Property Type

CBRE Arranges $38M Construction Financing for Student Housing Near Baylor

by Haisten Willis July 28, 2016

WACO, TEXAS — CBRE Capital Markets’ debt and structured finance team has arranged $38 million in construction financing for the development of a student housing property near Baylor University. Benjamin Roelke of CBRE’s Dallas office arranged the three-year, interest-only loan with extension options on behalf of the developer, Park 7 Group. Financing was provided by three different regional and commercial banks. The property, Park Place at Baylor, will be located at 909 Baylor Ave. and include 724 beds in 261 units. The property will be within a five-minute walk to Baylor’s campus. The five-story, mid-rise property will provide amenities including a swimming pool and hot tub, cabanas, sand volleyball court, outdoor fireside lounge, grilling areas, gaming rooms, fitness studio, study areas and a computer center. Park Place at Baylor is scheduled for completion in summer 2017.

July 28, 2016

Hidden-Grove-12404-Park-Central-Dallas-studio-movie-grill

Office Texas

Studio Movie Grill Relocates Corporate Headquarters in Dallas

by Haisten Willis July 28, 2016

DALLAS — JLL has negotiated a new 20,200-square-foot lease with movie theater company Studio Movie Grill. The Dallas-based company will be relocating its corporate headquarters to Hidden Grove at 12404 Park Central Drive. JLL’s Jeff Eckert, James Esquivel and Ahnie Gampper negotiated the lease on behalf of the landlord, Red River Asset Management. John Beach with Jackson & Cooksey represented the tenant. Established in 2000, Studio Movie Grill has grown to 24 theatres in 10 states. The company is known for combining a full-service dining experience with first-run movie screenings.

July 28, 2016

Multifamily Texas

M&M Arranges Sale of 74-Unit Apartment Building in Metro Dallas

by Haisten Willis July 28, 2016

HURST, TEXAS — Marcus & Millichap has arranged the sale of Cavender Manor Townhomes, a 74-unit apartment property located in Hurst. Nick Fluellen, Bard Hoover and Evan Burke of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Hoover and Burke procured the buyer, an individual/personal trust. Cavender Manor Townhomes is located at 1233 Cavender Drive. Built in 1965, the property includes one-, two- and three-bedroom units averaging 857 square feet. Since 2014, more than $210,000 has been spent on capital improvements throughout the property.

July 28, 2016

Industrial Texas

Stream Realty Partners Negotiates 25,841 SF Distribution Center Lease in San Antonio

by Haisten Willis July 28, 2016

SAN ANTONIO — Stream Realty Partners has secured a 25,841-square-foot lease at Crosswinds Distribution Center – Building C for Copenhagen Imports, a furniture importer. The property is located at 11827 Tech Com Road in San Antonio. Kevin Cosgrove and Payton Rion of Stream Realty Partners Central Texas represented the landlord, DRA Advisors, in the lease transaction. Crosswinds Distribution Center consists of two industrial buildings totaling 142,403 square feet. The property is located at the intersection of Wurzbach Parkway and Tech Com Road in northeast San Antonio. The industrial space features 160-foot building depths, storefronts, 24-foot clear heights and a rear-load concrete truck court.

July 28, 2016

Industrial Texas

NAI Partners Brokers 30,000 SF Industrial Lease in Houston

by Haisten Willis July 28, 2016

HOUSTON — NAI Partners has arranged the lease of a 30,000-square-foot distribution facility located at 14039 S. Gessner Road in Houston. Darren O’Conor and Jake Wilkinson of NAI Partners represented the landlord, Roadrunner Ltd., during the lease negotiations with the tenant, Valve Index Inc., a seller of valve products.

July 28, 2016

Kentucky Multifamily Southeast

Passco Acquires Newly Constructed Apartment Community in Metro Louisville for $50.4M

by John Nelson July 28, 2016

PROSPECT, KY. — Passco Cos. LLC has purchased The Veranda, a 236-unit apartment community located at 9506 Civic Way in Prospect, a suburb of Louisville. Passco acquired the property from The Veranda’s developer, Bristol Development, for $50.4 million. Built in 2015, the community is situated within Norton Commons, an upscale master-planned development that features Norton Hospital. The Veranda features 20 different floorplans and unit interiors include wood flooring, gourmet kitchens with granite countertops, stainless steel appliances, ceramic tile backsplashes and custom cabinetry. Craig Collins of Cushman & Wakefield/Commercial Kentucky, along with Mike Kemether of Cushman & Wakefield’s Atlanta office, represented Bristol Development in the transaction.

