Property Type

ShopOne Launches New REIT With 46 Assets Across Eight States

by Camren Skelton October 2, 2017

NEW YORK CITY — ShopOne Centers REIT Inc. has launched a new shopping center ownership entity under the leadership of retail real estate veteran Michael Carroll. The private real estate investment trust will focus on acquiring, operating and managing grocery-anchored shopping centers in dense, geographically diverse areas. Davidson Kempner Capital Management LP owns a majority of ShopOne’s equity. “We have a really good capital partner in Davidson Kempner, which has been an active investor in the space from both the debt and asset level,” says Carroll, who serves as CEO of ShopOne. Carroll is the former CEO of Brixmor Property Group. “We are the first platform/portfolio company investment that Davidson Kempner has made.” ShopOne is entering the retail sector with a portfolio of 46 shopping centers spread across eight states, including more than 4.7 million square feet of gross leasable space, the majority of which were acquired from Devonshire REIT Inc. “There were properties that were housed in the operating partnership of Devonshire, and we bought that operating partnership,” says Carroll. “There are Devonshire entities out there that still have a business, but we have migrated the assets that were in their operating partnership into a new entity under the ShopOne banner.” …

October 2, 2017

Orlando’s Industrial Market Finally Reaches Maturity as Demand Outstrips Supply

by John Nelson October 2, 2017

Orlando’s industrial market is coming into its own. As high-profile users such as Amazon, Samsung and Best Buy continue to enter the market, major brands are taking a fresh approach to Central Florida’s logistical advantages, and an increased number of national REITs are combing the area for any opportunity they can uncover. Despite an unprecedented boom of speculative industrial building, demand continues to outpace supply. In the industrial sphere, Orlando has become the juggernaut of Florida. This growth has been fueled by a number of overlapping factors. Tourism has always been a huge driver for Orlando’s industrial sector. Disney World remains North America’s most-visited theme park. The convention business is thriving and Port Canaveral is one of the top cruise industry ports in the world, attracting some of the largest ships. Now, the area’s tech industry is taking off as well. The $75 million, 100,000-square-foot manufacturing research center, BRIDG — just delivered in Osceola County — will be a catalyst for further growth in high-tech manufacturing and research. Add to this the second fastest rate of population growth in the nation, and the city once known primarily as Florida’s tourist mecca is primed for commercial expansion. On the national level, …

October 2, 2017

Healthcare Texas

Global Medical REIT Acquires 59,000 SF Hospital in Austin for $40.6M

by Taylor Williams September 29, 2017

AUSTIN, TEXAS — Maryland-based Global Medical REIT Inc. has acquired Central Texas Rehabilitation Hospital, a 59,000-square-foot healthcare property located at 700 W. 45th St. in Austin, for roughly $40.6 million. The inpatient hospital features 50 beds and is leased to a joint venture between subsidies of healthcare providers Kindred Healthcare and Seton Healthcare.

September 29, 2017

Retail Texas

Glowzone to Open 52,525 SF Facility in Northwest Houston

by Taylor Williams September 29, 2017

HOUSTON — Glowzone, a family entertainment concept that features a ropes course, mini-golf and bumper cars, will open a 52,525-square-foot facility at 13150 Breton Ridge St. in northwest Houston. Balaxi One Breton Ridge LLC owns the big box property, having recently purchased it from Breton Ridge TX LLC. Randy Hopper and Gunnar Holman of JLL represented the seller in that transaction.

September 29, 2017

Loans Multifamily Texas

Arbor Realty Trust Provides $24M Refinancing for Apartment Community in San Antonio

by Taylor Williams September 29, 2017

SAN ANTONIO — Arbor Realty Trust Inc., a publicly traded REIT and direct lender, has provided a $24 million loan for the refinancing of Manor at Castle Hills, a 306-unit apartment community in San Antonio. Located at 1835 Lockhill Selma Road, the property offers amenities such as a pool, cyber café, billiards room, spa and a dog park. The 10-year, fixed-rate loan features a 30-year amortization schedule.

