Property Type

midtown-medical-office-building-fort-worth-texas

Stan Johnson Completes $19.2M Sale of Medical Office Building in Fort Worth

by Haisten Willis November 1, 2016

FORT WORTH, TEXAS — Stan Johnson Co., a net lease brokerage firm, has completed the $19.2 million sale of the Midtown Medical Office Building, a 57,404-square-foot, multi-tenant medical office building located at 900 Jerome St. in Fort Worth. Toby Scrivner, Jeff Matulis, Grant Wilkins and Colin Cornell of Stan Johnson’s Healthcare Net Lease Group represented the seller, Ridgeline Capital Partners. Stan Johnson Co. also represented the buyer in the transaction. The property is adjacent to the Plaza Medical Center of Fort Worth, a 216-bed short-term acute care facility, and is part of a mixed-use development with both a hotel and restaurants located on site.

November 1, 2016

Office Texas

Younger Partners Arranges Pair of Office Leases in Dallas

by Haisten Willis November 1, 2016

DALLAS — Younger Partners has arranged a pair of office leases totaling 27,979 square feet at Park Central 3 and Park Central 4 in Dallas. The deals included a renewal expansion and a new tenant. Younger Partners’ Heather Shover, Kathy Permenter and Sean Dalton represented the landlord, Pittsburgh-based McKnight Realty Partners, in the deals. In the first transaction, Holmes Murphy & Associates expanded its lease by 20,504 square feet to a total of 72,477 square feet at Park Central 4, located at 12712 Park Central Dr. in Dallas. Sarah Hinkley and T.D. Briggs of Peloton Commercial Real Estate represented the tenant. In the second transaction, Supply Sanitation Systems LLC signed a new 7,475-square-foot lease at Park Central 3, located 12700 Park Central Drive Transwestern’s Nora Hogan and Jordan Wade represented the tenant.

November 1, 2016

Loans Multifamily Texas

Pillar Originates $15.6M Fannie Mae Loan for Multifamily Community in Metro Houston

by Haisten Willis November 1, 2016

CONROE, TEXAS — Pillar has secured a $15.6 million refinancing loan for Heritage at Hooper Hill. The 200-unit multifamily property was built in 2005 and is located in Conroe, just north of The Woodlands in the northern Houston submarket. Cullen O’Grady of Pillar’s Bethesda, Md. office secured the loan on behalf of the borrower, a Washington, D.C.-based commercial real estate property owner and developer. The 12-year, fixed-rate Fannie Mae loan includes a 30-year amortization schedule with four years of interest-only payments.

November 1, 2016

Georgia Mixed-Use Southeast

Jamestown, Clarion Partners Acquire Westside Provisions District in Atlanta for $130M

by John Nelson November 1, 2016

ATLANTA — A joint venture between Jamestown LP and Clarion Partners LLC has acquired Westside Provisions District, a mixed-use development located in Atlanta. The development was acquired for $130 million, according to reports by the Atlanta Business Chronicle. The 261,742-square-foot development consists of two projects, White Provision and Westside Urban Market, which are connected via a pedestrian bridge. Situated in Atlanta’s popular West Midtown district off Howell Mill Road, Westside Provisions District features retail and loft office space that will be managed by the joint venture. Jamestown acquired the White Provision portion of the development from Atlanta-based developers Michael Phillips and Kathleen Walker in 2007. This deal will unify the district under one ownership entity. Westside Provisions’ office tenants include Base Brands, Canstruction, Fried & Bonder, Knoll, Waypoint Homes, WestRock and the German American Chamber of Commerce of the Southern U.S. Inc. Retail tenants include Anthropologie, Free People, J. Crew, lululemon athletica, Warby Parker, Brick + Mortar, Peridot West and Crafted Westside. The project is also home to restaurants and bars such as Jeni’s Ice Creams, Little Trouble, Taqueria Del Sol, Bacchanalia Star Provisions and JCT Kitchen + Bar. Clarion Partners made its investment on behalf of a commingled fund …

November 1, 2016

Georgia Multifamily Southeast

Passco Purchases Apartment Community in Metro Atlanta for $72M

by John Nelson November 1, 2016

DUNWOODY, GA. — Passco Cos. has purchased Two Blocks, a Class A, 400-unit midrise apartment community located at 4000 Dunwoody Park in Dunwoody, a suburb of Atlanta in DeKalb County. Passco bought the asset for $72 million using a Fannie Mae acquisition loan arranged by Chris Black of KeyBank Real Estate Capital. Developed in 2008 by Atlanta-based Pollack Shores Real Estate Group, Two Blocks was more than 95 percent occupied at the time of sale. The property is situated near Atlanta’s Central Perimeter office submarket and within three miles of Atlanta’s Pill Hill hospital district. Passco plans to implement a series of upgrades to the interior and exterior of Two Blocks, including installing granite countertops in the kitchens and bathrooms, expanding and updating the fitness center and improving the property’s curb appeal. John Weber, Dan Phelan and Bo Moore of ARA Newmark’s Atlanta office represented the seller in the transaction.

