Property Type

CBRE Brokers Sale of Office Building in Tulsa

by Haisten Willis July 21, 2016

TULSA, OKLA. — CBRE has brokered the sale of 21 Lewis Plaza, a 58,934-square-foot office building in Tulsa. 21 LP LLC purchased the asset from Acron 21 Lewis Plaza LP for an undisclosed price. Mary Martin and Leslie Kirkpatrick of CBRE’s Tulsa office represented the seller. Kelly McKoy with McKoy Co. in Tulsa represented the buyer. Tulsa Retina Consultants PLLC will be occupying the entire second floor of 21 Lewis Plaza. The building is located at 2424 E. 21st St. near its intersection with South Lewis Avenue. 21 Lewis Plaza was 70 percent occupied at the time of sale to tenants including Oklahoma National Bank, G4s Secure Solutions Inc., River Parks Authority and Gilbert Audiology & Hearing.

July 21, 2016

Multifamily Texas

Muskin Commercial Negotiates Sale of The Willows Apartments in Killeen

by Haisten Willis July 21, 2016

KILLEEN, TEXAS — Muskin Commercial has negotiated the sale of The Willows Apartments in Killeen. A California-based investor purchased the asset for an undisclosed price. Ellen Muskin and Daniel Elam of Muskin Commercial LLC represented the sellers in the transaction. Rich Heine of Southwest Investment Properties represented the buyer. First State Bank of Killeen provided financing for the 232-unit asset, which will be managed by Houston-based Asset Plus Management. Built in 1983 by the current owners on an 8.2-acre site, the property features brick construction with pitched composition shingle roofs. The apartments include one-, two- and three-bedroom units in 15 buildings. The property has an average unit size of 715 square feet and includes two swimming pools.

July 21, 2016

Multifamily Texas

Allied Orion Group to Manage Provenza at Windhaven

by Haisten Willis July 21, 2016

LEWISVILLE, TEXAS — Allied Orion Group has been selected to manage Provenza at Windhaven in Lewisville, adding a 324-unit, Class A community to its Dallas area portfolio. Located at 4900 Windhaven Parkway in the Castle Hills master-planned area, Provenza at Windhaven offers one-, two- and three-bedroom floor plans. Owned by Momentum Real Estate Partners, the apartment homes feature granite countertops and prep islands, stainless steel appliances, wood-style flooring and wood cabinetry. Amenities include a swimming pool and cabanas, grilling stations, fitness center, private courtyards, club lounge, game room, dog park and dog wash stations. Situated off the Sam Rayburn Tollway near the North Dallas Tollway, Provenza at Windhaven is located near employers like Toyota, FedEx, JPMorgan Chase and Fannie Mae.

July 21, 2016

Multifamily Texas

M&M Arranges Sale of 11-Unit Apartment Building in Dallas

by Haisten Willis July 21, 2016

DALLAS — Marcus & Millichap has arranged the sale of Candlewick, an 11-unit apartment property located in Dallas. Scott Ogilvie of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a partnership, and procured the buyer, a limited liability company. Nick Fluellen and Bard Hoover, also of the firm’s Dallas office, assisted with the transaction. Candlewick is located at 5444 Gaston Ave. and consists of eight one-bed/one-bath units, one two-bed/one-bath unit and two two-bed/1.5-bath units. The asset was 91 percent occupied upon execution of the contract. Candlewick, built in 1961, is situated in the historic district of Old East Dallas.

July 21, 2016

Office Retail Texas

Lee & Associates Negotiates 10,500 SF Office/Retail Sale in Dallas

by Haisten Willis July 21, 2016

DALLAS — Lee & Associates has negotiated the sale of a 10,500-square-foot office/retail building located at 1528 Slocum St. in Dallas. Nathan Denton of Lee & Associates’ Dallas/Fort Worth office represented the buyer, Tatum Brown Custom Homes. Doug Molny with Jim Lake Cos. represented the seller, Mark Modares.

