Property Type

HFF Brokers $39.2M Sale of Two-Building Office Portfolio in Orlando

by Camren Skelton May 30, 2018

ORLANDO, FLA. — HFF has arranged the $39.2 million sale of Resource Square One and Three, a two-building office portfolio in Orlando. The buildings are located at 13501 Ingenuity Drive and 12001 Research Parkway within Orlando’s Central Florida Research Park, which is adjacent to the University of Central Florida. Hermen Rodriguez, Ike Ojala, Tracey Goo and Anthony Frogameni of HFF arranged the transaction on behalf of the sellers, an affiliate of Banyan Street Capital and funds managed by Oaktree Capital Management LP. The HFF team also procured the buyer, an affiliate of TerraCap Management LLC. The three-story Resource Square One totals 91,667 square feet and was built in 1999. Resource Square Three spans five stories and totals 152,882 square feet. The property was constructed in 2003. Collectively, the portfolio was 84.9 percent leased at the time of sale to tenants such as General Dynamics, AVNET, Cisco Systems and Raytheon.

May 30, 2018

Acquisitions Georgia Retail Southeast

NKF Negotiates Sales of Three Shopping Centers in Georgia Totaling More Than $36M

by Camren Skelton May 30, 2018

ATLANTA — NKF Capital Markets has arranged the sales of two Publix-anchored shopping centers and one fitness-anchored center in Georgia. The transaction totals more than $36 million and spans approximately 200,000 square feet. In Perry, a city in Central Georgia, Cypress Development sold Paradise Shoppes of Perry to Flag Wharf Inc. for $11.4 million. The 72,200-square-foot center was 96 percent leased at the time of sale to tenants such as Publix, Subway, Marco’s Pizza, El Jalisco Grille and T-Mobile. In Atlanta, Lakha Properties sold the 46,219-square-foot Shallowford Exchange to Shallowford LLC for $12.5 million. The center, located at 2558 Shallowford Road, was fully leased at the time of sale to tenants such as Publix, Subway, Marco’s Pizza, UPS Store and MetroPCS. In Alpharetta, located roughly 25 miles north of Atlanta, WB Holdings-Silos LLC acquired The Silos at North Farm Marketplace for $12.5 million. The 78,765-square-foot center was 97 percent leased at the time of sale to One Life Fitness, Alpine Bakery and Bach to Rock. Drew Fleming, Mark Joines and Henry Kushner of NKF arranged all three transactions.

May 30, 2018

Acquisitions Georgia Multifamily Southeast

Greystone Brown Closes $35.1M Sale of Multifamily Community in Metro Atlanta

by Camren Skelton May 30, 2018

MARIETTA, GA. — Greystone Brown Real Estate Advisors has brokered the $35.1 million sale of Pennington Pointe, a 268-unit apartment community located at 1716 Terrell Mill Road in Marietta, roughly 20 miles north of downtown Atlanta. Barden Brown and Chandler Brown of Greystone Brown arranged the transaction on behalf of the seller, Hallmark Pennington Pointe LLC, a subsidiary of The Hallmark Cos. Inc. DE Pennington Pointe Apartments LLC acquired the asset. Pennington Pointe is located less than two miles from SunTrust Park, the home ballpark of the Atlanta Braves. The community features a playground, picnic area with barbecue grills, clubhouse, fitness center, dog park, tennis courts and a swimming pool.

May 30, 2018

Florida Industrial Leasing Activity Southeast

JLL Secures 281,276 SF Industrial Lease for Outdoor Furniture Manufacturer in Southwest Florida

by Camren Skelton May 30, 2018

SARASOTA, FLA. — JLL has secured a 281,276-square-foot lease for Windward Design Group, a manufacturer of outdoor furniture, at an industrial facility in Sarasota. Located at 2150 Whitfield Ave., the property will allow Windward Design Group to expand and consolidate its seven locations into one manufacturing and distribution facility. The property was initially built in 1967 and expanded upon in stages beginning in 1990 specifically for outdoor furniture manufacturing. The building includes 18,000 square feet of office and showroom space and 200,000 square feet of manufacturing space. Approximately 65,0000 square feet of the warehouse is air-conditioned. Gary Godsey and Scott Altieri of JLL negotiated the lease with the property’s landlord, Daylion, on behalf of Windward Design Group. Originally known as Royal Patio Manufacturing, the company produces over 35 collections, a full line of replacement cushions and employs more than 130 people.

