DALLAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $4.3 million loan for the cash-out refinance of Andora Apartments, a multifamily property located in Dallas. The loan features a 3.6 percent fixed interest rate for five years, 75 percent loan-to-value ratio, no pre-payment penalty and a 25-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent banking relationships.
PFLUGERVILLE, TEXAS — Castle Lanterra Properties (CLP) has acquired 1825 Apartments, a 455-unit multifamily community in the Austin suburb of Pflugerville. This is the third Austin-area acquisition for the New York-based firm. The community, named for State Route 1825 that fronts the property, consists of 60 buildings that were built in two phases. The 351-unit 1825 Place was completed in 2001, and the 104-unit 1825 Cottages was originally constructed in 1986. Community amenities include a pool with a waterfall, fitness center, business center with Wi-Fi access, outdoor playground, pet park, carports, attached and detached garages and a recently renovated clubhouse.
HOUSTON — Mary Quinn Law Firm has leased a newly renovated office building located at 106 Avondale St. in Houston. Originally built in 1910, the property is located in the Montrose area of Houston and spans 4,880 square feet. Ron McWherter of CBRE represented the tenant, and Ryan Neyland of Davis Commercial Real Estate represented the landlord, Toomey-Guseman Ltd.
LOUISVILLE, KY. — Marcus & Millichap has brokered the $41.9 million sale of a newly built, 303,369-square-foot FedEx industrial facility in Louisville. Built in 2015, the asset is located on a 46-acre lot within the 600-acre Blankenbaker Station Business Park near the convergence of I-64 and I-265. FedEx has a 15-year initial base lease that began when the project was delivered. Seth Richard of Marcus & Millichap’s Manhattan office and Laurie Ann Drinkwater of the firm’s Boston office represented the buyer, a national net-lease investor that has purchased several properties leased to FedEx. Stan Johnson Co. represented the seller, a developer, in the transaction. Aaron Johnson is Marcus & Millichap’s broker of record in Kentucky.
CHARLOTTESVILLE, VA. — Charlotte-based Insite Properties plans to develop a 120,000-square-foot office building above a 200-space parking garage at 323 Second St. S.E. in historic Charlottesville. Charlotte-based BB+M Architecture designed the nine-story property, which will feature four levels of parking and five levels of office space. The asset will be located within two blocks of the Downtown Mall. Insite Properties has named John Pritzlaff of Cushman & Wakefield the leasing representative for the office building.
NEW ORLEANS — Provenance Hotels Partners Fund I, an investment vehicle sponsored by Portland-based hotel operator Provenance Hotels, has purchased Old No. 77 Hotel & Chandlery in New Orleans for an undisclosed price. The 167-room boutique hotel is located at 535 Tchoupitoulas St. in New Orleans’ Warehouse Arts District. The hotel features Compère Lapin, a French and Italian restaurant helmed by chef Nina Compton. Provenance Hotels bought out the ownership stake in Old No. 77 from its partners — affiliates of New York-based GB Lodging and Dallas-based Woodbine Development Corp. The trio opened the hotel in August 2015.
ROCK HILL, S.C. — Beacon Partners has completed the construction of a 40,000-square-foot office and manufacturing facility at 1217 Apex Drive in Rock Hill, a southern suburb of Charlotte in South Carolina. The asset is situated within Waterford Business Park at the corner of Dave Lyle Boulevard and Waterford Park Drive. The tenant, Oerlikon Balzers Coatings USA Inc., has begun a phased move in, which will continue over the summer. The facility was originally a speculative shell industrial building that Beacon Partners purchased from the Rock Hill Economic Development Corp. Oerlikon is a supplier of surface technologies that improve the performance and durability of precision components and tools for the metal and plastics processing industries. Region’s Bank provided construction financing to Beacon Partners for the flex facility. Other project team members include architect Merriman Schmitt and general contractor J.M. Cope.
THE VILLAGES, FLA. — Atlanta-based Bull Realty has brokered the $10.6 million sale of the TLC Medical Arts building, a 32,000-square-foot medical office building located in The Villages. The property’s anchor tenant is TLC ASC, a surgical center joint venture between National Surgery Center Holdings Inc., a subsidiary of Tenet Healthcare and a group of regional physicians. Other tenants include The Orthopedic Institute, Olcott Spine Institute and Spine Intervention Specialists. Stage Acquisitions, an affiliate of Skokie, Ill-based Stage Equity Partners, purchased the property from Stanmore Development LLC. Michael Bull and Paul Zeman of Bull Realty represented the seller in the transaction.
ATLANTA — Cushman & Wakefield has acquired Atlanta-based Multi Housing Advisors (MHA), creating one of the largest multifamily brokerage platforms in the Southeast. MHA has closed 23.8 percent of the Southeast’s total multifamily investment sales transactions this year, according to the company. The combined firms brokered nearly $3 billion in transactions, including 20 percent of all Southeastern multifamily sales in 2015. MHA co-founders Josh Goldfarb and Marc Robinson will serve as Cushman & Wakefield’s U.S. multifamily leaders. They will be based in Atlanta and Charlotte, respectively. Goldfarb and Robinson founded MHA in 2002. The company has produced transaction volume totaling more than $5.9 billion in the past five years. MHA has sold more than 140,000 multifamily units through more than 850 individual transactions since its inception. The firm brings 13 brokerage professionals and a staff of 35 to Cushman & Wakefield, and adds on-the-ground employees to the Southeast, with offices in Birmingham and Charlotte. “Adding MHA exemplifies Cushman & Wakefield’s commitment to growing our capital markets platform, especially in the multifamily sector,” says Noble Carpenter, Cushman & Wakefield president of capital markets for the Americas. “Strategically, we are deeper and positioned to serve clients across the spectrum of multifamily properties …
To say 2015 was a good year for the Memphis industrial market would be an understatement. The Memphis market, which comprises approximately 220 million square feet spread across seven submarkets and three states (Mississippi, Tennessee and Arkansas), set a new record in 2015 with absorption exceeding 8.4 million square feet. This total is nearly double what the market recorded in 2014 and an impressive 2 million square feet more than the record set in 2006. Vacancy also dipped into single-digit territory for the first time ever, falling below the 10 percent mark to a new record low of 9.8 percent. Vacancy fell 370 basis points in 2015 alone, the most significant year-over-year vacancy decrease in market history. The market’s central U.S. location, quadra-modal transportation infrastructure (river, road, runway and rail) and abundant labor force are just a few of the benefits that make it an ideal location for distribution tenants. A total of 18 Class A deals were completed in 2015 by notable companies like Nike, Post, Cummins, Dayco Products, AmerisourceBergen, T.J. Maxx and Coca-Cola, to name a few. Class A buildings made up 6.3 million square feet, or 75 percent, of total absorption. There were five deals north of …