Property Type

PCCP Acquires 17-Story Office Building in Atlanta’s Cumberland/Galleria Submarket for $68M

by Camren Skelton June 14, 2018

ATLANTA — PCCP LLC has acquired Cumberland Center II, a 419,000-square-foot office building located at 3100 Cumberland Blvd. in Atlanta’s Cumberland/Galleria submarket. The Atlanta Business Chronicle reports the 17-story tower sold for $68 million. The name of the seller was not disclosed. Constructed in 1989, the building is currently 94 percent leased but 67 percent occupied following the departure of HD Supply to a new build-to-suit office building within the submarket. The seller has invested more than $5.4 million in capital improvements since 2007, including a renovated conference center and café. Cumberland Center II is situated adjacent to a Courtyard Marriott hotel and the 1.4 million-square-foot Cumberland Mall, and less than a mile from Cobb Galleria. In addition, the property is located less than two miles from SunTrust Park, home ballpark of the Atlanta Braves.

June 14, 2018

Acquisitions Florida Multifamily Southeast

Lantower Residential Purchases Newly Constructed Apartment Community in Tampa Bay Area for $57.7M

by Camren Skelton June 14, 2018

ODESSA, FLA. — Lantower Residential has acquired Lantower Asturia, a 322-unit apartment community located at 15175 Integra Junction in the Tampa Bay community of Odessa, for $57.7 million. Constructed in 2017, the property was originally known as Integra Junction and was rebranded upon acquisition. Lantower Asturia is located within Asturia, Hines’ 300-acre, master-planned mixed-use community. The apartment community offers a mix of one- to three-bedroom units and features granite countertops, stainless steel appliances, crown molding, USB outlets, wood-style floors, tile backsplash, and screened balconies or patios. Community amenities include a saltwater pool, outdoor lounge area with fire pits and grills, package lockers, fitness center with a CrossFit box and spin bikes and a virtual PGA golf simulator. Patrick Dufour of ARA Newmark arranged the transaction on behalf of the seller, Panther Residential. The acquisition brings Lantower Residential’s portfolio to 19 multifamily properties totaling 6,260 units.

June 14, 2018

Loans Multifamily Southeast Virginia

Walker & Dunlop Arranges $40.4M Financing for Multifamily Conversion in Metro D.C.

by Camren Skelton June 14, 2018

ALEXANDRIA, VA. — Walker & Dunlop has arranged $40.4 million in financing for the recapitalization of The Mark Apartments, a 227-unit apartment community in Alexandria, roughly eight miles south of Washington, D.C. Jamie Butler of Walker & Dunlop arranged fixed-rate senior debt through Freddie Mac and joint venture equity through RSE Capital Partners on behalf of the borrowers, Northpoint Realty Partners and Persimmon Capital Partners. The financing replaced the existing construction debt. Northpoint and Persimmon recently completed a redevelopment program, transforming the property from an outdated hotel to a multifamily community. The Mark Apartments includes a mix of studio to three-bedroom units and features a pool, outdoor grilling and dining terrace, fitness center, resident’s lounge, dedicated work spaces and laundry facilities.

June 14, 2018

Acquisitions Georgia Industrial Southeast

Avison Young Brokers $9M Sale of 130,250 SF Warehouse in Metro Atlanta

by Camren Skelton June 14, 2018

KENNESAW, GA. — Avison Young has brokered the $9 million sale of 3075 Chastain Meadows Parkway, a 130,250-square-foot warehouse in the northwest Atlanta suburb of Kennesaw. Brent Weitnauer, Chip Watson and Ben Parker of Avison Young arranged the transaction on behalf of the seller, Suzuki. Exeter 3075 Chastain Meadows LLC, an affiliate of Exeter Property Group, acquired the asset. The building has the capability to expand by an additional 2.9 acres.

