Property Type

Sam Moon Group Breaks Ground on 303-Room Hyatt-Branded Hotel in Frisco

by Taylor Williams May 10, 2018

FRISCO, TEXAS — Dallas-based hospitality developer Sam Moon Group has broken ground on The Hyatt Regency Stonebriar, a 303-room hotel in the northern Dallas metro of Frisco. The 18-story property will be attached to the Stonebriar Centre mall, which owner GGP is currently redeveloping. The new hotel will include a 54,585-square-foot conference room, an 800-space parking garage and a 3,000-square-foot library that will connect to the mall. Architecture firm HKS Inc. is designing the hotel and Brasfield & Gorrie is serving as general contractor. Completion is scheduled for the first quarter of 2020.

May 10, 2018

Loans Office Texas

Money360 Closes $15.6M Bridge Loan for Houston Office Property

by Taylor Williams May 10, 2018

HOUSTON — California-based direct lender Money360 has closed a $15.6 million bridge loan for an undisclosed office property in Houston. The three-year recourse loan features a 74 percent loan-to-value (LTV) ratio. Proceeds from the loan will be used to pay off existing debt, complete construction, conduct tenant improvements and market the property, which was impacted by Hurricane Harvey.

May 10, 2018

The-Shops-at-Spring-Village-Spring-Texas

Loans Retail Texas

JLL Arranges $7.1M Refinancing of New Retail Center in Metro Houston

by Taylor Williams May 10, 2018

SPRING, TEXAS — JLL has arranged an approximately $7.1 million loan for the refinancing of The Shops at Spring Village, a fully leased retail center in Spring, a northern suburb of Houston. Built in 2017, the property houses tenants such as AT&T, Sports Clips, Dominos and Dunkin’ Donuts. Jimmy Board and Connor Harrell of JLL arranged the non-recourse loan, fixed-rate loan on behalf of Houston-based Capital Retail Properties. Goldman Sachs provided the loan.

May 10, 2018

Acquisitions Multifamily New York Northeast Seniors Housing

ESI Brokers Sale of Two-Property Seniors Housing Portfolio in Upstate New York

by David Cohen May 10, 2018

STAMFORD, N.Y. — Evans Senior Investments (ESI) has arranged the sale of Robinson Terrace, a two-building assisted living and skilled nursing campus in the small, Upstate New York town of Stamford. The property comprises a 120-bed skilled nursing facility built in 1973 and a 55-unit assisted living facility built in 2011. The two properties are located less than two miles from each other. Although the properties featured an occupancy rate above 90 percent over the 12 months preceding the sale, the property was operating at a loss. ESI represented the seller, a local nonprofit organization seeking an operator that could provide the same level of care but turn around the financial performance. The buyer was a regional, for-profit owner-operator. The price was not disclosed.

May 10, 2018

Acquisitions Industrial Texas

ABC Supply Sells 46,651 SF Industrial Building in Fort Worth

by Taylor Williams May 10, 2018

FORT WORTH, TEXAS — American Builders & Contractors Supply Co. Inc. (ABC Supply) has sold a 46,651-square-foot industrial building located at 8144 West Freeway in the White Settlement area on Fort Worth’s west side. The single-tenant building was constructed in 1982. Jeff Givens and Todd Hawpe of Transwestern represented the buyer, NA Realty Investments, in the transaction. Mark Collins and Shannon Johnston of Cushman & Wakefield represented ABC Supply.

May 10, 2018

Acquisitions New York Northeast Retail

Charterhouse Acquires Kinney Drugs Location in New York for $2.8M

by David Cohen May 10, 2018

ELIZABETHTOWN, N.Y. — Charterhouse Development Corp. has acquired a Kinney Drugs retail store in Elizabethtown for $2.8 million. Located at 7550 Court St. in the small town in Upstate New York, STORE Master Funding X LLC sold the 11,598-square-foot store. Kinney Drugs is a national pharmacy chain with more than 110 locations primarily in Central and Northern New York.

May 10, 2018

Development Florida Healthcare Southeast

Skanska to Lead $229M Renovation, Expansion of Hospital in Southwest Florida

by Camren Skelton May 10, 2018

FORT MYERS, FLA. — Skanska USA has unveiled renovation and expansion plans for Gulf Coast Medical Center, a hospital in the Southwest Florida city of Fort Myers. The $229 million expansion will add three floors totaling 365,700 square feet. The project includes the expansion of the emergency departments, clinical laboratory, radiology department, dining services and the central energy plant. The planned expansions will increase the hospital’s bed capacity from 356 to 624. Skanska will also renovate an existing 48,500 square feet of space at the hospital. Skanska is leading the project on behalf of the hospital owner, Lee Health. The development team, including general contractor Gates Construction and architect HKS Inc., expects to complete the hospital’s renovation program by September 2021.

May 10, 2018

Hospitality Loans Southeast Virginia

Phillips Realty Capital Arranges $30M Loan for Hotel Near Dulles International Airport

by Camren Skelton May 10, 2018

HERNDON, VA. — Phillips Realty Capital has arranged $30 million in permanent financing for the 324-room Crowne Plaza Dulles Airport Hotel in Herndon. Mark Remington of Phillips Realty Capital arranged the loan through Bank of America Merrill Lynch on behalf of the hotel owner, Rocks Engineering. The Virginia-based company originally developed the hotel in 1986 as a Days Inn. The company has since rebranded the property to Crowne Plaza, part of InterContinental Hotels Group’s (IHG) brand family. In 2016, Rocks Engineering invested $12 million to renovate the hotel, which now features 10,000 square feet of meeting space, a business center, 24-hour fitness center and an on-site restaurant. The hotel is located roughly two miles from Dulles International Airport.

May 10, 2018

Acquisitions Florida Office Southeast

IPA Brokers $16.4M Sale of 10-Story Office Building on Florida’s Gulf Coast

by Camren Skelton May 10, 2018

SARASOTA, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $16.4 million sale of Kane Plaza, a 77,089-square-foot office building located at 1 S. School Ave. in Sarasota. Douglas Mandel and Nicholas Hanson of IPA arranged the transaction on behalf of the seller, TerraCap Management LLC. JLK Global Fund U.S. 2 Inc. acquired the asset. The 10-story Kane Plaza was constructed in 2000 and features a structured parking garage and renovated lobby.

May 10, 2018

Development Healthcare Mississippi Southeast

Sina Breaks Ground on 57,221 SF Medical Office Building in Hattiesburg, Mississippi

by Camren Skelton May 10, 2018

HATTIESBURG, MISS. — Sina Cos. has broken ground on a new medical office building for the Hattiesburg Clinic in Hattiesburg. The 57,221-square-foot Orthopaedic & Sports Medicine facility will be the second property developed for the clinic, following the development of Women’s Center at 28th Place in 2006. The new facility will house clinical practice space for 14 orthopedic providers, a 9,000-square-foot physical therapy suite, community conference center and an imaging suite. In addition, the building will be connected to a 14,310-square-foot indoor sports center with weight systems, a half-court basketball court, batting cage and a partial turf football field that opens to an exterior natural turf field. MSTSD Architects is designing the project, and Freese-Johnson is the general contractor. Sina expects to wrap up construction on the facility in April 2019. Hattiesburg Clinic is a physician-owned, multi-specialty practice with more than 350 providers serving 19 counties across southern Mississippi.

May 10, 2018

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