Property Type

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

Office Retail Texas

Gaedeke Group Inks Four Office, Retail Leases in Uptown Dallas

by John Nelson January 3, 2018

DALLAS — Gaedeke Group has signed four tenants to leases at three of its office towers in Uptown Dallas. The transactions include Bain & Co. expanding its footprint at 17Seventeen McKinney by 15,122 square feet; Native International Realty leasing 7,000 square feet of office space and Sallio Itallio leasing 5,216 square feet of dining space at One McKinney Plaza; and Priority Management Services leasing 6,780 square feet of office space at Regency Plaza. Elliott Prieur and Allison Johnston represented Gaedeke internally in all four transactions. The tenant representation in all four deals include Charlie Morris of Avison Young representing Bain & Co., Duke Biggers of Swearingen Realty Group representing Native International, Kimberly Rote of Allie Beth Allman & Associates representing Priority Management and John Evans and Emilie Gioia of John T. Evans Co. representing Sallio Itallio. Dallas-based Gaedeke Group’s portfolio spans 3.4 million square feet of Class A office buildings in Arizona, Florida, Tennessee, Texas and Washington, D.C.

January 3, 2018

Illinois Midwest Multifamily Student Housing Top Stories

Scion Student Communities Buys 24-Property Student Housing Portfolio for $1.1B

by Nellie Day January 3, 2018

CHICAGO — Scion Student Communities has purchased a 24-property student housing portfolio containing 13,666 beds across 18 states for $1.1 billion. The portfolio involves 20 leading national universities. The transaction also includes the recapitalization of two communities previously owned by Scion-affiliated private syndications. Five different Harrison Street Real Estate Capital funds owned the properties in partnership with multiple operators. Chicago-based Scion Student Communities is a joint venture between the Scion Group, GIC and Canada Pension Plan Investment Board (CPPIB). The portfolio contains a mix of recently developed Class A properties in primarily Tier 1 university markets, as well as select value-added assets. “This is a compelling investment opportunity to efficiently build further scale in the U.S. student housing sector with a portfolio of high-quality, well-located properties in new and existing joint venture markets,” says Hilary Spann, managing director and head of U.S. real estate investments for CPPIB. Harrison Street sold an additional nine-property student housing portfolio to Scion this past March for $465 million. These assets were within a larger 11-property portfolio the JV acquired from four different owners. This portfolio contained a total of 5,000 beds at eight universities. Scion Student Communities notes it plans to pursue additional opportunities to …

January 3, 2018

Maine Market Reports Northeast Northeast Market Reports Office

Downtown Portland, Maine, Class A Office Market Remains Tight

by Taylor Williams January 3, 2018

As 2018 begins, it appears that the Greater Portland office market has continued to hold on to low vacancy rates as supply remains low across both Class A and Class B buildings throughout the market. CBRE/The Boulos Co is conducting its annual market outlook; it will be exciting to see the results, which we release in January. I anticipate the numbers to show a steady or slight decrease in vacancy rates across all submarkets but also show a much lower absorption rate, as momentum has appeared to slow down over the last 18 months. Transaction volume is trending far lower than in previous years and could possibly be the lowest number of transactions in the last seven years. However, there were a number a relatively large transactions completed over the last six months that will have a larger impact on the overall vacancy rate than simple transact ion volume. And we must consider that the small number of leases signed could also be due in part to limited supply. The Downtown Portland Class A office market, in particular, continues to operate at historically low vacancy rates. Over the last five years, there has been a steady decline in Class A …

January 3, 2018

Civic Mixed-Use New York Northeast Retail

TerraCRG Arranges $53M Sale of 165,000 SF Mixed-Use Property in Brooklyn

by Amy Works January 2, 2018

NEW YORK CITY — TerraCRG has brokered the sale of 1501 Pitkin Avenue, a 165,000-square-foot mixed-use building in Brooklyn. POKO Partners sold the property to an undisclosed buyer for $53 million. Built in 1929, the former movie theater has been redeveloped into a mixed-use property featuring retail and educational space. The building features 12,371 square feet of retail space occupied by Pizza Hut, Subway and Dollar Tree, and a 152,404-square-foot charter school that serves 1,000 students. Ofer Cohen, Dan Marks, Matt Cosentino, Fred Bijou and Eric Satanovsky of TerraCRG brokered the deal.

January 2, 2018

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