IRVING, TEXAS — Following a merger with the parent company of the Chuck E. Cheese brand, London-based Leo Holdings Corp. plans to rebrand itself and take the new company public on the New York Stock Exchange (NYSE) under the ticker symbol “CEC.” The enterprise value of the combined company, which will be known as Chuck E. Cheese Brands Inc., is estimated at $1.4 billion. Leo Holdings, which is self-described as a special purpose acquisition firm, has entered into a “definitive business combination agreement” with Queso Holdings Corp., which is the parent company of CEC Entertainment Inc., the owner, operator and leading franchisor of the family dining and entertainment brand Chuck E. Cheese. The other principal in the merger agreement is Queso’s controlling stockholder, an entity owned by funds managed by affiliates of Apollo Global Management LLC (NYSE: APO), a publicly traded equity firm based in New York. CEC Entertainment is based in the Dallas suburb of Irving and also owns, operates and franchises Peter Piper Pizza, a family dining concept. As of year-end 2018, CEC Entertainment and its franchisees operated a system of 606 Chuck E. Cheese venues and 144 Peter Piper Pizza restaurants, with locations in 47 states and …
OWINGS MILLS, MD. — AvalonBay Communities Inc. will develop Avalon Foundry Row, a 437-unit multifamily community within Foundry Row in Owings Mills, a suburb of Baltimore. Avalon Foundry Row will offer studio, one-, two- and three-bedroom floor plans. Amenities will include a fitness center, clubroom, coworking space, dog parks and a pool. AvalonBay expects to break ground this spring. Greenberg Gibbons and Vanguard are developing Foundry Row, a mixed-use project which includes a 110,000-square-foot Wegmans Food Market, LifeBridge Health, Old Navy, DSW Shoe Warehouse, LA Fitness, Ulta Beauty, HomeGoods, La-Z-Boy, Mission BBQ, Chipotle Mexican Grill and Panera Bread.
ATLANTA — Berkadia has brokered the $26 million sale of The Preserve at Collier Ridge, a 419-unit multifamily complex in west Atlanta. The property offers one-, two- and three-bedroom floor plans. Amenities include a pool, fitness center, playground and a picnic area. The buyer, Montreal-based Frankforter Group, plans to upgrade the fitness center and add a business center and community room. Andrew Mays, Paul Vetter, Judy MacManus and Matthew White of Berkadia represented the seller, Atlanta-based DRI Legacy LLC, in the transaction.
Hunt Real Estate Capital Provides $15.7M Green Acquisition Loan for Apartment Community in Baltimore
BALTIMORE — Hunt Real Estate Capital has provided a $15.7 million Fannie Mae acquisition loan for Park Raven Apartments, a 253-unit community in Baltimore. The 15-year loan includes eight years of interest-only payments and a 30-year amortization schedule. The asset was built in 1949 and renovated in 2006. The property comprises 23 two-story, garden-style buildings. The borrower, Park Raven DNB LLC, plans to implement on-site water and energy conservation measures as part of Fannie Mae’s Green Reward program. The goal is to save more than 30 percent of the combined water and energy usage, including a minimum of 15 percent energy savings. The seller was Park Raven Holdings LLC.
NORFOLK, VA. — HFF has arranged a $13.4 million acquisition loan for The Gates at West Bay Apartments, a 202-unit community in Norfolk. The 10-year, fixed-rate Freddie Mac loan includes five years of interest-only payments. The borrower was a partnership between Brick Lane and Enterprise Community Investment Inc. The Gates at West Bay Apartments comprises 10 two-story buildings and was 95 percent occupied at the time of the sale. Of the 202 units, 99 percent are affordable to low-income units.
CHARLOTTE, N.C. — Insite Properties has arranged the sale of Forest Park 6, a single-story, 70,000-square-foot office building in Charlotte, for $12.6 million. The asset was fully occupied by three tenants — Camso, Paychex and Lending Tree — at the time of the sale. Built in 2000, the property is situated at 8215 Forest Point Blvd. in the south Charlotte airport submarket. Insite Properties represented the buyer, Longvalley II LLC, in the transaction. Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield represented the seller, Stream Realty Partners. Insite Properties will provide property management and leasing services for Forest Park 6.
AUSTIN, TEXAS — Job aggregator Indeed Inc., which has headquarters in Austin and Stamford, Conn., has signed a 183,911-square-foot office lease at Domain Gateway in Austin. The company will occupy the entirety of the Class A building, which was built in 2009 and is owned by a fund of California-based KBS, following the expiration of the current tenant’s lease. Troy Holme and Katie Ekstrom of CBRE represented KBS in the lease negotiations. CBRE also worked with Todd Chessher Commercial Leasing & Brokerage on behalf of Indeed. The space will ultimately be able to accommodate the 3,000 employees that the company plans to hire in the coming years. A timeline for assuming occupancy was not disclosed. According to local news station KXAN, with this lease, Indeed’s office footprint in Austin is now approaching 1 million square feet.
HOUSTON — HFF has negotiated the sale of a three-property, 544,291-square-foot office portfolio located in the Tanglewood and Memorial Village areas of Houston. The portfolio comprises 1616 Voss, 7500 San Felipe and 6363 Woodway, all of which will be renovated and repositioned as part of a $15 million capital improvement program. Dan Miller, Marty Hogan and Johnny Kight of HFF represented the seller, a partnership led by Unilev Capital Corp., and procured the buyer, CapRidge Partners LLC. Jim Curtin and Andy Scott of HFF arranged floating-rate acquisition financing for the deal through New York Life Insurance Co.
AUSTIN, TEXAS — Wood Partners, a multifamily investment and development firm with offices around the country, has begun leasing Alta Tech Ridge, a 230-unit community in Austin. The property, which offers one-, two- and three-bedroom units averaging 850 square feet per unit and officially opened in January, is located in between The Domain area on the north side and downtown Austin. Units feature stainless steel appliances, washers and dryers and private yards with attached garages. Amenities include a pool, outdoor kitchens, a dog spa, cyber lounge and a yoga studio.
SAN ANTONIO — SunTrust Bank (NYSE: STI) has provided a $12.9 million Fannie Mae acquisition loan for Marbach Park, a 304-unit multifamily community in San Antonio. The property, which was built in 1984 and was more than 95 percent occupied at the time of the loan closing, offers one- and two-bedroom units. Amenities include a pool, fitness center, coffee bar and a playground. Evan Hom of SunTrust originated the 15-year loan, which carries a 30-year amortization schedule and eight years of interest-only payments, on behalf of two undisclosed sponsors based in California and Dallas.