Property Type

Trinity Financial Receives $35.8M Loan for Multifamily Redevelopment Project in Worcester

by Taylor Williams May 29, 2019

WORCESTER, MASS. — Trinity Financial, a developer with offices in Boston and Manhattan, has received a $35.8 million loan for a redevelopment project in Worcester that will convert a former courthouse into a 117-unit multifamily building. Roughly 35 percent of the new units will be designated as workforce housing residences, while basic floor plans will consist of 23 studio apartments, 52 one-bedroom apartments, 31 two-bedroom apartments and 11 three-bedroom apartments. Amenities will include a fitness center, resident lounge and personal storage space. MassHousing provided the financing, which consists of a $12.2 million, tax-exempt permanent loan, a $19.1 million bridge loan and $4.5 million in funding from the agency’s Workforce Housing Initiative. An affiliate of Trinity will manage the project, with Tocci Building Corp. serving as general contractor and Bohler serving as the civil engineer. The courthouse was originally built in 1845.

May 29, 2019

Industrial Leasing Activity Massachusetts Northeast

Raytheon Signs 134,000 SF Industrial Lease in Tewksbury, Massachusetts

by Taylor Williams May 29, 2019

TEWKSBURY, MASS. — Defense contractor Raytheon has signed a 134,000-square-foot industrial lease at Center at Innovation Drive, a 706,000-square-foot facility located in the northern Boston suburb of Tewksbury. The lease term is seven years. Rubenstein Partners owns the property, which consists of four conjoined buildings and was recently renovated to deliver a new façade, entrances and common areas. Rubenstein’s renovation project also delivered a tenant amenity center complete with an amphitheater, fitness center, café and collaboration spaces. The property also enjoys proximity to I-495 and I-93.

May 29, 2019

Acquisitions Industrial New Jersey Northeast

STRO Acquires Two Industrial Properties Totaling 83,000 SF in Hackensack

by Taylor Williams May 29, 2019

HACKENSACK, N.J. — The Stro Companies (STRO), which specializes in industrial investment throughout Northern New Jersey, has acquired two industrial buildings totaling 83,000 square feet in Hackensack. One property is a 65,000-square-foot divisible building and the other is an 18,000-square-foot freestanding structure. The properties offer convenient access to I-80 and the New Jersey Turnpike. SB One Bank provided acquisition financing for the deal. Zach La Motta of STRO oversaw the acquisition in conjunction with Scott Perkins, Justin Allessio, and Andrew Somple of NAI James E. Hanson. The seller and sales price were not disclosed. With this transaction, STRO has now acquired 11 industrial properties within the last 18 months.

May 29, 2019

Development Industrial Texas

Port of Corpus Christi Begins Work on $92M Channel Improvement Project

by Taylor Williams May 29, 2019

CORPUS CHRISTI, TEXAS — The Port of Corpus Christi, in partnership with the U.S. Army Corps of Engineers (USACE) and Illinois-based Great Lakes Dredge & Dock Co. LLC, has begun work on its $92 million Channel Improvement Project. Specifically, the project will deepen and widen the Corpus Christi Ship Channel from the Gulf of Mexico to Harbor Island. The project will also increase the depth from 47 feet to 54 feet from the jetties at the entrance of the ship channel to Harbor Island and will deepen the ship channel into the Gulf of Mexico to 56 feet. As one of the larger dredging companies in the United States, Great Lakes Dredge & Dock has worked on high-profile projects that include the Deepwater Horizon Oil Spill cleanup and the deepening of the Port Miami harbor. Situated on the western Gulf of Mexico with a 36-mile channel, Port Corpus Christi is the fourth-largest port in the United States in total tonnage and is the leading U.S. crude oil export port. Throughout 2018, the port shipped more than $10.8 billion worth of crude to U.S. trading partners.

