Property Type

Coastline Buys Apartment Community in Tampa for $33M

by Alex Tostado March 11, 2019

TAMPA, FLA. — Coastline Management Group has acquired Park at Ravenna, a garden-style apartment community consisting of 300 units across 19 three-story buildings in Tampa. KeyBank Real Estate Capital has provided a $23.3 million loan for the buyer, which is using the loan to fund the acquisition and capital improvements. Robert Ginsberg of Eyzenberg & Co., structured and placed $6.9 million in equity with JCR Capital. Built in 1972, Park at Ravenna’s amenities include two swimming pools, a fitness center, clubhouse, playground, dog park and a business center. Alan Isenstadt of KeyBank originated the three-year loan, the terms of which were not disclosed.

March 11, 2019

Acquisitions Florida Office Southeast

UBS Asset Management Sells Office Building in Broward County for $20.8M

by Alex Tostado March 11, 2019

SUNRISE, FLA. — UBS Asset Management has sold Corporate Center II, a 91,221-square-foot office building in Sunrise, to Vanderbilt Office Properties and Barron Colliers Cos. for $20.8 million. The building is situated at 1571 Sawgrass Corporate Parkway within Sawgrass International Corporate Park. Corporate Center II, which is situated on 6.2 acres and built in 1998, was 98 percent leased to tenants including Cigna Insurance, Heritage Insurance and Synechron, an information technology and consulting company. Amenities include a two-story lobby, onsite café and a parking ratio of 4.4 per 1,000 square feet. Mike Davis, Dominic Montazemi, Scott O’Donnell and Rick Brugge of Cushman & Wakefield represented the seller in the transaction.

March 11, 2019

Loans Massachusetts Multifamily Northeast

CBRE Arranges $62M Refinancing for Apartment Portfolio in Massachusetts

by David Cohen March 11, 2019

BOSTON AND LYNN, MASS. — CBRE has arranged a $62 million loan to refinance a 19-building apartment portfolio in Boston and Lynn. The assets consist of workforce housing with a combination of both market-rate and affordable apartments. John Kelly of CBRE secured financing on behalf of the owner, Helge Capital. The lender was undisclosed.

March 11, 2019

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Brokers $17.9M Sale of Apartment Community in New Jersey

by David Cohen March 11, 2019

NEWTON, N.J. — Gebroe-Hammer Associates has brokered the $17.9 million sale of Landmark West Apartments, a 168-unit apartment community in Newton. Located at 100 Swartzwood Road, the 11-building community is comprised of one- and two-bedroom units. Stephen Tragash and Adam Zweibel of Gebroe-Hammer represented the seller, Newton West Limited, in the transaction. The buyer was a private investor.

March 11, 2019

Development Office Texas

Capella Capital Partners to Develop 450,000 SF Office Building in Austin

by Taylor Williams March 11, 2019

AUSTIN, TEXAS — Capella Capital Partners will develop Arena Tower, a 450,000-square-foot office building in Austin. The 19-story, Class A property will be located near the site of the future Austin FC stadium just south of The Domain on the city’s north side. In addition to 35,000- to 50,000-square-foot floor plates, the property will feature four parking spaces per 1,000 square feet. Amenities will include a tenant lounge, fitness center with locker rooms, a juice bar and an outdoor yoga area. AQUILA Commercial will handle leasing of the project, which is slated for a first-quarter 2021 delivery.

March 11, 2019

Development Loans Multifamily Northeast Pennsylvania

Marcus & Millichap Negotiates $1.8M Sale of Multifamily Building in Pennsylvania

by David Cohen March 11, 2019

SECANE, PA. — Marcus & Millichap has negotiated the $1.8 million sale of Ashland Terrace, a 27-unit multifamily building in Secane. Located at 711 Ashland Ave., the property consists of six, one-bedroom and 21, two-bedroom units. Clarke Talone, Andrew Townsend, Daniel Bernard and Ridge MacLaren of Marcus & Millichap’s Philadelphia office represented the seller, a private partnership, in the transaction. The buyer was a regional limited liability company.

March 11, 2019

Development Industrial Texas

Sentinel Capital to Break Ground on 75,250 SF Industrial Project in McKinney, Texas

by Taylor Williams March 11, 2019

MCKINNEY, TEXAS — On Tuesday, March 12, Houston-based Sentinel Capital will break ground on Phase I of McKinney National Business Park, an industrial project located approximately 30 miles north of Dallas. Phase I, which is expected to be complete during the third quarter, will deliver 75,250 square feet across two buildings. McKinney National Business Park will ultimately span 114-acres and be able to accommodate more than 1 million square feet of space. Lee & Associates will handle leasing of the project.

March 11, 2019

Acquisitions Healthcare Texas

JLL Brokers Sale of 55,646 Rehab Hospital in Metro Houston

by Taylor Williams March 11, 2019

HUMBLE, TEXAS — JLL has brokered the sale of Kindred Humble, a 55,646-square-foot rehabilitation facility located near the Memorial Hermann Northeast Hospital campus in Humble, located about 20 miles north of downtown Houston. The freestanding property offers 46 beds for inpatient care. Steve Leathers, Mindy Berman, Brian Bacharach and Anthony Sardo of JLL represented the seller in the transaction. Other terms of sale were not released.

March 11, 2019

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 54,141 SF Industrial Lease in Dallas

by Taylor Williams March 11, 2019

DALLAS — Lee & Associates has negotiated a 54,141-square-foot industrial lease at 11567 Hillguard Road in Dallas. Brett Lewis and George Tanghongs of Lee & Associates represented the landlord, GLP, in the lease negotiations. Transwestern represented the tenant, Consolidated Electrical Distributors Inc., an Irving-based electrical supply distributor with more than 600 locations across the United States.

March 11, 2019

Arizona Development Industrial Western

LGE Breaks Ground on 790,980 SF The HUB at Goodyear in Phoenix’s West Valley

by Amy Works March 11, 2019

GOODYEAR, ARIZ. — Phoenix-based LGE Design Build, in partnership with Clarius Partners, has broken ground on The HUB at Goodyear, a speculative industrial development. Situated on 43 acres at 305 S. Bullard Ave. in Goodyear, the 790,980-square-foot single-building property will feature 40-foot clear heights and 190-foot truck courts with 144 dock-high and four grade-level doors. Additional features will include a reinforced concrete slab, R-38 roof insulation, heavy power, energy efficient clerestory windows and gate-secure loading supported by 181 trailer and 420 auto parking spaces.

March 11, 2019

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