Property Type

CGI Merchant Group Receives $40.8M Refinancing of Four Office Buildings in South Florida

by Camren Skelton July 26, 2018

MIAMI — Miami-based CGI Merchant Group LLC has received $40.8 million in loans from Starwood Mortgage Capital LLC to refinance an office building in Coral Gables and three office properties in Palm Beach and Martin counties. According to its website, Starwood provided a $25 million loan for 55 Miracle Mile, a four-story, 65,242-square-foot office building in Coral Gables. The property was built in 2004 and is 96 percent leased to 19 tenants. Starwood also provided a $15.8 million loan to refinance The Nexus Portfolio, a three-building suburban office portfolio totaling 128,563 square feet in Lake Worth, West Palm Beach and Stuart. The portfolio operates as executive suites and is 93 percent leased to 350 tenants. CGI originally acquired the assets in 2013.

July 26, 2018

The-Forum-at-Sam-Houston-Huntsville-Texas

Acquisitions Multifamily Student Housing Texas

Preiss, TH Real Estate Acquire 450-Bed Student Housing Property Near Sam Houston State

by Taylor Williams July 26, 2018

HUNTSVILLE, TEXAS — A joint venture between The Preiss Co. and TH Real Estate has acquired The Forum at Sam Houston, a 450-bed student housing property serving Sam Houston State University in Huntsville. The community offers one-, two- and three-bedroom units and amenities such as a pool, basketball and volleyball courts, fitness center, outdoor lounge and two pet parks. The new ownership will renovate the property this fall. The seller was not disclosed.

July 26, 2018

Development Office Texas

Crescent Tops Out 104,979 SF Office Building in Dallas’ West End

by Taylor Williams July 26, 2018

DALLAS — Crescent Real Estate LLC has topped out The Luminary, a 104,979-square-foot creative office building in Dallas’ West End neighborhood. A partnership between Crescent and Boston-based Long Wharf Capital acquired the property, which was designed by Dallas-based architecture firm Corgan, in 2017. Following the seven-story expansion, The Luminary is now the tallest building in the West End.

July 26, 2018

California Industrial Loans Office Western

Phase 3 Real Estate Receives $149M Refinancing for Genesis Campus Point in San Diego

by Amy Works July 26, 2018

SAN DIEGO — Phase 3 Real Estate Partners has received a $149 million refinancing for Genesis Campus Point, a life science campus in the University Town Center (UTC) submarket of San Diego. Located at 4224 and 4242 Campus Point Court and 10210 Campus Point Drive, the three-building campus features 314,135 square feet of state-of-the-art life science space. Additionally, the campus includes an underground parking facility; an amenity building featuring a fitness center with lap pool, yoga studio, spin studio and showers/lockers; an on-site restaurant; and conference centers. Current tenants include Poseida Therapeutics, MabPlex USA, Heron Therapeutics, Celgene, Tocagen, BioLabs San Diego LLC and AveXis Inc. Tim Wright, Todd Sugimoto and Olga Walsh of HFF arranged the financing for the borrower.

July 26, 2018

Leasing Activity Office Texas

WeWork to Open 52,000 SF Location at Victory Park in Dallas

by Taylor Williams July 26, 2018

DALLAS — Coworking office firm WeWork will open a 52,000-square-foot location within Victory Park, a 75-acre mixed-use development in Uptown Dallas. Scheduled to open in early 2019, WeWork’s new space will comprise two floors of the Victory Plaza building located at 3090 Olive St. According to the company website, the Victory Park location will be WeWork’s sixth in the DFW metroplex.

July 26, 2018

Acquisitions Arizona Multifamily Student Housing Western

Harrison Street Acquires 318-Bed Residence Hall at Arizona State University Polytechnic for $27M

by Amy Works July 26, 2018

MESA, ARIZ. — Harrison Street Real Estate Capital has acquired Century Hall, a 318-bed residence hall located on the Arizona State University Polytechnic campus in Mesa, for $27 million. Built in 2012, the community is located at the heart of campus adjacent to the university’s student union building, dining and recreational facilities. The property offers shared amenities including two multi-purpose rooms, a resident community kitchen, group study rooms, student activity lounges on each floor, and on-site classroom space. Capstone Management Partners will manage the property in collaboration with the university. “We are excited to partner with Arizona State University and support the university’s efforts to provide their students with much needed high-quality student accommodations,” says Christopher Merrill, CEO of Harrison Street.

July 26, 2018

Acquisitions Multifamily Oregon Western

Trion Properties Purchases Multifamily Community Near Portland for $10.5M

by Amy Works July 26, 2018

ALOHA, ORE. — Trion Properties has acquired Springbrook Gardens, a multifamily property located at 6300 SW 188th Court in Aloha, a suburb of Portland. A private seller sold the property for $10.5 million in an off-market transaction. Built in 1971, the property features 84 apartments in a mix of one- and two-bedroom floorplans spread across 21 four-plex buildings. Trion Properties plans to complete strategic value-add renovations to the asset, including upgrades to kitchen cabinetry and appliances, unit flooring, bathroom cabinetry and countertops, as well as renovations to exterior landscaping and outdoor amenities. Liz Tilbury and Ben Murphy of Tilbury Ferguson Investment Real Estate represented the buyer and seller in the deal. Continental Partners arranged a $5.4 million acquisition loan for the borrower.

July 26, 2018

Running-Brook-Apartments-Arlington-Texas

Loans Multifamily Texas

Dougherty Arranges $14.6M Acquisition Loan for Arlington Apartments

by Taylor Williams July 26, 2018

ARLINGTON, TEXAS — Dougherty Mortgage has arranged a $14.6 million Fannie Mae loan for the acquisition of Running Brook Apartments, a 232-unit market-rate multifamily community in Arlington. The 12-year loan, which features a 30-year amortization schedule, was arranged through a partnership with Old Capital Lending. The borrower was RBA202 LLC.

July 26, 2018

Hospitality Idaho Loans Western

Berkadia Arranges $16.2M Financing for Hyatt Place Boise

by Amy Works July 26, 2018

BOISE, IDAHO — Berkadia has arranged $16.2 million in financing for Hyatt Place Boise, a select-service hotel located at 1024 W. Bannock St. in downtown Boise. The borrower is a partnership between Utah-based PEG Development and Idaho-based Rafanelli and Nahas. Adrienne Kautzman of Berkadia’s Phoenix office secured the permanent financing for the borrower. The non-recourse long-term loan features a fixed rate and several years of interest-only payments. Hyatt Place Boise features 150 guest rooms, 24-hour fitness center, business center, outdoor pool and restaurant.

July 26, 2018

Acquisitions Industrial Oregon Western

Ederer Properties II Sells 77,960 SF Warehouse in Portland for $8M

by Amy Works July 26, 2018

PORTLAND, ORE. — Ederer Properties II has completed the sale of a warehouse property located at 5825 NE Skyport Way in Portland. Adler Realty Investments acquired the single-tenant asset for $8 million. Situated on 6.2 acres, the 77,960-square-foot warehouse includes 7,000 square feet of office space. At the time of sale, the property was fully occupied. Scott Murphy, Zach Francis and Karla Hansen of Kidder Mathews represented both parties in the transaction.

July 26, 2018

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