May 30, 2018

Loans Multifamily Texas

Berkeley Point Provides $47.2M Construction Loan for Dallas Area Apartments

by Taylor Williams May 29, 2018

LEWISVILLE, TEXAS — Berkeley Point Capital, a multifamily finance firm with 11 offices throughout the country, has provided a $47.2 million loan for the construction of Tower Bay Lofts, a 308-unit apartment project being developed in the northern Dallas metro of Lewisville. The loan features a fixed 3.78 percent interest rate and a 40-year, fully amortized permanent term. Tom White of Berkeley Point secured the financing through the FHA’s 221(d)(4) program on behalf of the developer, Wittington Holdings. The project team broke ground in mid-April and expects to deliver the building in about 24 months.

May 29, 2018

Development Hospitality Texas

Arch-Con Tops Out 16-Story Hotel Near Texas Medical Center in Houston

by Taylor Williams May 29, 2018

HOUSTON — Arch-Con Construction, a general contractor with offices in Houston and Dallas, has topped out Residence Inn Medical Center, a 16-story hotel in Houston. Located near the Texas Medical Center and NRG Stadium on the city’s south side, the hotel will total 182 rooms upon completion, which is slated for February 2019. Amenities will include an indoor pool, fitness center and four conference/meeting rooms on the second floor. Moody National Cos. is the project developer, and Mitchell Carlson Stone Inc. is the architect.

May 29, 2018

Civic Development Texas

McCarthy Completes Phase I Expansion of Houston’s Museum of Fine Arts

by Taylor Williams May 29, 2018

HOUSTON — McCarthy Cos. has completed Phase I of an expansion project for the Museum of Fine Arts in Houston. The project revamped the Glassell School of Art, essentially doubling its size to 40,000 square feet and enabling the school to now serve more than 7,000 students per year. The school links to two gallery buildings and a sculpture garden as part of the redevelopment of a 14-acre portion of the campus. McCarthy self-performed certain aspects of construction, including the casting of 177 unique concrete panels.

May 29, 2018

Leasing Activity Office Texas

Brewery, Distilling Architecture Firm to Open Dallas Office in June

by Taylor Williams May 29, 2018

DALLAS — Method Architecture, a Houston-based architecture and interior design firm that specializes in breweries and distilleries, will open an office in Dallas in June. The company, which has designed more than 25 breweries across the state, acquired an Austin-based firm in late 2017, making the new Dallas office its third in Texas. Method’s Dallas office will be located at 1919 McKinney Ave. near Klyde Warren Park in the downtown area.

May 29, 2018

Leasing Activity Office Texas

Elevate Credit Doubles Office Footprint at Spectrum Center in Metro Dallas

by Taylor Williams May 29, 2018

ADDISON, TEXAS — Elevate Credit, a publicly traded provider of online credit solutions, has doubled the size of its office lease at Spectrum Center, a 614,000-square-foot office complex located in the northern Dallas metro of Addison. The company is expanding its footprint from 26,000 to 52,000 square feet. Cribb Altman and Mike Wyatt of Cushman & Wakefield represented Elevate Credit in the lease negotiations. The expansion will allow the company to grow its staff count from about 130 employees to 300.

May 29, 2018

Affordable Housing Loans Midwest Minnesota Multifamily

Dougherty Provides $16.1M HUD Loan for Construction of Affordable Housing Property in Rochester, Minnesota

by Kristin Harlow May 29, 2018

ROCHESTER, MINN. — Dougherty Mortgage LLC has provided a $16.1 million HUD 221(d)(4) loan for the construction of Eastgate Apartments in Rochester. The 135-unit affordable housing property is slated to open in the summer of 2019. All units will be restricted to residents earning 60 percent or less of the area median income. In addition to the 40-year loan, the project will receive equity from the sale of low-income housing tax credits. BDKN LLLP was the borrower.

May 29, 2018

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