Property Type

Quantum Brokers $3M Sale of Shopping Center in Warrenville, Illinois

by Kristin Harlow February 15, 2017

WARRENVILLE, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of Cantera Commons in Warrenville, north of Naperville, for $3 million. The retail property is comprised of two multi-tenant buildings located at 28341-28361 Diehl Road. Potbelly Sandwich Shop occupies a 10,431-square-foot building, while Starbucks and Café Zupos occupy a 7,423-square-foot building. The building was approximately 25 percent occupied at the time of sale. The buyer was a private real estate investor based in Chicago. The seller was a special servicer on behalf of a CMBS trust. Chad Firsel of Quantum represented both the seller and purchaser in the transaction.

February 15, 2017

Multifamily Texas

Transwestern Arranges Sales of 1,600 Multifamily Units in Dallas-Fort Worth Area Totaling $85M

by Amy Works February 15, 2017

DALLAS, GARLAND, MESQUITE, FORT WORTH AND TYLER, TEXAS — Tranwestern has brokered the sales of 1,600 multifamily units in the Dallas-Fort Worth area valued at $85 million. Taylor Snoddy, Philip Wiegard and James Roberts of Transwestern represented the seller and sourced the buyers in the five transactions. The acquisition prices for the individual transactions were not released. In the first deal, a New York-based investment group acquired North Park Terrace, a 310-unit property located at 8662 Park Lane in Dallas, and Pecan Tree, a 173-unit community located at 3001 Kendale Drive in Dallas. In the second transaction, an Oregon-based investment group purchased Eastfield Plaza, a 216-unit community located at 2626 John West Road in Mesquite. The buyer plans to renovate the property. In the third deal, a New York-based investment group acquired Parque Del Sol, a 200-unit property located at 238 E. Oates Road in Garland. In the fourth transaction, a Northern California-based investment group purchased Woods of Ridgmar, a 235-unit community located at 2200 Taxco Road and 2200 Ridgmar Plaza in Fort Worth. In the final deal, a Dallas-based investment group acquired 34 Hundred, a 484-unit complex located at 3400 Varsity Drive in Tyler. The buyer plans to renovate the …

February 15, 2017

Mixed-Use Multifamily Retail Student Housing Texas

Balfour Beatty, Wynne/Jackson to Develop $67M Second Phase of Student Housing Property at UT Dallas

by Amy Works February 15, 2017

RICHARDSON, TEXAS — Balfour Beatty Campus Solutions, along with Dallas-based Wynne/Jackson and lead equity partner Star Alliance, has closed on the financing for the second phase of a mixed-use project for the University of Texas at Dallas in Richardson. The development team will expand on the Northside Phase 1 development by delivering 275 housing units and more than 6,600 square feet of retail space valued at $67 million as part of a public-private partnership. Situated on 12 acres, the second phase will include mid-rise apartments and townhomes totaling 900 beds, as well as shops, restaurants and entertainment venues to serve the 27,000 students, faculty, staff and young professionals of the university and greater Richardson area. Additionally, the new development will have a fitness facility, a resort-style pool, patio areas and spaces for small gatherings. Andres Construction will lead the overall design/build team, with Architecture Demarest as the lead design firm. Construction is underway, with completion slated for August 2018.

February 15, 2017

Office Texas

Cushman & Wakefield Negotiates Sale of 47,423 SF Office Building in Dallas

by Amy Works February 15, 2017

DALLAS — Cushman & Wakefield has arranged the sale of an office building located at 17120 Dallas Parkway in Dallas. The Dallas-based family office of Embrey Interests acquired the 47,423-square-foot property from owner-tenants Loomis Agency and Carbon Cos. The sellers will continue to occupy the building. Beth Lambert and Diego Arroyave of Cushman & Wakefield represented the sellers in the off-market transaction. Additionally, Lambert and Arroyave arranged a 10-year acquisition loan through a life insurance company for the buyer.

February 15, 2017

Hospitality Texas

Portland Hospitality Opens 88-Room Home2 Suites in Portland, Texas

by Amy Works February 15, 2017

PORTLAND, TEXAS — Portland Hospitality LP has opened Home2 Suites by Hilton Portland, located at 139 Buddy Ganem Drive in Portland, located across the bay from Corpus Christi. Managed by ZJZ Hospitality Inc., the 88-room hotel features complimentary breakfast, community spaces, fitness area, outdoor pool, fire pit and barbecue grill area and a business center.

February 15, 2017

Retail Texas

Petco to Anchor Center of the Hills in Metro Austin

by Amy Works February 15, 2017

OAK HILL, TEXAS — Petco has leased 13,108 square feet of retail space at Center of the Hills, a community retail center located at 7010 W. State Highway 71 in Oak Hill, a western suburb of Austin. H-E-B, Tuesday Morning, Firestone, Mattress Firm, Advance Auto Parts and Cricket Wireless are tenants at the retail property. Nash Frisbie and Britt Morrison of Weitzman represented the undisclosed landlord, while Roger Anderson of CBRE represented the tenant in the deal.

