Property Type

HFF Closes $126M Construction Loan for Main Street District of The Village in Dallas

by John Nelson January 5, 2018

DALLAS — HFF has closed a $126 million construction loan for the development of Main Street, the amenity district of The Village, a 300-acre “city-within-a-city” in Dallas. The Village features 16 neighborhoods totaling 7,000 apartment homes, a fitness center and three miles of jogging trails. The new Main Street project will comprise community parks, urban plazas, a private resident club, private fitness center, residential dwellings, boutique hotel, market and multiple dining options to better serve the established community. Andy Scott, Michael Cosby and Jody Thornton of HFF placed the loan through Bank of America on behalf of the co-developers, Phoenix Property Co. and Lincoln Property Co. The co-developers have disclosed the project will take between 24 and 36 months to complete.

January 5, 2018

Connecticut Industrial Northeast

Calare Properties Acquires 175,000 SF Industrial Facility in North Haven, Connecticut

by Amy Works January 5, 2018

NORTH HAVEN, CONN. — Calare Properties has acquired a warehouse distribution facility, located at 33 Stiles Lane in North Haven, for an undisclosed price. Situated on 14 acres, the property features 175,000 square feet of warehouse and distribution space. Along with the purchase, Calare secured a 10-year lease with a supplier of chemical additives and measuring instruments, bringing the building to 100 percent occupancy, including the current tenant Millwood Inc. The one-story steel-frame warehouse features 32-foot ceilings, 18 tailboard docks and three drive-in doors. The name of the seller was not released.

January 5, 2018

Loans Mixed-Use Multifamily New York Northeast Retail

Ready Capital Structured Finance Closes $6M Loan for Mixed-Use Building in SoHo

by Amy Works January 5, 2018

NEW YORK CITY — Ready Capital Structured Finance has closed a non-recourse $6 million loan for the acquisition, renovation and stabilization of a mixed-use building in SoHo. The undisclosed sponsor plans to renovate the 7,500-square-foot property, including restoration of the retail portion to white box finish, full interior renovations on each floor, upgrading the building’s systems and re-tenanting the property at market rental rates. The loan features a 24-month term with one extension option, flexible pre-payment and is inclusive of a facility to provide for capital expenditures, leasing costs, and interest and carry reserves.

January 5, 2018

Loans Multifamily Texas

Ready Capital Arranges $8.7M Loan for Multifamily Portfolio in Houston

by John Nelson January 5, 2018

HOUSTON — Ready Capital Structured Finance has closed an $8.7 million acquisition loan for a four-property multifamily portfolio in Houston’s Montrose neighborhood. The floating-rate loan features a three-year term with two extension options and two years of interest-only payments. The undisclosed borrower will use the loan to purchase and renovate the portfolio’s interiors, exteriors and amenity offerings. The four properties are located at 2212 Dunlavy St., 1507 California St., 606 Harold St. and 306 Stratford St.

January 5, 2018

Illinois Industrial Midwest

Colliers Arranges $95M Sale of Industrial Portfolio in Metro Chicago

by Kristin Harlow January 5, 2018

AURORA, CAROL STREAM AND NEW LENOX, ILL. — Colliers International has arranged the sale of a 1.4 million-square-foot industrial portfolio in metro Chicago for $95 million. All six buildings in the portfolio are located in business parks with immediate access to interstate highways. The buildings include: 494 E. Lies Road, an 89,380-square-foot facility in the Carol Point Business Center in Carol Stream; 2520 Diehl Road, a 130,000-square-foot facility in the White Oak Business Park in Aurora; and 2700 Ellis Road, 2101 Haven Road, 2201 Haven Road and 2200 Haven Road within the Cherry Hill Business Park in New Lenox. Collectively, the buildings were 100 percent leased to seven tenants at the time of sale. Jeff Devine and Steve Disse of Colliers International represented the seller, institutional investors advised by J.P. Morgan Asset Management. A comingled fund managed by CBRE Investors purchased the portfolio.

January 5, 2018

Healthcare Texas

Inland Real Estate Acquisitions Closes Purchase of Medical Office Building in Dallas

by John Nelson January 5, 2018

DALLAS — Inland Real Estate Acquisitions LLC has closed the purchase of a 16,050-square-foot medical office building located at 5494 Glen Lakes Drive in Dallas. Built in 2003 and situated across from Texas Health Presbyterian Hospital, the property is leased to Dallas Eye Care Associates on the street level and Walnut Hill Surgery Center on the third floor. The property also features ground-level parking. Matthew Tice of Inland Real Estate Acquisitions and David Neboyskey of The Inland Real Estate Group’s law department arranged the transaction on behalf of an Inland affiliate.

