Property Type

Alliance Residential to Convert Hotel in Durham to 342-Unit Multifamily Community

by Camren Skelton November 28, 2017

DURHAM, N.C. — Alliance Residential Co. has acquired the former Crown Park Hotel in Durham, with plans to convert the building into a 342-unit apartment community. Karl Hudson of Foundry Commercial arranged the transaction on behalf of Alliance. The seller and sales price were not disclosed. Alliance will begin construction on the community, named Broadstone Durham, next year. The project will feature studio, one- and two-bedroom units, including several two-story brownstones. The community will also feature a three-story glass entry “jewel box,” inspired by the nearby Durham Performing Arts Center. Broadstone Durham will be located within walking distance to American Tobacco, the Durham Bulls Athletic Park, Main Street and the Brightleaf District.

November 28, 2017

Georgia Industrial Southeast

Cushman & Wakefield Secures 505,000 SF Industrial Lease for Clothing Wholesaler South of Atlanta

by Camren Skelton November 28, 2017

MCDONOUGH, GA. — Cushman & Wakefield has secured a 505,000-square-foot lease for S&S Activewear at Midland Logistic Center in McDonough, roughly 30 miles south of Atlanta. The Illinois-based company is a national wholesaler of imprintable apparel and stocks more than 60 brands. Britt Casey of Cushman & Wakefield represented S&S Activewear in the lease negotiations, and Lisa Pittman, Ray Stache and James Philpott of Cushman & Wakefield represented the landlord, Scannell Properties. The new warehouse will serve as a regional distribution center for the apparel company and will create more than 300 jobs over the next four years. The facility is expected to be operational by the second quarter of 2018.

November 28, 2017

Florida Healthcare Loans North Carolina Southeast

HFF Arranges $26.6M Recapitalization, Financing of Medical Office Portfolio in Florida, North Carolina

by Camren Skelton November 28, 2017

DALLAS — HFF has arranged the $26.6 million recapitalization and financing of a six-property medical office portfolio located throughout Florida and North Carolina. Anthony Frogameni, Ben Appel and Matt DiCesare of HFF marketed the portfolio on behalf of the borrower, Catalyst HRE, and procured the investor, Charter Realty Group. In addition, Michael George and Charley Dickenson of HFF arranged fixed-rate senior financing through Capital One on behalf of the new venture between Catalyst HRE and Charter Realty Group. The portfolio, which totals 68,000 square feet, comprises four radiation oncology treatment centers operated by Robert Boissoneault Oncology Institute in the Florida markets of Lecanro, Ocala and The Villages; the Florida Diagnostic Imaging Medical Office Building in Panama City, Fla.; and the Eastern Regional Surgical Center in Wilson, N.C.

November 28, 2017

Florida Loans Retail Southeast

CBRE Secures $22.1M Loan for Retail Center Near Orlando

by Camren Skelton November 28, 2017

WINDERMERE, FLA. — CBRE has arranged a $22.1 million loan for Westside Shoppes, a 68,346-square-foot retail center in Windermere, roughly 12 miles southwest of Orlando. Zac Brumbaugh of CBRE arranged the 10-year, non-recourse loan with a 30-year amortization schedule on behalf of the borrower, Unicorp National Developments Inc. At the time of sale, Westside Shoppes was fully leased to tenants including AT&T, Tijuana Flats, Keke’s Breakfast, Dunkin’ Donuts, Wendy’s, Panera Bread and Adena Grille.

November 28, 2017

California Office Top Stories Western

KBS Strategic Opportunity REIT Sells 11-Property Office Portfolio to Singapore-Based Investor for $804M

