Property Type

HFF Negotiates Sale of 544,291 SF Office Portfolio in Houston

by Taylor Williams April 8, 2019

HOUSTON — HFF has negotiated the sale of a three-property, 544,291-square-foot office portfolio located in the Tanglewood and Memorial Village areas of Houston. The portfolio comprises 1616 Voss, 7500 San Felipe and 6363 Woodway, all of which will be renovated and repositioned as part of a $15 million capital improvement program. Dan Miller, Marty Hogan and Johnny Kight of HFF represented the seller, a partnership led by Unilev Capital Corp., and procured the buyer, CapRidge Partners LLC. Jim Curtin and Andy Scott of HFF arranged floating-rate acquisition financing for the deal through New York Life Insurance Co.

April 8, 2019

Development Multifamily Texas

Wood Partners Begins Leasing 230-Unit Apartment Community in Austin

by Taylor Williams April 8, 2019

AUSTIN, TEXAS — Wood Partners, a multifamily investment and development firm with offices around the country, has begun leasing Alta Tech Ridge, a 230-unit community in Austin. The property, which offers one-, two- and three-bedroom units averaging 850 square feet per unit and officially opened in January, is located in between The Domain area on the north side and downtown Austin. Units feature stainless steel appliances, washers and dryers and private yards with attached garages. Amenities include a pool, outdoor kitchens, a dog spa, cyber lounge and a yoga studio.

April 8, 2019

Loans Multifamily Texas

SunTrust Provides $12.9M Acquisition Loan for San Antonio Apartments

by Taylor Williams April 8, 2019

SAN ANTONIO — SunTrust Bank (NYSE: STI) has provided a $12.9 million Fannie Mae acquisition loan for Marbach Park, a 304-unit multifamily community in San Antonio. The property, which was built in 1984 and was more than 95 percent occupied at the time of the loan closing, offers one- and two-bedroom units. Amenities include a pool, fitness center, coffee bar and a playground. Evan Hom of SunTrust originated the 15-year loan, which carries a 30-year amortization schedule and eight years of interest-only payments, on behalf of two undisclosed sponsors based in California and Dallas.

April 8, 2019

Acquisitions Industrial Texas

NAI Partners Arranges Sale of 50,000 SF Manufacturing Facility in Houston

by Taylor Williams April 8, 2019

HOUSTON — NAI Partners has arranged the sale of a 50,000-square-foot heavy manufacturing facility situated on 7.4 acres at 810 McHard Road in Houston. Clay Pritchett and Zane Carman of NAI Partners represented the seller, a locally based partnership, and procured the buyer, Texas Yards LLC, in the transaction.

April 8, 2019

Development Midwest Missouri Multifamily

Cohen-Esrey Begins Conversion of Kansas City Office Building into Luxury Apartments

by Kristin Harlow April 8, 2019

KANSAS CITY, MO. — Cohen-Esrey Development Group is converting a seven-story office building in Kansas City into a luxury apartment project. The first phase of construction, Midtown Plaza, will add 107 luxury one- and two-bedroom units to the Midtown area. Additional phases of construction call for retail and office space and a rooftop restaurant, as well as additional apartments and townhomes. California-based Kartel Capital purchased the property in 2008. Cohen-Esrey is the project developer and Construction Technologies is the general contractor. John Perlik and Don Coleman of CBRE Capstone arranged construction financing through Arvest Bank.

April 8, 2019

Leasing Activity Midwest Office Wisconsin

Serendipity Labs Coworking to Open Near Madison, Wisconsin

by Kristin Harlow April 8, 2019

MADISON, WIS. — Serendipity Labs Coworking will open a shared workplace on the sixth floor of 525 Junction Road in Middleton, about six miles west of Madison. Franchisee Ryan Jacobson will own and operate the 23,000-square-foot location. The Lab will feature offices, team rooms, focus rooms, wellness rooms, a lounge and café. Michael Berman, David Pudlosky and Nick Hepner of JLL represented Serendipity Labs in the lease transaction. Brett Rieman of JLL represented Artis REIT, the landlord and property manager.

