Property Type

Arbor Arranges $9.6M in Refinancing for Three Apartment Communities in Houston

by Taylor Williams November 22, 2017

HOUSTON — Arbor Realty Trust Inc. has arranged $9.6 million in refinancing for three apartment communities in Houston. The company secured a $4.5 million loan for the 180-unit Whispering Oaks Apartments on the city’s southwestern side; a $2.8 million loan for the 90-unit Coventry North Apartments on the city’s southeastern side; and a $2.3 million loan for the 80-unit Leawood Plaza Apartments, also on the city’s southwestern side. All three loans were placed through Freddie Mac’s Small Balance Loan program and feature seven-year terms, fixed interest rates and 30-year amortization schedules.

November 22, 2017

Industrial Texas

NAI Partners Negotiates 57,000 SF Industrial Lease in Metro Houston

by Taylor Williams November 22, 2017

MISSOURI CITY, TEXAS — NAI Partners has negotiated a 57,000-square-foot industrial lease at 13615 S. Gessner Road in the southwestern Houston metro of Missouri City. Chris Caudill of NAI Partners represented the tenant, 2020 Exhibits Inc., a provider of trade show and event management services, in the lease negotiations. Justin Robinson and Jeremy Lumbreras of Stream Realty Partners represented the landlord, Western C REIT TX LLC.

November 22, 2017

Georgia Multifamily Southeast

Continental Realty Acquires Apartment Community in Atlanta’s West Midtown District for $80M

by Camren Skelton November 22, 2017

ATLANTA — Continental Realty Corp. (CRC) has acquired Millworks, a 345-unit apartment community located at 1888 Emery St. in Atlanta’s West Midtown district, for $80 million. The Baltimore-based company acquired the asset on behalf of Continental Realty Fund IV LP, a $164 million fund focused on the acquisition of retail and multifamily properties throughout the Mid-Atlantic and Southeast. Derrick Bloom, David Gutting and Brandon Beaty of JLL arranged the transaction on behalf of the seller and developer, Atlanta-based Pollack Shores. Delivered earlier this year, Millworks offers a mix of one- to three-bedroom floor plans ranging in size from 647 to 1,470 square feet. Unit interiors feature quartz countertops, stainless steel appliances, nine-foot ceilings, vinyl plank wood flooring and balconies or porches. Community amenities include a saltwater pool with an outdoor lounge area, bocce ball court, bar lounge, fitness studio with yoga space and an art studio area.

November 22, 2017

Alabama Multifamily Southeast

Cushman & Wakefield Arranges $21M Sale of Multifamily Community in Mobile

by Camren Skelton November 22, 2017

MOBILE, ALA. — Cushman & Wakefield has arranged the $21 million sale of Woodside, a 240-unit apartment community in Mobile. Jimmy Adams and Josh Jacobs of Cushman & Wakefield arranged the transaction on behalf of the seller, Equity Research. Hamilton Point Investments acquired the property. Constructed in 2012, Woodside features a pool with sundeck, fitness center, dog park, business center and a laundry facility.

November 22, 2017

Office South Carolina Southeast

Holder Properties Sells Four-Building Office Portfolio in Charleston Area

by Camren Skelton November 22, 2017

CHARLESTON, S.C. — Holder Properties has sold a four-building office portfolio totaling 252,000 square feet in the Charleston area. A joint venture between Charleston-based Cobalt Property Group and New York-based Garrison Investments acquired the assets for an undisclosed price. The portfolio includes: 174 Meeting in downtown Charleston; Faber Pointe and 3800 Paramount Drive in North Charleston; and 1 Central Island Plaza in Daniel Island, located roughly 14 miles north of Charleston. The buildings were fully leased at the time of sale to a mix of local, regional and national tenants. Holder Properties will continue to manage the buildings on behalf of the new ownership.

November 22, 2017

Florida Retail Southeast

CPAC Joint Venture Sells Retail Center in South Florida for $12.6M

by Camren Skelton November 22, 2017

SUNRISE, FLA. — CPAC, a joint venture between CREC and members of the Lindemann family, has sold University Shoppes of Sunrise in Broward County for $12.6 million. Andrew Remick of CREC and Peter Mekras of Aztec Group represented CPAC in the transaction. Luxcom acquired the asset. CPAC originally acquired the property through foreclosure in 2012 and repositioned the property, executing a ground lease with Aldi and selling a portion of the land for a new multifamily development. At the time of sale, the property was 95 percent leased to tenants including Chuck E. Cheese, Sprint and Sherwin Williams.

