Property Type

Greystar Receives $201M Loan to Develop 636-Unit Multifamily Community in San Jose

by Taylor Williams October 16, 2017

SAN JOSE, CALIF. — Greystar has received a $201 million loan for the development of The Reserve, a 636-unit multifamily community that will be located at 897 S. Winchester Blvd. in San Jose. The site previously housed a 216-unit community that was also branded “Reserve.” Demolition of that property began in August. The Reserve will be situated within walking distance of Santana Row, a 42-acre mixed-use development that houses about 70 shops, 20 restaurants and nine spas and salons. In addition, the community will be adjacent to I-280, which provides access to the base offices of Apple, eBay, Google and Netflix, among others. Scheduled for completion in 2020, The Reserve will offer a mix of one-, two- and three-bedroom units averaging 869 square feet per unit. The project will also feature more than 8,000 square feet of ground-floor retail space and two levels of underground parking. Amenities will include a pool, rooftop lounge, fitness center with yoga rooms, clubhouse with private dining rooms, business center, pet spa and electric car charging stations. Charles Halladay and Jordan Angel of HFF led the debt placement effort. Canadian lender Otéra Capital provided the capital on behalf of Greystar. The South Carolina-based multifamily development and …

October 16, 2017

Hospitality Texas

NewcrestImage Completes 249-Room Dual-Branded Hotel in Downtown Dallas

by Taylor Williams October 13, 2017

DALLAS — Hospitality development firm NewcrestImage has completed the 128-room AC Hotel by Marriott and the 121-room Residence Inn by Marriott, the first dual-branded hotel in downtown Dallas. Located at 1712 Commerce St., the property features the AC Hotel lobby and lounge on the first floor with guestrooms on floors three through 10, and the Residence Inn lobby on the second floor and guestrooms on floors 11 through 21. The hotels also have separate lounges, business centers and dining areas, but share a bar and fitness center. A 10-story parking garage is scheduled to open in 2018 behind the building.

October 13, 2017

Georgia Office Southeast

Anthem to Anchor New 21-Story Tower in Midtown Atlanta’s Tech Square

by Camren Skelton October 13, 2017

ATLANTA — Anthem Inc. has unveiled plans to locate its information technology hub to a new 21-story tower in Midtown Atlanta’s Technology Square. The health insurance company has entered into a build-to-suit agreement with Portman Holdings, which will develop the 352,000-square-foot building. The new facility will be a hub for approximately 3,000 IT professionals and will create 1,800 new jobs upon completion in 2020. Anthem Technology Center will rise at the corner of 4th and West Peachtree streets, near the Georgia Institute of Technology and Portman’s neighboring 645,000-square-foot Coda building currently under construction. Architectural firm John Portman & Associates designed Anthem Technology Center, which will include more than 14,000 square feet of terrace space and will be LEED- and Fitwel-certified. David DiPietro, Kelly Givens and Liron Nelik of Savills Studley represented Anthem in the lease transaction, and Travis Garland of Portman Management Co. represented the landlord.

October 13, 2017

Retail Texas

Mimco Acquires 200,000 SF Shopping Center in San Antonio

by Taylor Williams October 13, 2017

SAN ANTONIO — El Paso-based investment firm Mimco Inc. has acquired City Base Landing, a 200,000-square-foot shopping center located at the intersection of Interstate 37 and SE Military Drive in San Antonio. Built in 2005 and shadow-anchored by Walmart and Sam’s Club, the center houses more than 40 tenants, including Best Buy, Office Depot, Chick-fil-A, AT&T and Chili’s. With this transaction, Mimco’s portfolio of shopping centers in San Antonio now totals more than 1.5 million square feet.

October 13, 2017

Loans Maryland Multifamily Southeast

Capital One Provides $51M Acquisition Loan for Multifamily Community in Metro D.C.

by Camren Skelton October 13, 2017

BETHESDA, MD. — Capital One has provided a $51 million Fannie Mae loan for the acquisition of Rock Spring, a 386-unit multifamily community in Bethesda. Kristen Croxton and Greg Reed of Capital One originated the seven-year, fixed-rate loan with three years of interest-only payments and five years of yield maintenance on behalf of the borrower, Fairfield Residential. The property is subject to the Maryland Moderately Priced Dwelling Unit Program, which requires 70 units to be affordable to residents earning no more than 80 percent of the area median income. Rock Spring features a playground, pool, barbeque areas, two clubhouses, computer room and a fitness center.

