Property Type

Granite Properties Opens 215,000 SF Redeveloped Office Property in Dallas

by Taylor Williams November 17, 2017

DALLAS — Granite Properties has opened Factory Six03, a 215,000-square-foot office property located at 603 Munger St. in the West End area of Dallas. Over the years, the 114-year-old building has served as a warehouse, marketplace and movie theater, but was vacant between 2006 and 2015, when Granite acquired it. The redevelopment delivered an additional two floors with views of the Dallas skyline, a tenant lounge, conference center, ground-floor restaurant space, an outdoor plaza and underground parking structure. The first tenant, C1 Innovation Lab by Blue Cross and Blue Shield of Texas, moved into Factory Six03 over the summer.

November 17, 2017

WWC Acquires Two Multifamily Properties Totaling 480 Units in San Antonio

by Taylor Williams November 17, 2017

SAN ANTONIO — Western Wealth Capital (WWC), a Canadian investment firm, has acquired two multifamily properties totaling 480 units in San Antonio. The company purchased Brynwood Apartments, a 276-unit community located at 8711 Bowens Crossing on the city’s northwestern side, and Sereno Park Apartments, a 204-unit property located at 3903 SE Military Drive on the city’s southeastern side. ARA Newmark brokered the sale and an undisclosed private equity firm provided acquisition financing for the transaction.

November 17, 2017

Massachusetts Multifamily Northeast

Twinning Properties Breaks Ground on 308-Unit Apartment Property in Cambridge

by Amy Works November 17, 2017

CAMBRIDGE, MASS. — Twinning Properties has broken ground on Mass+Main, a multifamily property located in Cambridge’s Central Square. The 308,000-square-foot property will feature 308 mixed-income apartments and 17,000 square feet of retail space overlooking Lafayette Square. The project will offer 248 market-rate and 60 affordable apartments in three buildings: a tower, a six-story building with studios and roommate units, and a four-story building designed for families. Designed by CBT Architects to LEED Gold standards, Mass+Main will be a sustainable green community with green roof terraces, energy tracking, wind energy and smoke-free apartments. The $190 million development is a joint venture between Twinning Properties and its capital partner Mass PRIM. Construction of the three buildings will be completed in phases from fall 2018 through mid-2020.

November 17, 2017

Mixed-Use Multifamily New York Northeast Office Restaurant Retail

Tritec Real Estate Receives Economic Package for $538M Transit-Oriented Project in Ronkonkoma, New York

by Amy Works November 17, 2017

RONKONKOMA, N.Y. — The Town of Brookhaven Industrial Development Agency (IDA) has closed on a package of economic benefits for the first phase of Tritec Real Estate Co.’s planned Ronkonkoma hub transit-oriented development project, which is expected to break ground soon. The package was approved unanimously in 2014, but did not close until recently due to the timing of required approvals, including sewer connections, and the acquisition by East Setauket, N.Y.-based Tritec and its partner of various properties at the project site from private owners. The total project, valued at $538 million, is expected to feature up to 1,145 apartments and 545,000 square feet of retail and office space on 50 acres near the Long Island Rail Road station. Phase 1 of the project, which includes the construction of infrastructure and 477,300 square feet of apartments on 11.9 acres, is valued at $112.7 million. The first phase is expected to create 977 construction industry jobs and 76 full-time jobs upon completion. The construction of the first phase is expected to take three years.

November 17, 2017

New York Northeast Retail

RD Management Sells 118,863 SF Retail Center in Latham, New York

by Amy Works November 17, 2017

LATHAM, N.Y. — RD Management has completed the disposition of a retail center, situated on 12 acres in Latham. The Lia family acquired the 118,863-square-foot property for an undisclosed price. Formerly anchored by Kmart, the property consists of an unoccupied 96,805-square-foot big-box space, more than 800 parking spaces, an available out lot and a 22,058-square-foot Vent Fitness. RD Management owns 26 properties in New York and more than 150 properties in its national portfolio.

