BURIEN, WASH. — Hunt Real Estate Capital has provided a $6 million Freddie Mac Small Balance Loan for the refinancing of Village Montrachet Apartments in Burien. Village Montrachet LLC, an entity backed by an undisclosed sponsor who purchased the property in 2001, is the borrower. The new loan will refinance existing debt and provide the borrower with proceeds to invest in the acquisition of another commercial property. Built in 1988, the property consists of three three-story apartment buildings offering a total of 57 units in a mix of 30 one-, 20 two- and six three-bedroom layouts. Community amenities include 90 parking spaces consisting of 79 carport spaces and 11 open parking spaces. Sergey Klimov of Hunt Real Estate Capital originated the loan, which is a 5/1 Hybrid-ARM loan with a 30-year schedule and a yield maintenance prepayment schedule. Glenn Gioseffi of Kidder Mathews sourced the loan.
OLATHE, KAN. — Colliers International has negotiated the sale of a 46,748-square-foot industrial building in Olathe for an undisclosed price. The property is located at 220 N. Mahaffie St. John Stafford of Colliers represented the seller, Steven Rogers. Chimney Corner Investments LLC purchased the asset. Tenants were not disclosed.
CARROLLTON, TEXAS — Weitzman has completed the redevelopment of Trinity Plaza, a 59,438-square-foot retail center located at North Josey Lane and the George Bush Turnpike in Carrollton. The project upgraded the center’s façade, signage, landscaping and parking, and also delivered new spaces for both a junior anchor and an endcap restaurant. Current tenants include Café Brazil, Party City and O’Reilly Auto Parts. Hodges & Associates served as project architect.
HOUSTON — Parkway Property Investments LLC will build a 600-space parking garage annex at Phoenix Tower, a 34-story office building located within Greenway Plaza in Houston. The structure, which will adjoin Phoenix Tower’s original eight-story garage, will span eight floors and 247,000 square feet. The groundbreaking is expected to occur before year’s end, and completion is slated for late 2019. HOK is the project architect and Kimley Horn is the project engineer.
DALLAS — Chicago-based NXT Capital has provided a $33 million acquisition loan for a 202,000-square-foot office building in Dallas. The Class A property is located along the Dallas North Tollway within one mile of 61 restaurants, 7,800 residential units and 19 hotels. C.J. Kelly of CBRE placed the loan with NXT Capital on behalf of an undisclosed borrower. The name of the property was also withheld.
CARROLLTON, TEXAS — Lee & Associates has negotiated a 30,294-square-foot industrial lease at 1628 W. Crosby Road in Carrollton, a northern suburb of Dallas. Ken Wesson and Adam Graham of Lee & Associates represented the landlord, EastGroup Properties LP. Keenan Cook of Mercer Co. represented the tenant, Exalt Printing Solutions LLC.
DALLAS — Venture X, a Florida-based coworking concept, has opened a 22,553-square-foot space at One McKinney, a 15-story office building located in Uptown Dallas. The space will cover the fifth floor and feature communal areas, conference rooms, 240 dedicated desks and both private and virtual offices. Ryan Hoopes of Colliers International represented Venture X in the lease negotiations. Elliot Prieur and Allison Johnston internally represented the landlord, Gaedeke Group.
The northern Nevada office market is picking up steam, despite still lagging behind the robust growth taking place in the industrial and multifamily sectors. Year-to-date net absorption of 136,607 square feet has brought overall market vacancy rates down to 10.1 percent. Rates are well below that in the more desirable office submarkets. South Reno, once plagued with vacancy rates exceeding 30 percent during the downturn, now hovers at a rate of 6.3 percent. Downtown vacancy rates currently sit at 7.9 percent with no new supply on the horizon. In fact, no significant office property has been built in downtown Reno since 1981. Reno is a market in need of new office supply; however, new office construction is challenging to build on a speculative basis except in the most amenity-rich locations that offer visibility and accessibility. The lack of incoming supply and rising demand has caused office lease rates to increase. Rates have generally remained stable over the past few years with the exception of Class A office lease rates, which have climbed steadily over the past 12 months. There is a gap between existing Class A office lease rates, which range from $2 per square foot to $2.50 per square …
SEATTLE — Amazon (NASDAQ: AMZN) has officially selected New York City and Arlington, Va., as the homes for its second headquarters, confirming reports last week of the e-commerce giant’s decision to split HQ2. Amazon will invest $5 billion and create more than 50,000 jobs across the two new headquarters locations, with more than 25,000 employees in each new headquarters. Both campuses will feature 4 million square feet of new office space, which is expandable up to 8 million square feet at each location. New York City and Arlington will join Seattle as the company’s three headquarters in North America. “These two locations will allow us to attract world-class talent that will help us to continue inventing for customers for years to come,” says Jeff Bezos, founder and CEO of Amazon. “The team did a great job selecting these sites, and we look forward to becoming an even bigger part of these communities.” The New York location will be in Queens’ Long Island City neighborhood. The Arlington office will be in River Landing, a newly branded neighborhood encompassing parts of Pentagon City and Crystal City in Arlington and Potomac Yard in nearby Alexandria. Amazon estimates the incremental tax revenue to exceed $10 billion for the New York location …
WASHINGTON, D.C. — PRP, in partnership with GMF Capital, has acquired the Presidential Building, an office building located at 1111 Pennsylvania Ave. N.W. in Washington, D.C. The name of the seller and acquisition price were not released, but media outlets report the asset sold for $338 million. Originally built in 1967, the property was renovated and expanded in 2002 from 12 stories and 253,000 square feet to 14 stories and 334,000 square feet. The property also includes a four-story underground parking structure. Law firm Morgan, Lewis & Bockius occupies the entire building on a long-term lease through 2032. SKB redesigned the building’s interior space in 2017 as part of Morgan Lewis’ lease renewal. Since 2010, $35 million has been spent on base building and tenant space improvements.