Property Type

Mahaffey Underway on 382-Unit Multifamily Complex in Central Florida

by Alex Tostado May 1, 2019

WEST MELBOURNE, FLA. — Mahaffey Co. is currently underway on The Carlton of West Melbourne, a 16-building, 382-unit apartment complex in West Melbourne. The project is situated at the intersection of Palm Bay Road and Interstate 95 in south Brevard County. Amenities will include a clubhouse, social lounge, fitness center, business center, swimming pool, playground and a dog park. Interior units will include sunrooms, double master bedrooms and balconies. The design team includes civil engineer BSE Consultants and architect Fugleberg Koch. A timeline for completion was not disclosed.

May 1, 2019

Leasing Activity Office Texas

Honeywell Signs 114,068 SF Office Lease in Houston’s Westchase District

by Taylor Williams May 1, 2019

HOUSTON — Charlotte-based multinational conglomerate Honeywell has signed a 114,068-square-foot office lease at CityWestPlace, a four-building office campus in Houston’s Westchase district that spans more than 1.4 million square feet. Amenities at the property include three dining outlets, two fitness centers and access to recreational facilities such as basketball and volleyball courts, a soccer field and an outdoor track. Honeywell, a Fortune 100 company, will assume occupancy of Building 1 for its primary base of operations in Houston beginning in late 2019. Rich Pancioli and John Morris of CBRE represented Honeywell in the lease negotiations. J.P. Hutcheson represented the landlord, office REIT Parkway Property Investments LLC, on an internal basis.

May 1, 2019

Acquisitions Mixed-Use North Carolina Southeast

Grubb Properties Acquires Two Mixed-Use Buildings, Parking Deck in Downtown Chapel Hill for $23.5M

by Alex Tostado May 1, 2019

CHAPEL HILL, N.C. — Grubb Properties has acquired a mixed-use property spanning two buildings in downtown Chapel Hill for $23.5 million. Grubb Properties is planning a $12 million renovation to transform the connected buildings into an entrepreneurial hub to attract companies with modern amenities and access to technology. The buildings, located at 137 E. Franklin St. and 136 E. Rosemary St., were 30 percent leased at the time of sale. The buildings span 118,517 square feet of commercial space and include an adjacent 276-stall parking deck. The two buildings and parking deck span one city block and are situated within an opportunity zone directly across from the University of North Carolina at Chapel Hill. A timeline for the renovations was not disclosed. Dunn Mileham, David Morris and Mark Alviano of Trinity Partners represented the undisclosed seller in the transaction.

May 1, 2019

Acquisitions District of Columbia Multifamily Southeast

Greysteel Arranges $21.8M Receivership Sale of Multifamily Portfolio in D.C.

by Alex Tostado May 1, 2019

WASHINGTON, D.C. — Greysteel has arranged the $21.8 million receivership sale of a multifamily portfolio in Washington, D.C., on behalf of the receiver, E&G Group. E&G Group received Elsinore Courtyard and Fitch Apartments in June 2017 when lender Wilmington Trust asked the Superior Court of the District of Columbia to empower E&G Group to market and sell the properties after previous owner Sanford Capital defaulted on its loans, according to Street Sense Media. Elsinore Courtyard was built between 1960 and 1966 at 5311-5330 E St., 5108-5112 Call Place and 5109-5117 C St. SE. The 15 -units average 894 square feet. Fitch Apartments was built between 1969 and 1971 and is situated at 351 53rd St. SE, 5033 Call Place SE, 5040 & 5216 D St. SE and 5218–5220 F St. SE. The 75 units average 728 square feet. Both properties are situated near Benning Road Metro Station, providing access to WMATA’s Blue/Silver Line trains. Ari Firoozabadi, Kyle Tangney, Herbert Schwat, Christian Alves and Dutch Seitz of Greysteel represented E&G Group in the transaction. The Washington, D.C.-based team also procured the undisclosed buyer.

