Property Type

CBRE Arranges Sale of 29,150 SF Office Asset in Uptown Dallas

by Taylor Williams May 16, 2018

DALLAS — CBRE has arranged the sale of 4525 Lemmon Avenue, a 29,150-square-foot office asset located in the Uptown/Turtle Creek area of Dallas. The property was 90 percent leased at the time of sale to tenants such as Dallas Yoga Center and Guaranteed Fitness. David Glasscock of CBRE represented the seller, Pastoral Counseling Center, which will lease back 10,456 square feet at the property. Randy Horowitz of SHOP Cos. and Harrison Horowitz of Oxford Capital Partners represented the buyer, Windward Partners VII.

May 16, 2018

Acquisitions Maryland Multifamily Southeast

Rittenhouse Brokers $21.9M Sale of Apartment Community in Northern Maryland

by Camren Skelton May 16, 2018

ELKTON, MD. — Rittenhouse Realty Advisors has arranged the $21.9 million sale of The Apartments at Iron Ridge, a 156-unit multifamily community in the northern Maryland city of Elkton. The community offers a mix of one-, two- and three-bedroom units and features a fitness center, pool, playground and a tennis court. The names of the buyer and seller were not disclosed.

May 16, 2018

Acquisitions Development Hospitality Southeast Virginia

Lingerfelt CommonWealth to Acquire Hotel in Virginia Beach for $19M, Invest $25M for Renovation

by Camren Skelton May 16, 2018

VIRGINIA BEACH, VA. — Lingerfelt CommonWealth Partners LLC will acquire the Virginia Beach Resort Hotel & Conference Center, a 295-room hotel located at 2800 Shore Drive in Virginia Beach, for $19 million. The Richmond, Va.-based company plans to invest $25 million to renovate the property, and will rebrand it as Delta Hotel by Marriott, a hospitality brand designed for business and leisure travelers. The 263,328-square-foot property is situated on 3.6 acres along the Chesapeake Bay. Commonwealth Lodging Management LLC, Lingerfelt’s hotel management affiliate, will operate and manage the hotel. The Virginia Beach Development Authority has approved an Economic Development Investment Program grant of $200,000 based on the company’s capital investment of $25 million. The new operators will continue to run the hotel through the season and close it sometime in October to complete the 14-month renovation project, according to Warren Harris, director of Virginia Beach Economic Development.

May 16, 2018

Loans Office Southeast Virginia

NXT Capital Provides $19M Refinancing for Office Building in Reston, Virginia

by Camren Skelton May 16, 2018

RESTON, VA. — NXT Capital has provided a $19 million first mortgage loan to refinance Parkridge III, a 109,000-square-foot office building in Reston. Dan McIntyre of HFF arranged the loan on behalf of the undisclosed borrower. Parkridge III is located within Reston’s largest office park, directly off Dulles Toll Road, and roughly five miles from Dulles International Airport. The building features a fitness center and a conference room, and the greater office park features a pond, picnic area and a volleyball court.

May 16, 2018

Acquisitions North Carolina Office Southeast

Grubb Properties, Blue Vista Capital Sell Office Park in Durham for $16.2M

by Camren Skelton May 16, 2018

DURHAM, N.C. — Grubb Properties, in conjunction with Blue Vista Capital Management, has sold Paradigm Park, a two-building office campus in Durham, for $16.2 million. An undisclosed owner-occupant acquired the asset and will consolidate its operations at the new facility. The joint venture originally acquired the vacant, 147,477-square-foot property in 2015 for $6.6 million, and began a significant renovation and leasing program. Completed enhancements include a new courtyard, redesigned entrances, improved landscaping, renovated lobbies and bathrooms and new HVAC and mechanical systems. In addition, the renovation included the addition of a fitness center with locker rooms and a conference workspace. Paradigm Park is located adjacent to Research Triangle Park off Interstate 40.

