Property Type

CBRE Fund Acquires 508,102 SF Office Tower in Dallas

by Taylor Williams June 29, 2017

DALLAS — A fund advised by CBRE Global Investors has acquired 8750 NCX, a 508,102-square-foot, Class A office tower located at 8750 N. Central Expressway in Dallas. The fund purchased property for roughly $120 million, according to The Dallas Business Journal. The 20-story property, which was 91 percent leased at the time of sale, features an on-site fitness center, conference center and cafe. The fund will invest an undisclosed amount of additional capital in the property’s mechanics and cosmetics

June 29, 2017

IPA Closes $217M in Multifamily Sales in Phoenix

by Nellie Day June 29, 2017

PHOENIX — Institutional Property Advisors’ Steve Gebing and Cliff David have closed five multifamily sales in the metro Phoenix area totaling $217 million in 16 days. The sales included Village Green in Mesa, Onnix in Tempe, Broadstone Gateway in Avondale, Green Leaf Promontory Pointe in Phoenix and Pinnacle at Union Hills in Phoenix.

June 29, 2017

Loans Multifamily Office Seniors Housing Utah Western

Bridge Investment Group Completes $1.6B Capital Raise for Investment Fund

by Nellie Day June 29, 2017

SALT LAKE CITY — Bridge Investment Group, an investment fund manager headquartered in Salt Lake City, has completed a $1.6 billion in equity commitments, which will be managed by the company’s subsidiary, Bridge Debt Strategies Fund Manager LLC. Bridge Debt Strategies invests in select Freddie Mac securitization vehicles. The strategy focuses on underserved parts of commercial real estate and lends against assets in multifamily housing, commercial office, and seniors housing and medical properties.

June 29, 2017

Office Texas

TIER REIT Begins Development of 324,000 SF Office Building in Austin

by Taylor Williams June 29, 2017

AUSTIN, TEXAS — TIER REIT Inc., a publicly traded, Dallas-based investment firm, has begun developing Domain 11, a 16-story, 324,000-square-foot office building in Austin. Scheduled for a late 2018 delivery, the property is 98 percent preleased to Austin-based vacation rental firm HomeAway. TIER REIT is also planning to develop a 306,000-square-foot office tower adjacent to Domain 11.

June 29, 2017

California Loans Multifamily Seniors Housing Western

Housing & Healthcare Finance Arranges $6M HUD Refinancing for Skilled Nursing Facility Near LA

by Nellie Day June 29, 2017

LOS ANGELES — Housing & Healthcare Finance has arranged a $6 million HUD refinancing for a 99-bed skilled nursing facility in the greater Los Angeles area. The name of the facility was not disclosed. In addition, the same company recently arranged a $32 million refinancing for two facilities in the New Orleans area. The Archdiocese of New Orleans owns both properties, which total 437 beds. The refinancing takes out the construction loan for a 30-unit rehabilitation center at the properties.

June 29, 2017

California Restaurant Retail Western

Chronic Tacos to Open 26 Locations in 2017

by Nellie Day June 29, 2017

ALISO VIEJO, CALIF. — Chronic Tacos, a California-inspired Mexican grill, plans to open 26 new locations in the United States and Canada by the end of 2017, bringing its total to over 50 locations. 2017 planned openings include: Birmingham, Ala. (2 locations) Waterfront, B.C. Bell Gardens, Calif. Burbank, Calif. Clovis, Calif. Hillcrest (San Diego), Calif. Irvine, Calif. Laguna Beach, Calif. Oceanside, Calif. Pacific Beach, Calif. Paseo, Calif. Redlands, Calif. Sacramento, Calif. Fort Meyers, Fla. Windermere, Fla. Tampa Bay, Fla. Alpharetta, Ga. Atlanta Oahu, Hawaii Las Vegas T-Mobile Arena Raleigh, N.C. Wake Forest, N.C. Nashville, Tenn. Spokane, Wash. Tacoma, Wash. (Lakewood) 2018 planned openings include: Barstow, Calif. Newbury Park, Calif. Alberta, Canada Denver West Midtown, Ga. Aliso Viejo, Calif.-based Chronic Tacos is a California-inspired Mexican grill founded in 2002.

June 29, 2017

Loans Multifamily Texas

Hunt Mortgage Provides $23.5M in Construction Financing for 192-Unit Apartment Community in Ennis, Texas

by Taylor Williams June 29, 2017

ENNIS, TEXAS — Hunt Mortgage Group has provided $23.5 million in construction financing for Spyglass Apartments, a 192-unit apartment community in Ennis, a city roughly 45 miles south of Dallas. Situated on 12.9 acres, the property will feature a pool, fitness center, jogging trail and on-site parking for 364 vehicles. The borrower, Spyglass Apartments of Ennis LP, will undertake energy-saving measures to ensure the property is certified under the National Green Building Standards program.

June 29, 2017

Industrial Texas

NAI Negotiates 20,000 SF in Industrial Lease Renewals in Katy

by Taylor Williams June 29, 2017

KATY, TEXAS — NAI Partners has negotiated a pair of industrial lease renewals totaling 20,000 square feet at Westgreen Business Center in Katy. Ignition Systems and Controls Inc. renewed its 8,750-square-foot lease at the property, which is located on Vanderwilt Lane, and Ogburn Trucking renewed its 11,250-square-foot lease. Shaffer Braun of NAI Partners represented the landlord, Westgreen Business Center Ltd., in both lease negotiations.

June 29, 2017

Hospitality New York Northeast

MCR Sells 18 Marriott and Hilton Hotels for $407.4M

by Amy Works June 29, 2017

NEW YORK CITY — MCR has sold 18 Marriott and Hilton assets to American Hotel Income Properties REIT for $407.4 million. The sale encompassed 2,187 rooms, which sold for roughly $186,000 each. The assets are in Maryland, New Jersey, New York, Connecticut and Pennsylvania. MCR is the seventh largest hotel owner-operator in the country and operates hotels under 10 brands.

June 29, 2017

Loans Multifamily Northeast Pennsylvania

HFF Secures $65M in Equity, Debt for 279-Unit Apartment Development in Philadelphia

by Amy Works June 29, 2017

PHILADELPHIA — HFF has arranged $65 million in preferred equity and construction financing for the development of The Hamilton, a 10-story apartment building located at 440 N. 15th St. in Philadelphia. Radnor Property Group is developing the 279-unit property, which is slated for completion in 2018. The Hamilton will feature studio, one- and two-bedroom layouts. HFF arranged a $48.5 million construction loan from Santander Commercial Real Estate and $16.5 million in preferred equity from an insurance company for the developer. Ryan Ade, Rob Hinckley, David Giancola and Michael Pagniucci of HFF arranged the financing for the borrower.

June 29, 2017

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