Property Type

Carson Cos. Breaks Ground on Four Industrial Buildings in Metro Houston

by Taylor Williams May 3, 2018

PASADENA, TEXAS — The Carson Cos., a California-based industrial developer, has broken ground on four buildings within Bayport Industrial Park in Pasadena, a southeastern suburb of Houston. The groundbreakings mark Phase II of an industrial development known as Carson Bayport. The project will deliver one 207,000-square-foot cross-dock warehouse and three 25,000-square-foot crane-ready buildings, all four of which will be developed on a speculative basis. The largest building, completion of which is slated for the fourth quarter, will feature 62 dock-high doors, 30-foot clear heights, an ESFR sprinkler system, 154 car parking spaces and a fenced-in truck court.

May 3, 2018

Acquisitions Office Texas

Gault Co., RTG Capital Buy 170,000 SF Office Building in North Dallas

by Taylor Williams May 3, 2018

DALLAS — A partnership between two Dallas-based development firms, Gault Co. and RTG Capital LLC, has purchased a 170,000-square-foot office building in North Dallas. Situated on four acres at 5757 Alpha Road across from the Valley View Mall, which is being redeveloped into a mixed-use destination, the office property was formerly known as Alpha Tower. Following a renovation project for its landscaping, lobby and common areas that is scheduled to be complete by year’s end, the building will be rebranded Northwood Tower. The property was built in 1983 and was 32 percent leased at the time of sale. The seller and sales price were not disclosed.

May 3, 2018

Development Multifamily Texas

Transwestern to Develop 263-Unit Apartment Community in Downtown Austin

by Taylor Williams May 3, 2018

AUSTIN, TEXAS — Transwestern Development Co. has acquired 1.6 acres in downtown Austin for the development of Block 36, a 263-unit multifamily community. Block 36 will consist primarily of studio units with approximately 14 percent of the units being two-bedroom residences. In addition to having a 3,000-square-foot ground-floor restaurant space, the community will offer amenities such as a pool, fitness center, clubroom, business lounge and an elevated courtyard with fire pits. Wilder Belshaw, an architecture firm with offices in the Dallas and Austin area, is handling design of the project, and Comerica Bank is providing construction financing. Transwestern expects to break ground on the property in January 2019 and deliver it during the first half of 2020.

May 3, 2018

CubeSmart-Self-Storage-Missouri-City-Texas

Acquisitions Industrial Self-Storage Texas

Bellomy Arranges Sale of 434-Unit CubeSmart Self-Storage Facility in Metro Houston

by Taylor Williams May 3, 2018

MISSOURI CITY, TEXAS — Bellomy & Co. has arranged the sale of a 434-unit self-storage facility in the southeastern Houston metro of Missouri City that is managed by Pennsylvania-based REIT CubeSmart. The property features both climate- and non-climate-controlled units totaling 54,400 square feet of net rentable space with room for expansion. Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. represented the seller, Austin-based Yellowstone Investments, in the transaction. The trio also procured the undisclosed, Houston-based buyer.

May 3, 2018

Development Michigan Midwest Multifamily

Woda Completes $7.4M Conversion of Former School into Apartment Property in Portland, Michigan

by Kristin Harlow May 3, 2018

PORTLAND, MICH. — Woda Cooper Cos. Inc. has completed Portland School Apartments in Portland, about 25 miles northwest of Lansing. Formerly Portland School, which dates back to 1919, the property is now home to 29 apartment units. The units are affordable for those earning no more than 60 percent of the area median income. Amenities include an elevator, a large community room, fitness center, outdoor BBQ space and gazebo. The school closed in 1996. The property was temporarily used for housing, but has mostly sat vacant. Low-income housing tax credits allocated by Michigan State Housing Development Authority and historic credits from the National Park Service helped fund the $7.4 million project. PNC purchased the tax credits and provided the construction, bridge and permanent loans.

May 3, 2018

Industrial Loans Michigan Midwest

Alliant Provides $3.5M Refinancing for Industrial Property in Plymouth, Michigan

by Kristin Harlow May 3, 2018

PLYMOUTH, MICH. — Alliant Credit Union has provided a $3.5 million loan for the refinancing of a 41,400-square-foot industrial property in Plymouth, about 25 miles west of Detroit. The research and development property is located within Metro West Technology Park. The 10-year loan features a 25-year amortization schedule. Chris Charboneau of Walker & Dunlop arranged the loan. The borrower was not disclosed.

May 3, 2018

Industrial Kansas Leasing Activity Midwest

Professional Packaging Systems Signs 247,589 SF Industrial Lease in Olathe, Kansas

by Kristin Harlow May 3, 2018

OLATHE, KAN. — Professional Packaging Systems LLC has signed a 247,589-square-foot industrial lease in Olathe. The distributor of packaging equipment will occupy space at 16231 S. Lone Elm Road. Ed Elder and John Stafford of Colliers International represented the landlord, STAG Industrial Holdings LLC. Mike Mitchelson of CBRE represented the tenant.

May 3, 2018

Development Illinois Midwest Retail

Global Builders Breaks Ground on 42,000 SF Retail Development in Chicago

by Kristin Harlow May 3, 2018

CHICAGO — Global Builders Inc. has broken ground on a 42,000-square-foot retail development located at 637-647 W. Roosevelt Road in Chicago. The project developer is 635-647 W. Roosevelt Road LLC. Bob’s Discount Furniture will anchor the property and lease two of the three floors. Completion is slated for this fall. James Schutter, Terry Alexa and Luke Sementa of Newmark Knight Frank will handle lease-up of the remaining 10,000 square feet of space on the first floor.

May 3, 2018

Leasing Activity Michigan Midwest Office

Site Design Firm PEA Opens New Office in Downtown Detroit

by Kristin Harlow May 3, 2018

DETROIT — PEA Inc. has opened a new 2,400-square-foot office in downtown Detroit. The site development design firm will occupy the space at the 45 West Grand River building, which is owned by Bedrock. Renovations were recently made to the office, which is now open. PEA, which specializes in civil engineering, land surveying and landscape architecture, operates four offices in southeast Michigan.

May 3, 2018

Company News Maryland Multifamily New York Northeast Seniors Housing Southeast Top Stories

Annaly to Acquire Healthcare Real Estate Specialist MTGE for $900M in REIT Merger

by Camren Skelton May 3, 2018

NEW YORK AND BETHESDA, MD. — New York-based Annaly Capital Management Inc. (NYSE: NLY) has agreed to acquire Bethesda-based real estate investment trust MTGE Investment Corp. (NASDAQ: MTGE) for $900 million in cash and stock. The transaction values healthcare real estate specialist MTGE at $19.65 per share. Under the deal, MTGE shareholders will have the option to receive cash, stock or a combination of the two. In addition, Annaly will assume the existing $55 million in MTGE preferred stock. The transaction is expected to close in the third quarter. “The acquisition of MTGE adds complementary assets, deepens the breadth of our investment alternatives, is accretive to earnings and provides immediate cost savings and efficiencies to shareholders,” says Kevin Keyes, chairman, CEO and president of Annaly. MTGE invests in and manages a portfolio of mortgage-backed securities and investments in triple net leased healthcare real estate. The company is externally managed and advised by MTGE Management LLC, an affiliate of AGNC Investment Corp. As of Dec. 31, MTGE’s portfolio included $6.6 billion in assets. With approximately $104.3 billion in assets as of March 31, Annaly’s portfolio includes securities, loans and equity in the residential and commercial markets. The transaction marks Annaly’s third …

May 3, 2018

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