Property Type

BTI Partners Sells 30 Acres for $9.9M, Opens Condo Hotel in Greater Orlando

by Taylor Williams March 16, 2017

ORLANDO, FLA. — BTI Partners has sold 30 acres located at the interchange of Interstate 4 and U.S. Highway 27 in the Orlando suburb of Davenport, and opened The Grove Resort & Spa Orlando at 14501 Grove Resort Ave. in Orlando. The 30-acre site, which sold to a retail developer for $9.9 million, is part of Posner Park, a 104-acre, master-planned community that features 200,000 square feet of retail space, as well a hotel and residential units. The first phase of Grove Resort & Spa, a 106-acre property that spans roughly 2 million square feet and includes a lakefront pier with watersports and a water park, opened March 10.

March 16, 2017

Hospitality Loans Maryland Southeast

Greenwich Group Secures $22M in Construction Financing for Hotel in Bowie, Maryland

by Taylor Williams March 16, 2017

BOWIE, MD. — The Greenwich Group International has secured $22 million in construction financing for the development of a Courtyard by Marriott Hotel in Bowie, located about 20 miles east of Washington, D.C. The developer is Hospitality Development Co. of Columbia, Md. The 144-room hotel is being built near the entrance to Melford, a 466-acre, mixed-use business park at Route 50 and Route 301. Greenwich obtained a $12.4 million first mortgage construction loan with $5 million in subordinate financing from the Small Business Administration; $2.6 million from several state and county economic development funds; and the remaining $2 million from a side loan sourced from the first mortgage lender.

March 16, 2017

Retail Southeast Virginia

Marcus & Millichap Brokers $23.6M Sale of 7-Eleven Portfolio in Virginia

by Taylor Williams March 16, 2017

HAMPTON, VA. — Marcus & Millichap has brokered the $23.6 million sale of a nine-property 7-Eleven portfolio located in the Tidewater region of Virginia. Three of the 7-Eleven properties are located in Hampton, and two are in Williamsburg. The remaining properties are located in Poquoson, Newport News, Gloucester and Surry. Mark Taylor, Derrick Dougherty and David Becattini of Marcus & Millichap represented the seller, a privately held entity, and procured the buyer, an unnamed REIT.

March 16, 2017

Louisiana Retail Southeast

GBT Realty Breaks Ground on 6,600 SF Retail Center in Baton Rouge

by Taylor Williams March 16, 2017

BATON ROUGE, LA. — GBT Realty Corp., a Nashville-based commercial developer, has broken ground on a 6,600-square-foot retail center on Millerville Road in Baton Rouge. GBT acquired the nearly one-acre site from Target in February for $810,000. Shadow-anchored by Target, Best Buy, Lowe’s Home Improvement, PetSmart and Office Depot, the center is 100 percent pre-leased to tenants such as PacificDental, GNC and Zoes Kitchen.

March 16, 2017

Healthcare Texas

Duke Realty, JV Partners Break Ground on Hospital in Grand Prairie

by Taylor Williams March 16, 2017

GRAND PRAIRIE — Duke Realty and its joint venture partners, Baylor Scott & White Health, have broken ground on a 27,149-square-foot medical center. The hospital will be located just off State Highway 360 in Grand Prairie, roughly midway between Dallas and Fort Worth. Situated on a 2.4-acre plot, the two-story hospital will house a full-service emergency care unit, physician offices and an outpatient clinic. Delivery is slated for summer 2017.

March 16, 2017

Industrial Texas

Colliers Closes Sale of 33.6-Acre Industrial Tract in Metro Dallas

by Taylor Williams March 16, 2017

WILMER, TEXAS — Colliers International Group Inc. has finalized the sale of 33.6 acres at Sunridge Business Park, an industrial site located at Fulghum Road near Interstate 45 in Wilmer, a city on the southern outskirts of Dallas. Chris Teesdale and Tom Pearson of Colliers represented Sunridge Business Park in the transaction. Pete Richardson of Primera Cos. represented the buyer, GP Storage LLC.

March 16, 2017

Loans Multifamily Texas

BMC Capital Arranges $5.2M Loan for 159-Unit Multifamily Property in San Antonio

by Taylor Williams March 16, 2017

SAN ANTONIO — BMC Capital has arranged a $5.2 million loan for the purchase of Hidden Meadow Apartments, a 159-unit multifamily complex located at 5959 Wurzbach Road in San Antonio. Keith Van Arsdale of BMC secured the non-recourse loan, which features a 5.1 percent fixed interest rate and a 30-year amortization schedule. The names of the lender and borrower were not disclosed.

March 16, 2017

Multifamily Seniors Housing Texas

Civitas Senior Living Acquires The Hamptons Senior Living Community in Tyler, Texas

by Taylor Williams March 16, 2017

TYLER, TEXAS — Civitas Senior Living, a Fort Worth-based seniors development and management firm, has acquired The Hamptons Retirement Community at Greenridge, located at 4250 Old Omen Road in Tyler, a city approximately 100 miles east of Dallas. The deal adds 120 independent and 56 assisted living apartments, as well as 30 cottage-style residences and 38 memory care suites, to Civitas’ inventory.

March 16, 2017

Office Texas

Cushman & Wakefield Negotiates 59,859 SF Office Lease in Carrollton, Texas

by Taylor Williams March 16, 2017

CARROLLTON, TEXAS — Cushman & Wakefield has arranged a 59,859-square-foot lease at Metroplex Tech Center, a 105,000-square-foot office property located at 3000 Kellway Drive in the north Dallas suburb of Carrollton. Dean Collins and Mark Collins of Cushman & Wakefield represented the subleasing tenant, mortgage loan servicing firm Fay Servicing, in the transaction. Bret Hefton and Greg Langston of Avison Young represented the original tenant, Securus Technologies, which leased the space from Hudson Advisors, the property owner.

March 16, 2017

Indiana Loans Midwest Multifamily

KeyBank Provides $12.6M in Financing for Acquisition of Manufactured Housing Portfolio in Indiana

by Kristin Harlow March 16, 2017

FORT WAYNE AND SOUTH BEND, IND. — KeyBank Real Estate Capital has provided two first mortgage loans totaling $12.6 million for the acquisition of a two-property manufactured housing portfolio in northern Indiana. Both transactions were arranged through Freddie Mac. KeyBank provided a $6.4 million loan for the acquisition of Countryside Village at Fort Wayne, a 295-pad manufactured housing community (MHC) located in Fort Wayne. KeyBank also provided a $6.2 million loan for the purchase of Countryside Village at South Bend, a 276-pad MHC located in South Bend. Both properties were constructed in 1977. Timothy Weldon of KeyBank arranged the 10-year loans, which include 30-year amortization schedules. The borrower was not disclosed.

March 16, 2017

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