Property Type

W Designed Developments Acquires Seniors Housing Development Site in California for $1M

by Nellie Day April 4, 2017

VISTA, CALIF. — W Designed Developments has acquired a 2.6-acre plot in Southern California, with plans to develop a seniors housing community on the site. Irwin Dubinksy Living Trust and Kissinger Family Trust sold the property for $1 million. Al Apuzzo and Matt Weaver of Lee & Associates – North San Diego County represented sellers while Weston Harmer represented the buyer. The site is in Vista, located between San Diego and Los Angeles. Details on the proposed seniors housing facility were not released.

April 4, 2017

Office Texas

Kaizen Breaks Ground on Class A Office Park in Allen, Texas

by Taylor Williams April 4, 2017

ALLEN, TEXAS — Kaizen Development Partners has broken ground on Phase I of One Bethany at Watters Creek, a Class A office park located at the corner of Bethany Drive and Watters Creek Boulevard in the Dallas-Fort Worth metro of Allen. Texas-based architecture firm BOKA Powell designed the initial phase of the project, which includes a 125,000-square-foot office building with a 570-space parking garage. Delivery of the building, which will feature a conference room, fitness center and tenant lounge, is expected within 12 months.

April 4, 2017

Retail Texas

Amazon to Open 1M SF Fulfillment Center in Houston Area

by Taylor Williams April 4, 2017

KATY, TEXAS — Amazon.com Inc. has announced plans to open a 1 million-square-foot fulfillment center in the west Houston suburb of Katy. Duke Realty will develop the center, which will be situated on approximately 87 acres near the intersection of U.S. Highway 90 and Woods Road, according to the Houston Business Journal. The project, which marks Amazon’s 10th fulfillment center in Texas, is expected to create about 1,000 full-time jobs in packaging and shipping.

April 4, 2017

Mixed-Use Retail Texas

Hobby Lobby Opens at 1.5 MSF Mixed-Use Center in New Caney, Texas

by Taylor Williams April 4, 2017

NEW CANEY, TEXAS — Hobby Lobby has opened a new store in Valley Ranch Town Center, a 240-acre, 1.5 million-square-foot mixed-use development in New Caney, a city roughly 30 miles north of Houston. The Signorelli Co., a Houston-area builder, developed the property, which is situated within the 1,400-acre, master-planned community of Valley Ranch on Grand Parkway near Interstate 69. Valley Ranch Town Center, which also includes a 13,500-seat amphitheater and 1,000 multifamily residences, is the largest retail project currently underway in the Houston area.

April 4, 2017

Loans Multifamily Texas

Hunt Mortgage Arranges $10M Refinancing of Multifamily Property in Dallas

by Taylor Williams April 4, 2017

DALLAS — Hunt Mortgage Group has arranged a $10 million Fannie Mae loan for the refinancing of Spanish Brook Apartments, a 248-unit, garden-style apartment complex located at 11511 Ferguson Road in east Dallas. The loan features a 12-year term, 25-year amortization schedule and an 11.5-year yield maintenance period. To date, the undisclosed, Texas-based borrower has invested $7 million in renovations to the unit interiors and building exteriors of the property.

April 4, 2017

Retail Texas

SHOP Cos. Brokers Sale of 61,853 SF Retail Center in Denton, Texas

by Taylor Williams April 4, 2017

DENTON, TEXAS — SHOP Cos. has brokered the sale of San Jacinto Plaza, a 61,853-square-foot retail center located at 2300 San Jacinto Blvd. near Interstate 35 in Denton, a city in north Texas equidistant from Dallas and Fort Worth. At the time of sale, the property was 87 percent leased to tenants such as Office Depot, Foot Spa and Mattress Firm. Tommy Tucker and Tim Axilrod of SHOP Cos. represented the seller, a Dallas-based limited partnership, in the transaction. An undisclosed limited liability company from Plano purchased the property.

April 4, 2017

Hospitality Southeast Virginia

LaSalle Hotel Properties Sells Metro D.C. Resort for $133M

by John Nelson April 4, 2017

LEESBURG, VA. — LaSalle Hotel Properties has sold Lansdowne Resort, a 296-room hotel and resort located at 44050 Woodridge Parkway in Leesburg, about 33 miles from Washington, D.C. An undisclosed buyer purchased the property from LaSalle Hotel Properties for $133 million. Situated along the Potomac River in Northern Virginia, the property features 55,000 square feet of meeting space, Spa Minerale, The Golf Club at Lansdowne with 45 holes of golf, a health club and fitness center, indoor lap pool, four outdoor pools, driving range, tennis and volleyball courts, horseshoes and a business center. LaSalle Hotel Properties acquired the property in 2003 for $115.8 million. The company has also sold Alexis Hotel in Seattle for $71.6 million and is under contract to sell Hotel Triton in San Francisco for $14.3 million.

April 4, 2017

Georgia Mixed-Use Office Southeast

Hines, Cousins Sign Office Lease with Spaces at Avalon in Metro Atlanta

by John Nelson April 4, 2017

ALPHARETTA, GA. — Hines and Cousins Properties have executed a 34,000-square-foot, 11-year lease transaction with Spaces, a co-working office space provider owned by Regus. Spaces will occupy the first two floors of 8000 Avalon, a nine-story, 224,000-square-foot office building underway within Boulevard East, the second phase of the Avalon mixed-use development in Alpharetta. Hines and Cousins entered into a joint venture to develop the $73 million office building, which will also be home to Microsoft. David Demarest, Brannan Moss and Jennifer Ziegler of JLL represented Spaces in the lease deal. In other Avalon news, Apple has confirmed plans to relocate the Apple Store at nearby North Point Mall to Boulevard East. The new store will open at 10 a.m. on Thursday, April 13.

April 4, 2017

Loans South Carolina Southeast Student Housing

NXT Capital Provides $21M Acquisition Loan for Student Housing Property in Charleston

by John Nelson April 4, 2017

CHARLESTON, S.C. — NXT Capital has provided a $21 million acquisition loan for 400 Meeting Street, a 41-unit, 160-bed student housing community situated less than a mile north of the College of Charleston. The Class A community includes a fitness center, covered bicycle storage, car sharing services and controlled access. According to the property website, the borrower is renovating and rebranding 400 Meeting Street as My House on Meeting.

April 4, 2017

Florida Multifamily Southeast

Berkadia Brokers $19.4M Sale of Multifamily Community in Orlando

by John Nelson April 4, 2017

ORLANDO, FLA. — Berkadia has arranged the $19.4 million sale of The Park at Salerno, a 200-unit multifamily community located at 2100 S. Conway Road in Orlando. Tampa-based Palm Harbor Property Holdings LLC sold the asset to a partnership between Reno, Nev.-based Goldelm at Salerno LLC and Jacksonville, Fla.-based Michaelson Real Estate Group. Community amenities at The Park at Salerno include a clubhouse, coffee bar, resident lounge, business center, fitness center, two pools, tropical landscaping, planned social activities and gated access.

April 4, 2017

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