Property Type

HFF Arranges Sale of Seven Building Office Complex in Parsippany

by David Cohen May 2, 2018

PARSIPPANY, N.J. — HFF has arranged the sale of 100-700 Lanidex Plaza, a seven-building office complex totaling 335,060 square feet in Parsippany. The sales price was not disclosed. Lanidex Plaza is made up of seven office buildings that share amenities, including a full-service cafeteria and conference center. The two- and three-story properties are located on a 34-acre site. HFF represented the seller, an affiliate of Hartford Investment Management Co. in the transaction. The buyer was 1H7H Lanidex LLC, an affiliate of Milelli Real Estate Partners. After the 2015 purchase of 800-900 Lanidex Plaza by 8H9H Lanidex LLC, also an affiliate of Milelli, the entirety of the office complex is now owned by Milelli.

May 2, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Brokers $5.5M Sale of Wawa in Ewing Township

by David Cohen May 2, 2018

EWING TOWNSHIP, N.J. — Marcus & Millichap has brokered the sale of a newly constructed Wawa convenience store/gas station at 1300 Silvia Street in Ewing Township for $5.5 million. Ewing Township is four miles northwest of Trenton. The sale price represents a capitalization rate below 5 percent. Jason Petrick of Marcus & Millichap represented the seller, a private REIT, in the transaction and procured the 1031 exchange buyer.

May 2, 2018

Development Mixed-Use New Jersey Northeast

JMF to Redevelop Former Colgate-Palmolive Property in Morris Township

by David Cohen May 2, 2018

MORRIS TOWNSHIP, N.J. — JMF Properties will redevelop the former Colgate-Palmolive industrial campus on East Hanover Avenue in Morris Township. Both residential and retail uses are planned for the 64-acre site, including a 150,000-square-foot shopping center, 143 townhomes and 60 rental units. JMF acquired the property from Colgate-Palmolive Co. and submitted a redevelopment proposal to the city that municipal officials recently approved. Colgate-Palmolive occupied the property for more than 60 years where it produced a number of products, including liquid hand soap. After razing all of the existing buildings on the property, JMF plans to break ground on the development this spring.

May 2, 2018

Development Industrial Texas

Jackson-Shaw, Thackeray Begin Work on 320,000 SF Industrial Facility in Metro Houston

by Taylor Williams May 2, 2018

HUMBLE, TEXAS — A partnership between two Dallas-based companies, developer Jackson-Shaw and investment firm Thackeray Partners, has begun work on Parc Air 59, a 320,000-square-foot industrial facility in the northern Houston metro of Humble. The Class A development will consist of a 160,000-square-foot, cross-dock building and two 80,000-square-foot single-load buildings. Features will include 28- and 32-foot clear heights, ESFR sprinklers and abundant trailer parking. Arch-Con Corp. is serving as general contractor for the project, which is scheduled for a fourth-quarter completion. Powers Brown is handling design of the project and Kimley-Horn is serving as civil engineer. Comerica is providing construction financing and Cushman & Wakefield will lease and manage the property.

May 2, 2018

Development Multifamily Texas

StreetLights Residential Breaks Ground on 373-Unit Apartment Community in Austin

by Taylor Williams May 2, 2018

AUSTIN, TEXAS — StreetLights Residential has broken ground on The Elizabeth at Presidio, a 373-unit multifamily community in northwest Austin. The community will feature one-, two- and three-bedroom units ranging in size from 504 to 1,938 square feet. Amenities will include a pool, covered grilling stations, fitness center, pet park, a cocktail and coffee bar and co-working and conference spaces. The first units are expected to be available for occupancy in 2019. SLR Construction LLC is serving as general contractor on the project and Looney Ricks Kiss is handling the design, minus landscaping and unit interiors. The Elizabeth at Presidio will be StreetLights Residential’s second community in northwest Austin following The Michael at Presidio, a 415-unit property that opened in September 2016.

