Property Type

GlenStar, Rubenstein Acquire 910,796 SF Office Property in Suburban Chicago for $121.5M

by Kristin Harlow August 22, 2018

ROLLING MEADOWS, ILL. — A partnership between GlenStar and Rubenstein Partners, known as CT Acquisitions LLC, has acquired Continental Towers for $121.5 million. The 910,796-square-foot office property is located in Rolling Meadows, about 30 miles northwest of Chicago. GlenStar initially acquired the property in 2013 and has since completed approximately $30 million in improvements for the asset. GlenStar added a 734-stall parking garage and renovated the fitness center, restrooms and corridors. As a result, occupancy jumped from 55 percent to 90 percent with the addition of tenants such as Verizon and Panasonic. The new joint venture between GlenStar and Rubenstein plans to complete an additional $20 million in renovations, including an overhaul of the two-acre plaza deck as well as the lobbies, café and amenity space. Work is set to begin immediately. Originally constructed in the early 1980s, Continental Towers is a three-tower office complex situated on 34 acres. The Class A property is located near I-90 and Woodfield Mall. “Our main focus as a firm is to seek out and acquire high-quality, value-add office assets in emerging markets,” says Brandon Huffman, portfolio manager of equity investments for Rubenstein. “Continental Towers represents everything we typically look for in an investment.” …

August 22, 2018

Data Centers Development Industrial Texas

Digital Realty to Embark on $400M Data Center Expansion in Greater Dallas

by Taylor Williams August 21, 2018

GARLAND, TEXAS — Digital Realty, a San Francisco-based data center REIT, will embark on a $400 million expansion of its data center campus in Garland, a northeastern suburb of Dallas. The project will add 16 acres to the original site at the intersection of Campbell Road and the George Bush Turnpike. The company’s Garland campus is being developed over a 20-year period in five phases, each of which will add about 280,000 square feet of space and operate at 32 megawatts of critical IT load. The first phase is expected to be operational by late 2021.

August 21, 2018

Company News Restaurant Retail Texas

CAVA Group to Acquire Plano-Based Zoës Kitchen for $300M

by Taylor Williams August 21, 2018

PLANO, TEXAS — CAVA Group Inc., a privately held restaurant group specializing in Mediterranean cuisine, will acquire Zoës Kitchen for approximately $300 million. The Plano-based fast casual chain has about 260 restaurant locations throughout the country. Under the terms of the agreement, shareholders of Zoës Kitchen will receive $12.75 in cash for each share of common stock, a premium of approximately 33 percent over the closing share price on August 16, 2018 (the stock price opened at $13.30 per share on Tuesday, August 21). The transaction is expected to close during the fourth quarter.

August 21, 2018

Jefferson-Mercer-Phase-II-Farmers-Branch-Texas

Development Multifamily Texas

JPI to Add 416 Units for Phase II of Multifamily Property in Metro Dallas

by Taylor Williams August 21, 2018

FARMERS BRANCH, TEXAS — Irving-based multifamily developer JPI has secured construction financing for Phase II of Jefferson Mercer Crossing, a project that will add 416 units to the property, which is located in the northern Dallas metro of Farmers Branch. Current amenities at the property include a pool with a swim-up bar, fitness center with a yoga studio, a dog park and access to a 30-acre lake and walking trails. Comerica Bank provided the financing for the project, the first units of which are expected to be available for occupancy by the first quarter of 2020.

August 21, 2018

Acquisitions Office Texas

CBRE Negotiates Sale of Pier 1 Headquarters Building in Fort Worth

by Taylor Williams August 21, 2018

FORT WORTH, TEXAS — CBRE has negotiated the sale of the Pier 1 Imports Building, a 20-story, 409,977-square-foot office property in Fort Worth that has served as the headquarters for the home furnishings and décor retailer since 2008. The building includes a fitness center and yoga studio, as well as a full-service cafeteria. Gary Carr, Evan Stone, John Alvarado, Eric Mackey, Robert Hill and Jared Chua of CBRE represented the seller, Houston-based Hines, which acquired the property in 2014, in the transaction. California-based Hertz Investment Group purchased the asset for an undisclosed price.

August 21, 2018

Acquisitions Multifamily Texas

Frontline Holdings Acquires 334-Unit Apartment Community in Metro Dallas

by Taylor Williams August 21, 2018

LEWISVILLE, TEXAS — California-based Frontline Holdings has acquired Westview Apartments, a 334-unit multifamily community located in the northern Dallas suburb of Lewisville, from investment management firm InterCapital. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, spa, tennis courts and onsite laundry facilities. Voya Financial provided the loan, which was arranged by Mark Brandenburg of JLL.

August 21, 2018

Acquisitions Mixed-Use New York Northeast

Barone Management Purchases Mixed-Use Development Site in Brooklyn for $37.5M

by David Cohen August 21, 2018

NEW YORK CITY — Barone Management has purchased the former Angel Guardian Home in the Dyker Heights neighborhood of Brooklyn for $37.5 million. The seller was undisclosed. The New York-based development company plans to redevelop the site into a 300,000-square-foot mixed-use project. Sixty percent of the property will be devoted to approximately 150 market-rate condos, with an additional 15 percent reserved for affordable housing. The remaining 25 percent will be split between seniors housing and an educational use. Construction is expected to begin in 2019.

August 21, 2018

Industrial Loans New York Northeast Self-Storage

KeyBank Provides $20.2M CMBS Loan for Self Storage Portfolio in New York

by David Cohen August 21, 2018

WESTCHESTER COUNTY, N.Y. — KeyBank has provided a $20.2 million CMBS loan for the Westchester Self Storage Portfolio, a two-facility portfolio in Westchester County. The two properties, known as Yorktown Self Storage and Bedford Self Storage, consist of 1,235 units and total 114,216 square feet. Each property includes gated entrances, security cameras and climate-controlled units. Jacob Proctor of KeyBank arranged the non-recourse, fixed-rate financing with a 10-year interest-only period for an undisclosed borrower. The loan was used to refinance existing debt.

August 21, 2018

Acquisitions Industrial New Jersey Northeast

Cushman & Wakefield Negotiates Sale of 616,992 SF Industrial Facility in Teterboro, New Jersey

by David Cohen August 21, 2018

TETERBORO, N.J. — Cushman & Wakefield has arranged the sale of a 616,992-square-foot industrial building in Teterboro. Goodman acquired the property for an undisclosed price. Situated on 27 acres, the building is climate controlled, has clear heights of up to 32 feet and includes cross-docking. Gary Gabriel, Adam Spies, Andrew Merin, David Bernhaut, Marcella Fasulo, Kyle Schmidt, and Ryan Larkin of Cushman & Wakefield represented the undisclosed seller in the transaction. At the time of sale, the building was fully net leased to an investment-grade tenant.

August 21, 2018

Acquisitions Multifamily New York Northeast

Cignature Brokers $6M Sale of Apartment Building in Upper East Side

by David Cohen August 21, 2018

NEW YORK CITY — Cignature Realty Associates has brokered the $6 million sale of a five-story multifamily building on the Upper East Side of Manhattan. The 8,648-square-foot building is located at 319 E. 93rd St. and was built in 1920. The property includes 10 apartments. Christopher Skitch of Cignature Realty represented the sellers, Diana Cormack and Jonathan Bradshaw, in the transaction. Peter Vanderpool of Cignature represented the buyer, 319 East 93rd Street LLC.

August 21, 2018

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