Property Type

Cushman & Wakefield Arranges $57M Construction Loan for Multifamily Project in Metro D.C.

by Alex Tostado May 15, 2019

RIVERDALE PARK, MD. — Cushman & Wakefield has arranged a $57 million construction loan for the development of The Residences at Riverdale Park Station in Riverdale Park. The Residences will stand five stories, offer 229 residential units, 8,000 square feet of amenity space, 10,000 square feet of retail space and 750 parking spaces. The Residences will be situated at 4650 Van Buren St. within Riverdale Park Station, a 36-acre master-planned community that will contain 119 townhouses, 850 apartment units, 160,000 square feet of retail space, 20,000 square feet of office space and a 120-key hotel at full buildout. Calvin Cafritz Enterprises is developing The Residences, which is slated for completion in the second quarter of 2020.

May 15, 2019

Development Industrial Maryland Southeast

Atapco, Chesapeake Real Estate Break Ground on Two Industrial Buildings Totaling 750,000 SF in Baltimore County

by Alex Tostado May 15, 2019

WHITE MARSH, MD. — A joint venture between Atapco Properties Inc. and Chesapeake Real Estate Group (CREG) has broken ground on two industrial buildings within Nottingham Ridge Logistics Center in White Marsh. The two buildings will total 750,000 square feet and are expected to be delivered in early 2020. The first building, situated at 5300 Nottingham Drive, will total 585,000 square feet and feature 36-foot clear ceiling heights. The adjacent 5301 Nottingham Drive will be a 165,000-square-foot building with 32-foot clear ceiling heights. Both buildings will be equipped with drive-in and dock door loading capabilities. Atapco will lead development and construction activities, and CREG will lead marketing and leasing efforts. Nottingham Ridge Logistics Center is situated near Interstate 95 and about 10 miles from downtown Baltimore.

May 15, 2019

Florida Leasing Activity Office Southeast

WeWork Signs Three-Floor Lease in Downtown Orlando Office Building

by Alex Tostado May 15, 2019

ORLANDO, FLA. — WeWork has signed a three-floor lease within downtown Orlando’s SunTrust Center. This is the first Orlando location for the New York-based coworking giant, which will occupy more than 70,000 square feet and accommodate more than 1,000 members who will have access to the onsite fitness center and conference center. The landlord, Piedmont Office Realty Trust, recently unveiled plans for upgrades at SunTrust Center, which is located at 200 Orange Ave. Renovations will include upgrading the lobby and adding a rooftop terrace and food hall. Terms of WeWork’s lease were not disclosed.

May 15, 2019

Acquisitions Mississippi Retail Southeast

Marcus & Millichap Brokers $7.5M Sale of Walmart-Anchored Shopping Center in Eastern Mississippi in Two Transactions

by Alex Tostado May 15, 2019

FULTON, MISS. — Marcus & Millichap has arranged the sale of a Walmart-anchored shopping center situated at 100 Interchange Drive in Fulton in two separate transactions. In the first deal, Bright-Fulton LP sold a 109,400-square-foot Walmart Supercenter to Bluejay Capital LLC, a private real estate investor based in New York, for $6.2 million. The property is triple-net leased to Walmart, which recently signed a new 10-year lease extension. On the same property, Bright-Fulton sold a 30,000-square-foot retail strip center that was 69 percent occupied at the time of the sale to tenants including Cato, Rent-A-Center, Shoe Show and AT&T. SJ Trust and DJ Trust, private local investors, bought the center for $1.3 million. Don McMinn and Zach Taylor of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller in both transactions. The seller divided the property during the sale into two separate parcels to “achieve 50 basis points better than market pricing for the entire shopping center,” says Taylor.

May 15, 2019

Acquisitions Industrial Texas

Exeter Property Group Acquires 245,860 SF Industrial Park in Houston

by Taylor Williams May 15, 2019

HOUSTON — Exeter Property Group, an investment firm with headquarters in suburban Philadelphia and London, has acquired Century Oaks Business Park, a 245,860-square-foot industrial development located at 10621–10641 S. Sam Houston Parkway. The property consists of six buildings situated on 19 acres. Clay Peeples and Bo Pettit of Boyd Commercial LLC/CORFAC International represented the seller, Bearden Investments, in the transaction. Daniel Miller and David Moore of Rubicon Representation acted on behalf of Exeter Property Group.

May 15, 2019

Loans Multifamily Texas

Tremont Mortgage Trust Provides $28M Loan for Refinancing of Downtown Houston Apartments

by Taylor Williams May 15, 2019

HOUSTON — Boston-based Tremont Mortgage Trust has provided a $28 million loan for the refinancing of 1711 Caroline, a 220-unit apartment community in downtown Houston. Units, which include one- and two-bedroom formats, feature stainless steel appliances, quartz countertops with tile backsplashes, custom wood cabinets, washers and dryers and private balconies. Amenities include a pool, fitness center, rooftop terrace, media lounge, business center and rentable storage units. The floating-rate loan has an 18-month initial term with two one-year extension options, subject to the borrower meeting certain conditions. The borrower was not disclosed.

May 15, 2019

Acquisitions Industrial Texas

Fort Capital Purchases 157,000 SF Industrial Portfolio in Dallas

by Taylor Williams May 15, 2019

DALLAS — Fort Capital, an investment firm based in Fort Worth, has purchased the Valwood Portfolio, which consists of five light industrial properties in Dallas, totaling 157,000 square feet. The properties are located throughout the north and northwest parts of the city. The seller was not disclosed. With this acquisition, Fort Capital’s industrial portfolio now spans approximately 1.7 million square feet, putting the company on track to hit its goal of owning 2 million square feet by the third quarter of 2019.

May 15, 2019

Affordable Housing Loans Lument Multifamily ORIX RED Capital Group Seniors Housing Texas

Red Mortgage Arranges $22M Loan for Rehabilitation of Affordable Housing Portfolio in Texas

by Taylor Williams May 15, 2019

TEXAS — Red Mortgage Capital, a division of ORIX Real Estate Capital LLC, has arranged a $22 million loan for the rehabilitation of 14 affordable housing properties totaling 556 units located across 12 rural Texas communities. Existing debt on the properties was also restructured as part of the deal. The borrower was a joint venture between Related Affordable, a division of Related Cos., and the Texas Housing Foundation (THF). The United States Dept. of Agriculture (USDA) provided the loan through its rural development program.

May 15, 2019

Acquisitions Office Texas

Cushman & Wakefield Brokers Sale of 35,000 SF Office Building in Fort Worth

by Taylor Williams May 15, 2019

FORT WORTH, TEXAS — Cushman & Wakefield has brokered the sale of a 35,000-square-foot office building in Fort Worth that will serve as the new North American headquarters for Point of Rental Software. Charlie Beck and Cribb Altman of Cushman & Wakefield represented Point of Rental in the property search and purchase, while Sam Franklin of Peak CRE represented the seller, Corporate Statler Ltd. Point of Rental, which offers four software platforms and operates three international offices, expects to move the 100-plus employees in its DFW office into the new space some time this summer.

May 15, 2019

Acquisitions Industrial Midwest Ohio

ICP Acquires Former Sears Distribution Center in Groveport, Ohio

by Kristin Harlow May 15, 2019

GROVEPORT, OHIO — Industrial Commercial Properties LLC (ICP) has acquired a former Sears distribution center in Groveport, a southern suburb of Columbus, for an undisclosed price. The 570,000-square-foot facility is situated on 42.8 acres at 4400 S. Hamilton Road. ICP intends to lease up the vacant property, likely with two tenants. The company has acquired four properties from Sears since 2014.

May 15, 2019

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