July 28, 2016

Industrial Mississippi Southeast

Ridgeline Enters Memphis Industrial Market with I-269 Logistics Center in Mississippi

by John Nelson July 28, 2016

MARSHALL COUNTY, MISS. — Atlanta-based Ridgeline Property Group is entering the Memphis industrial market with the development of I-269 Logistics Center, an industrial park situated in Marshall County in Mississippi near the Tennessee-Mississippi border. The project will span up to 3.5 million square feet of Class A distribution and industrial space. Ridgeline has formed a joint venture with the owner of the 328-acre site, Mississippi Land Holdings LLC, an investment vehicle owned by the CK Pearl family of funds and managed by Crestline-Kirchner LP. The site is situated at the intersection of Goodman Road and the new I-269 beltway. The joint venture has selected Dave Curran and Matt Weathersby of Cushman & Wakefield/Commercial Advisors to market I-269 Logistics Center for lease.

July 28, 2016

North Carolina Retail Southeast

TradeMark Arranges 55,000 SF Lease with Harris Teeter at Seaboard Station in Downtown Raleigh

by John Nelson July 28, 2016

RALEIGH, N.C. — TradeMark Properties has arranged a 55,000-square-foot lease transaction with Harris Teeter at Seaboard Station, a 92,000-square-foot shopping center that anchors the north end of downtown Raleigh. The shopping center is located adjacent to William Peace University off Peace and Halifax streets. Seaboard Station has been fully occupied since its sale in 2013. TradeMark Properties, the management and leasing agent for Seaboard Station, has partnered with Lowe Enterprises to develop expansion and development concepts for the project to allow for more retail space and the possibility of apartment residences and/or lodging. Built in the 1940s, Seaboard Station was originally a train depot and warehouse complex.

July 28, 2016

Loans Seniors Housing Southeast Virginia

SunTrust Provides $21.2M in Financing for Expansion of CCRC in Richmond Suburb

by John Nelson July 28, 2016

CHESTERFIELD, VA. — SunTrust Bank has provided $21.2 million in financing to add independent living cottages and home healthcare services to Lucy Corr Village, a continuing care retirement community (CCRC) in the Richmond suburb of Chesterfield. Originally a skilled nursing facility, the nonprofit Lucy Corr Village is now the only seniors housing community south of the James River that offers the full continuum of care, according to the owners. SunTrust structured three separate loans to refinance Lucy Corr’s existing bond debt, resulting in interest cost savings that can be used for the future projects. This is the third time in the last decade that Lucy Corr Village has added new independent living units. The number of units in the expansion and other details were not disclosed.

July 28, 2016

Georgia Retail Southeast

Ten-X, Hale Retail Group Arrange $17M Sale of Grocery-Anchored Shopping Center in Metro Atlanta

by John Nelson July 28, 2016

DULUTH, GA. — Ten-X, formerly Auction.com, has teamed up with Hale Retail Group to market and sale Gwinnett Prado Shopping Center, a 361,715-square-foot, supermarket-anchored shopping center in Duluth. A subsidiary of Insignia LLC purchased the asset for $17 million using the Ten-X Commercial platform. Built in 1988, the shopping center is situated on 32 acres at 2250 and 2300 Pleasant Hill Road in metro Atlanta’s Gwinnett County. Gwinnett Prado is anchored by a 102,000-square-foot Great Wall supermarket. Other tenants include Office Max and T-Mobile. Philip Kates, Adam Sklaver and Dean Lewis of Ten-X, along with Sam Hale of Hale Retail Group, marketed and sold the shopping center on behalf of the seller, an individual investor. Gwinnett Prado marks the third-largest transaction on the Ten-X platform since its launch in 2009 as Auction.com.

July 28, 2016

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