Property Type

S2 Capital Partners Buys Shopping Center in Metro Richmond for $12M

by John Nelson December 5, 2016

CHESTERFIELD, VA. — S2 Capital Partners LLC has purchased Stonebridge Shopping Center, an 8.1-acre retail property located at 7000 Tim Price Way in Chesterfield, a suburb of Richmond. S2 Capital Partners purchased the center from an affiliate of Crosland Southeast, Stonebridge’s original developer, for $12 million. Berkeley Capital Advisors represented the seller in the transaction. Stonebridge was 95 percent leased at the time of sale to tenants such as Firestone, Krispy Kreme, Mattress Firm, Virginia ABC, Subway and Qdoba. The center is shadow-anchored by a 123,600-square-foot Kroger Marketplace and a Kroger Fuel Center. S2 Capital Partners plans to construct an additional 15,600 square feet of multi-tenant retail space on the site’s two pad sites, bringing the total footprint of the shopping center to 67,416 square feet.

December 5, 2016

Multifamily North Carolina Southeast

Romans Properties Brokers $10.4M Sale of Apartment Community in Metro Charlotte

by John Nelson December 5, 2016

MATTHEWS, N.C. — Romans Properties has arranged the $10.4 million sale of Matthews Lofts, an 88-unit apartment community located at 921 Park Center Drive in downtown Matthews, about 11 miles south of Charlotte. Ginkgo Residential purchased Matthews Lofts from Matthews Loft LLC. Chris Orr of Romans Properties represented the seller, and Robert Podewils of The Berrry Cos. represented Ginkgo in the transaction.

December 5, 2016

Multifamily Texas

Westmount Realty Capital Acquires 212-Unit Multifamily Community in San Antonio

by Amy Works December 5, 2016

SAN ANTONIO — Westmount Realty Capital has purchased Cape Cod, a garden-style apartment community located at 13030 Blanco Road in San Antonio, for an undisclosed sum. Built in 1984, the 11-building property features 212 one- and two-bedroom units. The buyer is rebranding the 145,680-square-foot community as Westmount at Cape Cod and plans to implement a capital improvement program at the property. Berkadia provided financing for the acquisition on behalf of Westmount Realty Capital. The name of the seller was not released.

December 5, 2016

Multifamily Texas

IPA Facilitates Sale of 146-Unit Apartment Community in San Antonio

by Amy Works December 5, 2016

SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Meridian, an apartment community located near Alamo Heights in San Antonio. Located at 680 E. Basse Road, the property features 146 luxury apartment units. An undisclosed buyer acquired the property for an unreleased sum. Will Balthrope, Drew Kile and Jordan Featherston of IPA represented the undisclosed seller and procured the buyer in the deal.

December 5, 2016

Retail Texas

Vitorino Group Negotiates Sale of New Retail Center in Fort Worth

by Amy Works December 5, 2016

FORT WORTH, TEXAS — Vitorino Group has arranged the sale of a retail property located in Fort Worth. The newly constructed Presidio Retail Center sold for an undisclosed price. The three-tenant property is an outparcel to Presidio Junction, a 1 million-square-foot mixed-use development in north Fort Worth. A local Texas partnership acquired the property, which was listed for more than $600 per square foot.

December 5, 2016

Loans Multifamily Texas

Dougherty Mortgage Closes $5.4M Acquisition Loan for 76-Unit Multifamily Property in Metro Dallas

by Amy Works December 5, 2016

GARLAND, TEXAS — Dougherty Mortgage has closed a $5.4 million Fannie Mae loan for the acquisition of Oaks Branch Apartment Homes in Garland, a northeastern suburb of Dallas. The 12-year loan was arranged through a partnership with Old Capital Lending and Dougherty Mortgage’s Vienna, Va., office on behalf of the borrower, Castleglen Homes LLC. The financing included two years of interest-only payments and a 30-year amortization schedule. The 76-unit property features two- and three-bedroom market-rate units with open kitchens, vaulted ceilings, ceiling fans and washer/dryer connections.

