Property Type

HFF Arranges Sale of 154,263 SF Office Property in Metro Houston

by Taylor Williams May 9, 2018

SUGAR LAND, TEXAS — HFF has arranged the sale of Three Sugar Creek, a 154,263-square-foot office property in Sugar Land, a southwestern suburb of Houston. Built in 2008, the Class A property features floor-to-ceiling glass with 10.5-foot and 9.5-foot finished ceiling heights throughout. Three Sugar Creek was 95 percent leased at the time of sale. Dan Miller and Marty Hogan of HFF represented the buyer, WEDGE Properties Management LLC, in the transaction. Tom Radom of HFF represented the seller, Houston-based investment firm Radler Enterprises Inc.

May 9, 2018

Development Multifamily Texas

NAP to Develop 250-Unit Apartment Complex in Metro Fort Worth

by Taylor Williams May 9, 2018

TROPHY CLUB, TEXAS — Cincinnati-based development firm North American Properties (NAP) will develop The Byron at Trophy Club, a 250-unit luxury multifamily complex in Trophy Club, a northern suburb of Fort Worth. The property will feature a 420-space parking garage, resort-style pool and a two-story fitness center. Chicago-based private equity firm Pearlmark originated a $12.2 million mezzanine loan for the development through its mezzanine investment fund, which closed in March. A timeline for construction has not yet been established.

May 9, 2018

Courtyard-by-Marriott-Generation-Park-Houston

Development Hospitality Texas

HDS Breaks Ground on 144-Room Courtyard by Marriott Hotel in Houston

by Taylor Williams May 9, 2018

HOUSTON — Hotel Development Services (HDS) has broken ground on a 144-room Courtyard by Marriott hotel in Houston. The property is being developed within Generation Park, a 4,000-acre master-planned community on the city’s northwest side. The five-story hotel will feature more than 2,000 square feet of meeting space, a 24-hour market, outdoor pool, fitness center, business center, bistro and a Starbucks Coffee. American Hospitality Management will manage the property upon completion in 2019.

May 9, 2018

Acquisitions Industrial Texas

Faris Lee Brokers $5.6M Sale of 96,000 SF Industrial Asset in San Antonio

by Taylor Williams May 9, 2018

SAN ANTONIO — Irvine, Calif.-based Faris Lee Investments has brokered the approximately $5.6 million sale of a 96,000-square-foot industrial asset in San Antonio. The property is situated on five acres at 1949 Hormel Drive near the downtown area and is 100 percent leased to a single tenant: waste management firm Republic Services Inc. Scott DeYoung of Faris Lee represented the buyer, a San Francisco-based private investor, in the transaction. Preserve West Capital represented the seller, an undisclosed institutional owner.

May 9, 2018

Development Florida Industrial Loans Southeast

Bridge Development Receives $75M Construction Loan for 2.1 MSF Industrial Project in South Florida

by Camren Skelton May 9, 2018

MIAMI GARDENS, FLA. — Bridge Development Partners has received a $75 million construction loan to develop Bridge Point Commerce Center, a planned 2.1 million-square-foot industrial project in Miami Gardens. Steve Roth of CBRE arranged the loan through CIBC Bank U.S. and Hartford Investment Management Co. The first phase of the project, which will include three Class A buildings totaling 1.1 million square feet, is expected to deliver in the second quarter of 2019. The first two buildings will feature 32-foot clear heights and the third building will feature 36-foot clear heights. Located at 3900 N.W 215th St., Bridge Point Commerce Center is equidistant to Miami International Airport and Fort Lauderdale International Airport. Bridge Development is an active industrial developer in the South Florida region. In April, the Chicago-based firm received a $32.1 million loan to develop Bridge Point Powerline Road, a 467,832-square-foot facility in Pompano Beach.

