Property Type

Sterling Acquires 111-Unit Apartment Community in San Antonio

by Taylor Williams February 14, 2018

SAN ANTONIO — Sterling Real Estate Holdings, a joint venture between California-based investment firms Barker Pacific Group and Pacific Real Estate Apartments, has acquired La Fiesta Apartments in San Antonio. Built in 1970, the 111-unit property is located in the Alamo Heights neighborhood. Amenities include picnic areas, a pool, on-site laundry facilities and a garden courtyard. Sterling will invest in capital improvements to the property’s landscaping and common areas. The seller was not disclosed.

February 14, 2018

Power Company Leases 110,000 SF at Industrial Property in Metro Houston

by Taylor Williams February 14, 2018

PASADENA, TEXAS — Calpine Corp., a Houston-based power company, has leased 110,000 square feet at an industrial property located at 9311 Bay Area Blvd. in the Houston metro of Pasadena. The property was built in 2008 and consists of 219,000 square feet of net rentable space, according to CoStar Group. Lucian Bukowski of CBRE represented Calpine Corp. in the lease negotiations. The representative of the landlord, Bay Bluff LP, was not disclosed.

February 14, 2018

Loans Michigan Midwest Multifamily

Greystone Provides $72.5M Refinancing for Three Multifamily Properties in Michigan

by Kristin Harlow February 14, 2018

CANTON TOWNSHIP, COMMERCE TOWNSHIP AND NOVI, MICH. — Greystone has provided $72.5 million in Fannie Mae loans for the refinancing of three multifamily properties in Michigan. Fred Levine of Greystone originated the loans on behalf of the borrower, Singh Development Co. Each of the 10-year loans features a 30-year amortization schedule. The properties include Turnbury Park in Canton Township, Brownstones in Novi and Briarcliff Village in Commerce Township. The Class A properties include a range of one-, two- and three-bedroom units.

February 14, 2018

Indiana Loans Midwest Office

CBRE Arranges $50M Construction Loan for KAR Auction Services Headquarters in Carmel, Indiana

by Kristin Harlow February 14, 2018

CARMEL, IND. — CBRE has arranged a $50 million loan for the construction of KAR Auction Services Inc.’s new global headquarters in Carmel. Plans call for a 250,000-square-foot office building on a 13-acre site. The property is slated to open in August 2019. Nearly 1,600 of KAR’s 17,400 employees are based in Indiana. The new location will provide space for an additional 400 jobs. Michael Sherman, Irene Lu, Jason Brown and Dan Gable of CBRE arranged the loan. BBVA/Compass Bank provided the loan. The development team includes U.S. Realty Advisors, Ginovus LLC, Ice Miller, PURE Development and RATIO Architects.

February 14, 2018

Illinois Industrial Midwest

Colliers Brokers Sale of 462,300 SF Industrial Portfolio in Green Oaks, Illinois

by Kristin Harlow February 14, 2018

GREEN OAKS, ILL. — Colliers International has brokered the sale of Green Oaks Business Center in Green Oaks, about 40 miles north of Chicago. The sales price was not disclosed. The three-building industrial portfolio totals 462,300 square feet. The facilities feature clear heights of 24 to 28 feet, ESFR sprinkler systems, 48 docks and parking for 270 autos. At the time of sale, the portfolio was 86 percent occupied by five tenants. Jeff Devine and Steve Disse of Colliers represented the seller, New York Life Investment. A comingled fund managed by Dermody Properties was the buyer.

February 14, 2018

Hospitality Iowa Loans Midwest

Dougherty Provides $5.3M Construction Loan for Hotel in Davenport, Iowa

by Kristin Harlow February 14, 2018

DAVENPORT, IOWA — Dougherty Funding LLC has provided a $5.3 million loan for the construction of a Candlewood Suites in Davenport, part of the Quad Cities. The extended-stay hotel will include 71 rooms. Amenities will include a fitness room, business center, market pantry, guest laundry room, outdoor patio and barbecue area. Completion is slated for late summer 2018. CW Davenport LLC was the borrower. Loan terms were not disclosed.