November 17, 2017

Retail Texas

STRIVE Brokers Sale of 187,767 SF Retail Center in Frisco

by Taylor Williams November 17, 2017

FRISCO, TEXAS — STRIVE has brokered the sale of Shops at Stonebriar, a 187,767-square-foot retail center located at the corner of Preston Road and Gaylord Parkway in the Dallas metro of Frisco. Situated adjacent to Stonebriar Centre Mall, the Class A center was 98 percent leased at the time of sale to tenants such as Toys “R” Us, Casual Male XL, Patel Bros. and Fuddruckers. Jason Vitorino and Jennifer Pierson of STRIVE represented the seller, a California-based partnership. A Texas-based private investor purchased the property for an undisclosed price.

November 17, 2017

New York Northeast Office

CBRE Arranges $61M Sale of 282,656 SF Office Park in Hauppauge, New York

by Amy Works November 17, 2017

HAUPPAUGE, N.Y. — CBRE has brokered the sale of Hauppauge Office Park, a three-building office complex located between Long Island Expressway and Northern State Parkway in Hauppauge. Colin Development sold the property to Signature Associates for $61 million. The 282,656-square-foot complex is occupied by Allstate, Bridgehampton National Bank, Crawford & Co., Urban Financial America and Morgan Stanley. Jeffrey Dunne, Steven Bardsley and Philip Heilpern of CBRE represented the seller and procured the buyer in the deal.

November 17, 2017

Midwest Minnesota Mixed-Use

RD Management Unveils Plans for Mixed-Use Project Surrounding Allianz Field in St. Paul, Minnesota

by Kristin Harlow November 17, 2017

ST. PAUL, MINN. — RD Management LLC has unveiled plans for the Midway/Allianz Field mixed-use project in St. Paul. With 20 acres zoned for multi-use, the company intends to add retail, office, residential, entertainment and hospitality options to its property following the completion of the adjacent Allianz Field, home of the Minnesota United. Construction of the $200 million soccer stadium is slated for completion in spring 2019. The future expansion of the Midway/Allianz Field mixed-use project will include the construction of new buildings and is part of a master plan to be built along the western edge of the property on Snelling Avenue. The current L-shaped space on the eastern side of the property with 20 active businesses will remain intact following the demolition of Rainbow grocery store, Walgreens, Home Choice and Big Top Liquor to make way for the new stadium. Located at 1460 University Avenue West and Snelling Avenue North, the 293,732-square-foot Midway is halfway between Minneapolis and St. Paul.

November 17, 2017

Industrial Self-Storage Texas

Marcus & Millichap Arranges Sale of 274-Unit Self-Storage Facility in Katy

by Taylor Williams November 17, 2017

KATY, TEXAS — Marcus & Millichap has arranged the sale of Franz Road Self Storage, a 274-unit self-storage facility located at 23012 Franz Road in the Houston metro of Katy. Dave Knobler of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a limited liability company. Both parties requested anonymity.

November 17, 2017

Affordable Housing Loans Midwest Minnesota Multifamily

Dougherty Mortgage Provides $34.1M HUD Construction Loan for Affordable Housing Property in Minneapolis

by Kristin Harlow November 17, 2017

MINNEAPOLIS — Dougherty Mortgage LLC has provided a $34.1 million HUD loan for the construction of 1500 Nicollet in Minneapolis. Construction of the 183-unit affordable housing property will involve the redevelopment of the southwest corner of 15th Street and Nicollet Avenue. All units will be restricted to families earning 60 percent or less of the area median income. Property amenities will include a community room, fitness center, yoga studio, rooftop decks, dog park and first-floor retail space. Dougherty originated the 40-year loan on behalf of the borrower, Minneapolis Leased Housing Associates IX LLLP. The project will also receive equity from the sale of low-income housing tax credits and funds from the Metropolitan Council and Hennepin County for environmental cleanup costs. Construction has begun and completion is slated for spring 2019.

November 17, 2017

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