Property Type

Cronheim Mortgage Secures $117.5M Financing for Madison Farms Mixed-Use Development in Pennsylvania

by Katie Sloan September 12, 2017

BETHLEHEM, PA. — Cronheim Mortgage has secured $117.5 million in permanent and construction financing for Madison Farms, a mixed-use development in Bethlehem, located north of Philadelphia and west of New York City. The development, upon completion, will feature 152,000 square feet of retail anchored by a 67,400-square-foot ShopRite; a two-story, Class A medical office building occupied by the Lehigh Valley Health Network; and 570 luxury one- and two-bedroom residential units across 15 buildings. Tenants at the property’s retail center include Starbucks Coffee, Chipotle Mexican Grill, Provident Bank, Pure Barre, Pet Valu and Supercuts. The residential property features a 6,500-square-foot clubhouse with a billiards room, multimedia center, fitness center, golf simulator and business center, as well as an outdoor deck with a pool, barbecues and fire pits. The financing — provided by American General Life Insurance Co. — consists of two separate loans placed on behalf of Madison Farms Retail and Madison Farms Residential with 20-year terms and 30-year amortization schedules. For Madison Farms Retail, Cronheim arranged $32 million in permanent financing. For Madison Farms Residential, the company secured an $85.5 million credit facility with two years of interest-only payments. This loan provides permanent financing for the 294-unit first phase of residential development, …

September 12, 2017

Features Industrial Multifamily Office Retail Texas Texas & Oklahoma Feature Archive Top Stories

CBRE Research: Houston’s Commercial Real Estate Shows Resilience in Wake of Hurricane Harvey

by John Nelson September 12, 2017

HOUSTON — It’s much too soon to know the extent of the damage Hurricane Irma has inflicted on Florida and the Southeast, but a clearer view is starting to emerge with regard to the total impact that Hurricane Harvey has had on the Houston commercial real estate market. Hurricane Harvey, a Category 4 storm that made landfall on Aug. 25 near Rockport, Texas, was the strongest storm to hit the Texas Gulf region since 1961, according to CBRE Research. The hurricane dumped more than 50 inches of rain across the region in a matter of days and caused extensive property damage due to flooding. Moody’s Analytics estimates that the hurricane caused anywhere from $81 billion to $108 billion in property damage and economic loss, including the closing of Port Houston and many oil and gas refineries. If these estimates are correct, this would make it the second costliest natural disaster in the history of the United States, only trailing Hurricane Katrina in 2005. Just a few weeks later, Hurricane Irma became the first Category 4 storm to make landfall in Florida since 2004. In its wake, the hurricane has caused severe damage in Miami, the Florida Keys and Naples, as …

September 12, 2017

Industrial Texas

Dermody Completes 626,439 SF Distribution Center in South Dallas

by Taylor Williams September 11, 2017

DALLAS — Nevada-based development firm Dermody Properties has completed Phase I of Logisticenter at Dallas, a two-building industrial park situated on 61.7 acres at the intersection of Bonnie View Road and Logistics Drive in South Dallas. Phase I delivered a 626,439-square-foot distribution center featuring 36-foot clear heights, 111 loading docks, 262 car parking stalls and 136 trailer stalls. The center is also expandable to 1.1 million square feet. MYCON General Contractors handled construction of the project.

September 11, 2017

Office Texas

Local Resident to Develop Class A Office Property in Austin

by Taylor Williams September 11, 2017

AUSTIN, TEXAS — Austin resident Michael Ayer will develop Davenport 360, a 33,911-square-foot, Class A office property that will be located at 6001 Bold Ruler Way along Capital of Texas Highway in Austin. The property will be situated near local retail and restaurant options and offer employees a three-level parking garage. The developer plans to break ground as soon as the property is 50 percent pre-leased, according to the Austin Business Journal. Cushman & Wakefield is handling pre-leasing of the property.