November 1, 2016

Loans Multifamily North Carolina Southeast

Financial Federal Bank Arranges Two Loans Totaling $32M for Charlotte Apartment Communities

by John Nelson November 1, 2016

CHARLOTTE, N.C. — The Memphis office of Financial Federal Bank has arranged two loans totaling $32 million for Parkland Commons and Copper Creek, two apartment communities in Charlotte. Built in the late 1990s, the communities feature swimming pools, sports courts, playgrounds and car wash areas. Rick Wood and Jon Van Hoozer of Financial Federal Bank arranged the 12-year, fixed-rate loans on behalf of the borrower, which purchased the properties in 2015. The financing includes six and seven years of interest-only payments and 30-year amortization schedules.

November 1, 2016

Multifamily North Carolina Southeast

Blue Ridge, Richardson Properties to Develop Apartment Community in Greensboro, N.C.

by John Nelson November 1, 2016

GREENSBORO, N.C. —Blue Ridge Cos. and Richardson Properties have partnered to co-develop Country Park at Tall Oaks, a 216-unit apartment community located near the intersection of Lawndale Drive and Pisgah Church Road in Greensboro. The property will feature running and bike trails, a fitness center, bike storage and workshop, swimming pool and a dog park with a pet wash station. Blue Ridge and Richardson plan to open the project in spring 2017.

November 1, 2016

Retail South Carolina Southeast

Colliers Arranges $22.4M Sale of Shopping Center in North Charleston

by John Nelson November 1, 2016

NORTH CHARLESTON, S.C. — Colliers International has arranged the $22.4 million sale of The Shoppes at Centre Pointe, a 112,302-square-foot shopping center located in North Charleston. The property is fully leased to Field & Stream, Conn’s HomePlus and La-Z-Boy. Marc Bonilla of Colliers International represented the buyer, Rose FP LLC, in the transaction. Joey Odom of Stan Johnson Co. represented the seller, SC North Charleston CPD 2G-1 1B.

November 1, 2016

District of Columbia Maryland Mixed-Use Southeast Top Stories Virginia

Vornado to Spin Off D.C. Portfolio, Merge New Entity with JBG Cos. in $8.4B Transaction

by John Nelson November 1, 2016

WASHINGTON, D.C. AND NEW YORK — The board of trustees at Vornado Realty Trust (NYSE: VNO) has approved the tax-free spinoff of its Washington, D.C., portfolio and has agreed to the subsequent merger of the new entity with JBG Cos. The transaction is valued at $8.4 billion. The company, known as JBG Smith Properties, will be structured as a real estate investment trust (REIT). Vornado shareholders are expected to own roughly 74 percent of the new company, JBG’s limited partners are expected to own approximately 20 percent and JBG management is expected to own the remaining 6 percent. JBG’s senior management team will lead JBG Smith, which will have a portfolio totaling 50 office properties spanning 11.8 million square feet, 18 multifamily properties totaling 4,451 residential units and 11 other properties totaling about 700,000 square feet. The new company will be the largest landlord to the U.S. government in Washington, D.C. The portfolio is situated in Washington, D.C., as well as the suburban Maryland markets of Columbia and Bethesda and Crystal City, Pentagon City, Rosslyn, Arlington and Reston in Virginia. Additionally, JBG Smith will have a pipeline of projects under construction and land for future development that could span more …

November 1, 2016

Market Reports Retail Washington Western Western Market Reports

Seattle’s Retail Market Continues to Grow

by Camren Skelton November 1, 2016

The Puget Sound region may be home to the growing online retail giant of Amazon, but bricks and mortar retail development is in the best shape it’s been in since the beginning of the Great Recession. After five consecutive years of strong employment growth and resultant in-migration of highly paid tech workers, the Seattle market is continuing to enjoy gains in retail sales volumes, which are projected to grow 4.5 percent in 2016. Demand for retail space has pushed overall vacancy rates to 3.7 percent throughout the metro area. For the 12 months ending on June 30, 2016, there were only 500,000 square feet of new space built. This is in contrast to the recent annual absorption that has exceeded 1 million square feet. Overall vacancy rates reflect the demand for new space and asking rents have climbed correspondingly. The majority of new retail construction is occurring in mixed-use projects, such as ground-floor spaces at new residential developments. The largest chunk of retail space currently under construction, however, is within the $1.2 billion expansion of Kemper Freeman’s Bellevue Collection in Downtown Bellevue. In all, the project will add 375,000 square feet of new retail, which is 85 percent pre-leased. The …

November 1, 2016

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