Property Type

Dave & Buster’s to Open 18,000 SF Venue at La Palmera in Corpus Christi

by Taylor Williams March 20, 2018

CORPUS CHRISTI, TEXAS — Dave & Buster’s will open an 18,000-square-foot restaurant and gaming center within La Palmera, a 1 million-square-foot regional shopping mall currently being redeveloped by Trademark Property Co. in Corpus Christi. The venue, which will be the first Dave & Buster’s on Texas’ Coastal Bend, is scheduled to open in time for the 2018 holiday season. Other tenants that have recently taken space at La Palmera include jeweler Kendra Scott, Perfect Brow & Relaxology salon and Steak n’ Shake.

March 20, 2018

JLL Arranges Sale of 107,000 SF Office Building in Medford for $25M

by David Cohen March 20, 2018

BOSTON — JLL Capital Markets has arranged the sale of 10 Cabot Road in Medford, a 107,026-square-foot office building for $25 million. Frank Petz, Matthew Sherry and Scott Carpenter of JLL brokered the sale of the property on behalf of Boston-based Morris & Morse Co. The buyer was KS Partners. At the time of the sale, 10 Cabot Road was 79 percent leased to nine tenants. The building is located four miles north of downtown Boston with access to the Massachusetts Bay Transportation Authority’s Orange line.

March 20, 2018

Connecticut Industrial Loans Northeast Office

Washington Trust Provides $6.6M in Financing for Multi-Tenant Flex Property in Connecticut

by David Cohen March 20, 2018

TRUMBULL, CONN. — Washington Trust’s Commercial Real Estate Group has provided $6.6 million to refinance and make tenant improvements to an 83,193-square-foot multi-tenant office and industrial property in Trumbull. The 14-acre property located at 60 Commerce Drive is the former headquarters of the Pilot Pen Corp. and consists of two interconnected buildings. The front building is three levels totaling 15,505 square feet of office space while the rear building contains 67,688 square feet of office and industrial space. 60 Commerce Drive is owned by CH Commerce Drive Associates and City Park Commerce Drive.

March 20, 2018

Acquisitions Industrial New York Northeast

Blumenfeld Acquires 80,000 SF Industrial Building in Long Island for $6.1M

by David Cohen March 20, 2018

NEW YORK CITY — The Blumenfeld Development Group has acquired an 80,000-square-foot industrial building at 260 Spur Drive South in Bay Shore, Long Island for $6.15 million. The property currently serves as the North American headquarters of Tensator, a provider of electronic queuing solutions in several industries including the retail and healthcare sectors. Blumenfeld, in partnership with The Hampshire Companies, acquired the property and negotiated a lease extension for Tensator. Kyle Burkhart of Cushman & Wakefield represented Tensator and Jason Miller and Jeffrey Schwartzberg of Premier Commercial Real Estate represented the undisclosed seller in the transaction. Bay Shore is 50 miles east of Manhattan.

March 20, 2018

Acquisitions Retail Texas

Baker Katz Acquires 9,190 SF Shopping Center in Southwest Houston

by Taylor Williams March 20, 2018

HOUSTON — BK Kirby LP, an entity of Houston-based Baker Katz, has acquired a 9,190-square-foot shopping center located at 5802 Kirby Drive in southwest Houston. The center is home to tenants such as Papa John’s, Creative Blinds, RadioShack and Sprint. Jim Bayne of Investar Real Estate Services Inc. represented the seller, Kirby Shopping Center LP, in the sale.

March 20, 2018

Office Texas

University of Texas Leases 5,548 SF of Office Space in North Austin

by Taylor Williams March 20, 2018

AUSTIN, TEXAS — The University of Texas at Austin (UT) has leased 5,548 square feet of office space at Centennial Towers, a six-story complex in north Austin. Jason Steinberg and Matt Levin of Equitable Commercial Realty (ECR) represented the landlord in the lease negotiations. Kristi Simmons and Max McDonald of Aquila Commercial represented the university.

March 20, 2018

Acquisitions Florida Loans Multifamily Southeast

Berkadia Closes $40.5M Acquisition Loan for Multifamily Community in Orlando

by Camren Skelton March 20, 2018

ORLANDO, FLA. — Berkadia has provided a $40.5 million acquisition loan for Art Avenue Apartment Homes, a 300-unit multifamily community located at 10201 Lee Vista Blvd. in Orlando. Mitch Sinberg, Matthew Robbins and Wesley Moczul of Berkadia originated the 10-year, Freddie Mac loan with five years of interest-only payments on behalf of the borrower, Robbins Property Associates. Colony NorthStar Inc. sold the property to Robbins for an undisclosed price. Art Avenue includes studio to three-bedroom apartment units with granite-look countertops, stainless steel appliances, faux-wood flooring and patios or terraces. Community amenities include an internet lounge, coffee bar, fitness center, children’s art room, resort-style pool and an outdoor fire pit.

March 20, 2018

Development Florida Loans Multifamily Southeast

HSF Provides $35.5M Construction Loan for Apartment Community in Tampa Bay Area

by Camren Skelton March 20, 2018

ST. PETERSBURG, FLA. — Hall Structured Finance (HSF) has provided a $35.5 million construction loan for the development of The Vantage, a 211-unit apartment community in St. Petersburg. Mike Lemon and Matt Shane of Q10 Lutz Financial Services arranged the loan on behalf of the project developer, Michigan-based DevMar Development. The 11-story apartment community will feature a rooftop pool, terrace and veranda, fitness center and a yoga room. The property is located one mile from downtown St. Petersburg within the EDGE district, a walkable community that houses retail, restaurants, nightlife and art galleries. DevMar Development expects to deliver The Vantage in September 2019.

March 20, 2018

Acquisitions Multifamily North Carolina Southeast

Cushman & Wakefield Brokers $27M Sale of Two Adjacent Apartment Communities in Triangle

by Camren Skelton March 20, 2018

DURHAM, N.C. — Cushman & Wakefield has brokered the $27 million sale of two apartment communities in Durham: Oaks at Northgate and Leon Court. The adjacent properties total 386 units. Watson Bryant, Jordan McCarley and Paul Marley of Cushman & Wakefield arranged the transaction on behalf of the seller, Artesia Real Estate. The name of the buyer was not disclosed. During its ownership, Artesia invested $1 million in capital improvements for the communities, including roof replacement, exterior paint, new office/clubhouse, outdoor common area upgrades and improved landscaping. Amenities at the properties include a clubhouse with a coffee bar, pet stations, playgrounds, fire pits, picnic/grilling areas and a sports field. The communities are located less than two miles from downtown Durham and are situated within walking distance to Costco, The Home Depot and Kroger.

March 20, 2018

Florida Loans Office Southeast

HFF Arranges $23M Refinancing for WeWork-Anchored Office Building in Miami Beach

by Camren Skelton March 20, 2018

MIAMI BEACH, FLA. — HFF has arranged a $23 million loan for the refinancing of Fifth and Lenox, a 43,500-square-foot office building located at 429 Lenox Ave. in Miami Beach. Paul Stasaitis and Maxx Carney of HFF arranged the floating-rate loan through Granite Point Mortgage Trust Inc. on behalf of the borrower, an affiliate of Goddard Investment Group. The five-story building is fully leased to WeWork on a triple-net basis through 2031. Fifth and Lenox features common lounge areas, soundproof phone booths, conference rooms, printing stations, a coffee bar with baristas and a dog-friendly workspace.

March 20, 2018

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