May 16, 2018

Acquisitions Retail Southeast Tennessee

EXP Realty Advisors Arranges $9.4M Sale of Retail Center Near Knoxville

by Camren Skelton May 16, 2018

LENOIR CITY, TENN. — EXP Realty Advisors has arranged the $9.4 million sale of The Market at Town Creek, a 64,000-square-foot retail center located at 300 Market Drive in Lenoir City, roughly 24 miles southwest of Knoxville. The center is home to tenants such as Food City, Pizza Hut, Bojangle’s, Pet Sense and Physician’s Care. Andrew Greenberg of EXP Realty Advisors arranged the transaction on behalf of the undisclosed seller. A Tennessee-based investor acquired the asset through a 1031 exchange.

May 16, 2018

Acquisitions California Loans Office Western

George Smith Partners Secures $41M Loan for Office Building Acquisition in Silicon Valley

by Amy Works May 16, 2018

LOS ALTOS, CALIF. — George Smith Partners has secured a $41 million bridge loan for the acquisition of an office property located at 5150 El Camino Real in Los Altos within Silicon Valley. The borrower was Vahe Tashkian of Dutchints Development. The borrower plans to acquire the 71,000-square-foot office property from an institutional seller for an undisclosed price. Malcolm Davies, Evan Kinne, Zachary Streit, Alexander Rossinsky and Rachael Lewis of George Smith Partners arranged the non-recourse loan, which features interest-only payments for the 24-month term and an 85 percent loan-to-cost ratio.

May 16, 2018

Acquisitions Industrial Loans Office Washington Western

CBRE Arranges Sale, Financing of Eight-Building Flex Portfolio in Redmond, Washington

by Amy Works May 16, 2018

REDMOND, WASH. — CBRE Capital Markets has brokered the sale of Redmond East Business Campus, an eight-building office and flex portfolio located near downtown Redmond. A closed-end fund managed by Kennedy Wilson acquired the asset for an undisclosed price. Thomas Pehl and Lou Senini of CBRE’s Seattle office represented the undisclosed seller in the deal. Brad Zampa, Mike Walker and Megan Woodring of CBRE’s San Francisco office arranged $34.5 million in balance-sheet bank financing for the buyer. A national financial services company provided the seven-year, non-recourse, full-term, interest-only, floating-rate acquisition financing. Located at 6724-6565 185th Ave. NE and 18758-18640 NE 67th Court, Redmond East is a 292,100-square-foot, institutional quality property currently 98 percent leased to nine tenants.

May 16, 2018

California Development Industrial Western

Murphy Development Breaks Ground on 79,050 SF Industrial Building in San Diego

by Amy Works May 16, 2018

SAN DIEGO — Murphy Development has broken ground for the final building at its 2.1 million-square-foot Siempre Viva Business Park in San Diego’s Otay Mesa neighborhood. Located at 8500 Kerns St., the $11.9 million Building 17 will feature 79,050 square feet, 28-foot clear heights, 2,000 amps of 277/480 volt power, manufacturing sewing and water capacity, ESFR sprinklers, concrete truck courts, wide column spacing and high dock door ratios designed for distribution users. The adjacent building, Building 18, was completed in late 2016. Located at 2600 Melksee St., the 121,970-square-foot property is partially occupied by Mainfreight USA. The development team includes Gene Cipparone as architect, K&S Engineering and Lusardi Construction. Andy Irwin and Joe Anderson of JLL have been retained to market the property for lease.

May 16, 2018

Acquisitions Indiana Midwest Multifamily

Emma Capital Purchases Three Apartment Properties in Indianapolis for $63.8M

by Kristin Harlow May 16, 2018

INDIANAPOLIS — Emma Capital Investments Inc. has purchased three apartment properties totaling 849 units in Indianapolis for $63.8 million. The properties include the 336-unit Retreat Northwest, the 388-unit M Club Apartments and the 125-unit Aura Apartments. All three properties were built in the 1970s. The seller was not disclosed. To date, Emma Capital’s U.S. portfolio totals 7,500 apartment units, mostly located in the Sun Belt states.

May 16, 2018

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