Property Type

Ashford Hospitality Trust Agrees to Acquire Hilton Hotel in Alexandria’s Old Town District for $111M

by John Nelson June 27, 2018

ALEXANDRIA, VA. — Ashford Hospitality Trust Inc. has signed a definitive agreement to acquire Hilton Alexandria Old Town for $111 million. The 252-room hotel is situated adjacent to the King Street Metro station in Alexandria’s Old Town district. Opened in 2000, the hotel features 12,967 square feet of meeting and function space, as well as a Starbucks in the lobby and King Street Tavern on the ground floor. Since 2013, the hotel has undergone $9.6 million in renovations. Ashford Hospitality Trust expects to enter into a non-recourse loan totaling $73.5 million at closing. The loan is expected to have a term of five years and feature an interest rate at 2.45 above LIBOR. The company will also fund the acquisition using $11.1 million in cash from Ashford Inc., the REIT’s Dallas-based advisor. The seller was not disclosed.

June 27, 2018

Acquisitions Arizona Retail Western

JLL Brokers $11.2M Sale of Ocotillo Plaza Retail Building in Chandler, Arizona

by Amy Works June 27, 2018

CHANDLER, ARIZ. — JLL has arranged the sale of Ocotillo Plaza, a retail building located at 2880 S. Alma School Road in Chandler’s Ocotillo area. Thompson Thrift Retail Group sold the property to Southern California-based Slater Avenue II for $11.2 million. The 121,829-square-foot building was renovated from a former Target store into a multi-tenant retail property. Current tenants include Goodwill, Shoppers Supply, and a home and outdoor supply retailer. Peter Bauman, Tivon Moffitt, Dennis Desmond and Tyson Switzenberg of JLL’s Phoenix office represented the seller, while Nina Patel represented the buyer in the deal.

June 27, 2018

Loans Office Southeast Virginia

HFF Arranges $104M Acquisition Financing for Office Portfolio in Northern Virginia

by John Nelson June 27, 2018

TYSONS, VA. — HFF has arranged $104 million in financing for Greensboro Park, a two-building office portfolio totaling 505,085 square feet in Tysons, about 16 miles west of Washington, D.C. Cary Abod and Robert Carey of HFF arranged the five-year, floating-rate loan through JP Morgan Chase & Co. on behalf of the borrowers, Velocis and Altus Realty. Greensboro Park features a 14-story and an 11-story office tower located at 8180 and 8200 Greensboro Drive. The office campus is anchored by BB&T and is collectively 83 percent leased to 59 tenants. Amenities include a fitness center, conference facilities, tenant lounges, an on-site café and concierge services.

June 27, 2018

Acquisitions Arizona Development Office Western

DBM Ventures Buys Land Parcel for 32,054 SF Office Development in Scottsdale, Arizona

by Amy Works June 27, 2018

SCOTTSDALE, ARIZ. — DBM Ventures, a local partnership, has acquired a 2.8-acre land parcel, located at 8399 E. Hartford Drive within Perimeter Center in Scottsdale, for $9 million. The partnership plans to develop a two-story, 32,054-square-foot office building on the property. LGE Design Build is providing architectural services and general contracting for the project. Construction is slated to begin at the end of year with occupancy scheduled for summer 2019. Jim Keeley of Colliers International’s Greater Phoenix office negotiated the land sale transaction.

June 27, 2018

Acquisitions Georgia Multifamily Southeast

NAP Sells 244-Unit Apartment Community in Atlanta’s Old Fourth Ward for Record Price

by John Nelson June 27, 2018

ATLANTA — North American Properties (NAP) has sold Anthem on Ashley, a 244-unit multifamily community in Atlanta’s Old Fourth Ward neighborhood, to Invesco Advisers Inc. Built in 2017 by NAP, the asset sold for $370 per square foot, a record price for wood-framed multifamily development in metro Atlanta. JLL Multifamily Investment Sales team represented NAP in the transaction. Located at the corner of Ashley Avenue and Ralph McGill Boulevard, the Class A community is located two blocks from Atlanta BeltLine’s Eastside Trail and is the only apartment community with direct access to Historic Fourth Ward Park. Community amenities include a saltwater pool with a sundeck and private cabanas; 24-hour fitness center with group classes; poolside club room and sky deck overlooking the park; outdoor grilling stations and a fire pit; clubhouse with bar lounge; bike storage; Wi-Fi enabled micro-offices; and an event stylist who programs resident experiences like wine tastings. NAP is continuing to develop Edge, a nearby apartment community that will open in December. The project will feature a pedestrian bridge over the BeltLine Eastside Trail and include 29,000 square feet of loft office, retail and restaurant space.

