Property Type

Tech Manufacturer Finisar to Open 700,000 SF Plant in Sherman Using $390M Grant from Apple

by Taylor Williams December 13, 2017

SHERMAN, TEXAS — Finisar, a California-based manufacturer of optical communications components used in Apple products, will open a 700,000-square-foot, previously shuttered manufacturing plant in Sherman. Funding for the project stems from a $390 million grant provided by Apple Inc. The awarding of the grant will enable Finisar, which already operates a plant in Allen, to increase its research and development spending and up its production of vertical-cavity surface-emitting lasers (VCSELs), which power Apple products like Face ID and Animoji. Approximately 500 new jobs will be created as a result of Apple’s grant. Holmes Davis of Binswanger represented the seller of Finisar’s new facility, SunEdison. Finisar expects the Sherman facility to begin shipping new VCSELs by the second half of 2018.

December 13, 2017

Square Mile Originates $118M Loan for 1.7 MSF Office Tower in Downtown Dallas

by Taylor Williams December 13, 2017

DALLAS — Square Mile Capital Management LLC has originated a $118 million loan for Renaissance Tower, a 56-story office tower comprising more than 1.7 million square feet of space in downtown Dallas. The loan, a portion of which was sold to Bank of the Ozarks, will be used to repay existing CMBS debt and bridge the property through stabilization. The borrower was a joint venture between two New York-based firms: SMA Equities and The Moinian Group. Whitaker Johnson and Steve Heldenfels of HFF arranged the financing.

December 13, 2017

Retail Texas

IKEA Opens 290,000 SF Store in Grand Prairie

by Taylor Williams December 13, 2017

GRAND PRAIRIE, TEXAS — Swedish furniture retailer IKEA has opened a 290,000-square-foot store in Grand Prairie. The store is the company’s fourth location in Texas, with plans to open stores in the San Antonio and Fort Worth areas in 2019 underway. Construction of the store created about 500 new jobs, with an additional 250 workers joining the IKEA team as it became operational.

December 13, 2017

Data Centers Industrial Texas

Coldwell Banker Brokers Sale of 136,000 SF Data Center Facility in Irving

by Taylor Williams December 13, 2017

IRVING, TEXAS — Coldwell Banker Commercial Advisors (CBCA) has brokered the sale of a 136,000-square-foot, Tier IV-designed data center facility located at 6001 Campus Circle W. in Irving. The two-story property underwent an expansion in the 1980s that delivered an additional 94,000 square feet of space and five back-up generators totaling more than 8,100 kilowatts of power. The facility is currently configured to have a 74,500-square-foot data-raised floor, 34,000 square feet of office space and 27,500 square feet of infrastructure space. Ryan Crabtree of CBCA represented the buyer, Skywalker Property Partners, in the sale.

December 13, 2017

Retail Texas

Hunington Properties Negotiates Sale of 42,232 SF Retail Center in Metro Houston

by Taylor Williams December 13, 2017

SPRING, TEXAS — Hunington Properties Inc. (HPI) has brokered the sale of Postwood Shopping Center, a 42,232-square-foot retail center located at 5639 Treaschwig Road in the northern Houston metro of Spring. The property, which is shadow-anchored by Kroger, was built in 1985 and renovated in 2009. Current tenants include Chase Bank, State Farm Insurance, Boost Mobile and Anytime Fitness. Rafael Melara of HPI represented the seller in the transaction. Gary Smith of RCR Realty represented the buyer, a local investor.

December 13, 2017

Kentucky Loans Multifamily Southeast

KeyBank Secures $73.3M Acquisition Loan for 600-Unit Multifamily Asset in Louisville

by Camren Skelton December 13, 2017

LOUISVILLE, KY. — KeyBank Real Estate Capital has arranged a $73.3 million Freddie Mac loan for the acquisition of Mallard Crossing, a 600-unit multifamily property located at 400 Mallard Creek Road in Louisville. Louisville Business First reports Lifestyle Communities acquired the asset from M.F. Mallard Crossing KY LLC, an affiliate of Blackstone Group, in November. Tim Migchelbrink of KeyBank arranged the adjustable-rate loan with four years of interest-only payments on behalf of the borrower. Mallard Crossing was constructed in two phases starting in 1991, and includes 51 two- and three-story garden-style apartment buildings. Community amenities include indoor and outdoor basketball courts, a theater room, two swimming pools, grilling deck, sauna, two dog parks and tennis courts.

