Property Type

Hines to Develop 396-Unit Multifamily Project in San Antonio

by Taylor Williams October 31, 2017

SAN ANTONIO — Hines will develop a four-story, 396-unit multifamily property within The Rim, a retail development located in northwest San Antonio. Designed by Meeks + Partners, the property will feature amenities such as a clubhouse, collaborative work room, fitness center, pool, game room and dog park. Units will range in size from 682 to 1,479 square feet. Construction is scheduled to begin during the first quarter of 2018, with occupancy slated for spring 2019. The project will be Hines’ first multifamily development in San Antonio.

October 31, 2017

JLL Brokers Sale of 136,325 SF Office Building in Northwest Houston

by Taylor Williams October 31, 2017

HOUSTON — JLL has brokered the sale of 2525 North Loop West, a 136,325-square-foot, Class B office building in northwest Houston. A partnership between Lykes Building Holding Associates and Smetana Texas Realty Associates sold the asset to 2525 Inner Loop LP for an undisclosed price. The new ownership, which now holds more than 1 million square feet of office space in the immediate area, will invest in capital improvements to the property and will bring retail space to its adjacent pad sites. Rudy Hubbard, Kevin McConn and Rick Goings of JLL brokered the sale.

October 31, 2017

Data Centers Industrial Texas

vXchnge Acquires 100,000 SF Data Center Campus in Austin

by Taylor Williams October 31, 2017

AUSTIN, TEXAS — Tampa-based data center operator vXchnge has acquired a 100,000-square-foot data center campus located at 8025 N. Interstate 35 in Austin. The colocation facility, which is currently undergoing a doubling of its current capacity, will eventually be capable of producing 26 megawatts of power. The sale includes the 18 acres of land on which the campus is situated. The seller and sales price were not disclosed.

October 31, 2017

Multifamily Texas

Allied Orion Begins Leasing 281-Unit Apartment Community in Houston

by Taylor Williams October 31, 2017

HOUSTON — Allied Orion Group has begun leasing The Beacon at Buffalo Pointe, a 281-unit multifamily community located at 10301 Buffalo Speedway in Houston. The property offers convenient access to the Texas Medical Center and NRG Stadium, as well as the Galleria and downtown areas. Floor plans include one-, two- and three-bedroom units and amenities include a pool with cabanas, grilling stations, a fitness center, pet park and a cybercafé. Houston-based Steinberg Design Collaborative Architects designed the project.

October 31, 2017

Industrial Texas

NAI Partners Arranges Sale of 13,230 SF Warehouse in West Houston

by Taylor Williams October 31, 2017

HOUSTON — NAI Partners has arranged the sale of a 13,230-square-foot warehouse located at 11811 Tanner Road in west Houston. John Ferruzzo and Nick Peterson of NAI Partners represented the seller, Herman Allen Stewart, in the transaction. Mark Lehman and Nathan Rodriguez of Centermark Real Estate represented the buyer, Indiana-based BRADY Investments LLC. Other terms of sale were not released.

October 31, 2017

Hospitality Illinois Loans Midwest Missouri Wisconsin

Aries Conlon Capital Arranges $62.4M Refinancing for Hotel Portfolio

by Kristin Harlow October 31, 2017

CHICAGO — Chicago-based Aries Conlon Capital has arranged a $62.4 million non-recourse loan for the refinancing of a seven-hotel portfolio in seven states. The portfolio, owned by Inner Circle Investments, includes six Radisson hotels, which are located in Cromwell, Conn.; Billings, Mont.; Highpoint, N.C.; Albany, N.Y.; Appleton, Wis.; and Cheyenne, Wyo; as well as one independent, boutique hotel in St. Louis. Rushi Shah of Aries Conlon arranged the interest-only loan with an international investment bank. Instead of refinancing its assets as fee-simple properties, Inner Circle split ownership of the land parcels and the hotels into leased-fee and leasehold entities respectively, entered into 99-year leases with its hotels as tenants and then refinanced the land/leased-fee portions at a higher loan-to-value ratio and more attractive terms. Aries Conlon is now refinancing the corresponding leaseholds to effectively close the loop.

October 31, 2017

Indiana Loans Midwest Multifamily

Pillar Provides $23.3M Refinancing for Two Apartment Properties in Indianapolis

by Kristin Harlow October 31, 2017

INDIANAPOLIS — Pillar Financial has provided $22.3 million in Fannie Mae loans for the refinancing of two apartment properties in Indianapolis. Echo Ridge, constructed in 2003, features 208 apartment units. English Village also consists of 208 one- and two-bedroom units. Both properties are located on the southeast side of Indianapolis in a workforce housing area, which targets renters earning incomes of approximately 80 percent of the area median income. Joe Markech of Pillar originated a $13.3 million loan for Echo Ridge and a $10 million loan for English Village. The 10-year loans feature 30-year amortization schedules. David Ross of Crossroads Realty Advisors arranged the financing.

October 31, 2017

Industrial Midwest Missouri

Binswanger Brokers Sale of 250,000 SF Industrial Building in Boonville, Missouri

by Kristin Harlow October 31, 2017

BOONVILLE, MO. — Binswanger has brokered the sale of a 250,000-square-foot industrial building in Boonville, about 25 miles west of Columbia. The sales price was not disclosed. The property is located at 2501 Boonslick Drive. Constructed in 1979 with renovations in 1988, the facility features 30-foot clear heights, 14,050 square feet of office space, 22 dock doors, two drive-in doors and parking for 310 vehicles. An individual buyer, Daniel E. Smith, purchased the property with plans to use it for speculative leasing of manufacturing or warehousing uses. Jim Medbery of Binswanger represented the undisclosed seller.

October 31, 2017

Michigan Midwest Retail

Costco Opens 165,000 SF Membership Warehouse in East Lansing, Michigan

by Kristin Harlow October 31, 2017

EAST LANSING, MICH. — Costco Wholesale Corp. has opened a 165,000-square-foot membership warehouse in East Lansing. The property is situated on a 64-acre parcel near I-69 that is the site of a former golf course. Shawn O’Brien of CBRE|Martin began working with Costco in 2012 for site selection in the Lansing market. This is Costco’s 15th store in the state of Michigan. A grand opening took place on Friday, Oct. 27.

October 31, 2017

Illinois Midwest Retail

Interra Negotiates $4.8M Sale of CVS Ground Lease in Highland Park, Illinois

by Kristin Harlow October 31, 2017

HIGHLAND PARK, ILL. — Interra Realty has negotiated the sale of a CVS ground lease in Highland Park for $4.8 million. The 13,225-square-foot building is located at 2000 Skokie Valley Road, approximately 25 miles north of Chicago. Craig Martin and Colin O’Malley of Interra represented both parties in the transaction. The seller, a local real estate development firm, developed the property in 2011. The buyer, a local family, was completing a 1031 exchange. CVS has approximately 20 years remaining on its lease.

October 31, 2017

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