Property Type

Azor Advisory Services, Partners Break Ground on Retail Redevelopment of South Florida Office Complex

by Alex Tostado February 18, 2019

PLANTATION, FLA. — A partnership led by Azor Advisory Services Inc. has broken ground on the redevelopment of an office building in Plantation. Phase I — set for completion in early 2020 — will feature 6,400 square feet of retail space occupied by Starbucks Coffee. The initial phase is being built on an empty piece of land on the south end of the property. Phase II — which will include bulldozing the existing office building — is expected to break ground in September. Plans have not been finalized for what will take the office building’s place, but Beth Azor of Azor Advisory Services says it will likely be retail-oriented. Lombardi Development will act as general contractor for the project.

February 18, 2019

Industrial Leasing Activity Texas

Home Depot Signs 770,640 SF Industrial Lease in Houston

by Taylor Williams February 18, 2019

HOUSTON — The Home Depot has signed a 20-year industrial lease at Grand National Business Park, an industrial center in Houston that was developed by Hines. The Houston Chronicle reports that the Atlanta-based home goods chain will occupy 770,640 square feet of cross-dock space at the property, which is located near George Bush Intercontinental Airport, as part of a larger investment in its supply chain management.

February 18, 2019

Acquisitions Multifamily Texas

Berkadia Negotiates Sale of 351-Unit Apartment Community in Metro Houston

by Taylor Williams February 18, 2019

SUGAR LAND, TEXAS — Berkadia has negotiated the sale of Stella at Riverstone, a 351-unit multifamily community located in the southwestern suburb of Sugar Land. Built in 2018, the property features one-, two- and three-bedroom units with stainless steel appliances, granite and quartz countertops and washers and dryers. Amenities include a pool, fitness center, business center, resident lounge and a conference room. Ryan Epstein and Jennifer Ray of Berkadia represented the seller, Alliance Residential, in the transaction. The buyer was Florida-based Cardone Capital.

February 18, 2019

Development Hospitality Texas

Jackson-Shaw Begins Construction of 252-Room AC Hotel in Downtown Fort Worth

by Taylor Williams February 18, 2019

FORT WORTH, TEXAS — Local development firm Jackson-Shaw has begun construction of a 252-room AC Hotel by Marriott in downtown Fort Worth. The 16-story property, which will be the first hotel of this brand in Fort Worth, will feature a communal space with a full bar, 24-hour wellness center and a full-service restaurant. The opening is slated for fall 2020.

February 18, 2019

Acquisitions Office Texas

Belvoir, Mission Acquire 85,050 SF Office Property in Houston’s Energy Corridor

by Taylor Williams February 18, 2019

HOUSTON — A joint venture between two Houston-based firms, Belvoir Real Estate Group and Mission Cos., has acquired 15810 Park Ten Place, an 85,050-square-foot Class B office property located in Houston’s Energy Corridor. Kevin McConn, Rudy Hubbard and Rick Goings of JLL led the sales efforts on behalf of the seller, a joint venture between Dallas-based Chief Partners and the Houston office of Stream Realty Partners. Other terms of sale were not disclosed.

February 18, 2019

Loans Multifamily Texas

Dougherty Arranges Acquisition Financing for 128-Unit Multifamily Asset in Temple, Texas

by Taylor Williams February 18, 2019

TEMPLE, TEXAS — Dougherty Mortgage has arranged an undisclosed amount of acquisition financing for Midtown Apartments, a 128-unit multifamily asset located in the central Texas city of Temple. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, basketball court, outdoor grilling area and a resident clubhouse. Dougherty arranged the 12-year loan through a partnership with Old Capital Lending on behalf of the undisclosed borrower.

February 18, 2019

Arizona Hospitality Loans Walker & Dunlop Western

Walker & Dunlop Structures $40M in Financing for 136-Key AC Marriott in Tucson, Arizona

by Jeff Shaw February 18, 2019

TUCSON, ARIZ. — Walker & Dunlop has structured $40 million in financing for the AC Hotel by Marriott Tucson Downtown, located at 151 E. Broadway Blvd. in Tucson. The borrower is Tucson Urban. Completed in fall 2017, the eight-story hotel features 136 guest rooms and was the first hotel built in downtown Tucson since the early 1970s, according to Walker & Dunlop. Hotel amenities include a fitness center, rooftop pool and 1,847 square feet of meeting space. Jim Pierson and Keaton Merrell of Walker & Dunlop’s Phoenix office, in collaboration with Alison Williams and Matt Baldwin of Walker & Dunlop’s Tampa, Fla., office, arranged the 10-year cash-out loan, which features three years of interest-only payments, through a CMBS provider.

February 18, 2019

Acquisitions Arizona Data Centers Industrial Western

Stream Data Centers Acquires a 418,000 SF Industrial Facility in Goodyear, Arizona

by Jeff Shaw February 18, 2019

GOODYEAR, ARIZ. — Stream Data Centers has purchased an industrial facility on 157 acres in Goodyear. The company plans to establish a data center campus for hyperscale and enterprise customers in the greater Phoenix region. This acquisition marks Stream’s entrance into the Phoenix market. Stream will redevelop the existing 418,000-square-foot facility. At full build-out, the data center will contain approximately 50 megawatts of critical load. The facility is slated to be fully operational for customers in the first quarter of 2020. Additionally, at full build, the entire campus will be able to support approximately 2 million square feet. The company will dedicate land for an on-site sub-station to be constructed by Arizona Public Service with ultimate power capacity of 350 megawatts.

February 18, 2019

California Development Multifamily Western

Trion Properties, Ketter Construction to Develop Apartment Complex in Los Angeles

by Amy Works February 18, 2019

LOS ANGELES — Trion Properties, in a joint venture partnership with Ketter Construction, is developing a multifamily property located at 1556-1564 Hi Point St. in Los Angeles’ Mid-Wilshire neighborhood. The company recently acquired the fully permitted and entitled 26,865-square-foot development site for $8.6 million. Slated to break ground this month, the property will feature 45 apartments units. Continental Partners arranged a $15 million construction loan for the project. Richard De La Rosa of KW Commercial Studio City and Christopher Choe of Premier Agent Newmar represented Trion Properties and Ketter Construction.

February 18, 2019

Acquisitions Colorado Multifamily Western

Nexus Commercial Realty Directs $3M Sale of Multifamily Building in Denver

by Jeff Shaw February 18, 2019

DENVER — Nexus Commercial Realty has arranged the sale of Wise Harris Arms, a multifamily building located in Denver. An undisclosed buyer acquired the property from 605 26th Street LLC for $3 million. Located at 605 26th St., the Wise Harris Arms features 22 apartment units. Jason Koch of Nexus represented the seller in the transaction.

February 18, 2019

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