Property Type

KeyBank Secures $192.5M Refinancing for Seniors Housing Portfolio in Texas

by Taylor Williams December 1, 2017

CLEVELAND — Cleveland-based KeyBank Real Estate Capital has provided $192.5 million in refinancing for a portfolio of six seniors housing properties located throughout Texas. The properties were all built between 2006 and 2008 and total 1,238 units. Charlie Shoop and Caleb Marten of KeyBank structured the Freddie Mac loans, which included 10-year interest-only terms and were used to refinance an existing bridge loan provided by KeyBank. The funds were secured on behalf of the borrower, healthcare and seniors housing investment firm Kayne Anderson Real Estate Advisors.

December 1, 2017

Office Texas

CBRE Brokers Sale of 237,894 SF Office Building Within Las Colinas in Irving

by Taylor Williams December 1, 2017

IRVING, TEXAS — CBRE has brokered the sale of Canal Centre, a 237,894-square-foot, Class A office building located at 400 E. Las Colinas Blvd. in Irving’s Las Colinas district. Eric Mackey, Gary Carr, John Alvarado, Evan Stone, Jared Chua and Robert Hill of CBRE represented the seller, a partnership between California-based Libitzky Property Cos. and Dallas-based Sunwest Real Estate Group. Canal Centre Investors LLC purchased the asset for an undisclosed price. The property, which offers amenities such as a fitness center, six-story parking garage and cafè, was 90 percent leased at the time of sale to tenants such as Power Line Services and Volkswagen.

December 1, 2017

Hospitality Texas

Champion Hotels Acquires 354-Room Tower Hotel in Oklahoma City

by Taylor Williams December 1, 2017

OKLAHOMA CITY — Champion Hotels, an Oklahoma City-based hospitality operator, has acquired the 354-room Tower Hotel located at 3233 Northwest Expressway in northwest Oklahoma City. The property, which operated as a full-service Marriott hotel until 2013, will be converted into a 215-room Embassy Suites hotel within the next 12 months. The project will not only convert the hotel into a two-room suite layout, it will also involve the construction of an additional 95-room limited service property adjacent to the main hotel. HotelBrokerOne and NAI Global brokered the sale. The seller was not disclosed.

December 1, 2017

Loans Maryland Multifamily Southeast

KeyBank Secures $56.3M in Refinancing for Multifamily Community in Greenbelt, Maryland

by Camren Skelton December 1, 2017

GREENBELT, MD. — KeyBank Real Estate Capital has secured a $56.3 million Freddie Mac loan to refinance Verde at Greenbelt Station, a 302-unit multifamily community in Greenbelt, a city halfway between Baltimore and Washington, D.C. Dirk Falardeau and Todd Goulet of KeyBank arranged the 10-year, fixed-rate loan on behalf of the borrower, a joint venture between The Dolben Co. and Atapco Properties. Delivered last year, Verde at Greenbelt Station is LEED Gold-certified and offers a mix of one- and two-bedroom units, ranging in size from 750 to 1,500 square feet. Community amenities include a swimming pool, clubhouse, fitness center, bocce ball court and a dog park.

December 1, 2017

Industrial North Carolina Southeast

Scannell Properties Sells New 258,060 SF Industrial Campus in Research Triangle Park

by Camren Skelton December 1, 2017

DURHAM, N.C. — Scannell Properties has sold PowerSecure Industrial Campus, a two-building distribution and R&D facility totaling 258,060 square feet in Durham’s Research Triangle Park submarket. Situated on 22.6 acres at 4062 and 4068 Stirrup Creek Drive, the campus is located within the 160-acre Triangle Business Center master-planned business park. Chris Norvell and Patrick Nally of HFF arranged the transaction on behalf of Scannell Properties. Principal Real Estate Investors acquired the asset for an undisclosed price. Constructed this year, PowerSecure Industrial Campus includes a 172,500-square-foot assembly and distribution building and an 85,560-square-foot warehousing and R&D facility. The property is fully leased on a triple-net-lease basis to PowerSecure Inc., a product developer and solutions provider for utility companies and their commercial, institutional and industrial clients. PowerSecure Industrial Campus features 28- to 30-foot clear-heights, 13-foot truck courts with 60-foot concrete aprons and HVAC throughout.

