Property Type

Intercontinental Real Estate Corp. Acquires Mixed-Use Building in Cambridge’s Harvard Square

by Kristin Harlow December 8, 2017

CAMBRIDGE, MASS. — Intercontinental Real Estate Corp. has acquired 1280 Massachusetts Ave. in Cambridge for an undisclosed price. Located in Harvard Square, the 43,120-square-foot mixed-use building features 33,828 square feet of office space and 8,540 square feet of retail space. The seller, Boston Residential Group, developed the property in 1985. Current office tenants include Harvard University, Equity Resources Investments and Mark of the Unicorn. Retail tenants include Tatte Bakery and Café, Qdoba Mexican Eats and SEE Inc. Symmes Maini & Mckee Associates (SMMA) designed the brick and steel building, which is located at the edge of Harvard Yard at Harvard University and near the MBTA’s Red Line Harvard Square Station. Boston-based Intercontinental Real Estate Corp. is an investment adviser that manages a real estate portfolio of approximately $6 billion for its clients. Boston Residential Group is a residential developer based in Boston. — Kristin Hiller

December 8, 2017

Market Reports Office Texas Texas Market Reports

Urban Renaissance: San Antonio Office Market Gains A New Identity

by Taylor Williams December 8, 2017

Regional investors have always described San Antonio as a steady market with desirable economic indicators. But with the impending delivery of a Class AA office tower and a growing tech presence, the city is on the brink of emerging as a national contender for commercial real estate investment. Historically, San Antonio has posted strong employment figures that have kept it firing on all cylinders and ready for business. The San Antonio-New Braunfels MSA has experienced seven straight years of job growth. The metro’s unemployment rate has dropped 10 basis points quarter-over-quarter to its current level of 3.7 percent, a figure that strongly outperforms the national average of 4.5 percent. By comparison, the MSA’s 10-year average unemployment rate was 5.5 percent and the nation’s 7 percent. As new investors analyze the San Antonio office market’s history, they should consider the similarities and differences between San Antonio and other major Texas metros. Assessing the last peak-and-valley metrics from 2007 through 2010 provides insight into how the market reacts to a changing economy. Vacancy Rate Stabilizes The vacancy rate for Class A office properties in San Antonio peaked in 2009 at 16.7 percent, while vacancy rates in Austin, Dallas-Fort Worth (DFW) and Houston …

December 8, 2017

Hospitality Southeast Virginia

Chatham Lodging Trust Acquires 219-Room Embassy Suites Hotel in Metro D.C. for $68M

by Camren Skelton December 7, 2017

SPRINGFIELD, VA. — Chatham Lodging Trust has acquired a 219-room Embassy Suites by Hilton hotel in Springfield, roughly 15 miles southwest of Washington, D.C., for $68 million. Other terms of the transaction were not disclosed. Opened in 2013, the LEED-certified hotel features steel and concrete construction and 26 extended-stay suites with full kitchens. The hotel is located less than two miles from Fort Belvoir, the nation’s fifth largest military base, and the new headquarters of the Transportation Security Administration, which is expected to open in August 2020.

December 7, 2017

Georgia Multifamily Southeast

Berkadia Arranges $61M Sale of Multifamily Asset in Metro Atlanta

by Camren Skelton December 7, 2017

MARIETTA, GA. — Berkadia has arranged the $61 million sale of Ashford Retreat, a 654-unit apartment community in Marietta, roughly 20 miles north of downtown Atlanta. The property, renamed The Park on Windy Hill, is located at 2121 Windy Hill Road, roughly two miles west of SunTrust Park, home of the Atlanta Braves. Andrew Mays, Paul Vetter, Judy MacManus and Matthew White of Berkadia arranged the transaction on behalf of the buyer, Wilkinson Corp., and the seller, The RADCO Cos. In addition, Berkadia’s Richard Levine arranged equity and debt for the deal on behalf of the buyer. The community includes one- and two-bedroom floor plans and features a fitness center, pool, business center and a clubhouse.

