NEW BRAUNFELS, TEXAS — San Antonio-based Mason Joseph Co. Inc. has arranged $12.1 million in construction and permanent financing for The Lodge at the Guadelupe, a 124-unit apartment community that will be located at 1355 Ranch Parkway in New Braunfels. Lev Investments and T.R. Inscore LLC will develop the project and Crane Contracting Group Ltd. will serve as general contractor. HUD provided the 40-year, non-recourse loan.
DALLAS — Co-working and office space provider WeWork has opened its new regional headquarters at Thanksgiving Tower in downtown Dallas. The company leased 84,000 square feet at the 1.4 million-square-foot office tower to provide space for roughly 1,600 employees. WeWork opened its first location in Uptown Dallas in January 2017 and subsequently leased 25,000 square feet at Legacy West in Plano.
RICHARDSON, TEXAS— GI Partners has secured a 169,136-square-foot lease renewal and expansion at 3000 Waterview Parkway in Richardson for The University of Texas at Dallas’ UTDesign program. The leased properties are part of Synergy Park, a roughly 300,000-square-foot data center and office complex owned by DataCore LP, an affiliate of GI Partners. The studio will offer engineering students 56 project stations, seven conference rooms, a computer lab and a machine shop.
MAULDIN, S.C. AND JACKSONVILLE, FLA. — CCP Commercial Real Estate has purchased two office buildings in suburban Greenville and Jacksonville for a combined $39.2 million. CCP bought a 106,649-square-foot, single-story office asset near Greenville at 750 Brookfield Parkway in Mauldin for nearly $16.7 million. The Virginia Beach, Va.-based investor also acquired a five-story, 219,000-square-foot asset at 8800 Baymeadows Way West in Jacksonville for roughly $22.5 million. The Mauldin building was 92 percent leased at the time of sale, and the Jacksonville property was 81 percent leased. The identity of the seller(s) was not released.
LYNN HAVEN, FLA. — CBRE Capital Markets has secured $36.7 million in financing for Arbor Trace, a 336-unit apartment community located in Lynn Haven, a town in the Florida Panhandle near the Gulf of Mexico. The loan involved a refinance of the community’s existing 168 units and a construction take-out loan for the newly built Phase II, which spans 168 units. Glenn Housman of CBRE’s debt and structured finance team in Orlando arranged the 10-year, floating-rate, Fannie Mae loan with two years of interest-only payments.
WOODBRIDGE, VA. — Sterling Organization has sold Market at Opitz Crossing, a 157,724-square-foot, grocery-anchored retail center in Woodbridge, a suburb of Washington, D.C., in northern Virginia. Klein Enterprises purchased the asset from Sterling for $29.3 million. Price Rite anchors the center, which is located one mile east of Interstate 95 at the intersection of Jefferson Davis Highway and Opitz Boulevard. Other tenants include Advance Auto Parts, Dollar Tree, Checkers, Subway, BB&T Bank, Taco Bell, Edible Arrangements, Papa Johns, Hair Cuttery, Mariner Finance, Quest Diagnostics and T-Mobile. Geoffrey Millerd and Mat Adler of Newmark Grubb Knight Frank represented Sterling, which sold the asset through its institutional fund Sterling Value Add Partners LP. Marc Tropp of Eastern Union Funding arranged an acquisition loan through Apple Federal Credit Union on behalf of Klein Enterprises. Sterling purchased the asset in 2013 for $17.8 million and increased its occupancy rate from 77 percent to 96 percent. During its ownership, Sterling added an outparcel retail building leased to Chipotle Mexican Grill at the center.
JUPITER, FLA. — Cushman & Wakefield has arranged the $26.8 million sale of Riverwalk Pointe at Mangrove Bay, a 104-unit, age-restricted apartment community in Jupiter, located on the east coast north of Palm Beach. Mangrove Bay Housing LLC, a joint venture between Eastwind Development and Index Apartments LLC, sold the asset to Pleasant Valley Market Place, an out-of-state investor using a 1031 exchange. The two-building community was built in 2014 and was 95 percent occupied at the time of sale. Rents at the property average $1.76 per square foot. Robert Given, Calum Weaver, Zachary Sackley and Troy Ballard of Cushman & Wakefield negotiated the transaction.
TAMPA, FLA. — City Office REIT has begun the multimillion-dollar renovation of Park Tower, a 475,000-square-foot office building in downtown Tampa. The overhaul will include a new façade, upgraded entrance and facelift to the building’s amenities. Gensler is the designer for the renovations, which will include a new lobby café with seating, tenant lounge on the sixth floor, new fitness center with yoga room and bike stations, shared tenant conference room, new concierge desk and renovated parking garage with LED lighting. City Office REIT expects to wrap up the renovations in the first quarter of 2018. The REIT purchased Park Tower in November 2016 in a joint venture with Feldman Equities LLC and Tower Realty Partners for $79.8 million.
SACRAMENTO, CALIF., AND LOS ANGELES — Decron Properties has traded a 264-unit multifamily property in Sacramento, plus some cash, to Sequoia in a direct exchange for a two-property, 504-unit apartment portfolio in Simi Valley. The combined value of the properties was estimated at $193 million. Decron acquired the 372-unit the Villas and the 132-unit Overlook for $141 million. Both communities are situated on Country Club Drive within half a mile of each other in the 4,000-acre Wood Ranch master-planned community. Sequoia took title to Broadstone at Strawberry Creek, a 264-unit apartment community in the Sacramento suburb of Elk Creek, for $52 million. Broadstone was Decron’s first investment in Northern California when they acquired the property in June 2012. Stan Jones, Philip Saglimbeni, Salvatore Saglimbeni, Gregory Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented both Decron and Sequoia in the transaction. The trade required more than 15 lawyers across five law firms.
PORTLAND, ORE. — Core Spaces has broken ground on The Collective on 4th, a 569-bed multifamily community located near Portland State University in Portland. The property will target students, as well as young professionals, families and empty nesters. The development is set to include studio, micro-, one- and two-bedroom units alongside two- and three-bedroom townhomes. Outdoor amenities will include bocce ball courts, fire pits, barbecues, private terraces and a fourth-floor terrace with a hot tub. A fitness center, business center, rooftop chef’s kitchen and lounge, Pilates/yoga space and sauna and steam room will also be included at the property. The project is scheduled for completion in summer 2019.