May 9, 2018

Acquisitions Georgia Industrial Southeast

Griffin Capital Acquires 1 MSF Distribution Center in Savannah for $56.5M

by Camren Skelton May 9, 2018

SAVANNAH, GA. — Griffin Capital Essential Asset REIT Inc., an entity co-sponsored by Griffin Capital Co. LLC, has acquired Shaw Distribution Center – Northport Building C in Savannah for $56.5 million. The more than 1 million-square-foot facility is fully leased to Shaw Industries Inc., one of the largest flooring manufacturers in the country and a wholly owned subsidiary of Berkshire Hathaway Inc. The build-to-suit property was completed in March. Shaw Distribution Center is located less than seven miles from the Port of Savannah.

May 9, 2018

Development Multifamily South Carolina Southeast

Pollack Shores to Develop 231-Unit Multifamily Community in Charleston

by Camren Skelton May 9, 2018

CHARLESTON, S.C. — Pollack Shores Real Estate Group has unveiled plans to develop a 231-unit apartment community at 107 Brigade St. in Charleston’s North Morrison (NoMo) neighborhood. The property, which sits on a former steel yard, will include a mix of studio, one- and two-bedroom floor plans. Units will feature nine-foot ceilings, granite countertops, stainless steel appliances, vinyl plank wood flooring and patio French doors that open to private balconies. Community amenities will include a pool with outdoor grilling stations, fitness center, yoga studio and electric vehicle charging stations. Matrix Residential, a subsidiary of Pollack Shores, will manage the property upon completion in July 2019.

May 9, 2018

Florida Loans Multifamily Southeast

Love Funding Arranges $40.6M HUD Loan for New Apartment Community in Southwest Florida

by Camren Skelton May 9, 2018

FORT MYERS, FLA. — Love Funding has arranged a $40.6 million loan for the construction and permanent financing of Grand Central Apartments, a 280-unit multifamily community in Fort Myers. Tammy Tate of Love Funding arranged the loan through the U.S. Department of Housing and Urban Development (HUD)’s 221 (d)(4) program on behalf of the developer, Tampa-based Aileron Investment Management. The loan provides non-recourse financing for the construction of the property, followed by a 40-year permanent loan. The community will feature one- and two-bedroom apartment units housed within two four-story and two three-story buildings. Aileron Investment Management is aiming for Grand Central Apartments to earn Bronze Level Green/Energy Efficient mortgage insurance premiums (MIP) through the National Green Building Standard Program. MHK Architecture & Planning is the architect for the project, and Brooks & Freund is the general contractor. ZRS Management LLC will manage the community upon completion. Aileron Investment Management expects to start leasing the first building in 12 months.

May 9, 2018

Acquisitions Office Southeast Tennessee

Viking Partners Buys 100,340 SF Office Building in Knoxville

by Camren Skelton May 9, 2018

KNOXVILLE, TENN. — Cincinnati-based Viking Partners III LLC has acquired Parkside Plaza, a 100,340-square-foot office building in Knoxville. The name of the seller and sales price were not disclosed. The building is located within Turkey Creek, a mixed-use development featuring retail, office and entertainment space. Constructed in 2007, the five-story Parkside Plaza features a three-story entry atrium and ample surface parking. Deborah Petrolina of IMS and Matt Fentress of NAI Koella | RM Moore are handling the building’s leasing assignment.

May 9, 2018

Acquisitions California Healthcare Western

Easterly Government Properties to Purchase 90,085 SF VA Outpatient Clinic in San Jose

by Amy Works May 9, 2018

SAN JOSE, CALIF. — Easterly Government Properties has agreed to acquire a Department of Veterans Affairs (VA) Outpatient Clinic known as VA – San Jose. Completed in first-quarter 2018, VA – San Jose is part of the VA Palo Alto Health Care System and leased to the VA for an initial, non-cancellable lease term of 20 years through February 2038. The three-story, 90,085-square-foot facility consists of medical clinic and administrative space, offering primary care, mental healthcare, women’s health, audiology, speech pathology, podiatry, optometry and dermatology services. The name of the seller and acquisition price were not disclosed.

May 9, 2018

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