Property Type

CBRE Brokers Sale of 229, 466 SF Office Complex in Dallas

by Taylor Williams June 1, 2017

DALLAS — CBRE has brokered the sale of Parkway Office Center, a 229,466-square-foot office complex located at 14180 N. Dallas Parkway in Dallas. The Class A property, which was 90 percent leased at the time of sale to tenants such as Gulf Coast Western and Capital Senior Living, consists of two nine-story buildings and a multi-level parking garage. Gary Carr, John Alvarado, Eric Mackey and Robert Hill of CBRE represented the seller, KBS Realty, which sold the property to tech firm Apex Pacific Partners for an undisclosed price.

June 1, 2017

HREC Arranges Sale of 127-Room Hotel in Houston

by Taylor Williams June 1, 2017

HOUSTON — HREC Investment Advisors has arranged the sale of Marriott TownePlace Suites Houston Northwest, a 127-room hotel located at 11040 Louetta Road in Houston. A California-based hotel investor purchased the property for an undisclosed price. Hank Wolpert of HREC represented the seller, a private equity fund that acquired the property in 2012.

June 1, 2017

Office Texas

JLL Secures 42,989 SF Office Lease in Dallas for HR Firm

by Taylor Williams June 1, 2017

DALLAS — JLL has secured a 42,989-square-foot office lease for payroll and HR firm BenefitMall as the company relocates its headquarters to Hidden Grove at 12404 Central, a four-story, 231,590-square-foot office property in north Dallas. Jeff Eckert, James Esquivel and Ahnie Gampper of JLL represented the landlord, Red River Asset Management, in the transaction. BenefitMall is the third company to relocate its headquarters to the property in the last nine months, following Latin restaurant chain Pollo Campero and Dallas-based entertainment firm Studio Movie Grill.

June 1, 2017

Retail Texas

Davidson Bogel Closes Sale of Pad Sites for Burger King, Popeye’s in Corinth, Texas

by Taylor Williams June 1, 2017

CORINTH, TEXAS — Davidson Bogel Real Estate has negotiated the sale of two pad sites located at the intersection of Interstate 35 and Swisher Road in the north Texas city of Corinth that will be developed into Burger King and Popeye’s locations. David Davidson Jr. and Edward Bogel of Davidson Bogel represented the seller, Provident Realty Advisors, in the transaction.

June 1, 2017

Florida Hospitality Southeast

Xenia Hotels Purchases Hyatt Regency Grand Cypress in Orlando for $205.5M

by John Nelson June 1, 2017

ORLANDO, FLA. — Xenia Hotels & Resorts Inc. has purchased the 815-room Hyatt Regency Grand Cypress in Orlando for $205.5 million. An affiliate of Hyatt Hotels Corp. sold the hotel, which features six food and beverage outlets, more than 65,000 square feet of indoor and outdoor meeting and event space, a full-service spa and access to 45 holes of Jack Nicklaus signature-designed golf courses. The hotel has received roughly $32 million in capital investment over the past five years, including major improvements to the public spaces and food and beverage outlets. Xenia Hotels plans to renovate the guestrooms and existing meeting space, as well as add a new ballroom.

June 1, 2017

Florida Multifamily Seniors Housing Southeast

Big Rock Partners Tops Off $82M Seniors Housing Project in Celebration, Florida

by John Nelson June 1, 2017

CELEBRATION, FLA. — Big Rock Partners has topped off Windsor at Celebration, a new 239-unit seniors housing property in Celebration, the Disney-originated master-planned community in Central Florida. The independent living, assisted living and memory care project will be situated south of Walt Disney World along Interstate 4. The project team includes architect Gensler and construction manager Balfour Beatty Construction. Windsor at Celebration, which won’t require an up-front entrance fee, will comprise 151 independent living units, 55 one- and two-bedroom assisted living units and 33 one-bedroom memory care residences. Life Care Services, an LCS Co., will manage the new community upon completion. Big Rock Partners has launched preleasing at the project, which is set to open in spring 2018.

June 1, 2017

Industrial Southeast Tennessee

Avison Young Brokers Sale of 852,370 SF GE Distribution Facility in Cleveland, Tennessee

by John Nelson June 1, 2017

CLEVELAND, TENN. — Avison Young has brokered the sale of an 851,370-square-foot distribution facility located at 1520 Lauderdale Memorial Highway in Cleveland that is fully leased to General Electric (GE). New York-based Lexington Realty Trust purchased the asset from Chicago-based SMB Bradley for an undisclosed price. The facility is GE’s largest lighting distribution center and serves some of the world’s leading retailers, including Walmart, Lowe’s Home Improvement and Target. The property features 32-foot clear ceiling heights, T5 lighting, 350 trailer parking spaces and 250 automobile parking spaces. Excel Logistics, a division of DHL, has operated the facility since 2007. Erik Foster, Mike Wilson, Sue Earnest and Chris Skibinski of Avison Young represented the seller in the transaction.

June 1, 2017

Florida Loans Multifamily Southeast

NorthMarq Capital Secures $21.2M Freddie Mac Green Up Loan for Multifamily Property in Naples, Florida

by John Nelson June 1, 2017

NAPLES, FLA. — NorthMarq Capital has arranged a $21.2 million acquisition loan for Berkshire Reserve, a 146-unit apartment community located in Naples. Lee Weaver and Melissa Marcolini-Quinn of NorthMarq Capital structured the loan through Freddie Mac’s Green Up program on behalf of the borrower, which has committed to saving at least 15 percent in energy or water usage.

June 1, 2017

Alabama Loans Multifamily Southeast

Trillium Capital Arranges $6.5M Freddie Mac Loan for Apartment Community in Decatur, Alabama

by John Nelson June 1, 2017

DECATUR, ALA. — Trillium Capital Resources has arranged a $6.5 million Freddie Mac loan for the refinancing of Summer Key Apartments, a 188-unit multifamily community in Decatur. Trillium arranged the 10-year, non-recourse loan with a fixed interest rate 198 basis points over the 10-year Treasury yield. The loan features a 70 percent loan-to-value ratio.

June 1, 2017

Massachusetts Mixed-Use Northeast Top Stories

HYM Purchases Racetrack Near Boston for $155M, Plans Mixed-Use Development Project

by John Nelson June 1, 2017

EAST BOSTON AND REVERE, MASS. — The HYM Investment Group LLC, a mixed-use developer based in Boston, has purchased Suffolk Downs, a 161-acre horse racetrack located in East Boston and Revere. Sterling Suffolk Racecourse LLC sold the asset in a sale-leaseback transaction to HYM’s affiliate, The McClellan Highway Development Co. LLC, for $155 million. The under-utilized horse racing facility will officially close after the summer of 2018, according to HYM. The Boston Globe reports that the racetrack is only planning on hosting six live races this season. HYM plans to redevelop Suffolk Downs into a transit-oriented, mixed-use project, including office, retail, housing and open space. HYM expects to develop street-level retail and housing in the redevelopment’s first phase. No timeline for construction was given. “In our dozens of preliminary meetings with elected officials and local community stakeholders in Revere and East Boston recently, we consistently heard that local residents want retail, restaurants and new job opportunities. This development will provide all, while also setting aside a significant amount of the site for open space and providing better connections to the neighborhood,” says Thomas O’Brien, founding partner and managing director of HYM Investment Group. “We are looking forward to engaging the …

June 1, 2017

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