May 2, 2018

Development Healthcare Texas

Brasfield & Gorrie Completes $125M Women’s Hospital in Dallas

by Taylor Williams May 2, 2018

DALLAS — Alabama-based general contractor Brasfield & Gorrie has completed Medical City Women’s Hospital Dallas, a $125 million healthcare project that was developed within the 801-bed Medical City Dallas Hospital. The project added five floors and 222 private rooms to Care Tower D at the complex. Other project features include 24 labor and delivery rooms, 84 neonatal intensive care units, 12 VIP suites and 16 medical/surgical rooms. National architecture firm Perkins + Will designed the property.

May 2, 2018

Development Healthcare Texas

MD Anderson Nears Completion of $97M Center in Metro Houston

by Taylor Williams May 2, 2018

LEAGUE CITY, TEXAS — MD Anderson is nearing completion of its $97 million clinical cancer center at the University of Texas Medical Branch (UTMB) League City campus in the greater Houston area. Completion is slated for September. Construction of a 740-space parking garage on the campus, a project valued at roughly $30 million, is also nearing completion. UTMB has also announced plans to add a five-story wing to the main hospital.

May 2, 2018

Acquisitions Industrial Retail Texas

Matthews Commercial Arranges Sale of Retail, Industrial Assets in Dallas Area

by Taylor Williams May 2, 2018

ARLINGTON AND FARMERS BRANCH, TEXAS — Matthews Commercial Group, a Dallas-based brokerage firm, has arranged the sale of two commercial properties in the Dallas area. Eliud Sangabriel of Matthews represented the seller in the disposition of a 12,000-square-foot retail center in Arlington, which was built in 2006, and a 15,000-square-foot industrial building in Farmers Branch. Jeremy Mercer of Mercer Cos. represented the buyer of the industrial property. Other terms of sale were not disclosed

May 2, 2018

Development Maryland Office Southeast

Howard Hughes Breaks Ground on 350,000 SF Office Building in Columbia, Maryland

by Camren Skelton May 2, 2018

COLUMBIA, MD. — The Howard Hughes Corp. has broken ground on a 350,000-square-foot office building within Merriweather District, a new mixed-use neighborhood in downtown Columbia. Tenable Inc. will anchor the new building, occupying approximately 150,000 square feet on floors seven through 12. The cyber security company will make the move from its current Columbia Gateway location to the new building at 6100 Merriweather Drive in late 2019. The new building will join One and Two Merriweather, two existing mixed-use office buildings within the development. At full build-out, Merriweather District will include 2,300 residences, a 250-room hotel, more than 1.5 million square feet of office space, 314,000 square feet of street-level retail and a central park. The Merriweather District will be powered by STEER technology, the first fully autonomous parking solution that transforms everyday cars into driverless vehicles that park themselves. The technology will make the district the first city in the country to be built for automated self-parking cars, according to the Howard Hughes Corp. In addition, Merriweather District will be LEED v4-certified — the highest level of LEED certification— making it the first development in Maryland to achieve this designation, and the fifth in the United States. Merriweather District …

May 2, 2018

Loans Retail Southeast Tennessee

CBL, JV Partners Receive $155M CMBS Loan to Refinance CoolSprings Galleria Mall in Metro Nashville

by Camren Skelton May 2, 2018

FRANKLIN, TENN. — CBL Properties, along with its 50/50 joint venture partners TIAA and APG, has received a $155 million, non-recourse loan for CoolSprings Galleria, a 1.1 million-square-foot mall in Franklin, roughly 20 miles south of Nashville. Wells Fargo Bank NA provided the 10-year, CMBS loan with a fixed 4.8 percent interest rate. Proceeds of the loan were used to retire an existing $97.7 million loan, which was scheduled to mature in June. CBL’s share of $29 million in excess proceeds will be used to reduce outstanding balances on its unsecured lines of credit. The Chattanooga-based company owns and manages a portfolio of 117 retail properties totaling 73.4 million square feet, located across 26 states.

May 2, 2018

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