by Katie Sloan November 28, 2017

NEWPORT BEACH, CALIF. — KBS Strategic Opportunity REIT Inc. has sold a portfolio of 11 office properties to various subsidiaries of Keppel-KBS US REIT, a newly formed Singapore-based REIT, for $804 million. “We believe that the Singapore transaction was an excellent opportunity to monetize these assets at attractive pricing and to utilize a substantial portion of the net proceeds to invest in new opportunistic investments, as well as current capital projects,” says Keith Hall, CEO and director of KBS Strategic Opportunity REIT. The portfolio of properties includes: 1800 West Loop, a 400,101-square-foot office tower in Houston. Westech 360, a 175,529-square-foot, four-building office park in Austin, Texas. Great Hills Plaza, a 139,252-square-foot, three-story office building in Austin. Westmoor Center, a 612,890-square-foot, six-building office campus in Westminster, Colo., 11 miles northwest of Denver. Iron Point Business Park, a five-building, 211,887-square-foot office park in Folsom, Calif. The Plaza Buildings, two office properties totaling 490,994 square feet in Bellevue, Wash., 10 miles outside Seattle. Bellevue Technology Center, a 330,508-square-foot, nine-building office campus located in Bellevue. Northridge Center I and II, two office buildings totaling 188,509 square feet in Atlanta. West Loop I and II, a 313,873-square-foot, multi-tenant office complex in the Bellaire submarket of Houston. Powers …

November 28, 2017

Features Multifamily Top Stories

The ‘Three Cs’ of Property Management: Communication, Connection and Comradery

by Kristin Harlow November 28, 2017

Being part of a community is an important factor when renters choose a building to call home. According to a National Apartment Association’s report entitled “Adding Value in the Age of Amenities Wars,” a sense of community is what’s behind five of the top 10 amenities added or upgraded in apartments since 2014. Including clubhouses, common areas for socializing and fitness and business centers — the community aspect of apartment living is a huge draw. As property managers, we are constantly challenged to ‘Keep up with the Joneses’ when it comes to offering the latest and greatest amenities. So much so that figuring out how to creatively “add” space to make room for new amenities when updating older buildings has become a top priority. However, while extensive amenities are considered basic requirements for today’s renters, it doesn’t matter how great the amenities are if the building doesn’t have a heart and soul that resonates with residents. To foster that sense of community, there are three best practices in property management to keep in mind: communication, connection and comradery. Make Communication Easy Technology has provided residents the ability to communicate with property management at their convenience. Gone are the days of …

November 28, 2017

Multifamily Texas

WaterWalk Breaks Ground on 153-Unit Multifamily Property in Richardson

by Taylor Williams November 27, 2017

RICHARDSON, TEXAS — Kansas-based development firm WaterWalk has broken ground on WaterWalk Richardson, a four-story, 153-unit multifamily property at 2210 N. Glenville Drive in the northeastern Dallas metro of Richardson. The property will offer the services and amenities of an upscale hotel, such as a coffee bar, media room and lobby. Wichita-based The Law Co. is serving as general contractor on the project, and Dallas-based Woolpert is the architect and civil engineer. The expected completion date is November 2018.

November 27, 2017

Multifamily Texas

Greystar Completes 355-Unit Apartment Community in Austin

by Taylor Williams November 27, 2017

AUSTIN, TEXAS — Greystar has completed Platform, a 355-unit multifamily community located at 2823 E. Martin Luther King Jr. Blvd. in Austin. Designed by Meeks + Partners, the transit-oriented property incorporates three- and four-story apartments, as well as three-story townhomes and roughly 10,000 square feet of ground-floor retail space. Amenities include three pools, an outdoor kitchen and TV lounge, private workspaces, a social dining and bar area and a fitness center.

November 27, 2017

Industrial Texas

JLL Arranges Sale of 454,408 SF Distribution Center in Metro Dallas

by Taylor Williams November 27, 2017

DESOTO, TEXAS — JLL has arranged the sale of Eagle Park 20/35, a 454,408-square-foot distribution center located at 1240 E. Centre Park Blvd. in the Dallas metro of DeSoto. The Class A facility is situated on 29.5 acres and features access to Interstates 20 and 35. Dustin Volz and John Huguenard of JLL represented the seller, a joint venture between Ridgeline Property Group and Stockbridge Capital Group, and procured the buyer, an undisclosed institutional investor.

November 27, 2017

Industrial Self-Storage Texas

SST IV Acquires 480-Unit Self-Storage Facility in Texas City

by Taylor Williams November 27, 2017

TEXAS CITY, TEXAS — Strategic Storage Trust IV Inc. (SST IV), a public, non-traded REIT, has acquired a 480-unit self-storage facility located at 3730 Emmett F. Lowry Expressway in Texas City, about 45 miles southeast of Houston. Built in 2010, the 8,000-square-foot facility is situated on 10.5 acres and offers climate-controlled interiors and drive-up access. The property was approximately 95 percent occupied at the time of sale.

November 27, 2017

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