Property Type

ZOM Living Breaks Ground on 41-Story Multifamily Tower in Dallas

by Taylor Williams July 2, 2018

DALLAS — Orlando-based multifamily developer ZOM Living has broken ground on ATELIER, a 41-story multifamily tower that will be located adjacent to Klyde Warren Park in Dallas. The property will feature 364 one-, two- and three-bedroom units ranging in size from 702 to 2,266 square feet, as well as 15,000 square feet of retail space. Amenities will include a resort-style pool, fitness center with a yoga/spin room, conference room, coworking spaces, fire pits, a lounge and private wine lockers. The project will also deliver a 10-story parking garage. Stantec provided design services and Balfour Beatty is serving as general contractor. Fifth Third Bank and SunTrust Bank provided construction financing.A timeline for completion was not released.

July 2, 2018

Development Mixed-Use Office Texas

Brandywine to Convert Broadmoor Campus in Austin into Mixed-Use Development

by Taylor Williams July 2, 2018

AUSTIN, TEXAS — Brandywine Realty Trust (NYSE: BDN) will convert IBM’s Broadmoor campus in Austin, which spans more than 65 acres and houses more than 1 million square feet of office space, into a mixed-use, transit-oriented development. The first phase of the redevelopment, which is expected to be complete by early 2019, will revamp two office buildings. The overall project will create more public green space, walking trails and recreation areas to leverage the property’s proximity to The Domain, a shopping and entertainment destination that connects to the campus. Brandywine acquired Broadmoor, which has been discussed as a potential site for Amazon’s HQ2, about three years ago. The campus was developed as a build-to-suit for IBM, which still occupies most of the space, in the early 1990s.

July 2, 2018

Acquisitions Multifamily Texas

American Landmark Acquires 334-Unit Apartment Community in Metro Fort Worth

by Taylor Williams July 2, 2018

MANSFIELD, TEXAS — Multifamily owner-operator American Landmark has acquired Advenir at Mansfield, a 334-unit apartment community located in the southern Fort Worth metro of Mansfield. Built in 2010, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor grilling areas, business center and a dog park. Mitch Sinberg, Matt Robbins, Bob Falese and Matt Cullison of Berkadia arranged a $32.9 million Freddie Mac green loan, which features 4.16 percent interest and 70 percent loan-to-value, for the acquisition. The new ownership will implement a capital improvement program valued at approximately $1.5 million.

July 2, 2018

Loans Multifamily Texas

TRC Arranges Construction Loan for 238-Unit Apartment Project in Metro Austin

by Taylor Williams July 2, 2018

LEANDER, TEXAS — Austin-based mortgage banking firm Texas Realty Capital (TRC) has arranged a construction loan for Hermosa Village, a 238-unit apartment project that recently broke ground in the northern Austin suburb of Leander. The loan featured a 75 percent loan-to-cost (LTC) structure, including both bank financing (64 percent) and preferred equity (11 percent). TRC arranged the loan on behalf of the sponsor, IMPACT Developers, an Austin-based multifamily development group. The loan amount was not disclosed.

July 2, 2018

Acquisitions Retail Texas

STRIVE Negotiates Sale of 43,000 SF Shopping Center in Dallas

by Taylor Williams July 2, 2018

DALLAS — Dallas-based retail brokerage firm STRIVE has negotiated the sale of Glen Oaks Crossing, a 43,000-square-foot shopping center in Dallas. Shadow-anchored by Walmart, the Class A property was developed in 2015. Jason Vitorino of STRIVE represented the seller, a local developer, in the transaction. Glen Oaks Crossing was 100 percent leased at the time of sale.

