LITTLE ROCK, ARK. — Dougherty Mortgage LLC has arranged a $23.9 million Fannie Mae loan for the refinancing of Bowman Pointe Phase I, a 217-unit multifamily community in Little Rock. The Minneapolis-based company arranged the 10-year loan with a 30-year amortization schedule on behalf of the borrower, Bowman Pointe LLC. Bowman Pointe features a business center, clubhouse, virtual fitness studio, fitness center and a resort-style pool with cabanas.
BIRMINGHAM, ALA. — Cushman & Wakefield has arranged the $11.9 million sale of Iron City Lofts, a 70-unit apartment community in downtown Birmingham. Jimmy Adams and Craig Hey of Cushman & Wakefield represented the seller, KRE Ventures, in the transaction. Engel Realty acquired the asset. Constructed in 2016, Iron City Lofts features granite countertops, custom kitchens and hardwood flooring. Community amenities include a heated rooftop pool, fitness center and a dog wash facility. The property is located within walking distance to retail and dining hotspots Pepper Place and the Lakeview District.
DALLAS — Dallas-based development firm Crescent Real Estate and Boston-based investment firm Long Wharf Capital have broken ground on The Luminary, a 105,000-square-foot office project located in the West End area of Dallas. Upon completion, the Class A property will offer 462 parking spaces and 52 bike racks, as well as a rooftop terrace. The opening is currently scheduled for early 2019, according to D Magazine. JLL will handle leasing of the property.
MISSOURI CITY, TEXAS — LT Foods USA, a California-based importer and distributor of grains, teas and oils, has acquired a 49,778-square-foot industrial facility located at 14523 Fairway Pines Drive in Missouri City, a southwestern suburb of Houston. Built in 2009, the Class A property features 14 dock-high doors, 24-foot clear heights and about 4,500 square feet of office space. Jarret Venghaus and Jeff Venghaus of JLL represented LT Foods USA in the sale, other terms of which were not released.
BALCH SPRINGS, TEXAS — Dougherty Mortgage LLC has arranged an $8 million loan for the acquisition of Ambassador Apartment Homes, a 136-unit multifamily community in Balch Springs, an eastern suburb of Dallas. The Fannie Mae loan was arranged through a partnership with Old Capital Lending on behalf of the borrowers: CAKI Real Estate LLC, Florescence LLC, Fordgang Properties II LLC and Frisco Bulldog Properties II LLC. The loan features a 12-year term and 30-year amortization schedule.
SUGAR LAND, TEXAS — Colliers International has brokered the sale of a 16,000-square-foot data center located at 12626A Dairy Ashford Road in Sugar Land. The property offers three 15-ton chillers and is capable of producing three megawatts of power. Barkley Peschel and Trey Erwin of Colliers represented the seller, SuLiBa Investments LP, in the transaction. Cameron Hicks and Tim Thomas of Lee & Associates represented the undisclosed buyer.
HOUSTON — NAI Partners has arranged a 28,000-square-foot industrial lease at 4903 W. Sam Houston Parkway N. in northwest Houston on behalf of Advanced Control Systems LLC, a Houston-based supplier of industrial equipment. John Ferruzzo and Chris Kugle of NAI Partners represented the tenant in the lease negotiations. Doug Nicholson and Kyle Prater of Newmark Knight Frank represented the landlord, Cole Family Partnership Ten Ltd.
NEW YORK CITY — Cove Property Group and an institutional partner have received $479 million in construction financing for Hudson Commons, a 701,364-square-foot trophy office building in the Hudson Yards/Penn Plaza submarket of Manhattan. The 25-story building is located at 441 Ninth Ave. between 34th and 35th streets. Hudson Commons will comprise a 17-story structure atop an existing eight-story building. The development will feature 14 private terraces and balconies and onsite basement parking for up to 140 vehicles. The design will incorporate varied floor plans with high ceilings, as well as sustainable elements, such as terraces and green roofs. Kohn Pedersen Fox is designing Hudson Commons. The new building will be equidistant between Penn Station and the new 7 Train extension that services Hudson Yards. It will also feature access to the Port Authority and Lincoln Tunnel. Cove Property Group purchased the asset in December 2016 for $330 million. EmblemHealth had owned the existing 423,000-square-foot building since 1994. The structure was originally built as a warehouse in 1962 before it was converted to office space in 1983. Loan proceeds will reposition and redevelop the asset into a Class A office tower with full-block frontage along Ninth Avenue. The project is …
As online retail continues to grab market share from traditional bricks-and-mortar shopping malls, retail center owners are looking for ways to create an experience for shoppers. For many, this entails redeveloping portions of their centers to include dining, entertainment and event experiences to build a sense of community to their centers. When retail owners plan these kinds of renovations, they should engage architects and general contractors early and come into the project with a realistic expectation of the costs and challenges that may arise. Some suburbs are using their shopping centers as de facto downtown areas, complete with holiday events, festivals and farmers markets. Graycor Construction has helped three such centers in Richmond to improve their common area space to meet these needs. Richmond Projects At Short Pump Town Center, owner Forest City Enterprises engaged Graycor to demolish and replace a pedestrian bridge and fountain, replace brick pavers, relocate escalators and add a feature elevator, fireplace, pavilion and trellises. This made the center a more modern and attractive place for members of the community to gather, and Graycor was able to use its “live environment” approach to keep the mall and all of its stores open during construction. As a …
The Financial District, Back Bay, and Seaport continue to experience strong tenant demand with a vacancy of 10.3 percent and continued rent appreciation. The Seaport, which has experienced tremendous growth for the last four years, received national attention with GE committing to move its corporate headquarters to the market and continues to make headlines with Amazon committing to 150,000 square feet. In addition, 121 Seaport Boulevard just leased to PTC (250,000 square feet) and Alexion (150,000 square feet). One of the biggest trends throughout Boston continues to be the popularity of the Class B buildings. Most people think of Cambridge as one of the premier lab markets in the world. Cambridge has the lowest office vacancy of all the submarkets in Greater Boston at 4.2 percent, making it one of the strongest office markets in the country. Even pre-leasing is strong, with Alexandria Real Estate receiving commitments for all 431,000 square feet at 100 Binney Street, signing Facebook and Bristol-Meyers Squibb as the lead tenants. Space is so tight that, even when you include sublet space, a tenant looking for more than 50,000 square feet only has four options in the submarket. Top Class A product is now achieving rents …
