Property Type

KeyBank Provides $41.6M Fannie Mae Loan for Multifamily Community in Central Florida

by Camren Skelton March 7, 2018

KISSIMMEE, FLA. — KeyBank Real Estate Capital has provided a $41.6 million Fannie Mae loan for the acquisition of Douglas Grand at Westside, a 336-unit multifamily community in the central Florida community of Kissimmee. Chris Black of KeyBank originated the 10-year, fixed-rate loan with five years of interest-only payments and a 30-year amortization schedule on behalf of the undisclosed borrower. Douglas Grand at Westside was constructed in 2016 and features a pet park, swimming pool, fitness center, fire pit and a playground.

March 7, 2018

Hospitality Loans South Carolina Southeast

PMZ Realty Capital Arranges $19.5M Construction Loan for New Hotel Near Charleston

by Camren Skelton March 7, 2018

MOUNT PLEASANT, S.C. — PMZ Realty Capital LLC has arranged a $19.5 million construction loan for the Hotel Indigo – Charleston, a 158-room hotel under construction in Mount Pleasant, roughly 10 miles northeast of Charleston. The name of the borrower was not disclosed. The hotel is located next to the Arthur Ravenel Jr. Bridge and four miles from historic Charleston sites including The Market and The Battery. The hotel is scheduled to open later this year and will feature an onsite restaurant and bar, a resort-style pool and meeting and event spaces. The new hotel will be the first Hotel Indigo in the Charleston area.

March 7, 2018

Multifamily Southeast Tennessee

JLL Brokers Sale of 296-Unit Apartment Community in Knoxville

by Camren Skelton March 7, 2018

KNOXVILLE, TENN. — JLL Capital Markets has brokered the sale of Preserve at Hardin Valley, a 296-unit apartment community in Knoxville. Vincent Lefler and Ian Anderson of JLL arranged the transaction on behalf of the seller, a joint venture between Crescent Bend Development and Cumberland Advisors. Grimley Residential acquired the property for an undisclosed price. Preserve at Hardin Valley features a resort-style pool, cyber café, indoor/outdoor fireplaces and a 24-hour fitness center. The community is located roughly 15 miles west of the University of Tennessee.

March 7, 2018

Multifamily New Jersey Northeast

Redwood Realty Advisors Brokers $4M Sale of Two Multifamily Properties in New Jersey

by David Cohen March 7, 2018

HIGHLAND PARK AND EDISON, N.J. — Redwood Realty Advisors has arranged the sales of two multifamily properties located in Highland Park and Edison. A Bergen County, N.J.-based multifamily investment firm acquired the two properties for $4 million, or $130,000 per door. The Volto Group sold the property in Highland Park, and Bay Harbor sold the property in Edison. Combined, the properties offer a total of 31 apartment units. Jeremy Wernick of Redwood Realty Advisors represented the sellers and buyer in the deal.

March 7, 2018

Industrial New Jersey Northeast

NAI Hanson Negotiates Sale of Industrial Building in Hackensack, New Jersey

by David Cohen March 7, 2018

HACKENSACK, N.J. — NAI James E. Hanson has brokered the sale of a freestanding industrial/flex building and 0.28 acres of land located at 62 Voorhis Lane in Hackensack. T&M Realty Associates acquired the 2,800-square-foot building and land from Voorhis Associates for an undisclosed price. The buyer plans to utilize the property to relocate its Greenland Landscaping business from Wayne, N.J. The property features 1,600 square feet of warehouse space and 1,200 square feet of office space. Anthony Cassano of NAI Hanson represented the seller and buyer in the deal.

March 7, 2018

Office Texas

Hines Completes 48-Story Office Tower in Houston’s CBD

by Taylor Williams March 7, 2018

HOUSTON — Hines has completed 609 Main at Texas, a 48-story office tower in Houston’s CBD. The Class A property totals 1.85 million square feet and features 28,000-square-foot flexible floor plates, under-floor HVAC systems and floor-to-ceiling glass. In addition, the podium of the building allows for concealed parking for 1,500 vehicles. Amenities include a café, fine dining restaurant, a shared conference facility and a fitness center. Pickard Chilton and Kendall/Heaton Associates both provided architectural services for the project and Harvey Builders served as general contractor. The property will serve as the regional headquarters for United Airlines, which will bring approximately 1,400 employees from other offices into the building.

March 7, 2018

Mixed-Use Texas

Manhattan Breaks Ground on $105M Mixed-Use Project in Metro Dallas

by Taylor Williams March 7, 2018

GRAPEVINE, TEXAS — Manhattan Construction has broken ground on a $105 million mixed-use project in Grapevine, just north of Dallas-Fort Worth (DFW) International Airport. The transit-oriented development will connect Grapevine to both DFW International Airport and downtown Fort Worth. Project elements will include a 38,000-square-foot outdoor plaza, a 42,000-square-foot rail station, a 121-room Hotel Vin and a 552-space parking garage. Construction is expected to be complete by late 2019.

March 7, 2018

Industrial Texas

JLL Negotiates Sale of 289,000 SF Manufacturing Plant in South Dallas

by Taylor Williams March 7, 2018

DALLAS — JLL has negotiated the sale of a 289,000-square-foot manufacturing plant located at 4949 Joseph Hardin Drive in south Dallas. The sale includes 24 acres contiguous to the facility. The property is rail-served and offers convenient access to Interstates 20, 30 and 35. Dustin Volz, Zane Marcell and Grant Matthews of JLL represented the seller, Linron Properties, in the transaction. Polk Street Industrial acquired the asset for an undisclosed price.

March 7, 2018

Office Texas

CBRE Brokers Sale of 198,759 SF Office Property in Plano

by Taylor Williams March 7, 2018

PLANO, TEXAS — CBRE has brokered the sale of 1800 & 1820 Preston Park, a two-building, 198,759-square-foot office property in Plano. The Class A buildings were 81 percent leased at the time of sale to tenants such as American Flood Research, Arrow Electronics and Health Texas. Eric Mackey, Gary Carr, John Alvarado, Robert Hill, Evan Stone and Jared Chua of CBRE represented the seller, Alexander & Baldwin, in the transaction. Libitzky Property Cos. acquired the asset for an undisclosed price.

March 7, 2018

Multifamily Texas

Marcus & Millichap Arranges Sale of 396-Unit Apartment Portfolio in South Dallas

by Taylor Williams March 7, 2018

DALLAS — Marcus & Millichap has arranged the sale of the Woodhollow and Pebble Cove, two multifamily assets in Dallas. Both the 236-unit Woodhollow and the 160-unit Pebble Cove are located on the 4300 block of Woodhollow Drive on the city’s south side. Both properties were built in the 1960s and share a single access gate. Al Silva and Ford Braly of Marcus & Millichap represented the sellers, a local investor and a local partnership, in the portfolio transaction. Silva, Braly and Mark McCoy, also with Marcus & Millichap, procured the buyer, a private investor who plans to invest $7 million in renovations to the exteriors and unit interiors of both properties.

March 7, 2018

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