September 29, 2017

Restaurant Retail Texas

Fast Casual Eatery Gather Kitchen Opens Flagship Location in Downtown Dallas

by Taylor Williams September 29, 2017

DALLAS — Gather Kitchen, a fast casual restaurant specializing in locally sourced items, has opened its flagship location at Thanksgiving Tower in downtown Dallas. The 2,400-square-foot restaurant will feature a bakery, outdoor seating area and floor-to-ceiling windows with views of the CBD. Greg Pierce and Ryan May of CBRE represented Gather Kitchen in the lease negotiations. Jack Gosnell and Amy MacLaren, also of CBRE, represented the landlord, Woods Capital Management.

September 29, 2017

Retail Texas

Venture Commercial Arranges Sale of 4,600 SF Retail Center Near Grandscape

by Taylor Williams September 29, 2017

LEWISVILLE, TEXAS — Retail brokerage firm Venture Commercial has arranged the sale of a 4,600-square-foot retail center located at 5020 State Highway 121 in the Dallas metro of Lewisville. The property is adjacent to Grandscape, a 433-acre development owned by Berkshire Hathaway and anchored by Nebraska Furniture Mart. John Zikos, Jonathan Cooper and Don Miller of Venture Commercial represented the seller, NDC Holdings, in the transaction. Austin-based management firm Mutyala Properties purchased the asset for an undisclosed price.

September 29, 2017

Multifamily Northeast Pennsylvania

Hanover Co. Opens 339-Unit Apartment Building in Philadelphia

by Amy Works September 29, 2017

PHILADELPHIA — Houston-based Hanover Co. has opened Hanover North Broad, an apartment building located at the corner of North Broad and Callowhill streets in Philadelphia. The property features 339 studio, one- and two-bedroom apartments, as well as 17,000 square feet of retail space. Units feature designer kitchens with stainless steel appliances, granite countertops and luxury finishes, including frameless cabinetry, expansive windows and nine-foot ceilings. On-site amenities include a residents’ clubhouse with private gym, lounge and media room, as well as landscaped courtyards with fire pit, grilling areas, dining areas and a bocce ball court.

September 29, 2017

Connecticut Loans Multifamily Northeast Seniors Housing

KeyBank Provides $12.9M in FHA Financing for Seniors Housing Property in Connecticut

by Amy Works September 29, 2017

NEW HAVEN, CONN. — KeyBank Real Estate Capital has provided $12.9 million in FHA financing to the Jewish Federation of Greater New Haven for Tower One & Tower East, a seniors housing property in New Haven. Built in 1969 and 1981, the apartment complex features 328 age- and incomed-restricted units. Ed Foulon of Key’s Commercial Mortgage Group arranged the financing, which features a 35-year amortization schedule, through the FHA 223(f) mortgage insurance program. Loan proceeds were used to refinance existing debt. The Jewish Federation of Greater New Haven is a non-profit, faith-based, service-oriented organization that provides continuing care and affordable housing to seniors.

September 29, 2017

Mixed-Use Multifamily New York Northeast Retail

Metropolitan Avenue Associates Acquires Mixed-Use Building in Brooklyn for $11.3M

by Amy Works September 29, 2017

NEW YORK CITY — Metropolitan Avenue Associates has purchased a six-story mixed-used building located at 524 Metropolitan Ave. in Brooklyn’s Williamsburg neighborhood. Pinny and Moishe Loketch of the Loketch Group sold the property for $11.3 million. The 12,160-square-foot building features 20 apartment units and two commercial spaces, which are leased to Yola’s Café. At the time of sale, the building was fully occupied. Brendan Maddigan, Ethan Stanton and Michael Gignate of Cushman & Wakefield represented the seller in the deal.

September 29, 2017

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