April 8, 2019

Development Midwest Minnesota Multifamily

Doran to Break Ground on 175-Unit Apartment Community in Minnetonka, Minnesota

by Kristin Harlow April 8, 2019

MINNETONKA, MINN. — Doran Cos. will break ground later this month on a new luxury apartment community in Minnetonka. The 175-unit property will be located at the intersection of Wayzata Boulevard and Fairfield Road near I-394. The project is the first Doran project led by Doran RE Partners LLC, a new independent development venture that pursues joint venture development deals relying on capital independent of Kelly Doran. At more than 20,000 square feet, the amenity space will feature a pool, spa, sauna, entertainment suite, clubroom, game area, fitness center, coworking space and outdoor grilling area. The community will include 35 income-restricted units at 50 percent of the area median income. The city of Minnetonka provided $4.8 million in tax-increment financing for the affordable units.

April 8, 2019

Loans Midwest Minnesota Multifamily

Dougherty Provides $12.8M Acquisition Loan for Multifamily Property in Brooklyn Center, Minnesota

by Kristin Harlow April 8, 2019

BROOKLYN CENTER, MINN. — Dougherty Mortgage has provided a $12.8 million HUD 221(d)(4) loan for the acquisition and rehabilitation of Unity Place in Brooklyn Center. The multifamily property consists of 11 two-story buildings. The property will undergo $5.2 million in renovations, including the construction of a new clubhouse building with a new management office, community room, fitness center, conference room and patio. In addition to the 40-year loan, the borrower, Unity Limited Partnership, utilized 4 percent low-income housing tax credits and tax-exempt bonds. Dougherty & Co. LLC underwrote the bonds.

April 8, 2019

Acquisitions Midwest Restaurant Retail Wisconsin

Quantum Brokers $2.8M Sale of Popeyes-Occupied Property in Fitchburg, Wisconsin

by Kristin Harlow April 8, 2019

FITCHBURG, WIS. — Quantum Real Estate Advisors Inc. has brokered the $2.8 million sale of a Popeyes-occupied property in Fitchburg, just south of Madison. The 4,442-square-foot building is located at 2844 Fish Hatchery Road. Popeyes has approximately 20 years left on its lease. Chad Firsel and Zack Hilgendorf of Quantum brokered the transaction. A private buyer based in Seattle purchased the property from a Chicago-based developer.

April 8, 2019

Acquisitions California Office Western

Harbor Associates Acquires 213,459 SF Encino Office Park Near Los Angeles for $47.8M

by Amy Works April 8, 2019

ENCINO, CALIF. — Harbor Associates has purchased Encino Office Park, a transit-oriented office campus located at 6345 Balboa Blvd. in Encino. An undisclosed seller sold the property for $47.8 million. The four-building property features 213,459 square feet of office space and is adjacent to the Balboa Station of the Orange Line transportation system that connects the property to Warner Center, Universal City and downtown Los Angeles. The property was 89 percent leased at the time of closing, and features 12-foot slab-to-slab ceiling heights and subterranean parking. Harbor plans to renovate the property, which was built in two phases between 1988 and 1990. Renovations will include a new building entry, project lobbies, electric-vehicle charging stations, bike rooms, LED site lighting, and improvements to the corridors and restrooms. The vacant office space will be repositioned as modern speculative suites and feature a high-impact reception area, flooring upgrades, glass conference rooms, new paint, new carpet and the implementation of energy-efficient LED lighting to replace existing florescent lighting fixtures. Anthony Delorenzo, Mark Shaffer, Todd Tydlaska and Mike Longo of CBRE represented the seller in the deal. Shaun Moothart, Bruce Francis, Dana Summers and Katie Diaz of CBRE arranged financing for the project through PNC …

April 8, 2019

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