DALLAS — Dougherty Mortgage LLC has arranged a $5.3 million loan for the acquisition of Woodside Lane Apartments, a 107-unit multifamily community located at 9302 Forest Lane in Dallas. The 12-year Fannie Mae loan features a 30-year amortization schedule and was arranged through a partnership with Old Capital Lending on behalf of the borrower, TFG Woodside LLC.
ODESSA, TEXAS — The Woodmont Co., a Fort Worth-based brokerage and development firm, has closed the sale of a 24,000-square-foot, freestanding retail building located at 5161 E. 42nd St. in the west Texas city of Odessa. Gal Avneri of The Woodmont Co. represented the seller, RW Odessa Holdings LP, in the transaction. Joseph Williams of The Woodmont Co. represented the buyer, Altitude Trampoline Park. The building was formerly occupied by Staples.
DALLAS — JLL has negotiated a 6,760-square-foot office lease at 1800 Landmark Blvd. in Dallas on behalf of DerbySoft Inc., a provider of software for the hospitality industry. Steve Thelen of JLL represented the tenant in the lease negotiations. Tabitha Layne of Sunwest Real Estate Group represented the landlord, 14800 Landmark LLC. The space will serve as the company’s new North American office, which was previously located in Frisco.
CARY, N.C. — MetLife Inc. has broken ground on the third office building at its Global Technology Campus in Cary, roughly 12 miles west of Raleigh. Raleigh-based Highwoods Properties developed all three assets, the first two of which was delivered in 2015. Upon completion, the new building will bring more than 500 jobs to the Cary area. The Global Technology Campus sits on 26.5 acres and, at full build-out, will include three, 213,500-square-foot office buildings. The existing buildings are LEED-certified, and the new building is being designed to achieve the certification as well. The campus features a terrace overlooking Lake Crabtree, an outdoor amphitheater, basketball court, walking trails, campus-wide Wi-Fi, sit-stand desks, wellness rooms, collaborative meeting rooms, coffee bars and structured parking. The new building is slated for completion in the first quarter of 2019.
PLANTATION, FLA. — PREMIER Design + Build Group is leading the design and construction of a 221,542-square-foot warehouse located at the intersection of Interstate 95 and Broward Boulevard in Plantation. Bridge Development Partners LLC is the project developer. Upon completion, the warehouse will have the flexibility to accommodate multiple tenants from 40,000 square feet. The building will feature an ESFR sprinkler system, T-5 energy efficient warehouse lighting, 44 rear-loading dock doors and three drive-in doors. RLC Architects is providing architectural services for the project. Flynn Engineering Services is the civil engineer and DDA Engineers is the structural engineer. Colliers International will represent the building. Construction on the warehouse is slated for completion in the third quarter of 2018.
OCOEE, FLA. — Avison Young has arranged the $23.8 million sale of Good Homes Plaza, a 165,741-square-foot, Publix-anchored center located at 8805-8995 W. Colonial Drive in Ocoee, roughly 13 miles west of Orlando. John Crotty, Ray Hayhurst, Steve Tanner and Joshua Ladle of Avison Young arranged the transaction on behalf of the seller, IMC Equity Group, and secured the buyer, Canadian-based Slate Retail REIT. Good Homes Plaza was 96 percent leased at the time of sale to anchor tenant Publix, Pet Supermarket and Beall’s Outlet Store.
COLUMBIA, S.C. — Hunt Mortgage Group has provided $22.3 million in financing for the acquisition of a three-property multifamily portfolio in Columbia. Aline Capital LLC arranged the financing utilizing the Fannie Mae Green Rewards Program. In addition to purchasing the portfolio, the undisclosed borrower will use the funds to invest in energy efficient renovations and improve the apartment unit interiors. The portfolio totals 625 units and includes Park Place Apartments, Copperfield Apartments and Hunter’s Ridge Apartments.
BLACKSBURG, VA. — Cushman & Wakefield | Thalhimer has arranged the sale of University Crossroads, an 18,316-square-foot retail center located at the main entrance of Virginia Tech in Blacksburg. Eric Robison and Catharine Spangler of Cushman & Wakefield | Thalhimer arranged the sale on behalf of the undisclosed seller. Additional terms of the transaction were not disclosed. Constructed this year, the center is part of the larger University Crossroads mixed-use development, which includes additional retail space, a freestanding CVS/pharmacy and two hotels with a total of 250 rooms. Graystone Cos. developed University Crossroads. At the time of sale, the center was home to Chipotle Mexican Grill, Panda Express and Tropical Smoothie Café. John Nielsen of Cushman & Wakefield | Thalhimer completed the lease-up of the property. The Thalhimer Commercial Property Services team will manage the asset under the new ownership.
Louisville’s evolving retail market has presented a mix of new development and infill redevelopment opportunities that have created a substantial amount of activity in targeted areas. While rents and absorption activity have fluctuated, several of these new developments have proven that well-designed, experiential retail projects can still gain traction and create the buzz necessary for successful brick-and-mortar retail. No project in Louisville encapsulates this more than the Whiskey Row project that is taking place downtown in the central business district (CBD). It has been several years since retail development or retailers have ventured downtown, but this new project has created the level of excitement that has attracted national retailers. The driving force behind Whiskey Row is the tourism industry centered around Louisville’s well-known bourbon scene. The $30 million mixed-use project will be a redevelopment of former distilleries, with the developer preserving and restoring the historic facades, while building out world-class retail, restaurant and office space in the existing structures. The entire project will consist of 24,000 square feet of retail. With new distilleries and restaurants opening around the mixed-use development, retailers have been drawn by the foot traffic that will undoubtedly be delivered by tourists traveling to Louisville for the …
SCOTTSDALE, ARIZ. — Bascom Arizona Ventures, a subsidiary of Irvine, Calif.-based private equity firm The Bascom Group, has acquired a two-property multifamily portfolio totaling 724 units in Scottsdale. The sales price was $148 million, or $204,420 per unit. The seller was a fund managed by London-based TH Real Estate. Legend at Kierland and Tradition at Kierland are both Class A properties situated within the Kierland master-planned community in North Scottsdale. Both are located within walking distance of Scottsdale Quarter and Kierland Commons, two shopping and entertainment developments. Both properties were constructed in the late 1990s by luxury apartment builder Mark Taylor. Each property offers a resort-style pool and spa, volleyball and tennis courts, a 24-hour fitness center and attached garages. The purchase follows Bascom’s recent acquisition of an 812-unit portfolio of three multifamily properties located in Tucson and Sierra Vista. The sales price of that transaction was approximately $70.2 million. The new ownership plans to invest in capital improvements to both properties, including upgrades to the leasing offices, pool and other common areas and unit interiors. “The Kierland portfolio provides us with an exceptional opportunity to acquire two Class A properties in an absolutely perfect location,” says Mark Brotherton, portfolio …
