated property opened in November 2018 and the initial funding was sized to a debt yield less than 6 percent on the first year’s projected net-operating income. The five-year interim loan also provided for a return of equity above the existing construction loan, as well as significantly reducing the cost of capital for the borrower. An institutional debt fund provided the LIBOR-based loan.
WIND GAP, PA. — Dermody Properties, a Nevada-based investment and development firm, has broken ground on a 557,820-square-foot industrial project in Wind Gap, located in the Lehigh Valley region of Pennsylvania. The two-building complex will be situated on 73.1 acres about 80 miles from the Port of New York and New Jersey. Building 1 will span 349,920 square feet and Building 2 will total 207,900 square feet, with both facilities featuring 36-foot clear heights. Construction of Building 1 is expected to be complete by the fourth quarter, and construction of Building 2 is slated for completion in early 2020. Lee & Associates is handling leasing of the property, which will be marketed to e-commerce users. Vertek Construction is the general contractor.
EL MONTE, CALIF. — Mutual Trading Co., a Japanese food, beverage and restaurant supply specialist, has leased 299,786 square feet of space at Goodman El Monte Logistics Center, an industrial facility under development at 4300 Shirley Ave. in El Monte. Goodman Group owns and manages the project, which will be a two-building, 1.2 million-square-foot tech-enabled logistics facility, with additional leasing opportunities available for up to 935,657 square feet. Slated for delivery fourth-quarter 2019, the property will feature 36-foot clear heights, minimum 185-foot concrete truck courts, 164 trailer stalls, 24/7 operations and site security, 147 dock doors, offices to suit, an ESFR sprinkler system, a LEED-certified shell, and close proximity to major freeways, airports and ports. Mutual Trading Co. is upgrading and consolidating its five previous locations into one by expanding to a bigger and more modern facility to support its U.S. growth. The company plans to move into the new space in November.
