DALLAS — Talon Private Capital has completed the disposition of an office building located at 2525 McKinnon St. in Dallas’ Uptown submarket. City Office REIT Inc. acquired the 111,722-square-foot property for an undisclosed price. Completed in 2003, the property was 96 percent leased at the time of sale. The Retail Connection, Aramark Service, Staffelbach, Hunt and Berkeley Research are tenants at the property. HFF represented the seller and procured the buyer in the transaction.
BALCONES HEIGHTS, TEXAS — Dougherty Mortgage has closed a $3.3 million Fannie Mae loan for the refinancing of Balcones Lofts, an affordable multifamily property located in Balcones Heights, a suburb 10 minutes northwest of San Antonio. Dougherty’s Minneapolis arranged the 15-year loan with a 30-year amortization schedule for the borrower, Balcones Lofts Ltd. The 84-unit property features one-, two- and three-bedroom units, a swimming pool, 24-hour fitness center and a community room.
ARLINGTON, VA. — New York-based Paramount Group Inc., a publicly traded office REIT, has entered into an agreement to sell Waterview, a 24-story, 647,000-square-foot office building in Arlington’s Rosslyn neighborhood, for $460 million. Paramount Group sold the asset to Morgan Stanley Real Estate, according to Washington Business Journal. Situated along the Potomac River, Waterview’s office space is currently 99 percent leased to a single tenant, whose lease expires in January 2028. The transaction is expected to close in the second quarter of 2017.
ATLANTA — The Related Group has selected Balfour Beatty US to construct a multi-level Whole Foods Market store in Midtown Atlanta. Situated on 2.2 acres at West Peachtree and 14th streets, the new store will anchor The Related Group’s Apogee Midtown, a 39-story high-rise apartment tower that Balfour Beatty US is also constructing. The new 72,000-square-foot store will feature a microbrewery and a rooftop patio bar. Phillips Partnership Inc. designed the new Whole Foods, which The Related Group expects to deliver in the first quarter of 2018.
PEMBROKE PINES, FLA. — A joint venture between Atlanta-based Core5 Industrial Partners and Helms Development has acquired a 60-acre land parcel at 2041 Sheridan St. in Pembroke Pines from the city of Pembroke Pines. The team plans to develop a three-building, 750,000-square-foot distribution park known as South Florida Distribution Center at the site. Beginning in April, Core5 and Helms will break ground on Phase I, a 223,008-square-foot spec building. The site is one of the last remaining in southwest Broward to offer build-to-suit options for larger industrial users that need trailer parking, according to Core5. South Florida Distribution Center is Core5’s first project in the state of Florida. The developers have selected Larry Dinner, Larry Genet and Tom O’Loughlin of CBRE to lease the project.
MORRISVILLE, N.C. — JLL has arranged INC Research Holdings Inc.’s office lease at Perimeter Five, a Class A office building under construction at 3032 Carrington Mill Blvd. in Morrisville, about 13 miles west of Raleigh. The global contract research firm leased the entire 215,450-square-foot building, which will be situated within the 3 million-square-foot Perimeter Park master-planned office development. The office building will feature lake views, green space, a café serving Starbucks Coffee and a fitness center. Erika Jean McNeil, Paul Glickman, Matthew Astrachan and Michael Morgan of JLL represented INC Research in the 12-year lease deal. William Allen of Trinity Partners represented the landlord. The office building will break ground in March for an expected delivery in July 2018.
MEMPHIS, TENN. — NAI Saig has arranged a 200,000-square-foot lease for industrial space at 4221 Pilot Drive in Memphis. Hank Martin and Elliot Embry of NAI Saig represented the landlord, Dallas-based Sealy Pilot LLC, in the lease transaction. Jeb Fields of Cushman & Wakefield’s Memphis office represented the Memphis-based tenant, Mallory Alexander International Logistics LLC, a full-service logistics provider that supports manufacturers and retailers. The three-year lease is valued at nearly $1.5 million, according to NAI Saig.
CARMEL, IND. — CBRE Group Inc. has arranged the sale of Hamilton Crossing office park in Carmel, immediately north of Indianapolis. The sales price was not disclosed. The 44-acre office park is located along U.S. 31. The property consists of six buildings and 591,387 square feet. The Class A office space is 88 percent occupied. An affiliate of Group RMC purchased the buildings. Duke Realty owned five of the buildings, while Bankruptcy Estate of ITT Educational Services was the owner of the sixth building. Dan Richardson, David Funke and Paul Lundstedt of CBRE brokered the transaction.
OMAHA, NEB. — Darland Construction Co. has completed a 73,173-square-foot warehouse for Dr. Pepper Snapple Group in Omaha. The facility features 14 truck bays, two maintenance bays, a vending machine repair shop and 7,350 square feet of office space. John Maderak of Darland served as project manager. Avant Architects served as architect.
MILWAUKEE — Brookfield, Wis.-based Hammes Co. has unveiled plans to move its headquarters to downtown Milwaukee in early 2018. Hammes will occupy the top two floors of a five-story office building the company is developing in the Park East corridor. The development is located at North Water and East Knapp streets. The first phase of construction will cost approximately $27 million, according to Milwaukee Business Journal. A second phase would add an additional office building.