September 11, 2017

Multifamily Texas

Michaelson Group, Partner Acquire 126-Unit Apartment Community in Dallas

by Taylor Williams September 11, 2017

DALLAS — Michaelson Real Estate Group LLC and a private equity investor have acquired Chesapeake Apartments, a 126-unit multifamily community located at 11620 Audelia Road in Dallas. Built in 1982, the property offers one- and two-bedroom units and recently underwent renovations to its roof and exterior. Amenities include two pools, a business center, picnic area and covered parking. The property was 98 percent occupied at the time of sale.

September 11, 2017

Retail Texas

EDGE Brokers Sale of 16,253 SF Shopping Center in Austin

by Taylor Williams September 11, 2017

AUSTIN, TEXAS — EDGE Realty Capital Markets has brokered the sale of The Grove at Lakeline, a 16,253-square-foot retail property in Austin. Located at the northwest corner of State Highway 183 and Ranch Road 620, the center houses tenants such as Mattress Firm, T-Mobile and Orangetheory Fitness. Brandon Beeson and Garrett Wood of EDGE represented the seller, 183-620 LP in the transaction. A limited liability firm purchased the asset for an undisclosed price.

September 11, 2017

Illinois Midwest Office

Marcus & Millichap to Expand Chicago Offices

by Kristin Harlow September 11, 2017

CHICAGO — Marcus & Millichap will expand its downtown Chicago office by 6,000 square feet. Located at 333 W. Wacker Drive, the downtown office will support more than 80 sales professionals, originators and staff with three managers. Previously, the downtown location had 47 agents and staff members. The firm is also expanding personnel in its Oak Brook office, located at One Mid-America Plaza. The Oak Brook office is expanding from 34 agents and staff to approximately 45 employees in order to support more rapid suburban market penetration, according to Marcus & Millichap.

September 11, 2017

Loans Midwest Multifamily Ohio

Hunt Provides $21M Refinancing for Two Multifamily Properties in Suburban Columbus, Ohio

by Kristin Harlow September 11, 2017

GAHANNA AND WESTERVILLE, OHIO — Hunt Mortgage Group has provided $21 million in refinancing for two multifamily properties in Columbus. The financing consists of a $19.5 million Fannie Mae loan and a $1.4 million mezzanine loan. The 10-year loans feature 30-year amortization schedules. The properties include The Reserve at Walnut Creek and The Ravines at Rocky Ridge. The Reserve is located at 5930 Sunbury Road in Gahanna, a northeast suburb of Columbus. Built in 2014, the property includes seven buildings and 148 units. Amenities include a clubhouse, movie theater, fitness center and pool. The Ravines is located at 5700 Rocky Ridge Landing Drive in Westerville, also a northeast suburb. Built in 2014, the property features 136 units. Amenities include a clubhouse, fitness center, recreation room and pool. Both properties are currently owned by single-asset entities.

September 11, 2017

Office Texas

Newcor Negotiates 15,835 SF Office Lease Renewal in Metro Houston

by Taylor Williams September 11, 2017

THE WOODLANDS, TEXAS — Newcor Commercial Real Estate has negotiated an office lease renewal on behalf of law firm Cooper Hart Leggerio & Whitehead PLLC. The firm will continue to occupy 15,836 square feet at 2202 Timberloch Place in The Woodlands. Rob Banzhaf and Ryan Dierker of Newcor represented the tenant in the lease negotiations. Lisa Hughes of The J. Beard Real Estate Co. represented the landlord, Timberloch Inc.

September 11, 2017

Illinois Midwest Multifamily

Interra Brokers $6.5M Sale of Multifamily Property in Chicago’s Hyde Park

by Kristin Harlow September 11, 2017

CHICAGO — Interra Realty has brokered the sale of a multifamily property in Chicago’s Hyde Park for $6.5 million. The 75-unit property is located at 5736 S. Stony Island Ave. The building, which borders the University of Chicago, features 43 studio apartments, 29 one-bedroom and three two-bedroom units. Craig Martin of Interra represented both the buyer and seller. The purchaser was a privately held national real estate investment firm and the seller was a private owner.

September 11, 2017

Newer Posts

Older Posts