Property Type

Emery-Bay-at-Lakepointe-Lewisville-Texas

American Landmark Acquires 360-Unit Apartment Community in Metro Dallas

by Taylor Williams December 14, 2018

LEWISVILLE, TEXAS — Tampa-based multifamily owner-operator American Landmark has acquired Emery Bay at Lakepointe, a 360-unit multifamily community located in the northern Dallas metro of Lewisville. Built in 1997, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, spa, business center, dog park and a volleyball court. American Landmark will invest $3.5 million in capital improvements to the unit interiors and amenity spaces. Mitch Sinberg, Matt Robbins, Robert Falese and Matthew Cullison of Berkadia secured a $36.5 million Fannie Mae acquisition loan on behalf of American Landmark for the transaction. The seller was not disclosed.

December 14, 2018

Development Industrial Texas

HDA Completes 219,000 SF Industrial Project for Beverage Distributor in Tyler, Texas

by Taylor Williams December 14, 2018

TYLER, TEXAS — St. Louis-based HDA Architects has completed a 219,000-square-foot industrial project in Tyler, about 100 miles east of Dallas, for beverage distributor GG Distributing Co. The project included renovating 100,000 square feet of a former U.S. Postal distribution center and building an additional 119,000 square feet at the property, which will serve as GG Distributing’s new headquarters. The property features a controlled temperature/concrete tilt-up warehouse for product storage, 25 shipping docks, a drive-thru for loading and an attached maintenance facility. Crossland Construction served as general contractor.

December 14, 2018

Creekside-Park-Village-Center-The-Woodlands-Texas

Development Retail Texas

Dine-In Movie Concept to Open 11-Screen Theater in The Woodlands

by Taylor Williams December 14, 2018

THE WOODLANDS, TEXAS — Moviehouse & Eatery will open an 11-screen theater within Creekside Park Village Center, a 12-acre retail development by The Howard Hughes Corp. (HHC) in The Woodlands, about 30 miles north of Houston. The 42,370-square-foot venue, which will be the company’s first in the Houston area, will offer recliner seats, a full bar and a scratch kitchen. Chris Reyes of SHOP Cos. represented Moviehouse & Eatery in the lease negotiations. Rip Reynolds represented HHC internally. Construction of Creekside Park Village Center will begin this month with completion slated for winter 2019.

December 14, 2018

Acquisitions Multifamily Texas

JLL Arranges Acquisition Financing for 264-Unit Apartment Property in Fort Worth

by Taylor Williams December 14, 2018

FORT WORTH, TEXAS — JLL has arranged an undisclosed amount of acquisition financing for Vieux Coulee Apartments, a 264-unit multifamily property in Fort Worth, on behalf of Los Angeles-based investment firm Frontline Holdings. Built in 1984, the community features a pool, fitness center, business center and a resident clubhouse. Mark Brandenburg and David Godvin of JLL arranged the financing through Bridge Investment Group. The seller was not disclosed.

December 14, 2018

Acquisitions Multifamily Texas

Olympus Property Purchases 260-Unit Multifamily Asset in Metro Houston

by Taylor Williams December 14, 2018

KATY, TEXAS — Fort Worth-based Olympus Property has purchased Echo at Katy Ranch, a 260-unit multifamily asset in Katy, a western suburb of Houston. The property has since been rebranded Olympus Katy Ranch. The Class A community features a resort-style pool, six gas grills, a fireside lounge, resident clubhouse, fitness center and a dog park. The transaction, the seller in which was not disclosed, marks the 12th acquisition for Olympus Property this year. Tucker Knight and Nicholas Murphy of Berkadia secured a 10-year, fixed-rate loan through Freddie Mac with seven years of interest-only payments for the transaction.

