Property Type

Spectrum, Invesco Break Ground on Mixed-Use Development in Charlotte’s South End

by Alex Tostado July 26, 2019

CHARLOTTE, N.C. — A joint venture between Spectrum Cos. and Invesco Real Estate has broken ground on a mixed-use development that will span five acres in Charlotte’s South End. The project will include two 11-story office buildings, an urban park with event space, restaurants, retail space and a 200-room hotel. The project will be located one block from the Carson light rail stop in South End and two blocks from Uptown. The two office towers will total 577,000 square feet of space and offer a fitness center, conference center and private terraces. LendingTree, an online lending marketplace, will anchor the development, moving its headquarters into 175,000 square feet in the first office building, which is set to be complete in January 2021. Construction on the hotel is expected to begin in summer 2020 and be delivered in late 2021.

July 26, 2019

Acquisitions North Carolina Office Southeast

KBS Sells 300,389 SF Office Tower in Raleigh to Preferred Office Properties

by Alex Tostado July 26, 2019

RALEIGH, N.C. — KBS has sold CapTrust Tower, a 300,389-square-foot office tower in Midtown Raleigh, to Preferred Office Properties. KBS originally bought the tower in 2013 in a joint venture with Kane Realty Corp, which will stay on as a partner with Preferred Office Properties, a subsidiary of Atlanta-based Preferred Apartment Communities. Kane Realty built the tower, which was fully leased at the time of sale to tenants including CapTrust, Wells Fargo, PWC, Wasserman, Insight Global and Kilpatrick Townsend. CapTrust Tower offers nine floors of office space atop a six-story parking garage with a restaurant on the ground level. Patrick Gildea, Will Yowell, Ben Kilgore and Chandler Hawkins of CBRE represented the sellers in the transaction. The sales price was not disclosed.

July 26, 2019

Acquisitions Florida Office Southeast

Harbor Group Acquires Office Building in Fort Lauderdale for $32.5M

by Alex Tostado July 26, 2019

FORT LAUDERDALE, FLA. — Harbor Group International has acquired 1340 Concord, a 100,710-square-foot, single-tenant office building in Fort Lauderdale, for $32.5 million. The buyer is planning for the property to undergo renovations, though details were not disclosed. The building, which technology firm Ultimate Software Group Inc. fully occupies, features three stories with flexible single-floor or whole-building floorplans. The seller was not disclosed.

July 26, 2019

Florida Loans Retail Southeast

KeyBank Provides $34M Refinancing Loan for Shopping Center in Broward County

by Alex Tostado July 26, 2019

PEMBROKE PINES, FLA. — KeyBank Real Estate Capital has provided a $34 million refinancing loan for Flamingo Pines Plaza, a 140,213-square-foot shopping center in Pembroke Pines. Flamingo Pines Plaza was 97 percent leased at the time of sale to 33 tenants, including anchor tenant Florida Technical College and junior anchor tenants United States Postal Service and Goodwill. The property comprises six single-story buildings and was built in 1987. JBL Asset Management acquired the property in December 2017 for $33.2 million. Meridian Capital arranged the loan on behalf of JBL.

July 26, 2019

Leasing Activity Office Southeast Virginia

Amazon Web Services to Lease 270,000 SF in Northern Virginia

by Alex Tostado July 26, 2019

HERNDON, VA. — Griffin Capital has signed a 270,000-square-foot office lease with a Fortune 100 company in Herndon. Griffin did not release the name of the tenant, though several media outlets report it is Amazon Web Services. The 12-year lease is expected to commence in April 2020 when Griffin completes renovations at 13820 Sunrise Valley, a 10-story office building. Situated about 25 miles west of downtown Washington, D.C., the office building has been undergoing renovations since 2018 when its previous tenant, Time Warner Communications, consolidated its space and broke its lease. Griffin was able to use the money from Time Warner’s buyout to immediately begin upgrading the building. Furthermore, the property is situated about 20 miles northwest of National Landing, where Amazon’s announced HQ2 will be located.