February 15, 2017

Multifamily Texas Top Stories

Blakefield to Develop 2,200-Acre Master-Planned Community Near Austin, Texas

by Nellie Day February 15, 2017

AUSTIN, TEXAS — The Travis County Commissioners Court has approved Blakefield LLC’s plans to develop Thomas Ranch, a 2,200-acre master-planned community off Highway 71 and Paleface Ranch Road in Western Travis County near Austin. The community will be situated around the shoreline along the Pedernales River. Thomas Ranch will include approximately 3,300 single-family homes; apartments; a marketplace of shops, entertainment venues and restaurants; a resort hotel and spa; a town square; and community gardens. The property includes five ecosystems, direct access to Lake Travis, natural creeks and miles of nature trails. An extensive network of walking, jogging and hiking trails will connect the areas. Overall, approximately one third of the development — 700 acres — is reserved for parks and trails. Construction on the community’s infrastructure is scheduled to begin in 2018, with single-family homes following in 2019. Each section will be built in four to five phases over the course of 15 to 20 years, according to the developers. Blakefield is the lead developer of the project and is partnering with Dannenbaum Engneering, Sherwood Engineers, SWCA Environmental Consultants, Kimley Horn, Ten Eyke Landscape Architects and Integra Group. Blakefield LLC is a Wilmette, Ill.-based developer of large-scale mixed-use and master-planned …

February 15, 2017

Industrial Market Reports Northeast Northeast Market Reports Pennsylvania

Robust Philadelphia Retail Market Generates High Competition for Space

by Taylor Williams February 15, 2017

When it comes to the Philadelphia real estate market, the retail industry is the hot topic for many commercial real estate agents. Per a Center City district report released in early December of 2016, the city has experienced a $1 billion surge in retail spending. Subsequently, prime retail rents in Philadelphia have risen by almost 90 percent in the past five years — second to only Miami when compared to cities across the nation. Sales of retail centers in center city peaked in late 2016 at over 18 percent higher than their former top-most numbers, seen in 2008. Popular Philadelphia areas such as Walnut and Chestnut streets have been subject to high-end retail rush. The retail spending increase is thought to be a direct result of the Philadelphia metropolitan area’s new job positions. Going into the fourth quarter, the city increased its jobs by 2.2 percent compared to the previous year’s numbers. Philadelphia’s local rate of employment stood at over half a percent higher than the national employment rate in late 2016. Many of the new positions — created in well- paying, upper-echelon employment sectors — have facilitated a rise in the median household income, and subsequently the disposable income, …

February 15, 2017

Loans Multifamily Northeast Pennsylvania

RED Capital Closes $31.7M Loan, Underwrites $39.7M in Tax-Exempt Bonds for Philadelphia Multifamily Property

by Amy Works February 14, 2017

PHILADELPHIA — RED Mortgage Capital, the mortgage banking arm of RED Capital Group, has closed a $31.7 million FHA Section 221(d)(4) loan and RED Capital Markets, the investment banking arm of RED Capital, underwrote $39.7 million of tax-exempt bonds for the rehabilitation of Courtyard at Riverview in Philadelphia. The borrower, The Michaels Organization, is redeveloping the multifamily property in partnership with the Philadelphia Housing Authority. The transaction was arranged in conjunction with the Rental Assistance Demonstration (RAD) program and is one of the largest RAD projects in Pennsylvania. Situated on 13 acres, the 470-unit complex features a 26-story high-rise building with 165 seniors housing units and 37 two-story townhouse buildings totaling 305 modern low-rise units.

February 14, 2017

Loans Multifamily Pennsylvania Seniors Housing

CBRE Arranges $10M Acquisition Loan for 120-Unit Community Near Philadelphia

by Amy Works February 14, 2017

LANSDALE, PA. — CBRE has arranged $10 million in financing for the acquisition of Spring Meadows of Lansdale, a 120-unit assisted living and memory care community in the Philadelphia suburb of Lansdale. A joint venture between Care Investment Trust and Greenfield Senior Living purchased the community and will change the name to Greenfield of Lansdale. The five-year, floating-rate loan includes 12 months of interest-only payments. A regional bank provided the capital. Aron Will, vice chairman of CBRE National Senior Housing, arranged the financing. Care Investment Trust is a seniors housing-focused real estate investment company and a wholly owned subsidiary of Tiptree Inc. Greenfield Senior Living is a seniors housing operator based in Virginia with 1,300 residents in six states.

February 14, 2017

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