November 22, 2017

Georgia Retail Southeast

Studio Movie Grill Opens 11-Screen Theater in Metro Atlanta

by Camren Skelton November 22, 2017

MARIETTA, GA. — Studio Movie Grill, a privately owned dine-in theater concept based in Dallas, has opened its newest theater at 40 Powers Ferry Road in Marietta, a northern suburb of Atlanta in Cobb County. The 11-screen SMG Marietta is backfilling a former Sports Authority store in a shopping center that was once anchored by Harry’s Farmers Market, a subsidiary of Whole Foods Market. SMG Marietta is Studio Movie Grill’s third location in Georgia and its 29th nationwide. The property features a spacious lounge, wraparound bar, outdoor patio and luxury recliners in each theater. The theater employs roughly 200 people, according to Marietta Mayor Steve Tumlin. SMG Marietta is a participating theater in the company’s Special Needs Screenings and Chefs for Children programs.

November 22, 2017

California Office Top Stories Western

DreamWorks Animation’s Headquarters, Studio Campus in Los Angeles Sells for $290M

by Nellie Day November 22, 2017

LOS ANGELES — LA Hana OW LLC has acquired DreamWorks Animation’s headquarters and studio campus, a 460,000-square-foot creative office campus in the Los Angeles submarket of Glendale, for $290 million. The five-building campus is located at 1000 Flower St. The property is fully leased on a triple-net basis to DreamWorks Animation SKG, a wholly owned subsidiary of Comcast Corp., through 2035. The Mediterranean-style campus features landscaped courtyards, a manmade river, library, fitness center and screening room, among other amenities. The campus was built on 15 acres in 1997. LA Hana OW, an entity of Hana Asset Management and OceanWest, plans to hold the property long-term. The buyer represented itself in the transaction, while NKF’s Kevin Shannon, Ken White and Laura Stumm represented the seller, The GC Net Lease Investors LLC. GC Net Lease is an entity of Griffin Capital Co., which acquired the property in July 2015 for $215 million. Comcast acquired DreamWorks in August 2016. DreamWorks Animation SKG is an animation studio that has released such children’s films as the Shrek, Kung Fu Panda and Madagascar series. The studio is a subsidiary of Universal Studios, which is itself a division of NBCUniversal. The studio’s feature films have grossed $14.5 billion …

November 22, 2017

Industrial Market Reports Massachusetts Northeast Northeast Market Reports

Boston Industrial Market Posts Lowest Vacancy Seen in Decades

by Taylor Williams November 22, 2017

The commercial real estate market in the Greater Boston area continued its torrid pace in the first half of 2017. All sections of the commercial real estate market inside Route 128 are white hot, especially after the announcement that General Electric will move its corporate headquarters to the Seaport District. Recent data indicates that Boston has one of the hottest economies in the United States and ranks as one of the top economies in the world. The 2017 Investment Intensity Index ranks Boston as the fourth market in the U.S. and 14th in the world for commercial real estate investment. In the industrial sector, which includes warehouse/distribution and flex/R&D product, vacancies are at the lowest point seen in decades. At the end of the first quarter the vacancy rate decreased to 5.7 percent. Net absorption totaled 2.24 million square feet for the quarter. The fact that the urban industrial market is continually shrinking as aging industrial properties are redeveloped into “higher and better uses” has caused a tremendous displacement of companies from inside Route 128 to areas outside the coveted Route 95 corridor. A dearth of available institutional-quality industrial product exists in today’s market with just over 13 percent of …

November 22, 2017

Loans Multifamily Oregon Seniors Housing Western

CBRE Arranges $66.4M Construction Financing for 216-Unit Seniors Housing Community Near Portland

by Nellie Day November 21, 2017

LAKE OSWEGO, ORE. — CBRE has arranged a $66.4 million loan for the construction of The Springs Living Lake Oswego, a 216-unit seniors housing community in the Portland suburb of Lake Oswego. The community will feature 75 independent living units, 30 “assisted living lite” units, 87 assisted living units and 24 memory care units. The 370,887-square-foot building will encompass a five-story residential building over two levels of parking. The development is situated on 4.8 acres. Aron Will of CBRE National Senior Housing secured the four-year, floating-rate construction loan with 48 months of interest-only payments from a pair of national banks. The Springs Living will operate the community once it is completed. A timeline was not released.

November 21, 2017

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