July 26, 2019

Development Multifamily Texas

Wood Partners Breaks Ground on 364-Unit Multifamily Project in Houston

by Taylor Williams July 26, 2019

HOUSTON — Wood Partners, a multifamily development and investment firm with offices around the country, has broken ground on Alta River Oaks, a 364-unit multifamily project in Houston. Located at 3636 W. Dallas St., the property is situated near an array of shopping and dining establishments, as well as the Buffalo Bayou hiking and jogging trails. Floor plans will consist of one-, two- and three-bedroom units with stainless steel appliances, quartz countertops, custom backsplashes and individual washers and dryers. Amenities will include a pool, fitness center and outdoor kitchen areas. Alta River Oaks is slated to open in the fourth quarter of 2020.

July 26, 2019

Loans Multifamily Seniors Housing Texas

KeyBank Provides HUD Financing for 378-Bed Skilled Nursing Portfolio in Texas

by Taylor Williams July 26, 2019

CORPUS CHRISTI, BASTROP AND SAN ANTONIO, TEXAS — KeyBank Real Estate Capital has provided $35 million in HUD financing for a three-property, 378-bed skilled nursing portfolio located throughout Texas. The financing includes $16 million for the Regency-Windsor Calallen in Corpus Christi; $14.5 million for the Regency Bastrop Nursing & Rehabilitation Center in Bastrop; and $14 million for the Regency-Windsor Mission Oaks Nursing & Rehabilitation Center in San Antonio. The financing was closed using HUD’s 232/223(f) mortgage insurance program and paid off an acquisition loan structured by KeyBank’s Healthcare Group. Grant Saunders, Peter Trazzera and John Randolph of KeyBank handled the transaction.

July 26, 2019

Embassy-Suites-by-Hilton-Dallas-Central-Park

Acquisitions Hospitality Texas

Waramaug Hospitality Acquires 279-Room Embassy Suites Hotel in Dallas

by Taylor Williams July 26, 2019

DALLAS — Florida-based private investment firm Waramaug Hospitality has acquired the Embassy Suites by Hilton Dallas Central Park, a 279-room hotel located near the Galleria area of Dallas. The hotel offers amenities such as an indoor pool, fitness center, business center and 7,800 square feet of flexible meeting space. Waramaug plans to renovate the property’s guest rooms and public space. The seller was not disclosed.

July 26, 2019

Acquisitions Industrial Texas

Marcus & Millichap Arranges Sale of 53,548 SF Industrial Building in Metro Houston

by Taylor Williams July 26, 2019

SPRING, TEXAS — Marcus & Millichap has arranged the sale of a 53,548-square-foot industrial building located at 3315 Spring Cypress Road in the northern Houston suburb of Spring. According to LoopNet Inc., the property was built on four acres in 2001. Thomas Costello of Marcus & Millichap represented the seller, a partnership, in the transaction. Other terms of sale were not released.

July 26, 2019

Acquisitions California Multifamily Western

CBRE Brokers Sale of 304-Unit Multifamily Community in California’s Inland Empire

by Amy Works July 26, 2019

MORENO VALLEY, CALIF. — CBRE has arranged the sale of a multifamily property located at 15700 Lasselle St. in Moreno Valley. Irvine, Calif.-based 4GVentures sold the 304-unit asset to a New York-based real estate investment firm for an undisclosed price. Dean Zander, Stew Weston and John Montakab of CBRE represented the seller, while Brian Eisendrath and Annie Rice of CBRE facilitated an acquisition loan on behalf of the borrower in the transaction. The property features a mix of one-, two- and three-bedroom apartments, a pool, jacuzzi, built-in fire pits, barbecues, guard gates and a fitness center. Additionally, the property is centrally located and in close proximity to Kaiser Medical Center and Riverside University Hospital.

July 26, 2019

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