February 14, 2018

Michigan Midwest Office

L. Mason Capitani CORFAC International Brokers Sale of 33,092 SF Office Building in Troy, Michigan

by Kristin Harlow February 14, 2018

TROY, MICH. — L. Mason Capitani CORFAC International has brokered the sale of the Tech Arts Office building in Troy. Although the final sales price was not disclosed, the asking price was reportedly $3.6 million. Built in 1986, the 33,092-square-foot property is located at 165 Kirts Blvd. The office building was 86 percent leased at the time of sale. Mason L. Capitani represented the seller, Tech Arts LLC. Jason E. Capitani represented the buyer, Office Ventures Troy I LLC. L. Mason Capitani CORFAC International will continue to oversee leasing at the property, while its affiliate company, Liberty Property & Asset Management, will coordinate all property management services moving forward.

February 14, 2018

Florida Office Retail Southeast

East End Capital, GreenOak Acquire Office, Retail Building in Miami Beach for $38M

by Camren Skelton February 14, 2018

MIAMI BEACH, FLA. — East End Capital and GreenOak Real Estate have acquired 555 Washington Avenue, an office and retail building in Miami Beach. EOSII at 555 Washington LLC, an affiliate of KBS Realty Advisors, sold the asset for $38 million, according to local media reports. Christian Lee and Jose Lobon of CBRE brokered the transaction. Designed by Miami-based architecture firm Arquitectonica, 555 Washington Avenue includes 44,000 square feet of Class A office space, 22,000 square feet of ground-level retail and an attached parking garage with 243 spaces. The office portion of the property was 85 percent leased at the time of sale to tenants such as Warner Music Group, Alacran Records and SKCP Fund Management. The retail portion houses tenants including CVS/pharmacy and Wells Fargo. Steven Hurwitz of CREC is handling the property’s office leasing, while Zach Winkler of JLL is overseeing the leasing of the building’s retail portion.

February 14, 2018

Affordable Housing Florida Loans Multifamily Southeast

Hunt Capital Provides $13.4M in LIHTC for New Affordable Housing Community North of Orlando

by Camren Skelton February 14, 2018

DELAND, FLA. — Hunt Capital Partners has provided $13.4 million in low-income housing tax credits (LIHTC) for the development of The Pines, a 100-unit affordable housing community in DeLand, roughly 50 miles north of Orlando. Hunt Capital Partners structured the funding through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 27, on behalf of the project developer, Roundstone Development LLC. The Pines will offer a mix of one- to four-bedroom units, all set aside for households earning up to 40 and 60 percent of the area median income (AMI). Five units will have a preference for “Special Needs Households,” or households consisting of families considered to be homeless, survivors of domestic violence, persons with disabilities or youth aging out of foster care. Community amenities will include onsite management, a clubhouse with a community kitchen, business center, library, fitness center, laundry room, swimming pool and a playground. The development cost for the project is $18.6 million. Bradley Construction Co. Inc. is the general contractor for the project, Brian Rumsey is the architect and Sunchase American Ltd. is the property manager. Construction on The Pines began in December and is slated for completion in January 2019.

February 14, 2018

Alabama Multifamily Southeast Student Housing

CREI Sells 574-Bed Student Housing Community Near Auburn University

by Camren Skelton February 14, 2018

AUBURN, ALA. — Capstone Real Estate Investments LLC (CREI) has sold Eagles South Apartments, a 574-bed student housing community located roughly two miles from the Auburn University campus in Alabama. Aspen Heights acquired the property for an undisclosed price. The community offers one- and two-bedroom units with bed-to-bath parity. Shared amenities include a 24-hour fitness center, barbecue grills and picnic areas, a pool, computer lab, outdoor fireplace, clubhouse, sand volleyball courts and a dog park.

February 14, 2018

Newer Posts

Older Posts