Property Type

Tryko, Marquis Health Complete $3.5M Renovation of Skilled Nursing Facility in New Jersey

by Amy Works January 3, 2018

OAKLAND, N.J. — Tryko Partners and Marquis Health Services have completed $3.5 million in renovations to Oakland Rehabilitation and Healthcare Center, a 215-bed skilled nursing facility in Oakland, 25 miles northwest of New York City. Tryko acquired the facility in 2015. Marquis, an affiliate of Tryko, operates the property, which offers sub-acute rehab, dementia care and long-term care wings, and specializes in cardio pulmonary and orthopedic rehab. The renovations include a 3,500-square-foot gym and expansion of the common-area lounge space, as well as updates to 50 rooms within the building’s sub-acute rehab unit.

January 3, 2018

Florida Office Southeast

Cousins Properties Sells Three-Building Office Portfolio in Orlando for $208.1M

by Camren Skelton January 3, 2018

ORLANDO, FLA. — Atlanta-based Cousins Properties has sold a three-building, 1 million-square-foot office portfolio in Orlando for $208.1 million. The portfolio includes Bank of America Center, Citrus Center and One Orlando Centre. The seller was not disclosed, but The Real Deal reports San Diego-based Southwest Value Partners acquired the assets in a single transaction. In addition to the portfolio, Cousins Properties recently sold its 20 percent interest in Courvoisier Center, a 343,000-square-foot office building in Miami’s Brickell Key district, to its joint venture partner for $33.9 million, which included its share of joint venture debt.

January 3, 2018

Multifamily Southeast Tennessee

Cortland Partners Acquires New Apartment Community in Nashville for $69.6M

by Camren Skelton January 3, 2018

NASHVILLE, TENN. — Cortland Partners has acquired Accent Bellevue, a 322-unit apartment community located at 645 Old Hickory Blvd. in Nashville. The sales price was not disclosed, but the Nashville Business Journal reports the newly built asset sold for $69.6 million. The Atlanta-based company acquired the property from developer Bellevue Apartments LP, an entity created by Westplan Investors. Cortland Properties will rename the property Cortland Bellevue. Constructed in 2017, the community includes studio to three-bedroom units and features a fitness center, saltwater pool and nearby green space and parks. Rental rates range from $1,225 to $1,950 per month, according to Apartments.com. The acquisition brings Cortland Partners’ portfolio to more than 40,000 apartment units nationwide and marks the company’s entrance into the Nashville market.

January 3, 2018

Georgia Multifamily Southeast

Passco Buys 320-Unit Multifamily Community Near Downtown Savannah for $62.6M

by Camren Skelton January 3, 2018

SAVANNAH, GA. — Passco Cos. has acquired Mariner Grove, a 320-unit multifamily property located at 2010 E. President St. in Savannah, roughly three miles east of Savannah’s historic downtown district. Robert Stickel and Alex Brown of Cushman & Wakefield arranged the $62.6 million transaction on behalf of the seller, Brand Properties, which developed the property in 2016 in a joint venture with Mariner Group. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing for the newly built asset on behalf of Passco. Other terms of the transaction were not disclosed. The three-story community was designed around a 300-year-old live oak grove, and features a saltwater pool with a sundeck and cabanas, fitness center with a yoga studio and a pet park.

January 3, 2018

Florida Industrial Southeast

Cushman & Wakefield Brokers $40.4M Sale of Industrial Park in Tampa

by Camren Skelton January 3, 2018

TAMPA, FLA. — Cushman & Wakefield has arranged the $40.4 million sale of Tri-County Business Park, a 676,735-square-foot industrial park located at 13300 McCormick Drive in Tampa. Rick Brugge, Mike Davis and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller, True North Management Group. A joint venture between Birtcher Anderson and JCR Capital acquired the asset. Tri-County Business Park includes 20 buildings constructed between 1980 and 1988. The buildings feature varying clear heights and both grade-level and dock-high loading. At the time of sale, the property was 75 percent leased to tenants including Leader Tech, Seven Seas Water Corp. and Clextral Inc.

