SIMPSONVILLE, S.C. — New York-based Toro Real Estate Partners has purchased Enclave Grandview, a 240-unit apartment community in the Greenville suburb of Simpsonville. Toro plans to rename the asset Stillwater at Grandview Cove. The property is the second acquisition in the Greenville area for Toro in the past six months. Ryan Duff of Arbor Commercial arranged a 12-year Fannie Mae acquisition loan on behalf of Toro, which used a 1031 exchange and private capital to fund the equity side of the transaction. Toro owns roughly 1,200 multifamily units in the Southeast and Midwest with over $70 million in managed assets. Blue Ridge Cos. will manage Stillwater at Grandview Cove on behalf of Toro.
ORLANDO, FLA. — Hold-Thyssen Inc. has brokered the $3.7 million sale of Mid Point Plaza, a 21,816-square-foot retail strip center located at 6203 W. Sand Lake Road in Orlando. Built in 1999 at the northwest corner of West Sand Lake Road and Universal Boulevard, Mid Point Plaza’s tenant roster includes Wildside Clothing, Giordano’s Italian Restaurant and Light Bulbs Unlimited. The buyer, a private investor based in Orlando, purchased the property from the estate of the developer of the asset. Martin Forster and N. Joelle Forster of Hold-Thyssen represented both the buyer and seller in the transaction.
ADDISON, TEXAS — Dougherty Mortgage has closed a $26 million Fannie Mae loan for the acquisition of Waterford Court, a multifamily property located in Addison. Dougherty’s Minneapolis office arranged the 10-year loan with five years of interest-only payments and a 30-year amortization schedule on behalf of the borrower, Waterford Court LLC. The apartment community features 196 market-rate apartments in one-, two- and three-bedroom layouts with patios or balconies and attached garages. On-site amenities include a fitness center, outdoor pool and a courtyard.
AUSTIN, TEXAS — Muskin Commercial has arranged the sale of The Place at West Village Apartments, an apartment building located at 793 W. William Cannon Drive in Austin. 739 W. William Cannon LLC acquired the 255-unit property from Cooper’s Hill Apartments LLLP for an undisclosed price. The community features a variety of one- and two-bedroom units averaging 699 square feet, as well as a fitness center, swimming pool, laundry facilities and a dog park. IBC Bank of Austin provided acquisition financing for the purchase.
HOUSTON AND SPRING BRANCH, TEXAS — LMI Capital has arranged acquisition and refinance loans for three separate properties in the Greater Houston area. Brandon Brown of LMI originated a five-year, $5.2 million, fixed-rate loan for a 90-unit multifamily asset in Spring Branch; Kurt Dennis of LMI originated a five-year, fixed-rate loan with flexible prepayment for the acquisition of a 20,000-square-foot office building in Houston’s Kingwood submarket; and Jamie Mullin of LMI placed a 10-year, fixed-rate, $7.5 million loan for a 250-unit asset in Houston’s Braeswood submarket.
HOUSTON — NAI Partners has arranged the lease of an industrial office and warehouse building located at 5808 Hamblen Road within Logistics Park at World Houston in Houston. Winchester Source Technology LLC will occupy the 12,000-square-foot speculative building. John Ferruzzo and Nick Peterson of NAI Partners represented the landlord, Adkisson Development, while John Ginder of Caldwell Cos. represented the tenant in the transaction.
HOUSTON — Lee & Associates has brokered the lease of an 8,000-square-foot industrial and office building at 3023 Farrell Road in Houston. Eurochem International Corp. will occupy the single-tenant facility. Reed Vestal, Cameron Hicks and Taylor Schmidt of Lee & Associates represented the tenant, while Mike Spears and Robert Noack, also of Lee & Associates, represented the undisclosed landlord in the deal.
LAKE MARY, FLA. — Parmenter Realty Partners has received $84 million in financing to partially fund the company’s acquisition of Primera Towers I–V, a five-building office park in Lake Mary. The 772,000-square-foot park is located at 605, 610 and 615 Crescent Executive Court and 255 and 300 Primera Blvd. just north of Orlando. Holliday Fenoglio Fowler (HFF) arranged the financing. Primera Towers is 89 percent leased to tenants like Blue Cross & Blue Shield, Liberty Mutual, Paylocity, D+H, Dixon Ticonderoga and HNTB. The park features on-site fitness centers and a café with patio seating. The suburban mid-rise buildings were developed between 1997 and 2000 immediately east of Interstate 4. HFF’s Ed Coco and Matt Casey worked on behalf of Parmenter Realty Partners investment fund and an institutional equity partner to secure the funds through JPMorgan Chase Bank NA. Parmenter acquired Primera Towers for $130 million. The seller was a joint venture between Banyan Street Capital, Oaktree Capital Management and Balandis AG. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield represented the JV in the sales transaction. This sale was the first time in the park’s history that ownership has ever been consolidated. Parmenter plans to expand the …
Industrial activity in Louisville is growing at an exponential clip and doesn’t appear to be slowing anytime soon. As famously quoted in Field of Dreams, “If you build it, they will come.” And indeed they have. In Louisville and extending into southern Indiana, more than 3 million square feet of new construction has already been delivered this year. What’s more, the current pipeline of projects under construction — coupled with proposed construction — could deliver as much as 3 million square feet or more in the next nine to 12 months. The real estate landscape in Louisville is forever changed. Historically, institutional investors expressed interest in the region but were reluctant to take action. Now, with robust projects on the horizon, the pool of institutional owners making large-scale investments continues to grow. New players like The Opus Group, Dermody Properties Inc., Browning Investments LLC, Molto Properties LLC and VanTrust Real Estate LLC have all established projects in Louisville in the last two years. But why Louisville? Investors are setting sight on Kentucky for more than just new construction. Prime Locations Even during the economic downturn between 2008 and 2011, Louisville was never a victim of the extreme fallout experienced by …
BOSTON AND CAMBRIDGE, MASS. — Investcorp has expanded its U.S. real estate portfolio with $250 million in acquisitions in Boston and Denver. The five investments include 20 buildings totaling 1.8 million square feet of office, industrial, flex and laboratory space. The company’s Boston acquisitions include the four-building Boston Metro Industrial, a 900,000-square-foot development in Boston that is 95 percent leased, and Blackstone Science Square, a 99 percent-leased, 76,038-square-foot office and laboratory property in Cambridge.