January 5, 2018

Illinois Midwest Student Housing

Harrison Street to Acquire Six Student Housing Properties in Germany

by Kristin Harlow January 5, 2018

CHICAGO — Harrison Street Real Estate Capital LLC has agreed to acquire a portfolio of six student housing properties in Germany from MPC Capital AG. The portfolio consists of more than 1,000 beds and serves university students in Berlin, Bonn, Kaiserslautern, Leipzig and Nuremberg. In addition, Harrison Street has formed a strategic joint venture with MPC Capital to acquire student housing properties across Europe. Headquartered in Germany, MPC Capital is a developer and operator of student accommodations. A press release announcing the transaction didn’t provide a purchase price or the expected closing date. Under the terms of the joint venture, the properties will continue to be managed under MPC Capital’s STAYTOO brand and existing property management teams. MPC Capital has identified several other properties as possible acquisitions for the joint venture, which will also be managed under the STAYTOO brand. Germany has Europe’s largest student population and a supply-constrained student accommodation market, according to Robert Mathias, senior managing director and head of international at Harrison Street. Those attributes plus strong user demand and enrollment growth present an attractive investment opportunity, adds Mathias. Chicago-based Harrison Street is one of the largest owners of student housing in the United States and Europe. Harrison …

January 5, 2018

Retail Texas

The Silver Group Brokers Sale of Retail Store Leased to Walgreens in Northwest Houston

by John Nelson January 5, 2018

HOUSTON — The Silver Group has arranged the sale of a single-tenant retail store in northwest Houston that is leased to Walgreens. Walgreens chose the newly built store, located at 11220 Louetta Road, as a relocation for an older Walgreens drugstore roughly a half-mile to the west. The new store is situated adjacent to The Vintage, a 630-acre enclave featuring single-family residences, a Whole Foods Market-anchored shopping center, office space and multifamily properties. The Silver Group represented the undisclosed developer in the sale, and SVN-Texas represented the undisclosed buyer. The new Walgreens is the 71st drugstore The Silver Group has brokered.

January 5, 2018

Midwest Minnesota Seniors Housing

Opus Begins Construction of 147-Unit Senior Living Facility in Minnetonka, Minnesota

by Kristin Harlow January 5, 2018

MINNETONKA, MINN. — The Opus Group has begun construction on a 147-unit senior living facility in Minnetonka. The project will encompass independent living, assisted living and memory care apartments. Ebenezer Management Services will operate and manage the four-story property upon completion, which is slated for spring 2019. Amenities will include a salon, chapel, club room, dining room and walking paths. Opus Development Co. is the developer and Opus Design Build is the design contractor. Opus AE Group is the architect and engineer of record, while Sperides Reiners Architects is the design architect. Consilium Associates is the project’s interior designer.

January 5, 2018

Mixed-Use Retail Texas

Thor Equities Signs Three New Retail Leases at Kirby Collection in Houston

by John Nelson January 5, 2018

HOUSTON — Thor Equities has secured three new retail leases at Kirby Collection, a 1 million-square-foot mixed-use development in Houston’s River Oaks neighborhood. Located in the Upper Kirby District of River Oaks, the project features two levels of retail space totaling 65,000 square feet, a 25-story residential tower with 199 apartment units and a 13-story, 186,000-square-foot Class A office building. The new tenants joining Kirby Collection include boutique retailer A Ma Maniere leasing 2,200 square feet, Indian restaurant Great W’Kana Café leasing 2,960 square feet and high-end hair salon Atelier Isabelle Rose leasing 3,855 square feet. Other recent transactions include high-end bowling and dining concept Pinstripes leasing 33,830 square feet; Whitney Bank leasing the entire 11th floor of the office tower for its regional headquarters, as well as ground-floor retail space for a bank branch; Novum Energy Trading leasing space on the 10th floor for its global headquarters; and Regency Centers leasing 4,000 square feet. The development team for Kirby Collection includes general contractor E.E. Reed Construction, architect Richard Keating Architecture, interior designer Dianna Wong Architecture + Design, Houston-based architect of record Kirksey, structural engineer Walter P. Moore and Houston-based MEP engineer WYLIE.

January 5, 2018

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