January 3, 2018

Mixed-Use North Carolina Southeast

CBRE | Raleigh Closes $13.5M Sale of Land Site in Downtown Durham for Mixed-Use Project

by Camren Skelton January 3, 2018

DURHAM, N.C. — CBRE | Raleigh has arranged the $13.5 million sale of 4.2 acres of land located at 411 S. Roxboro St. in downtown Durham. LMC Durham Gateway Holdings LLC acquired the site with plans to develop a new mixed-use development. The site plan is approved to develop up to 212,239 square feet of office space with 9,260 square feet of ground-floor retail, 200 apartment units, a 155-room hotel with 20 condominium units and an additional 99,750 square feet of hotel or multifamily space. Chester Allen, Barry Bowling and Carlton Midyette III of CBRE | Raleigh arranged the transaction on behalf of the seller, Durham Partnership Group LLC. A construction timeline was not disclosed.

January 3, 2018

Multifamily Texas

JPI Breaks Ground on 364-Unit Apartment Community in Garland

by John Nelson January 3, 2018

GARLAND, TEXAS — JPI has begun construction on Jefferson Woodlands, a 364-unit apartment community located off President George Bush Turnpike in Garland, about 18 miles northeast of Dallas. The project’s units will range in size from 600 to 1,600 square feet and feature 10-foot ceilings, private patios and balconies and townhouse-style residences, as well as a competitive amenities package including fitness and yoga facilities. Jefferson Woodlands will be situated adjacent to the 33-acre Spring Creek Forest Preserve and near the CityLine and Telecom Corridor business parks. Also nearby is Firewheel Town Center, Simon’s 1 million-square-foot, open-air shopping development.

January 3, 2018

Hospitality Texas

Hilton Opens New Embassy Suites Hotel Near Houston

by John Nelson January 3, 2018

KATY, TEXAS — Hilton has opened Embassy Suites by Hilton Houston West-Katy, with all 208 rooms serving as two-bedroom suites. The hotel is owned by Mac Haik Hospitality and managed by Aimbridge Hospitality. Located at 16435 Katy Freeway near the west side of Houston’s Energy Corridor, the hotel’s amenities include the 350-person Texas Ballroom, a business center, indoor pool and whirlpool spa, full-service lobby bar, complimentary parking and Wi-Fi, 24-hour fitness center and access to George Bush Park hiking trails located behind the hotel.

January 3, 2018

Healthcare Texas

Adolfson & Peterson Completes Medical Office Building in Southlake

by John Nelson January 3, 2018

SOUTHLAKE, TEXAS — Adolfson & Peterson Construction (AP) has completed a new medical office building at the corner of Tower and Southlake boulevards in Southlake for United Surgical Partners Inc. (USPI). Designed by E4H Architects, the two-story medical office building spans 46,000 square feet. The healthcare facility is the fifth project that AP has contracted with USPI and its ninth project with E4H. USPI is an ambulatory healthcare provider serving more than 2.5 million patients each year and partnering with over 50 not-for-profit health systems nationwide. The Addison, Texas-based company currently operates more than 260 ambulatory surgery facilities, 92 urgent care centers and 23 imaging centers.

January 3, 2018

Multifamily Texas

Berkadia Brokers Sale of New 248-Unit Multifamily Community in San Antonio

by John Nelson January 3, 2018

SAN ANTONIO — Berkadia has arranged the sale of Chroma, a newly built, 248-unit multifamily community located at 5039 Hamilton Wolfe Road in northwest San Antonio. Built in 2016, Chroma features one- and two-bedroom units with hardwood style flooring, island kitchens, private patios, granite countertops, nine-foot ceilings and washers and dryers. Community amenities include a game room, business center, fitness center with spin room, resort-style pool, dog park, coffee bar, attached and detached garages and outdoor living areas. Rents range from $1,020 to $2,150 per month, according to Apartments.com. Ryan Epstein, Will Caruth, Mike Miller, Chris Ross and Cody Courtney of Berkadia represented the seller, Columbus, Ga.-based Flournoy Development Co., in the transaction.

January 3, 2018

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