June 14, 2018

Development Industrial Texas

Crow Holdings Breaks Ground on 349,050 SF Distribution Center in Houston

by Taylor Williams June 14, 2018

HOUSTON — Crow Holdings Industrial, the industrial development arm of Dallas-based Crow Holdings, has broken ground on Victory Commerce Center, a 349,050-square-foot distribution center in Houston. The tilt-wall property will feature 32-foot clear heights, 185-foot truck courts and additional outside storage space. The property is located on the city’s southeast side, near Port Houston, Beltway 8 and State Highway 225. Delivery is slated for the first quarter of 2019.

June 14, 2018

Development Multifamily Texas

JPI Begins Work on 354-Unit Phase II of Multifamily Property in Dallas

by Taylor Williams June 14, 2018

DALLAS — Irving-based multifamily developer JPI has begun work on Phase II of Jefferson West Love, a project that will deliver an additional 354 units to the Dallas apartment property. Amenities at the community, which currently consists of 368 units, include a pool, fitness center and bike storage. The community is part of a $200 million mixed-use development that upon completion will include up to 200,000 square feet of office space, 65,000 square feet of retail and restaurant space and a 244-room hotel.

June 14, 2018

Acquisitions Multifamily Texas

IPA Arranges Sale of Two Apartment Communities Totaling 412 Units in Houston

by Taylor Williams June 14, 2018

HOUSTON — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of two apartment communities totaling 412 units in southwest Houston. The sold properties include Airport Landing, a 240-unit property that was built in 1983, and Airport Gardens, a 172-unit property that was built in 1982. Jennifer Campbell and Will Balthrope of IPA represented the undisclosed seller and procured the buyer, Florida-based One Real Estate Investment LLC.

June 14, 2018

The-Arbor-Assisted-Living-&-Memory-Care-Nacogdoches-Texas

Loans Multifamily Seniors Housing Texas

Capital One Provides $9.3M Loan for Refinancing of Seniors Housing Property in Nacogdoches, Texas

by Taylor Williams June 14, 2018

NACOGDOCHES, TEXAS — Capital One has provided a $9.3 million Fannie Mae loan for the refinancing of The Arbor Assisted Living & Memory Care, a 59-unit seniors housing property in Nacogdoches, a city roughly midway between Houston and Shreveport, La. The property was built in the late 1990s. The borrower was Prevarian Senior Living, an owner of seven assisted living and memory care communities across the country.

June 14, 2018

Acquisitions Retail Texas

Fifth Corner Acquires Two Retail Properties in Greater Houston Totaling 39,000 SF

by Taylor Williams June 14, 2018

HOUSTON AND SUGAR LAND, TEXAS — Fifth Corner, a Houston-based investment firm, has acquired two retail properties totaling 39,000 square feet in the greater Houston area. One property is located in the Washington corridor area of Houston and the other is located in the southwestern suburb of Sugar Land. Tenants at the centers include Memorial Hermann, Five Guys Burgers & Fries and Buffalo Wild Wings.

June 14, 2018

Development Illinois Midwest Office

Mark Goodman & Associates Unveils Plans for $115M Office Building in Chicago’s West Loop

by Kristin Harlow June 14, 2018

CHICAGO — Mark Goodman & Associates Inc. has unveiled plans to develop 310 N. Sangamon, a 12-story office building in Chicago’s West Loop. The property will feature 268,000 square feet of office space and 7,800 square feet of ground-floor retail space. Amenities will include a fitness room, outdoor terrace and bike storage room. Completion for the $115 million project is slated for the first quarter of 2020. The development is the largest office building in the country to receive Passive House certification, according to Goodman. Passive House buildings follow a rigorous set of design principles that work with building systems, insulations and windows to create an airtight structure, resulting in energy efficiency and a reduced ecological footprint. Passive house-certified buildings use up to 86 percent less heating energy than standard buildings and 46 percent less cooling energy. The Passive House Institute US provides certifications. The majority of passive structures have been built in Germany and Scandinavia.

June 14, 2018

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