Property Type

R.D. Olson Construction Begins Building Hotel Trio in Healdsburg

by Nellie Day August 22, 2017

HEALDSBURG, CALIF. — R.D. Olson Construction has started construction of the 122-room Hotel Trio in the Sonoma wine country submarket of Healdsburg. The hotel will be located at 110 Dry Creek Road. The property includes 13 one-bedrooms and 109 studios. It is within walking distance of the downtown area and a host of local wineries. Hotel Trio will also offer on-site bicycle rentals to provide access to the hundreds of wineries within a 30-mile radius. Amenities will include a bar, meeting room, outdoor pool, BBQ area, lounge, fully equipped fitness center and multiple outdoor patios with fireplaces. The hotel will connect the Dry Creek, Russian River and Alexander wine valleys, which is why it is named “Trio.” Additional partners on the project include Axis/GFA Architecture + Design, ZFA Structural Engineers, CSW/Stuber-Stroeh Engineering Group, Tuan and Robinson Engineering and CU Investors.

August 22, 2017

California Retail Western

Savills Studley Arranges $18.5M Sale of Anaheim Lincoln Shopping Center

by Nellie Day August 22, 2017

ANAHEIM, CALIF. — Savills Studley has arranged the $18.5 million sale of Anaheim Lincoln Shopping Center, a 72,950-square-foot retail center located roughly 27 miles outside Los Angeles in Anaheim. Savills Studley’s Kyle Miller and Bill Bauman brokered the transaction. A Los Angeles-based private investor acquired the center from an undisclosed private partnership. Vallarta Supermarket anchors the property.

August 22, 2017

hudson-research-center-taconic-silverstein

New York Northeast Office

Taconic and Silverstein to Develop Life Science Research Hub in Manhattan

by Jaime Lackey August 22, 2017

NEW YORK CITY — Taconic Investment Partners and Silverstein Properties plan to develop the Hudson Research Center at 619 West 54th Street. Development plans include the creation of more than 150,000 square feet of life science wet lab research space. The 330,000-square-foot property at 619 West 54th Street is the home of the New York Stem Cell Foundation’s recently developed 40,000-square-foot research institute and headquarters. The 10-story building features the infrastructure necessary to support life science and medical tenants including 33,000-square-foot floorplates, robust electrical capacity, emergency generators, high floor loads, and high ceilings. Taconic and Silverstein plan to invest up to $20 million to further enhance base building infrastructure in order to deliver lab-ready space to research tenants. Transwestern Consulting Group (TCG) serves as the leasing agent for the building.

August 22, 2017

Connecticut Industrial Northeast

Brennan and Arch Street Form Joint Venture to Acquire Industrial Properties

by Jaime Lackey August 22, 2017

GREENWICH, CONN. — Brennan Investment Group, a U.S.-based real estate firm, and a client of Arch Street Capital Advisors, a Greenwich, Conn.-based real estate investment advisory firm, have formed a fifth joint venture to acquire, own and manage a substantial portfolio of industrial properties throughout the United States. The venture will focus on acquiring individual industrial assets in major markets in the United States that are critical facilities to tenants and leased on a long-term basis. In conjunction with the formation of the venture, Goldman Sachs provided the venture with a financing line of credit facility to enhance the venture’s efficiency in closing both portfolio and individual asset purchases. The new venture has already purchased nearly 900,000 square feet of industrial real estate in Dallas; Charlotte, N.C.; and Green Bay, Wis. Brennan and Arch Street have collectively acquired 77 properties comprising more than 12 million square feet in the single-tenant, net lease sector during the last five years. The companies seek net leased industrial investments meeting the following criteria: location in the top 100 U.S. markets, remaining lease term of at least 10 years, non-investment grade credits, and significant facility investment by the tenant. They are interested in all industrial …

August 22, 2017

Connecticut Multifamily Northeast

CBRE Announces $31.25M Sale of 135-Unit Apartment Community in Danbury, Connecticut

by Jaime Lackey August 22, 2017

DANBURY, Conn. — CBRE represented the seller Beachwold Residential in the sale of Willow Grove, a 135-unit Class A apartment community located in Danbury to an affiliate of Friedkin Realty for $31.25 million. The property, built in 1999, features a clubroom, fitness center and oversized pool, and oversized apartments. Beachwold renovated three-quarters of the apartments in the last few years. Jeffrey Dunne, Gene Pride and Eric Apfel of CBRE represented the seller.