December 7, 2017

Florida Loans Multifamily Southeast

CBRE Secures $54M Permanent Loan for Multifamily Community Near Orlando

by Camren Skelton December 7, 2017

WINDERMERE, FLA. — CBRE has arranged a $54 million permanent loan for Venetian Isle, a 346-unit multifamily community in Windermere, roughly 12 miles southwest of Orlando. Zac Brumbaugh of CBRE arranged the 10-year loan with a fixed 3.92 percent interest rate, five years of interest-only payments and a 30-year amortization schedule. The loan was placed with a correspondent life company lender on behalf of the borrower and developer, Unicorp National Developments Inc. Venetian Isle is located adjacent to Westside Shoppes, the retail development that Unicorp simultaneously developed alongside the property. The community features a resort-style swimming pool with sundeck, Jacuzzi, screened and unscreened outdoor TV lounges, fitness center, business center, game room and a dog park.

December 7, 2017

Civic Georgia Loans Southeast

SunTrust, Partners Provide $24.8M Financing for New YMCA Headquarters in Downtown Atlanta

by Camren Skelton December 7, 2017

ATLANTA — SunTrust Community Capital, in partnership with McCormack Baron Salazar and Invest Atlanta, has provided $24.8 million in financing for a new YMCA of Metro Atlanta headquarters. The 54,400-square-foot building, known as the YMCA Center for Leadership and Learning, will be located at 569 Martin Luther King Jr. Drive in downtown Atlanta, a half-mile from the new Mercedes-Benz Stadium. The financing included $22 million in New Market Tax Credits (NMTC) allocation and a $2.5 million Westside Tax Allocation District grant from Invest Atlanta. SunTrust Community Capital served as the sole NMTC investor for the development. The new Leadership and Learning Center will house the YMCA of Metro Atlanta’s administrative offices and will become the new regional YMCA training center for the Southeast, providing training to over 1,500 employees annually. The center will bring 135 YMCA employees to downtown Atlanta, including 25 new jobs and various internship opportunities. The facility is expected to open in early 2019.

December 7, 2017

Florida Industrial Southeast

First Industrial Acquires Warehouse in Broward County for $22.7M

by Camren Skelton December 7, 2017

POMPANO BEACH, FLA. — First Industrial Realty Trust Inc. has acquired a 172,120-square-foot warehouse/distribution building in Broward County’s Pompano Beach for $22.7 million. Located at 2504 N.W. 19th St., the property features 16 dock-high doors, two drive-in doors, 323 auto stalls and an additional 4.1-acre parking lot that is available for future development. Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of First Industrial. The name of the seller was not disclosed. Sean Rooney of Hanna Commercial, Jay Ziv of Avison Young and Matthew McAllister, Rick Etner, Chris Metzger and Christopher Thomson of Cushman & Wakefield secured a 19,000-square-foot lease with Stoncor Group Inc., a provider of corrosion and abrasion solutions for the infrastructure and construction markets. With the new lease, the facility is fully occupied.

December 7, 2017

Civic Texas

McCarthy to Build 90,000 SF Fine Arts Center in Metro Dallas

by Taylor Williams December 7, 2017

PLANO, TEXAS — McCarthy Building Cos. Inc. will build a 90,000-square-foot fine arts center for the Plano Independent School District. The facility, which will be located along Alma Road between 15th Street and West Park Boulevard, will feature a 1,500-seat performance hall, 350-seat studio theater, rehearsal studio and a visual arts gallery. The project will also deliver surface parking for roughly 700 vehicles. Construction of the project, which is valued at roughly $50 million, is expected to begin during the summer of 2018.

December 7, 2017

Multifamily Texas

Duke Nears Completion of 296-Unit Apartment Community in Greater Austin

by Taylor Williams December 7, 2017

ROUND ROCK, TEXAS — Dallas-based general contractor Duke Inc. is nearing completion of Bartz Ranch, a 296-unit apartment community located in the northern Austin suburb of Round Rock. Designed by Meeks + Partners, the three-story property will feature one-, two- and three-bedroom units ranging in size from 736 to 1,446 square feet. Amenities will include a pool, fitness center, music recording studio and an outdoor patio with grill areas.

December 7, 2017

Office Texas

Mohr Capital Acquires 100,000 SF Office Building in Dallas

by Taylor Williams December 7, 2017

DALLAS — Mohr Capital, a Dallas-based investment firm, has acquired a 100,000-square-foot office building located in the University Park area of Dallas. The property, which is situated on 13.8 acres, is currently vacant. Mohr Capital will invest in capital improvements to the building that will result in an additional 150,000 square feet of space being added. Gary Horn and Jack Glasgow of Cresa represented Mohr Capital in the transaction. The seller was not disclosed.

December 7, 2017

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