July 2, 2018

Development Illinois Industrial Midwest

PREMIER Breaks Ground on 678,858 SF Industrial Development in Downers Grove, Illinois

by Kristin Harlow July 2, 2018

DOWNERS GROVE, ILL. — PREMIER Design + Build Group LLC has broken ground on Bridge Point Downers Grove, a three-building, 678,858-square-foot speculative industrial development in suburban Chicago. Bridge Development Partners LLC is the developer. The 57-acre infill site is located at the intersection of I-88 and I-355. Buildings 1 and 2 will feature a clear height of 32 feet, 33 exterior truck docks and four drive-in doors. Building 3, totaling 291,345 square feet, will feature a clear height of 36 feet, 40 exterior truck docks and two drive-in doors. Cornerstone Architects Ltd. is providing architectural services and McCallum Associates is providing landscaping services. Swift Structural Design is the structural engineer while SPACECO is the civil engineer. Jason West, David Friedland, Sean Henrick, Michael Magliano and Doug Pilcher of Cushman & Wakefield will represent Bridge in lease-up of the property. The construction is scheduled to be completed in early 2019.

July 2, 2018

Acquisitions Midwest Missouri Office

Brain Development Group Purchases 80,615 SF Office Building in Kansas City

by Kristin Harlow July 2, 2018

KANSAS CITY, MO. — Brain Development Group has purchased Belletower, a five-story, 80,615-square-foot office building in Kansas City. The purchase price was not disclosed. The property is located in Country Club Plaza, five miles south of the city’s central business district. The property, built in 1986, includes a 180-space, four-level parking garage beneath the building and an additional 41-space surface parking lot. At the time of sale, Belletower was 67 percent leased to tenants such as MidCountry Bank and Reynolds Law Firm LLC. Two new tenants have since boosted occupancy to 76 percent, according to the Kansas City Business Journal. Amenities include a fitness center and tenant storage. Gina Anderson, Gary Carr and Robert Hill of CBRE represented the seller, Advent Belleview LLC.

July 2, 2018

Acquisitions Illinois Midwest Retail

HFF Arranges $16M Sale of Retail Portion of Historic Chicago Building

by Kristin Harlow July 2, 2018

CHICAGO — HFF has arranged the $16 million sale of a 13,062-square-foot retail space in the heart of Chicago’s financial district. The space is part of the Roanoke Building, a historic office tower located at 11 S. LaSalle St. Originally constructed in 1915 and renovated in 2015, the tower is 91 percent occupied. Tenants of the retail portion include Citibank, Roanoke Restaurant, 7-Eleven and T-Mobile. Amy Sands and Clinton Mitchell of HFF represented the seller, an affiliate of The Prime Group Inc. The buyer was not disclosed.

July 2, 2018

Indiana Industrial Leasing Activity Midwest

HSA Commercial Negotiates 49,977 SF Industrial Lease for Pelican BioThermal in Suburban Indianapolis

by Kristin Harlow July 2, 2018

PLAINFIELD, IND. — HSA Commercial Real Estate has negotiated a 49,977-square-foot industrial lease for Pelican BioThermal at Gateway Business Park in Plainfield, a suburb of Indianapolis. The company provides thermal packaging solutions for the safe transportation of pharmaceutical and medical materials. Pelican BioThermal will begin occupying space at Gateway II, a 121,800-square-foot building, in July. HSA Commercial has developed five buildings totaling approximately 630,000 square feet at the 55-acre Gateway Business Park. Terry Busch and Jared Scaringe of CBRE represented ownership in the lease transaction with Pelican BioThermal. Bryan Augustin of Alliance Commercial Group represented the tenant.

July 2, 2018

Loans Midwest Minnesota Multifamily

Dougherty Provides $4.8M HUD Loan for Acquisition of Apartment Property in Suburban Minneapolis

by Kristin Harlow July 2, 2018

COON RAPIDS, MINN. — Dougherty Mortgage LLC has provided a $4.8 million HUD 223(f) loan for the acquisition and rehabilitation of Drake Apartments in Coon Rapids, a northern suburb of Minneapolis. The 48-unit affordable housing property was originally constructed in 1978 and underwent a partial renovation in 2001. As part of this acquisition, the property will undergo a rehabilitation of approximately $34,000 per unit. The loan is fully amortized over 35 years. Drake MDG LP was the borrower.

July 2, 2018

Newer Posts

Older Posts