Property Type

Hersha Hospitality Trust Acquires Ritz-Carlton Coconut Grove for $36M

by John Nelson February 24, 2017

COCONUT GROVE, FLA. — Hersha Hospitality Trust has purchased the 115-room Ritz-Carlton Coconut Grove for $36 million. The hospitality REIT funded the acquisition with proceeds from the recent sale of the Residence Inn in Greenbelt, Md. Situated on 3.4 acres about a half-block from the waterfront, the Ritz-Carlton is part of a two-tower, 22-story residential-hotel condominium complex that opened in 2002. The property features 14,000 square feet of meeting space, a restaurant bar, spa, fitness center, retail space, pool, exterior courtyards and approximately 8,000 square feet of leasable office space. The identity of the seller was undisclosed.

February 24, 2017

District of Columbia Loans Office Southeast

Natixis Provides $24M Development Loan for Multifamily Conversion in D.C.

by John Nelson February 24, 2017

WASHINGTON, D.C. — Natixis has provided a $24 million loan for the repositioning of an 11-story office building in Washington, D.C.’s Capitol Riverfront neighborhood. The borrower, Douglas Development, will use the floating-rate financing to pay off existing debt and convert the asset into a 415-unit apartment building with 17,238 square feet of retail space and parking. Douglas Development plans to break ground on the project in 2017 or 2018. The property is situated along the Anacostia River and is within walking distance of Washington Nationals Park and the DC United Stadium, a soccer stadium that is currently under construction.

February 24, 2017

North Carolina Seniors Housing Southeast

NHI Acquires Two Seniors Housing Properties in North Carolina for $16.1M

by John Nelson February 24, 2017

HENDERSONVILLE, N.C. — National Health Investors Inc. (NHI) has purchased an 86-unit, two-property portfolio of assisted living and memory care communities in the Asheville suburb of Hendersonville for $16.1 million. The two communities are located adjacent to each other and are collectively known as Spring Arbor. The first property opened in 1999 and features 26 assisted living units and 13 memory care units. The second facility opened in 2002 and comprises 47 assisted living units. NHI will lease the communities to affiliates of Ravn Senior Solutions. The initial lease term is 15 years at an annual lease rate of 7.35 percent plus fixed annual escalators. NHI funded the acquisitions using its revolving credit facility. As part of the transaction, NHI was also offered a purchase option on a third building in the Raleigh-Durham area.

February 24, 2017

Retail Texas

HFF Arranges Sale of Retail Center in Houston

by Taylor Williams February 24, 2017

HOUSTON — HFF has closed the sale of Renaissance Center, a 97,279-square-foot, grocery-anchored retail property in downtown Houston. Located at 6102 Scott St. near the intersection of Old Spanish Trail, the center lies inside Houston’s Interstate 610 loop and is within two miles of the Texas Medical Center. Current tenants include H-E-B, Taco Bell, BB&T Bank, Watermill Express and U.S. Renal Care. Ryan West and Rusty Tamlyn of HFF represented the seller, Lionstone Investments, an analytics-driven real estate firm. The buyer, Williamsburg Enterprises Limited, obtained the property with zero outstanding debt.

February 24, 2017

Retail Texas

Marcus & Millichap Facilitates Sale of Retail Property in Copperas Cove, Texas

by Taylor Williams February 24, 2017

COPPERAS COVE, TEXAS — Marcus & Millichap has brokered the sale of Copperas Cove Retail, a 16,400-square-foot retail property located at 301 Constitution Drive in Copperas Cove, a city roughly 65 miles north of Austin. The property was 100 percent occupied at the time of sale to tenants such as Payless Shoe Source, Sally Beauty Co., Bank of America, GameStop and Jackson Hewitt Tax Service. Philip Levy of Marcus & Millichap represented the seller, a developer, and secured the buyer, a private investor. Both parties requested confidentiality.

February 24, 2017

Industrial Texas

Lee & Associates Negotiates Industrial Lease in Metro Dallas

by Taylor Williams February 24, 2017

CARROLLTON, TEXAS — Lee & Associates has arranged a 30,863-square-foot industrial lease located at 1624 W. Crosby Road in Carrollton, a northern suburb of Dallas. Adam Graham, Ken Wesson and Christine Vasily of Lee & Associates represented the landlord, EastGroup Properties in the lease deal. Larry Eubanks of Eubanks Real Estate LLC represented the tenant, Complete Supply Inc., a janitorial supply company based in the Dallas-Fort Worth area.

February 24, 2017

Multifamily Texas

Q10 KDH Secures Financing for Five Multifamily Properties in Houston

by Taylor Williams February 24, 2017

HOUSTON — Commercial lender Q10 Kinghorn, Driver, Hough & Co. (Q10 KDH) has arranged acquisition and rehab financing for five multifamily properties in Montrose, a neighborhood on Houston’s south side. Among the properties financed are a 16-unit, 15,454-square-footcommunity at 400 Westmoreland St. and a 16-unit, 11,450-square-foot building at 1717 Norfolk St.. Emily Zarcaro of Q10 KDH sourced the loans from local banks and bridge lenders that chose to remain anonymous. The borrower and loan amounts were undisclosed.

February 24, 2017

California Hospitality Western

R.D. Olson, DKN Hotels Complete Homewood Suites Hotel in Irvine

by Nellie Day February 24, 2017

IRVINE, CALIF. — A partnership between R.D. Olson Construction and DKN Hotels has completed construction of the 161-room Homewood Suites by Hilton Irvine/John Wayne Airport in Irvine. The hotel is situated in the Airport submarket near Newport Beach, Corona del Mar and Laguna Beach. The hotel features more than 1,500 square feet of meeting space equipped with high-speed internet access, audio-visual equipment and natural lighting. Lee & Sakahara Architects designed the project.

February 24, 2017

Colorado Office Western

Buchanan Street Partners Buys 224,015 SF Office Building in Denver

by Nellie Day February 24, 2017

DENVER — Buchanan Street Partners has purchased a 224,015-square-foot, transit-oriented office tower in Denver for an undisclosed sum. The 12-story tower is located at 5613 DTC Parkway within the Denver Technological Center in the city’s southeast region. The building is currently 80 percent occupied. Buchanan plans to complete improvements to attract and retain tenants. The company will focus on the asset’s tenant spaces, common areas and building systems. It will also look into improving the tower’s fitness center, lobby, elevators, cafe, conference center, parking deck and outdoor patios. Buchanan Street represented itself in this transaction, while CBRE’s Tim Richey, Mike Winn and Chad Flynn represented the seller, SteelWave LLC.

February 24, 2017

Office Oregon Western

Rosendin Electric Leases 91,650 SF of Office Space at Majestic Brookwood Business Park in Portland

by Nellie Day February 24, 2017

PORTLAND, ORE. — Rosendin Electric has leased 91,650 square feet of office space at Majestic Brookwood Business Park in the Portland submarket of Hillsboro. The park is located at 23677 N.W. Huffman St. The space will serve as Rosendin’s division headquarters. Majestic Brookwood Business Park is a master-planned, 73-acre commercial development that will include up to 1 million square feet of industrial, retail and office space. CBRE’s Scott Weigel represented Rosendin. Colliers’ Mike Thomas and Mark McClung represented the landlord, Majestic Realty Co., in this transaction.

February 24, 2017

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