June 27, 2018

Acquisitions Healthcare Mississippi Southeast

Colliers Brokers $42.9M Sale-Leaseback of Two Medical Office Buildings in Mississippi

by John Nelson June 27, 2018

JACKSON AND VICKSBURG, MISS. — Colliers International has brokered the $42.9 million sale-leaseback of two medical office buildings in Mississippi. Combining for 91,526 square feet, the two assets are triple-net leased by a single tenant, GI Associates & Endoscopy Center. The facilities include GI Associates’ headquarters facility in Jackson and its satellite office located in Vicksburg. Josh Randolph of Colliers International’s Birmingham, Ala., office represented GI Associates in the sale. The buyer was not disclosed.

June 27, 2018

Colorado Development Office Top Stories Western

Patrinely Group, USAA Real Estate Break Ground on 30-Story Office Tower in Downtown Denver

by David Cohen June 27, 2018

DENVER — Patrinely Group and USAA Real Estate have started construction of Block 162, a 30-story office tower in downtown Denver. Located at 675 15th St., the 595,000-square-foot building will include 20 floors of office space on levels 11-30 with an average floor plate size of 29,500 square feet. The property will also include 9,900 rentable square feet of ground-floor retail, three underground parking levels and a 10-floor, above-grade parking garage. “Given the continued strength of the Denver marketplace and the lack of available large blocks of Class A space, we recognized that now is the right time to bring a prestigious building like Block 162 to the urban Denver market,” says Robert Fields, president and CEO of Patrinely Group. “We believe that this state-of-the-art building will continue the amazing transformation of downtown and provide prospective tenants a true 21st century work environment for their employees.” Planned amenities for office tenants at the building include a fitness center, social lounge, conference and meeting space, and a sky terrace on the 11th floor with an outdoor roof garden, seating areas and fire pits. Patrinely Group, which specializes in commercial office building and build-to-suit corporate headquarters, and USAA Real Estate are the co-developers of Block 162. The architect …

June 27, 2018

Development Multifamily Texas

Howard Hughes to Develop 386-Unit Apartment Community in The Woodlands

by Taylor Williams June 26, 2018

THE WOODLANDS, TEXAS — Howard Hughes Corp. will develop a 386-unit apartment community in The Woodlands, located about 30 miles north of downtown Houston. The lakefront property, which will offer one-, two- and three-bedroom units, will feature ground-floor retail and restaurant space. Amenities will include a pool, fitness center, yoga room, sky lounge on the top floor and free kayaks and bikes for resident use. Construction is expected to be complete by spring 2020.

June 26, 2018

Development Office Texas

Patrinely Breaks Ground on 149,600 SF Office Building in Metro Houston

by Taylor Williams June 26, 2018

SPRING, TEXAS — A joint venture led by Patrinely Group has broken ground on CityPlace 1, a 149,600-square-foot office building in Spring, a northern suburb of Houston. The property will include 26,900 square feet of retail space and a parking structure that will be delivered as part of the project, which is slated for a second-quarter 2019 completion. Other developers in the joint venture include San Antonio-based USAA Real Estate and CDC Houston

June 26, 2018

Development Hospitality Texas

NewcrestImage Begins Work on 150-Room Hilton-Branded Hotel in Frisco

by Taylor Williams June 26, 2018

FRISCO, TEXAS — Dallas-based hospitality developer NewcrestImage has begun work on Canopy by Hilton Dallas Frisco Station, a 150-room hotel located within the 242-acre Frisco Station mixed-use development on the northern outskirts of Dallas. The property is part of a larger hotel campus that includes an AC Hotel, a Residence Inn and a Hyatt Place, each of which has 150 rooms. The opening of the Hilton hotel is slated for late 2019.

June 26, 2018

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