December 14, 2018

Development Michigan Midwest Mixed-Use

Bedrock Breaks Ground on 1.4 MSF Mixed-Use Project in Detroit

by Kristin Harlow December 14, 2018

DETROIT — Bedrock has broken ground on the 1.4 million-square-foot Monroe Blocks project on two city blocks at the corner of Monroe Street and Campus Martius in downtown Detroit. Slated for completion in 2022, the development is one of four transformational projects underway as part of a $2.1 billion investment in Detroit that Bedrock first announced in 2017. In total, Monroe Blocks will include 847,000 square feet of office space, 482 residential units and 117,000 square feet of retail space. Block A will include a 35-story office tower and Block B will be largely residential. A stretch of Farmer Street will be converted to pedestrian-only space and connect the two blocks. Bedrock worked with Danish architecture firm Schmidt Hammer Lassen to design the project alongside Detroit-based firm Neumann/Smith Architecture. Turner Construction Co. is the general contractor. The two blocks along Monroe Street that make up the development were known historically as Detroit’s first theater district. The site was razed in 1990 with the exception of the National Theatre, which has sat vacant. Bedrock plans to retain the façade of the National Theatre and incorporate it into a terracotta archway within the development. The other three projects within Bedrock’s $2.1 billion …

December 14, 2018

Illinois Loans Midwest Mixed-Use

JLL Arranges Construction Financing for $115M Mixed-Use Project in Chicago’s Uptown Neighborhood

by Kristin Harlow December 14, 2018

CHICAGO — JLL Capital Markets has arranged construction financing for The Draper at 5050 N. Broadway, a mixed-use development in Chicago’s Uptown neighborhood. The project involves the conversion of a former 400,000-square-foot office building into 342 residential units. The developer, CEDARst Cos., raised $41 million of project equity. Urbanite Capital provided a $13 million structured loan and Bank of the Ozarks provided a $61 million construction loan. Chuck Johanns and Dave Hendrickson of JLL arranged the financing. The recent closing enables CEDARst to complete Phase I of a planned two-phase development. Total project costs for the development of Phase I are estimated at $115 million. A timeline for completion was not disclosed.

December 14, 2018

Development Illinois Midwest Office

GlenStar to Complete $20M Renovation of Office Property in Chicago

by Kristin Harlow December 14, 2018

CHICAGO — GlenStar Properties LLC and its joint venture Angelo Gordon & Co. LP have unveiled plans to complete a $20 million renovation of President’s Plaza in Chicago’s O’Hare submarket. The two-building, 830,479-square-foot office property is located at 8600 and 8700 W. Bryn Mawr Ave. Plans call for a lobby refresh at both buildings, new tenant lounge with a coffee café, renovation of the fitness center, renovation of the deli, new technology for the conference center, new lobby stairwell, new passenger elevator interiors and corridor renovations. Completion is slated for the second quarter of 2019. Major tenants at the property include True Value, American Imaging Management and Lafarge North America. Occupancy stands at 94.4 percent.

December 14, 2018

Acquisitions Illinois Midwest Retail

Faris Lee Investments Brokers $16.7M Sale of Shopping Center in Saint Charles, Illinois

by Kristin Harlow December 14, 2018

SAINT CHARLES, ILL. — Faris Lee Investments has brokered the sale of Main Street Commons in suburban Chicago for $16.7 million. The 171,564-square-foot shopping center is situated on 20 acres. At the time of the sale, the property was 85 percent leased to tenants such as Ross, TJ Maxx, Five Below, Ulta and Cost Plus. Rick Chichester, Donald MacLellan and Shaun Riley of Faris Lee represented the seller, Sabal Financial Group LP. The buyer was not disclosed.

December 14, 2018

Loans Michigan Midwest Multifamily

KeyBank Provides $15.7M Refinancing for Michigan Multifamily Property

by Kristin Harlow December 14, 2018

ANN ARBOR, MICH. — KeyBank Real Estate Capital has provided a $15.7 million Fannie Mae loan for the refinancing of Manchester Flats Apartment Homes in Ann Arbor. The 173-unit multifamily property is comprised of nine buildings on six acres of land. The property was built in 1957 and renovated in 2013. Todd Linehan of KeyBank arranged the nonrecourse, fixed-rate loan with a 15-year term and 30-year amortization schedule.

December 14, 2018

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