May 29, 2019

Acquisitions Office Texas

Equus Capital Sells 193,998 SF Office Building in Metro Houston to Glazer Properties

by Taylor Williams May 29, 2019

SUGAR LAND, TEXAS — Equus Capital Partners Ltd., a Philadelphia-based private equity firm with five other offices around the country, has sold One Sugar Creek Center, a 193,998-square-foot office building located in the southwestern Houston suburb of Sugar Land. The asset was sold to Glazer Properties, an investment firm headed by Tampa Bay Buccaneers co-owner Kevin Glazer. The 11-story, Class A property was built in 1983 on 4.5 acres and was renovated in 2017 to feature a new lobby, added security systems, elevator cab upgrades, a new conference center and refreshed landscaping. Additional amenities include a deli, bank branch and an outdoor patio and cornhole court. The property was 90 percent leased at the time of sale to tenants such as Comerica Bank, Wholesome Sweeteners and Amerex Brokers Natural Gas. Christopher Locatell, Mark Ledger and Greg Chapin of Equus handled the transaction for their firm along with Dan Miller, Marty Hogan and Johnny Kight of HFF.

May 29, 2019

Development Multifamily Seniors Housing Texas

ITEX Group, Austin Housing Authority Reopen Affordable Seniors Housing Community

by Taylor Williams May 29, 2019

AUSTIN, TEXAS — The ITEX Group, in partnership with the Housing Authority City of Austin (HACA), has reopened Pathways at Gaston Place, an affordable seniors housing community in Austin. HACA owns the property, which was initially built in 1978 to provide housing to the elderly (62 or older), disabled or those displaced by natural disasters. ITEX provided development and construction services for the redevelopment project. Gaston Place was in need of repairs, renovations and upgrades to meet requirements of the Americans with Disabilities Act (ADA). These changes, along with several common area upgrades throughout the community, will help provide improved homes for residents just north of downtown Austin. Gaston Place is currently 100 percent occupied.

May 29, 2019

Leasing Activity Office Texas

Kirksey Architecture Opens New Office in South Austin

by Taylor Williams May 29, 2019

AUSTIN, TEXAS — Kirksey Architecture, which has more than $500 million worth of projects underway throughout Central Texas, has opened a new, 2,500-square-foot office at 1701 Directors Blvd. in south Austin. The company’s main office is located in Houston. Executive vice president Benito Guerrier and vice presidents David Dalton and Kathleen Jircik will head the company’s Austin office. Kirksey officially took occupancy of the space in June 2018.

May 29, 2019

Acquisitions Office Texas

Bright Realty Brokers Sale of 2,144 SF Office Condo in McKinney, Texas

by Taylor Williams May 29, 2019

MCKINNEY, TEXAS — Metro Dallas-based Bright Realty has brokered the sale of a 2,144-square-foot office condominium located at 501 Medical Center in McKinney, a northern suburb of Dallas. The property offers access to both U.S. Highway 75 and the Sam Rayburn Tollway. Britton Lankford and Nick Miller of Bright Realty represented the seller in the transaction. The buyer and sales price were not disclosed.

May 29, 2019

Acquisitions Georgia Multifamily Southeast

Hudson Capital Acquires 498-Unit Multifamily Community Near Atlanta

by Alex Tostado May 29, 2019

WOODSTOCK, GA. — Hudson Capital Properties (HCP) has acquired Bell Woodstock, a 498-unit, garden-style multifamily community in Woodstock. HCP plans to raise rents over the next five to seven years before renovating the property. The community is situated at 1 Sycamore Lane, 29 miles north of downtown Atlanta. Communal amenities include a nine-hole putting green, Starbucks Coffee bar, conference room, resident lounge, two swimming pools, two tennis courts, two car care centers, clothes care center, fitness center, grilling areas, outdoor kitchen and a sand volleyball court. Kevin Geiger of CBRE represented the undisclosed seller in the transaction. The sales price was not disclosed.

May 29, 2019

Development Florida Multifamily Seniors Housing Southeast

SRI Management, Gordon Cos. Open 125-Unit Assisted Living Community in Central Florida

by Alex Tostado May 29, 2019

LADY LAKE, FLA. — SRI Management LLC has opened Village Veranda, a 125-unit assisted living and memory care seniors community in Lady Lake, about 50 miles northwest of Orlando. Gordon Cos. developed the community for owner Village Veranda Lady Lake LLC. SRI Management is the operator. The 117,000-square-foot community offers 100 assisted living apartments up to 875 square feet and ranging from studio to two-bedroom options. In addition, the facility offers 25 memory care apartments between 350 and 449 square feet. Forum Architecture & Interior Design Inc. was the designer on the project, while Core Construction led the building team.

May 29, 2019

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