December 13, 2017

Florida Hospitality Loans Southeast

Crane Capital, Westmont Receive $18.7M Construction Loan for Houston Astros’ Hotel in South Florida

by Camren Skelton December 13, 2017

WEST PALM BEACH, FLA. — Crane Capital Group Inc., in partnership with Westmont Hospitality Group, has received an $18.7 million construction loan for the conversion of a vacant office tower in West Palm Beach into a 191-room hotel. Scott Wadler and Wesley Hightower of HFF arranged the three-year, fixed-rate loan through Woodforest National Bank on behalf of the joint venture, which acquired the vacant Forum Office tower earlier this year. The redeveloped 10-story hotel, located roughly five miles from the new $150 million Houston Astros Spring Training facility, will serve the public, as well as the Houston Astros players, staff and family. The hotel will feature a restaurant, pool and a gym. Westmont Hospitality Group will manage the property, which is expected to open mid-year 2018.

December 13, 2017

Georgia Multifamily Southeast

Steadfast Buys Apartment Community in Metro Atlanta for $35.3M

by Camren Skelton December 13, 2017

LAWRENCEVILLE, GA. — Steadfast Apartment REIT III Inc. (STAR III) has acquired Sugar Mill Apartments, a 244-unit multifamily community in Lawrenceville, a northeast suburb of Atlanta in Gwinnett County, for $35.3 million. Constructed in 1997, the community includes one- to three-bedroom units that average 1,094 square feet with an average rental rate of $1,073 per month. Community amenities include gated access, a clubhouse, business center, fitness center, pool, spa, tennis courts, car wash and a dog park. STAR III plans to renovate all unit interiors and exteriors, including the addition of new appliances, cabinets and light fixtures. The REIT also plans to renovate the landscaping and common area amenities. At the time of sale, Sugar Mill Apartments was 97.5 percent occupied.

December 13, 2017

Florida Loans Multifamily Southeast

Walker & Dunlop Arranges $50.4M Loan for 1,103-Unit Apartment Community in Jacksonville

by Camren Skelton December 13, 2017

JACKSONVILLE, FLA. — Walker & Dunlop has arranged a $50.4 million loan for Matthews Crossing, a 1,103-unit multifamily community in Jacksonville. Alex Inman of Walker & Dunlop arranged the loan on behalf of the sponsor, S2 Capital LLC, which acquired the asset in July for $49.5 million, according to the Jax Daily Record. Matthews Crossing features five swimming pools, a playground, fitness center and a business center. In addition, the community is roughly 11 miles northwest of the University of North Florida and a half-mile from Jacksonville University.

December 13, 2017

Georgia Office Southeast

APG Acquires Office Park in Atlanta’s Cumberland/Galleria Submarket for $22.3M

by Camren Skelton December 13, 2017

ATLANTA — Atlanta Property Group (APG) has acquired Shadowood Office Park, a 200,000-square-foot, three-building office park located at 2100 Powers Ferry Road in Atlanta’s Cumberland/Galleria submarket. The Atlanta Business Chronicle reports The Ardent Cos. sold the asset to APG for $22.3 million. Kevin Markwordt of Transwestern arranged the transaction on behalf of the seller. The four-story buildings feature nine-foot ceilings, floor-to-ceiling windows and a 3.5 per 1,000 square foot parking ratio. In addition, the property is less than two miles from The Battery mixed-use destination and SunTrust Park, home of the Atlanta Braves. At the time of sale, Shadowood Office Park was 78 percent leased. APG plans to renovate the property during its first year of ownership.

December 13, 2017

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