December 1, 2017

North Carolina Retail South Carolina Southeast

CBRE Brokers Sales of Three Grocery-Anchored Centers in Carolinas

by Camren Skelton December 1, 2017

CHARLOTTE, N.C. — CBRE has arranged the sales of three grocery-anchored centers in the Carolinas: Mountain Village in Jefferson, N.C.; Pine Needle Square in Smithfield, N.C.; and Westowne Shopping Center in Greenville, S.C. Mike Burkard and Steve Shields of CBRE arranged the transactions on behalf of the seller, Greensboro, N.C.-based Johnston Properties. The buyers and other terms of the transaction were not disclosed. Constructed in 1982, the 114,385-square-foot Mountain Village was fully leased at the time of sale to Food Lion, Rite Aid, Roses and Family Dollar. The 112,279-square-foot Pine Needle Square was constructed in 1975 and was 98 percent leased at the time of sale to tenants including Carlie C’s IGA, AutoZone, Citi Trends, Gallery Furniture and Pizza Hut. Westowne Shopping Center totals 121,839 square feet and was 94 percent leased at the time of sale to tenants including Bi-Lo, Roses Express, AutoZone and Cash America. The center was constructed in 1971.

December 1, 2017

Georgia Retail Southeast

PAC Acquires 74,370 SF Shopping Center in Atlanta’s Buckhead District

by Camren Skelton December 1, 2017

ATLANTA — Preferred Apartment Communities Inc. (PAC) has purchased Roswell Wieuca Shopping Center, a 74,370-square-foot retail center located at the corner of Roswell and Wieuca roads in Atlanta’s Buckhead district. PAC acquired the asset for an undisclosed price through its wholly owned subsidiary, New Market Properties LLC. Marcus & Millichap marketed the property on behalf of the seller, Brand Properties. A 22,921-square-foot Fresh Market grocery store anchors the center, which was fully leased at the time of sale to tenants including Willy’s, Ace Hardware, Chicken Salad Chick, Amazing Lash Studio, Abbadabba’s, Cheeseburger Bobby’s, Goldberg’s Bagel Co. & Deli and Sugarcoat Nail & Beauty Bar.

December 1, 2017

Florida Loans Retail Southeast

FM Capital Arranges $24.4M Refinancing of 340,000 SF Retail Center North of Tampa

by Camren Skelton December 1, 2017

PORT RICHEY, FLA. — FM Capital has arranged the $24.4 million refinancing of Embassy Crossing Shopping Center, a 340,000-square-foot retail center in Port Richey, roughly 40 miles north of Tampa. Yael Ishakis of FM Capital arranged the loan through a national bridge lender. The borrower was not disclosed. At the time of sale, Embassy Crossing Shopping Center was 88 percent leased to tenants including Bed Bath & Beyond, Michael’s, Petco, Olive Garden, Lane Bryant, Scottrade and the U.S. Post Office.

December 1, 2017

Northeast Office Pennsylvania

Henderson Group Acquires Five Office Buildings in Newtown Square, Pennsylvania, for $42M

by Amy Works December 1, 2017

NEWTOWN SQUARE, PA. — The Henderson Group has purchased five office buildings located in Newtown Square from Brandywine REIT for $42 million. The five properties are located on Campus Boulevard at the intersection of West Chester Pike and Route 252. All but one of the buildings, 17 Campus Blvd., are currently occupied. The buyer is actively pursuing new tenants for the two-story, 50,000-square-foot office building.

December 1, 2017

California Loans Mixed-Use Western

PCCP Provides $63.8M Loan for Mixed-Use Development in San Jose

by Nellie Day December 1, 2017

SAN JOSE, CALIF. — PCCP has provided a $63.8 million senior loan to Hudson Cos. for the development of Vespaio, a mixed-use project located at 138 Stockton Ave. in San Jose. The seven-story property will feature 162 residential units and 39,042 square feet of retail and commercial space. Slated for completion in 2019, the project will consist of three floors of commercial space fronting Stockton Avenue and two levels of structured parking. Amenities include a business center, fitness center, resident lounge, test kitchen, gaming area, pool, spa, outdoor cabanas, and rooftop deck with grills and a fire pit.

December 1, 2017

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