Property Type

Arch-Con Underway on 251-Unit Apartment Community in Northeast Houston

by Taylor Williams March 23, 2018

HOUSTON — Arch-Con, a general contractor with offices in Dallas and Houston, is underway on construction of a 251-unit multifamily community within Redemption Square, a 52-acre mixed-use district in northeast Houston. Designed by Steinberg Dickey Collaborative LLP and Looney Ricks Kiss, the project will feature 17,000 square feet of retail space. Amenities will include a 75-foot pool, fitness center, a dog park, business center and multiple outdoor grilling areas. McCord Development is developing the property, which is expected to be complete by the end of 2019.

March 23, 2018

Acquisitions Industrial Self-Storage Texas

Skyview Brokers Sale of 763-Unit Self-Storage Facility in San Antonio

by Taylor Williams March 23, 2018

SAN ANTONIO — Skyview Advisors, a Tampa-based brokerage firm specializing in self-storage, has brokered the sale of a 763-unit Extra Space Storage facility in San Antonio. Approximately 97 percent of the units at the Class A facility are climate-controlled. The property sold during lease-up at 50 percent physical occupancy, according to Ryan Clark of Skyview, who represented the seller in the transaction. California-based FollettUSA purchased the property for an undisclosed price.

March 23, 2018

Acquisitions Multifamily Texas

Greysteel Negotiates Sale of Two Multifamily Properties in Dallas

by Taylor Williams March 23, 2018

DALLAS — Greysteel has negotiated the sale of The Bailiwick and Tree Top, two multifamily properties totaling 96 units in the Oak Lawn area of Dallas. The Bailiwick was built in 1972, totals 59 units and features a pool and laundry services. Tree Top was built in 1966 and features 37 units. Doug Banerjee, Boyan Radic, Andrew Mueller and Andrew Hanson of Greysteel arranged the sale, other terms of which were not disclosed.

March 23, 2018

Acquisitions Industrial Texas

Moody Rambin Arranges Sale of 19,200 SF Warehouse in Houston

by Taylor Williams March 23, 2018

HOUSTON — Moody Rambin has arranged the sale of a 19,200-square-foot warehouse situated on 1.4 acres at 3511 Jensen Drive on Houston’s north side. Zachary Taylor and Doyle Toups of Moody Rambin represented the buyer in the transaction. The seller and sales price were not disclosed.

March 23, 2018

Acquisitions New York Northeast Office

Rosewood Arranges Sale of 21,000 SF Medical Office Building in Long Island for $9.7M

by David Cohen March 23, 2018

LONG ISLAND, N.Y. — Rosewood Realty Group has arranged the sale of a two-story medical office building in Southampton for $9.7 million at a 6.8 percent capitalization rate. Built in 1996, the 21,606-square-foot building is located 92 miles east of Manhattan at 365 County Road 39A and sits on 2.4 acres of land. Aaron Jungreis of Rosewood represented the seller, Benton Plaza LLC. Rosewood’s Jack Zalta represented the buyer, a private investor.

March 23, 2018

Loans Multifamily Northeast Rhode Island

Washington Trust Provides $19.6M in Financing for Development of 134-Unit Apartment Complex in East Providence

by David Cohen March 23, 2018

PROVIDENCE, R.I. — Washington Trust’s Commercial Real Estate Group has provided $19.6 million in financing to Kettle Point Apartments LLC for the construction of a 134-unit apartment complex in East Providence. The complex is the first in a two-phase project at the 6.6-acre site on Kettle Point Avenue that will eventually include 228 units. Phase I will feature three apartment buildings, one with 40 units and two with 45 units, as well as a townhouse building with four units. Amenities include a clubhouse with fitness center and outdoor swimming pool. The property features views of Narragansett Bay to the south and the city of Providence skyline to the northwest. The first building in Phase I of the project is scheduled for completion in June. The completion date for Phase II is unknown.

March 23, 2018

Northeast Office Pennsylvania

Leser Group to Renovate 40,000 SF Office Building in Pennsylvania for $3M

by David Cohen March 23, 2018

KING OF PRUSSIA, PA. — The Leser Group will renovate a 40,000-square-foot office building at 170 N. Henderson Road in King of Prussia, a suburb of Philadelphia. When completed, the estimated $3 million project that was designed by RHJ Associates will create a state-of-the-art medical office building as well as expanded parking and a modernized facade. The Leser Group, a New York based real estate development firm, owns the building and Colliers International manages the property. The project is slated for completion by the first quarter of 2019.

March 23, 2018

Loans Multifamily New York Northeast Seniors Housing

Harborview Arranges $63M Bridge-to-HUD Loan for Skilled Nursing Facility in Brooklyn

by David Cohen March 23, 2018

NEW YORK CITY — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a $63 million bridge-to-HUD loan for a skilled nursing facility and two adult day care centers in Brooklyn. The loan refinances existing debt. The local borrower plans to improve the facility with a new rehabilitation gym. Further details on the borrower and facilities were not disclosed. David Nussbaum and Jeffrey Fuchs of Harborview negotiated the transaction.

March 23, 2018

Leasing Activity New York Northeast Office

Savitt Partners Secures Four Leases Totaling 19,000 SF in Midtown Manhattan

by David Cohen March 23, 2018

NEW YORK CITY — Savitt Partners, which owns 530 Seventh Avenue, a 490,000-square-foot office property in Midtown Manhattan, has executed several new leases at the property. Influential Network, an artificial intelligence marketplace, has signed a 1,700-square-foot lease; online designer jewelry marketplace TrueFacet extended its 6,600-square-foot lease with an additional 3,500 square feet; media agency Junction37 inked a deal for 2,100 square feet; and customer experience platform Kustomer renewed its 5,150-square-foot lease. Brian Neugeboren, Nicole Goetz and Bob Savitt of Savitt Partners arranged the lease transactions. Built in 1930, 530 Seventh Avenue is located two blocks south of Times Square at the intersection of 7th Avenue and West 39th Street. It is also the home of The Skylark, a classically styled cocktail lounge.

March 23, 2018

Development Midwest Minnesota Multifamily

City Club Apartments Breaks Ground on Newest Community in Minneapolis

by Kristin Harlow March 23, 2018

MINNEAPOLIS — City Club Apartments (CCA) has broken ground on its newest community in the central business district of Minneapolis. The 17-story property will feature 307 apartments and penthouses. CCA is also preserving the adjacent 1907 Handicraft Building and converting the historic Guild Assembly Hall, which will be a 3,500-square-foot, two-story restaurant and bar, entertainment and event space with a year-round outdoor patio. A 17th-floor Sky Club will feature a gourmet kitchen, big screen TVs and fireplace. A Sky Park will include an outdoor pool, spa and movie theater. Completion is slated for summer 2019. Frana Cos. is the general contractor and BKV Group and Damon Farber are the project architects. Union Labor Life Insurance Co. provided construction financing. The majority of the apartments are considered affordable for those earning between $45,000 and $65,000 per year.

March 23, 2018

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