Property Type

HFF Arranges $53.2M Construction Financing for Multifamily Community in Miami’s Wynwood Neighborhood

by Camren Skelton June 13, 2018

MIAMI — HFF has arranged $53.2 million in construction financing for The Bradley, a 175-unit apartment community located at 51 N.W. 26th St. in Miami’s Wynwood neighborhood. Scott Wadler and Jesse Wright of HFF secured a $33.2 million construction loan from Santander Bank and $20 million in preferred equity from Greenstreet Real Estate Partners LP on behalf of the developer, a joint venture between The Related Group and Block Capital Group. Designed by Kravitz Design, The Bradley will include a mix of one- to three-bedroom floor plans ranging from 480 to 1,000 square feet. The project will also feature 32,000 square feet of ground-floor retail. A construction timeline was not disclosed.

June 13, 2018

Development North Carolina Office Southeast

Trinity Capital to Break Ground on 198,195 SF Office Building Within Charlotte’s Toringdon Office Park

by Camren Skelton June 13, 2018

CHARLOTTE, N.C. — Trinity Capital Advisors will begin construction this month on Toringdon 7, a 198,195-square-foot office building located in Charlotte. The eight-story building will be the seventh and final office building within Toringdon Office Park, which Trinity Capital began acquiring in 2012. After bringing the park under single ownership, the firm invested in capital improvements that included a new fitness center and pocket park. Toringdon 7 will feature column-free floor plans, floor-to-ceiling windows and a parking ratio of four spaces per 1,000 square feet. Architecture firm Gensler designed the building, Brasfield & Gorrie is the project’s general contractor and D&A Wolverine is the civil engineer. Trinity Capital expects to wrap up construction on the building in summer 2019. Located immediately off Interstate 485, Toringdon Office Park is 95 percent leased to tenants such as Blue Cross Blue Shield of North Carolina, Coats, Coldwell Banker, Crown Castle, Harsco, Keller Williams, Novolex, PepsiCo, Regus, Selective Insurance, Heartland Payment Systems and TIAA.

June 13, 2018

Acquisitions Multifamily North Carolina Southeast

Phoenix Realty Group Buys 345-Unit Apartment Community in Durham for $37.2M

by Camren Skelton June 13, 2018

DURHAM, N.C. — Phoenix Realty Group (PRG) has acquired Beech Lake Apartments, a 345-unit multifamily community located at 4800 University Drive in Durham, for $37.2 million. The name of the seller was not disclosed. Constructed in 1987, the property includes 30 three-story buildings and is situated on 37 acres. PRG will update and modernize the community, renaming it Alvista Durham. Planned unit upgrades include faux wood flooring in common areas, new laminate countertops, new kitchen cabinet doors and hardware and faux stainless steel appliances. Planned common area improvements include the addition of a dog park, dog wash station, outdoor kitchen and fire pit, upgrades to the pool area and the conversion of the lakeside trail to an outdoor fitness trail.

June 13, 2018

Acquisitions North Carolina Office Southeast

Dilweg Acquires 14-Building Office Park in Charlotte for $45.6M, Plans Renovation

by Camren Skelton June 13, 2018

CHARLOTTE, N.C. — The Dilweg Cos. has acquired Vanguard Center, a 14-building office park in Charlotte, in two separate transactions. The sales price was not disclosed, but the Charlotte Business Journal reports the Durham-based company acquired the assets from True North Management Group for $45.6 million. Dilweg plans to invest significant capital to improve the park, which was constructed between 1975 and 1997. Planned renovations include exterior improvements, updates to mechanical systems and common area and tenant amenity upgrades. Perkins + Will, an architectural firm, will assist with the renovations. Vanguard Center totals 563,504 square feet and was 65 percent leased at the time of sale to tenants including MapAnything, National Welders, MI Home and The Home Depot. Patrick Gildea and Matt Smith of CBRE arranged the transaction on behalf of the seller. Dilweg has retained CBRE’s Joe Franco, Ralph Oldham, Stephanie Spivey and Katherine Richey to handle the park’s leasing assignment. The purchase of Vanguard Center brings Dilweg’s Charlotte office portfolio to more than 1.7 million square feet and its Southeast office holdings to more than 6.4 million square feet.

