Property Type

PCCP Provides $152M Refinancing for Office Building in Brooklyn

by David Cohen March 5, 2019

NEW YORK CITY — PCCP has provided a $152 million senior loan to refinance The Pioneer Building, a 270,000-square-foot, 10-story office property in Brooklyn. Located at 41 Flatbush Ave., the former warehouse/storage facility was constructed in 1896 and was converted to a creative office space after it was acquired in 2014 by a joint venture of Quinlan Development Group and Building and Land Technology. As part of the renovation, Quinlan and BLT updated the building’s façade and installed elevators, a modern HVAC system, windows and a landscaped rooftop amenity. PCCP provided the loan to Quinlan and BLT. Terms of the financing were undisclosed.

March 5, 2019

Industrial Leasing Activity Massachusetts Northeast

Nypro Signs 247,060 SF Industrial Lease in Devens, Massachusetts

by David Cohen March 5, 2019

DEVENS, MASS. — Nypro Inc. has signed a 247,060-square-foot lease renewal and expansion at 112 Barnum Road in Devens. The 402,249-square-foot manufacturing facility was constructed in 2008 and is located within the Devens Industrial Park. Nypro Inc. expanded its lease from 215,790 square feet to 247,060 square feet. J.R. McDonald, Torin Taylor and Ross Gaudet of NKF represented the property ownership group, Artemis Real Estate Partners, Drake Real Estate Partners and Pacer Partners, in the transaction.

March 5, 2019

Acquisitions Multifamily Texas

NorthMarq Brokers Sale of 650-Unit Multifamily Asset in Dallas

by Taylor Williams March 5, 2019

DALLAS — NorthMarq Capital has brokered the sale of Montecito Creek, a 650-unit multifamily community in Dallas. The property was built in 1983 on 23 acres and features five pools, two spas, a business center and onsite laundry services. Taylor Snoddy, Philip Wiegand and James Roberts of NorthMarq represented the seller, NAPA Ventures, in the transaction. The buyer was Exponential Property Group, a locally based investment firm, which will upgrade the interior and exterior elements of the property.

March 5, 2019

Development Multifamily Texas

Gardner Tanenbaum to Develop 516-Unit Apartment Community in Oklahoma City

by Taylor Williams March 5, 2019

OKLAHOMA CITY — Gardner Tanenbaum Holdings will develop Liberty Creek Village, a 516-unit apartment community in Oklahoma City. Designed by Gardner Architects, the property will offer two pools, outdoor entertainment areas, a full-size basketball court, fitness center and a dog park. Units will feature quartz countertops, stainless steel appliances and washer/dryer connections. Liberty Creek Village is expected to open in 2020.

March 5, 2019

Loans Multifamily Student Housing Texas

Berkadia Provides $48.6M Freddie Mac Loan for Refinancing of Lubbock Apartments

by Taylor Williams March 5, 2019

LUBBOCK, TEXAS — Berkadia has provided a $48.6 million Freddie Mac loan for the refinancing of Capstone Cottages of Lubbock, a 969-bed student housing community in the West Texas city of Lubbock. Built in 2017. The property features 216 units in one-, two-, three-, four- and five-bedroom configurations. Amenities include a pool, business center, resident clubhouse, conference room and outdoor grilling and picnic area. Charles Foschini, Mitch Sinberg, Christoper Apone, Lourdes Carranza-Alvarez and Shannon Wilson of Berkadia placed the debt on behalf of the borrower, a partnership between Florida-based Kayne Anderson Capital Advisors LP and Alabama-based Capstone Collegiate Communities. The loan carried a floating interest rate, seven-year term and a 65 percent loan-to-value structure.

March 5, 2019

Development Multifamily Seniors Housing Texas

Bridgeview Realty Completes $21M Seniors Housing Project in Fredericksburg, Texas

by Taylor Williams March 5, 2019

FREDERICKSBURG, TEXAS — Bridgeview Realty Capital, in collaboration with ACRON USA, Tulsa OK and First Capital Bank of Texas, has completed construction of a seniors housing community in the central Texas city of Fredericksburg. Development costs were estimated at $21 million for the 73,000-square-foot property, which was not named and offers 60 assisted living units and 24 memory care units. Approximately 50 percent of the newly delivered space is preleased, and Bridgeview is planning a second phase to add independent living units.

March 5, 2019

Development Georgia Retail Southeast

Whole Foods to Celebrate 500th Location with Opening of Four-Story Store in Midtown Atlanta

by Alex Tostado March 5, 2019

ATLANTA — Whole Foods Market will celebrate its 500th store on Friday, April 5 with the opening of Whole Foods Market Midtown, a 70,000-square-foot, four-story location situated at 22 W. 14th St. in Midtown Atlanta, about four miles north of downtown Atlanta. According to Atlanta Business Chronicle, the development team comprises developer Related Group, general contractor Balfour Beatty and architect Phillips Partnership. The newest location will be the 12th in Atlanta and the flagship store of the Southeast region. The Whole Foods will offer four fast-casual eateries across the four levels, as well as a rooftop bar. Atlanta Business Chronicle also reports the new store will include new locations of Farmburger and Dtox Juice.

March 5, 2019

Loans Multifamily Texas

LMI Capital Arranges Two Acquisition Loans Totaling $17.1M for Houston-Area Apartments

by Taylor Williams March 5, 2019

HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two acquisition loans totaling $17.1 million for a pair of apartment properties in the Houston area. In the first transaction, Brandon Brown of LMI Capital arranged an $8.7 million bridge loan for a 170-unit property in Brazoria County. In the second deal, Jamie Mullin of LMI Capital placed an $8.4 million loan for a 100-unit asset in Galveston County. The property names and borrowers were not disclosed.

March 5, 2019

Acquisitions Midwest Missouri Office

Stan Johnson Co. Brokers $11.7M Sale of Office Center in Kansas City

by Kristin Harlow March 5, 2019

KANSAS CITY, MO. — Stan Johnson Co. has brokered the sale of Prairie View Business Center in Kansas City for $11.7 million. The 109,089-square-foot office center is 97 percent occupied by five tenants, including the U.S. Military Entrance Processing Station for Kansas City, which leases approximately half of the building’s rentable area. The facility sits on 12.2 acres and is comprised of two buildings that were constructed in 1993. Scott Briggs of Stan Johnson represented the sellers, Prairie View Business Center LLC and Prias Prairie View LLC. Briggs also represented the buyer, Chicago-based Boyd Kansas City II LLC.

March 5, 2019

Illinois Leasing Activity Midwest Retail

Rumble Selects Gold Coast Neighborhood for its First Chicago Location

by Kristin Harlow March 5, 2019

CHICAGO — Rumble, a boxing-inspired workout concept, has selected its first Chicago location at 1139 N. State St. in the Gold Coast neighborhood. Nicole Cardot and Adam Secher of Baum Realty Group assisted Rumble in selecting the location. Expected to open in late summer, the 8,000-square-foot facility will be Rumble’s sixth location nationwide. Rumble classes are 45 minutes and feature full-body strength training and conditioning workouts. The company is known for its aqua training bags, which are tear drop-shaped, water-filled punching bags. Baum represented Rumble in negotiations with the landlord, Newcastle Limited. Danny Jacobson, Luke Molloy and Stephen Ansani of CBRE represented Newcastle.

March 5, 2019

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