August 22, 2017

Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $12.7M in LIHTC Funding to Preserve Affordable Housing in Albany, NY

by Jaime Lackey August 22, 2017

ALBANY, N.Y. — KeyBank Community Development Lending & Investment has partnered with Riverside Capital to provide a $12.7 million Low Income Housing Tax Credit (LIHTC) equity investment to help Michaels Development Company rehabilitate Skyline Gardens Apartments, an affordable housing development in Albany, NY. The project will be financed with a combination of LIHTC equity and tax-exempt bonds provided by the New York State Housing Finance Agency (NYS HFA), a soft loan through the NYS HFA, a House NY Mitchell Lama subsidy loan and existing reserves. The property features 188 LIHTC-regulated units serving families that earn up to 60 percent of the area median income. Of these units, 131 will be covered by a 20-year Housing Assistance Payments contract allowing families who are eligible for the HAP subsidized units to pay no more than 30 percent of their income toward rent. Skyline Gardens Apartments was originally built in 1973. It was last renovated more than 20 years ago. Tori O’Brien of of KeyBank Community Development Lending arranged the financing.

August 22, 2017

Multifamily Student Housing Texas

Servitas, Texas A&M Complete Nation’s Largest Student Housing Property Near Texas A&M

by Taylor Williams August 22, 2017

COLLEGE STATION, TEXAS — Servitas and Texas A&M University have completed Park West, a 50-acre, 3,406-bed student housing property located at 503 George Bush Drive W in College Station. Construction on the 2.2 million-square-foot property, which is the largest student housing development in the country, began in August 2015 and was completed a week ahead of schedule. Amenities include a coffee shop, volleyball court, jogging trail, game rooms and a convenience store. Servitas will manage the property. Weitz served as general contractor on the project.

August 22, 2017

Multifamily Restaurant Retail Texas

EPC to Build 292-Unit Apartment Community in Denton

by Taylor Williams August 22, 2017

DENTON, TEXAS — Kansas City-based EPC Real Estate Group will build The Village at Rayzor Ranch, a 292-unit apartment community situated on an 11–acre parcel at Rayzor Ranch Town Center in Denton. The property will feature a mix of one- and two-bedroom units and amenities such as a resort-style pool, outdoor grilling areas, a fitness center and a dog park. EPC expects to break ground on the property in early 2018. Construction of a 7,500-square-foot Cheddar’s Scratch Kitchen and a Zoe’s Kitchen is also scheduled to begin later this year at Rayzor Ranch, with mid-2018 the target opening date.

August 22, 2017

Office Texas

CBRE Negotiates 105,026 SF Office Lease Renewal in Downtown Houston

by Taylor Williams August 22, 2017

HOUSTON — CBRE has negotiated a 105,026-square-foot office lease renewal on behalf of law firm Porter Hodges LLP at 1000 Main St. in downtown Houston. Charles Gordon, Brandon Clarke, Paul Penland and Ryan Roth of CBRE represented Porter Hodges in the lease negotiations. Wade Bowlin of PM Realty Group represented the landlord, 1000 Main LLC. Other tenants housed in the 837,161-square-foot building include Shell, UBS and Sanchez Energy.

August 22, 2017

Multifamily Texas

Clearworth Capital Acquires Two Multifamily Properties in Houston

by Taylor Williams August 22, 2017

HOUSTON — Clearworth Capital LLC has acquired The Hamptons and Las Brisas on El Dorado, two multifamily properties totaling 548 units in the Clear Lake submarket of Houston. Both the 347-unit Hamptons and the 202-unit Las Brisas were built in the 1970s and are located near the University of Houston’s Clear Lake campus. NorthMarq Capital provided an undisclosed amount of acquisition financing for the Class C portfolio. The seller was not disclosed.

August 22, 2017

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