July 21, 2016

District of Columbia Hospitality Southeast

Thor Equities Buys 10-Story Hotel in Georgetown for $53.4M

by John Nelson July 21, 2016

WASHINGTON, D.C. — Thor Equities has purchased a 10-story, 125,000-square-foot building at 3000 M St. in Washington, D.C.’s Georgetown district for $53.5 million. The property is surrounded by restaurants and bars in close proximity to Georgetown University and the main commercial intersection of Wisconsin Avenue and M Street. Thor plans to convert the former Lantham Hotel into a boutique hotel with up to 100 rooms, an upscale restaurant, food and beverage options and 27,000 square feet of retail space on the ground, lower and second levels of the property.

July 21, 2016

Mixed-Use Southeast Virginia

Akridge Sells Westfields Development Sites to Elm Street, Northwood Ravin

by John Nelson July 21, 2016

CHANTILLY, VA. — Akridge has sold The Preserve at Westfields in Chantilly to Elm Street Development and Northwood Ravin. Prior to the sale, Akridge had the site rezoned from 1.2 million square feet of office to mixed-use within Westfields. Westfields is located just south of Dulles International Airport off of Route 28 in Fairfax County. The development includes 155 townhomes, up to 650 multifamily units and up to 15,000 square feet of retail space. Situated next to the planned Wegmans retail development, the project will also include an amphitheater, pavilion, nature trail and lake. Elm Street will develop the townhome component, and Northwood Ravin will develop the multifamily and retail components. John Sheridan and Nathan Barth of CBRE represented Akridge in the sale of The Preserve’s multifamily and retail components to Northwood Ravin. Construction is slated to begin this month, with the first townhome scheduled to deliver in the summer of 2017. The multifamily project will include luxury finishes and amenities such as a resort-style spa, a health club featuring workout options such as yoga and crossfit, resident co-working space, a pet run and spa and retail shops. Construction on the first phase of the multifamily development is expected to …

July 21, 2016

Florida Multifamily Southeast

ARA Newmark Brokers $42.8M Sale of Apartment Community in Central Florida

by John Nelson July 21, 2016

OCOEE, FLA. — ARA Newmark has brokered the $42.8 million sale of Oak Forest, a 408-unit, garden-style apartment community in Ocoee, a suburb of Orlando. Miami-based Advenir Real Estate Management purchased the asset from New York-based Palatine Capital Partners. Built in two phases from 1989 to 1991, the property features two swimming pools, a newly remodeled clubhouse, fitness center, basketball and tennis courts and a playground. Kevin Judd, Scott Ramey, Patrick Dufour, Marc deBaptiste and Dick Donnellan of ARA Newmark represented Palatine Capital Partners in the transaction.

July 21, 2016

Loans Multifamily North Carolina Southeast

NorthMarq Arranges $9.8M Acquisition Loan for Student Housing Community in North Carolina

by John Nelson July 21, 2016

PEMBROKE, N.C.— NorthMarq Capital has arranged $9.8 million in acquisition financing for Pembroke Place, a 336-bed student housing community located near the University of North Carolina at Pembroke campus in Pembroke. The transaction was structured with a 15-year term and 25-year amortization schedule. Lee Weaver and Steve Whitehead of NorthMarq arranged financing for the borrower, Pembroke Place CP LLC, through its Fannie Mae DUS program.

July 21, 2016

Florida Retail Southeast

NAI Miami Negotiates NightLife Brewing’s Lease at Shops of Marlins Park in Miami

by John Nelson July 21, 2016

MIAMI — NAI Miami has arranged a 10-year, 11,300-square-foot retail lease at Shops of Marlins Park in Miami for a new brewery. NightLife Brewing Co. will open its new microbrewery facing the main pavilion of Marlins Park in the Home Plate parking garage known as P1 at Marlin’s Park, located at 1588 N.W. 7th St. The Shops of Marlins Park spans 57,501 square feet of office and retail space situated in three of the four parking garages of Marlins Park, home of the Miami Marlins baseball team. With the NightLife Brewing lease, occupancy at the Shops of Marlins Park is at 61 percent. Jeremy Larkin and Joseph Gallaher of NAI Miami represented the landlord, the city of Miami, in the lease transaction, which was valued at $2.6 million. The lease marks the first brewery approved in a retail zoning for the city of Miami.

July 21, 2016

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