December 5, 2016

Multifamily Texas

Marcus & Millichap Arranges Sale of 116-Unit Multifamily Property in Brownsville, Texas

by Amy Works December 5, 2016

BROWNSVILLE, TEXAS — Marcus & Millichap has arranged the sale of Casa Grande, a multifamily property located at 2425 Barnard Road in Brownsville. A partnership sold the 116-unit property for an undisclosed price. The buyer, a regional operator, plans to implement interior and exterior improvements at the property. Mike Moffitt Jr. of Marcus & Millichap represented the seller and secured the buyer in the deal.

December 5, 2016

Colorado Office Top Stories Western

Franklin Street Properties Buys Dominion Towers in Downtown Denver for $154M

by Jeff Shaw December 5, 2016

DENVER — Franklin Street Properties Corp. (NYSE: FSP), a Massachusetts-based REIT, has acquired the Dominion Towers office property in downtown Denver for $154 million. The property includes a 19-story tower and a 28-story tower that are connected. The Class A buildings total 613,527 rentable square feet, resulting in a purchase price of $251 per rentable square foot. Dominion Towers is situated in the center of downtown Denver, within one block of light rail access and adjacent to the 16th Street Mall. The towers are 89 percent leased, and EOG Resources Inc., an oil and gas company, is the largest renter, taking up 29 percent of the property through December 2026. FSP funded the acquisition of Dominion Towers with cash on hand and the proceeds of a $150 million unsecured, two-year bridge loan with JPMorgan Chase Bank NA as administrative agent. FSP plans to implement $3 million in capital improvements to the property. “We believe that the acquisition of Dominion Towers will provide additional opportunities for value creation by growing our presence in downtown Denver to almost 2 million rentable square feet,” says Jeffrey Carter, president and chief investment officer of FSP. FSP’s stock price closed at $12.25 per share on …

December 5, 2016

Kentucky Market Reports Office Southeast Southeast Market Reports

Expect Louisville’s CBD to Soften Despite Major Commercial Projects Underway

by John Nelson December 5, 2016

As one project finishes, another one is soon to begin. The $2.3 billion Ohio River Bridges Project its nearing its December 2016 completion, and Louisville commuters are yearning for a return to normalcy and enhanced transportation options. The East End Crossing will link Louisville’s fast-growing suburban markets to Southern Indiana’s burgeoning distribution hub at River Ridge. The new Abraham Lincoln Bridge parallels the John F. Kennedy Bridge downtown and carries I-65 across the Ohio River. After three years of disrupting traffic in metro Louisville, both projects are entering their final phase of construction. Just as the Bridges Project nears completion, two major projects in Louisville’s central business district (CBD) may have an impact on the office market. The Kentucky International Convention Center closed in August for a two-year, $200 million renovation project. Sections of 3rd and 4th streets will close during the construction, which could have a drag on downtown commuter traffic. In addition, Louisville will welcome a 600-room, $289 million Omni Hotel in 2018, but not before the major project squeezes Liberty Street and Muhammad Ali Street traffic. Both significant projects will bring dividends to Louisville’s CBD when completed, but the market will have to endure some disruption in …

December 5, 2016

Hawaii Multifamily Student Housing Western

EdR, Laconia Development Begin Construction of $110M Student Housing Community Near the University of Hawaii

by Nellie Day December 2, 2016

HONOLULU — A joint venture between EdR and Laconia Development has begun construction of a $110 million student housing development located adjacent to the University of Hawaii in Honolulu. The community will offer 599-beds in a mix of one-, two-, three- and four-bedroom units with ground-floor retail and structured parking. Rooftop amenities will include a fitness center, outdoor terrace lounge, community kitchen, study lounges and gaming areas — all with views of Waikiki, Diamond Head and Manoa Valley. EdR will be the 90 percent owner in the community, and will manage the property upon completion. The project is scheduled for delivery in summer 2018 or 2019.

December 2, 2016

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