October 13, 2017

Florida Multifamily Southeast

Federal Capital Partners Acquires Apartment Asset in Tampa for $24.1M

by Camren Skelton October 13, 2017

TAMPA, FLA. — Federal Capital Partners (FCP) has acquired The Commons Apartments, a 200-unit multifamily community in Tampa, for $24.1 million. Matt Mitchell and Zach Nolan of HFF represented the undisclosed seller in the transaction. HFF’s Elliott Throne and Preston Reid secured acquisition financing on behalf of FCP. Located off Dale Mabry Highway, The Commons offers two-, three- and four-bedroom units. Community amenities include a barbeque and picnic area, playground, dog park, clubhouse and a swimming pool. FCP will use the financing to implement a capital improvement program, including converting the leasing office into a gym and adding washers and dryers to individual units.

October 13, 2017

Industrial South Carolina Southeast

SunCap Sells 230,000 SF Industrial Building in Upstate South Carolina for $18.5M

by Camren Skelton October 13, 2017

MOORE, S.C. — SunCap Property Group has sold Magna Distribution Center, a 229,950-square-foot warehouse and distribution facility in Moore, roughly 30 miles east of Greenville. A private investor purchased the asset from SunCap for $18.5 million. Chris Norvell and Patrick Nally of HFF represented SunCap in the transaction. Constructed this year, Magna Distribution Center is a build-to-suit for Magna Seating of America Inc., an automotive seating manufacturer. The building has an expansion capacity of 50,000 square feet and features 214,500 square feet of production space, 15,500 square feet of office space, LED lighting, 50- by 50-foot column spacing, 32-foot clear heights, 30 dock-high doors, 13 knock-out panels, 20 trailer stalls and 250 parking spaces. Situated within the 882-acre Tyger River Industrial Park North, Magna Distribution Center is in the Route 290 Industrial submarket, roughly 10 miles from the BMW manufacturing plant in Greer.

October 13, 2017

Kentucky Multifamily Southeast Student Housing

Campus First Acquires 649-Bed Student Housing Community Near University of Kentucky

by Camren Skelton October 13, 2017

LEXINGTON, KY. — Campus First Student Living, CF Real Estate Services’ student housing development and management division, has acquired The LEX, a 649-bed student housing project located near the University of Kentucky campus. The seller and sales price were not disclosed. The mid-rise property is walkable to campus and downtown Lexington. The property opened in 2009 with 266 units and contains 23,444 square feet of retail space. Atlanta-based Campus First is planning $2.5 million in renovations for the property, and estimates the work will begin prior to the 2018-19 academic year. The renovation will include the addition of VIP suites that will have granite countertops, stainless steel appliances, new kitchen hardware, subway-style tile backsplashes and new lighting. The clubhouse and office space will also be renovated, adding private study rooms, shared conference rooms and a new fitness studio and center.

October 13, 2017

Retail Texas

EDGE Brokers Sale of 67,486 SF Retail Property in Dallas

by Taylor Williams October 13, 2017

DALLAS — EDGE Realty Capital Markets has brokered the sale of Parkway Corners, a 67,486-square-foot retail property located at the corner of Dallas North Tollway and Dallas Parkway in Dallas. Brandon Beeson and Brandon Crow of EDGE represented the seller, Greenway-Parkway Corners LP, in the transaction. EMD Group LLC purchased the asset for an undisclosed price.

October 13, 2017

Retail Texas

Marcus & Millichap Arranges Sale of 33,000 SF Retail Asset in McAllen

by Taylor Williams October 13, 2017

MCALLEN, TEXAS — Marcus & Millichap has arranged the sale of a 33,000-square-foot, net-leased retail property located at 4037 W. Expressway 83 in McAllen. The property is leased to Tru Fit Athletic Clubs and is positioned in-line with a multi-tenant shopping center. Philip Levy and Blake Davis of Marcus & Millichap represented the seller, a private investor, in the transaction. An unidentified REIT purchased the asset in an all-cash deal for an undisclosed price.

October 13, 2017

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