Property Type

Colliers, Max Spann Auctioneers Negotiate $6.5M Sale of 26-Acre Industrial Facility in Philadelphia

by David Cohen March 29, 2019

PHILADELPHIA — Colliers International, in conjunction with Max Spann Auctioneers, has negotiated the $6.5 million sale of an industrial facility in the Nicetown-Tioga section of Philadelphia. Located at 2450 Hunting Park Ave., the property is the former home of metal fabricator Budd Co. The site has been vacant for more than a decade. The property is comprised of six buildings totaling 1,871,911 square feet. Rich Weitzman of Colliers represented the undisclosed seller in the transaction. The buyer was New York-based private equity and development firm Plymouth Group.

March 29, 2019

Development Multifamily Texas

Z Modular to Construct 175-Unit Apartment Property in San Marcos, Texas

by Taylor Williams March 29, 2019

SAN MARCOS, TEXAS — Z Modular LLC will construct Cheatham Street Flats, a 175-unit apartment community in the Central Texas city of San Marcos. The five-story property will offer studio, one-, two- and three-bedroom units with rents starting around $700 per month. The property will also house ground-level restaurant space and will be marketed to students at nearby Texas State University.

March 29, 2019

Acquisitions New York Northeast Retail

NorthMarq Secures $2.7M Acquisition Financing for Retail Property in Seneca Falls, New York

by David Cohen March 29, 2019

SENECA FALLS, N.Y. — NorthMarq has secured $2.7 million in acquisition financing for Liberty Center Plaza, an 80,846-square-foot retail property in Seneca Falls. The property’s major tenants include Tractor Supply Company and The Salvation Army. Robert Ranieri of NorthMarq secured the financing on behalf of the undisclosed borrower. Terms of the financing include a seven-year fixed term with a 25-year amortization schedule. The lender was undisclosed.

March 29, 2019

Acquisitions Multifamily Texas

NKF Arranges Sale of 156-Unit Apartment Community in Midland

by Taylor Williams March 29, 2019

MIDLAND, TEXAS — Newmark Knight Frank (NKF) has arranged the sale of The Azure, a 156-unit apartment community in the West Texas city of Midland. The Class A property, which was built in 2015 and was 100 percent occupied at the time of sale, is located near numerous retail and restaurant destinations, as well as employment hubs and parks. Floor plans consist of one-, two- and three-bedroom units, and amenities include a pool, fitness center, business center and a resident clubhouse. Bart Wickard, Brian Murphy and Brian O’Boyle Jr. of NKF represented the seller, Odyssey Residential Holdings LLC, in the sale. The buyer and sales price were not disclosed.

March 29, 2019

Development Restaurant Retail Texas

Three New F&B Concepts to Open at 265-Acre Mixed-Use Development in Houston

by Taylor Williams March 29, 2019

HOUSTON — Three new food and beverage concepts will open at Memorial City, a 265-acre mixed-use development in Houston owned by local firm MetroNational. A 7,000-square-foot space will be built for alcoholic beverage provider Kirby Ice House, with construction beginning this summer and the bar opening in fall 2020. A 5,830-square-foot space will be constructed for burger and milkshake concept Mia’s Table, and a 4,550-square-foot space will be built for Austin-based Torchy’s Tacos. Construction of both of those venues will begin this spring, with openings slated for next spring.

March 29, 2019

Loans Multifamily Texas

Arbor Realty Trust Provides $29.5M Acquisition Loan for Dallas Apartment Community

by Taylor Williams March 29, 2019

DALLAS — Arbor Realty Trust Inc. (NYSE: ABR) has provided $29.5 million in Fannie Mae acquisition financing for Alexan Riveredge, a 309-unit apartment community in Dallas. Built in 2016, the property offers amenities including a resort-style pool, rooftop lounge, fitness center, jogging trails, business center and a game room. Units feature granite countertops, walk-in closets, washer and dryer connections and private balconies in select residences. Greg Gillam of Arbor Realty Trust originated the loan, which carries a 10-year term and a fixed interest rate, on behalf of the undisclosed borrower.

March 29, 2019

Acquisitions Retail Texas

Baceline Investments Acquires Austin Shopping Center for $4.2M

by Taylor Williams March 29, 2019

AUSTIN, TEXAS — Baceline Investments LLC, a Denver-based boutique real estate investment firm, has acquired Dakota Plaza, a 21,700-square-foot retail center in Austin, for $4.2 million. The property, which was built in 2006 and is located at 8516 Anderson Mill Road, was acquired in conjunction with shopping centers in Milwaukee, Louisville, Ky., and Maybrook, Ill.

March 29, 2019

California Hospitality Loans Western

Berkadia Closes $170M in Financing for Great Wolf Lodge in Garden Grove, California

by Amy Works March 29, 2019

GARDEN GROVE, CALIF. — Berkadia has closed $170 million in financing for the Great Wolf Lodge in Garden Grove. Andrew Coleman and Mauricio Rodriguez of Berkadia’s Hotels & Hospitality Group facilitated the deal on behalf of Colorado-based McWhinney. Provided by Wells Fargo, the 10-year, fixed-rate, full-term loan features interest-only payments. The use of the funds was not disclosed. Situated on 12 acres, the nine-story, 105,000-square-foot water park resort features 603 rooms, a 30,000-square-foot conference venue and 18,000 square feet of retail and dining, including seven restaurants, a bowling alley, miniature golf course, kid’s spa and arcade

March 29, 2019

Acquisitions Arizona Multifamily Western

Tara Investment Group Acquires 239-Unit Studio 710 in Arizona for $26.7M

by Amy Works March 29, 2019

TEMPE, ARIZ. — San Francisco-based Tara Investment Group has purchased Studio 710, an apartment community located at 710 Hardy Drive in Tempe. Domain Communities sold the property for $26.7 million. Brad Cooke and Cindy Cooke of Colliers International represented the seller, while the buyer was self-represented in the deal. Built in 1975, Studio 710 features 239 apartments spread across 12 buildings totaling 98,500 square feet. Community amenities include two resort-style pools with cabanas, free Wi-Fi, fitness studio, outdoor jogging track, outdoor gathering areas, fire pits, outdoor yoga/Zen space, bike racks and entertainment areas.

March 29, 2019

Loans Multifamily Washington Western

Newmark Realty Capital Secures $21.7M in Financing for Union Bay Apartments in Seattle

by Amy Works March 29, 2019

SEATTLE — Newmark Realty Capital has arranged $21.7 million in financing for Union Bay Apartments in Seattle. Situated in Seattle’s South Lake Union, the seven-story building features 74 apartments in a mix of studio, one- and two-bedroom layouts, as well as ground-floor retail space. Andy Bratt and Spencer Seibring of Newmark’s Newport Beach, Calif., office structured the 10-year term loan for the sponsor, a privately owned, Los Angeles-based development company. The lender and use of the funds were not disclosed.

March 29, 2019

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