June 13, 2018

Acquisitions Maryland Office Southeast

Finmarc Purchases Two-Building Office/Flex Portfolio in Maryland’s Howard County for $10.9M

by Camren Skelton June 13, 2018

COLUMBIA, MD. — Finmarc Management Inc. has acquired a two-building office/flex portfolio in Columbia for $10.9 million. The sold portfolio includes a single-story, 49,000-square-foot flex building at 9151 Rumsey Road and a single-story, 61,000-square-foot flex/office building at 9130 Red Branch Road. Jay Wellschlager of JLL arranged the transaction on behalf of the seller, Greenfield Partners. The portfolio was 90 percent leased at the time of sale. With this acquisition, Finmarc currently owns and manages more than 100 commercial office, flex, industrial and retail properties in the Mid-Atlantic area, as well as several residential projects. The company’s assets total just under 6 million square feet of space.

June 13, 2018

The-Realm-at-Castle-Hills-Lewisville-Texas

Development Mixed-Use Texas

Bright Realty Breaks Ground on 324-Acre Mixed-Use Project in Metro Dallas

by Taylor Williams June 13, 2018

LEWISVILLE, TEXAS — Bright Realty has broken ground on The Realm at Castle Hills, a 324-acre mixed-use project located in the northern Dallas metro of Lewisville. The development will deliver office, retail, entertainment and multifamily space. Phase I will center on Offices at The Realm, a nine-story, Class A office building that will span 235,000 square feet of office space and 15,000 square feet of ground-floor restaurant space. The building will front an outdoor park and entertainment space, all of which are slated for delivery in mid-2019. Groundwork on Phase II of the project, a 260-unit multifamily atop 35,000 square feet of retail space, is also underway.

June 13, 2018

Acquisitions Industrial Texas

Mitchell Asset Group Acquires 320,672 SF Industrial Portfolio in Texas

by Taylor Williams June 13, 2018

DALLAS, SAN ANTONIO AND LUBBOCK, TEXAS — Fort Worth-based Mitchell Asset Group Inc. has acquired a 320,852-square-foot industrial portfolio from private equity firm Pacific Avenue Capital Partners. The properties include a 136,882-square-foot facility located at 11100 Plano Road in Dallas; a 104,000-square-foot asset located at 3101 Aniol St. in San Antonio; and a 79,790-square-foot building located at 1919 Avenue E in Lubbock. The properties were acquired in a sale-leaseback transaction for an undisclosed price. Walker & Dunlop arranged debt for the acquisition through UBS.

June 13, 2018

Development Industrial Texas

IGX to Develop 350,000 SF Industrial Building in San Antonio

by Taylor Williams June 13, 2018

SAN ANTONIO — Schertz, Texas-based Industrial Group Southwest (IGX) will develop a 350,000-square-foot industrial building in San Antonio. The development marks Phase I of Brooks Business Park, a six-building project on the city’s south side that will ultimately deliver about 1.1 million square feet of industrial space. Buildings will range in size from 30,000 to 600,000 square feet. The initial 350,000-square-foot building is expected to be complete before year’s end.

June 13, 2018

Acquisitions Multifamily Texas

Greysteel Arranges Sale of 264-Unit Apartment Community in Dallas

by Taylor Williams June 13, 2018

DALLAS — Greysteel has arranged the sale of Artisan Ridge, a 264-unit multifamily community in Dallas. Built in 2004 on 14.7 acres, the property offers amenities such as a pool, clubhouse with a business center, playground, fitness center and storage units. Ari Firoozabadi, Doug Banerjee, Boyan Radic, Andrew Mueller, John Marshall Doss and Andrew Hanson of Greysteel represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.

June 13, 2018

Marcus-Millichap-Retail-Portfolio-Austin

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of Retail Portfolio Totaling 143,963 SF in Austin

by Taylor Williams June 13, 2018

AUSTIN, TEXAS — Marcus & Millichap has brokered the sale of a portfolio of three retail properties totaling 143,963 square feet in Austin. The single-tenant properties span a total of 21.3 acres and are leased to JC Penney, Frost Bank and Gold’s Gym. Vincent Knipp and Ryan Wolf of Marcus & Millichap represented the seller, a private developer, in the transaction. Bill Rose, also of Marcus & Millichap, procured the buyer, a private investor. Both parties requested anonymity.

June 13, 2018

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