SPRING, TEXAS — The J. Beard Real Estate Co. has negotiated an 11,665-square-foot office sublease at 28420 Hardy Toll Road in the northern Houston metro of Spring. Sean Durkin of J. Beard represented the original tenant, Swire Oilfield Services Inc., in the negotiations. Candace Baggett of Calibre Group represented the sublessee, Calfrac Well Services Corp., which is relocating and expanding its current space at the property.
ST. LOUIS — Confluent Development and Draper and Kramer Inc. are planning to redevelop the former Southwest Bank property in the Reber Place Historic District of St. Louis. Upon completion, the project will be home to a 4,200-square-foot BMO Harris Bank, a 10,000-square-foot Walgreens and a 2,700-square-foot space for an additional retailer. Completion is slated for spring 2019. Rosemann & Associates is serving as the project architect.
ELGIN, ILL. — Brown Commercial Group has brokered the sale of a 38,128-square-foot industrial warehouse in Elgin, a northwest suburb of Chicago. The sales price was not disclosed. The fully leased property is located at 1700-1730 Todd Farm Drive within the Windsor Commerce Center. Brian Lindgren of Brown represented the buyer, Nottingham Realty Group LLC. John D’Orazio of Colliers International represented the seller, Cristie Ann Enterprises LLC.
NEWARK, OHIO — Marcus & Millichap has arranged the $1.3 million sale of an office building occupied by the Social Security Administration property in Newark, about 40 miles northeast of Columbus. The 7,818-square-foot property is located at 125 Derby Downs Road. The facility was constructed in 2007 as a build-to-suit for the Social Security Administration. Justin Fenn and Dan Yozwiak of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Geoff Ficke of Marcus & Millichap secured and represented the buyer, a limited liability company.
SUMMERVILLE, S.C. — New Jersey-based The Silverman Group will break ground next week on Foreign Trade Zone, a $65 million industrial project located on 400 acres in Summerville, roughly 25 miles from the Port of Charleston. The first building at the development will total 562,544 square feet and will feature 36-foot clear heights, ample dock doors and trailer storage. The park will also include 520,000 square feet of proposed build-to-suit land. The project is slated for completion in the fourth quarter.
WASHINGTON, D.C. — Walker & Dunlop has provided a $41 million bridge loan for the refinancing of Zen Apollo, a 274-unit apartment community located between Washington, D.C.’s Logan Circle and City Center neighborhoods. The undisclosed borrower will use the 12-month loan to reposition the property, which was originally constructed in 1967 and renovated in 2007. Community amenities include a swimming pool, fitness center, clubhouse with billiards, movie theater and poker tables.
BENTONVILLE, ARK. — Dougherty Mortgage LLC has provided a $19.8 million Fannie Mae loan for the refinancing of The Pointe at Bentonville, a 170-unit apartment community in Bentonville. The 10-year loan features a 30-year amortization schedule. Dougherty Mortgage closed the loan on behalf of the borrower, The Pointe at Bentonville LLC. The community features a mix of one-, two- and three-bedroom units and features a business center, clubhouse, coffee bar, tanning salon, library, fitness center, picnic area, pool, movie theater and a game room.
ASHEVILLE, N.C. — Berkadia has provided an $18.8 million acquisition loan for The Views, a 160-unit apartment community located at 1690 Hendersonville Road in Asheville. Mitch Sinberg, Matthew Robbins, Robert Falese and Jeremy Lynch of Berkadia originated the 12-year, fixed-rate loan with six years of interest-only payments through Fannie Mae’s Green Rewards program on behalf of the borrower, Colorado-based Goldelm. Constructed in 1993, The Views offers a mix of one- to three-bedroom units with granite countertops, stainless steel appliances and wheelchair accessibility. Community amenities include a swimming pool, fitness center, basketball court, clubhouse, lounge, coffee bar and storage space. Florida-based Michaelson Group will manage the property.
TAMPA, FLA. — Whole Foods Market has unveiled plans to open a 48,000-square-foot location at Midtown Tampa, a planned mixed-use project in Tampa. New York-based Bromley Cos. is developing the project, which will feature more than 200,000 square feet of retail, restaurant, entertainment and outdoor space; 750,000 square feet of office space; 400 multifamily units and two boutique hotels. Whole Foods will relocate from its current 32,000-square-foot Tampa location upon opening at the development in fall 2020. The new store will employ approximately 200 full- and part-time members.
BOSTON — San Francisco-based Iconiq Capital has invested in the 90-year old Taj Boston hotel, located at 15 Arlington St. in Boston. Financial terms were not disclosed, but the Boston Business Journal reports the private equity firm — which manages money for Facebook founder Mark Zuckerburg — acquired a $196 million stake in the property. A group of investors including New England Development, Eastern Real Estate, Rockpoint Group, Lubert-Adler and Highgate originally acquired the 273-room hotel in 2016 for $125 million, and will retain an interest in the asset. The new partnership plans to execute a major capital improvement program that will include a comprehensive renovation of guestrooms, public areas and food and beverage outlets. According to a release, hotel owners have spent the past two years working with a team of architectural and interior design firms, consultants and engineers to develop a new vision for the property. A construction timeline for the project was not disclosed. Situated at the corner of Newbury and Arlington streets in Boston’s high-end Back Bay neighborhood, the hotel overlooks the Boston Public Garden and is adjacent to the city’s retail district. Amenities include nightly turndown, a 24-hour fitness center, business center, and onsite dining and bar …