May 1, 2019

Industrial Leasing Activity Texas

NAI Partners Arranges 67,000 SF Industrial Lease in Metro Houston

by Taylor Williams May 1, 2019

STAFFORD, TEXAS — NAI Partners has arranged a 67,000-square-foot industrial lease at 13125 Royal Drive in Stafford, a southwestern suburb of Houston. According to LoopNet Inc., the property was built in 1960 and is zoned for manufacturing uses. Nick Peterson of NAI Partners represented the tenant, Specialty TRP LLC, a Pennsylvania-based supplier of piping and tubing for the energy sector. John Ferruzzo and Ryan Searle, also with NAI Partners, represented the undisclosed landlord.

May 1, 2019

Acquisitions Development Florida Multifamily Southeast

Cushman & Wakefield Brokers $10.6M Sale of Multifamily Development Site in Orlando

by Alex Tostado May 1, 2019

ORLANDO, FLA. — Cushman & Wakefield has arranged the $10.6 million sale of a 17.1-acre development site within the MetroWest master planned community in Orlando. The buyer, Valdosta, Ga.-based Rise, plans to develop a five-building, 442-unit apartment community within the 1,805-acre MetroWest, which is located 10 miles southwest of downtown Orlando. Margery Johnson and Andy Slowik of Cushman & Wakefield represented the seller, Valencia Properties, in the transaction. A timeline for construction was not disclosed.

May 1, 2019

Leasing Activity Office Texas

Coworking Concept to Open 22,530 SF Office Space in Downtown Fort Worth

by Taylor Williams May 1, 2019

FORT WORTH, TEXAS — CityCentral, a Dallas-based coworking office concept, will open a 22,530-square-foot space at Cantey Hanger Plaza in downtown Fort Worth. The space, which is scheduled to open this fall and will be the company’s fourth in the metroplex, will offer more than 70 private offices, as well as meeting rooms and event spaces. Matthew Hickey and Kristin Grammar of TIG Real Estate Services represented CityCentral in the lease negotiations. Red Oak Realty represented the landlord.

May 1, 2019

Development Florida Industrial Self-Storage Southeast

Miller Construction Delivers $8.4M Self-Storage Facility Near Miami

by Alex Tostado May 1, 2019

AVENTURA, FLA. — Miller Construction Co. has delivered an $8.4 million, 993-unit CubeSmart facility in South Florida for the owner, Urban Storage Fund LLC. The building is situated at 19301 W. Dixie Highway in Aventura, 19 miles north of downtown Miami. The two-story structure spans 107,429 square feet and offers 75 locker units. Units range in size from 25 to 300 square feet. The project team included architect WHA Design and engineering firms Hajjar & Associates Inc., Zamora & Associates Inc. and Alkemeyer & Associates.

May 1, 2019

Illinois Leasing Activity Midwest Office

JLL to Anchor Office Redevelopment Project in Westmont, Illinois

by Kristin Harlow May 1, 2019

WESTMONT, ILL. — JLL has signed a long-term lease to anchor Oakmont Point, a redevelopment project underway by Ryan Cos. in Westmont. The commercial real estate services firm will consolidate its existing operations in Westmont and Lombard to occupy the new 67,000-square-foot office this fall. Oakmont Point is an 18-acre office complex. Upon redevelopment, the property will feature three buildings that can accommodate users from 25,000 to 275,000 square feet. Amenities will include a conference center, Wi-Fi lounge, fitness center, deli and outdoor spaces.

May 1, 2019

Loans Midwest Multifamily Ohio

Hunt Real Estate Capital Provides $33.2M Refinancing for Apartment Complex in Dayton

by Kristin Harlow May 1, 2019

DAYTON, OHIO — Hunt Real Estate Capital has provided a $33.2 million Freddie Mac loan for the refinancing of Water Street Residential in Dayton. The newly constructed apartment complex is located at 427 Water St. and consists of 269 units housed within seven buildings. There are 21 different floor plans and the unit mix includes 161 one-bedroom units, 93 two-bedroom units and 15 three-bedroom units. Amenities at the property, built in two phases in 2015 and 2018, include a clubhouse, movie theater room, business center and pool. Chad Kiner and A.J. Mangan of MSF Real Estate Capital Inc. arranged the 15-year, permanent loan, which replaced a short-term bridge loan that the borrower put in place in October. Water Street Residential I LLC was the borrower.

May 1, 2019

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