Property Type

CREC Brokers $27.4M Sale of Shopping Center in Broward County

by John Nelson March 13, 2017

CORAL SPRINGS, FLA. — CREC has brokered the $27.4 million sale of Turtle Crossing, a 99,174-square-foot shopping center located at the intersection of U.S. Highway 441 and Wiles Road in Coral Springs. The transaction is the largest shopping center sale in Broward County so far in 2017, according to CREC. Warren Weiser and Harry Blyden of CREC represented the seller, Turtle Run Venture LLC, in the transaction. A joint venture between Ross Realty Investments and SunCap Real Estate Investments known as Turtle Crossing Coral Springs LLC purchased the shopping center for roughly $275 per square foot. Turtle Crossing is shadow-anchored by Super Target and features Enterprise Rent-A-Car, Panda Express, AutoZone, Panera Bread, Buffalo Wild Wings, Vision Works and Chipotle Mexican Grill on its tenant roster. Tuesday Morning recently leased 14,427 square feet of junior anchor space at Turtle Crossing with plans to open this fall. Sabrina Stimming and Steven Henenfeld of CREC led the leasing for the shopping center, which increased in occupancy from 60 percent to 86 percent in the past 24 months.

March 13, 2017

Georgia Seniors Housing Southeast

Senior Lifestyle, Griffin Fine Living to Develop Seniors Housing Community Near Atlanta

by John Nelson March 13, 2017

SNELLVILLE, GA. — Senior Lifestyle Corp. and Griffin Fine Living LLC have unveiled plans for The Sheridan at Eastside, a 197-unit independent living, assisted living and memory care community in the Atlanta suburb of Snellville. The community will feature 81 independent living apartments, 24 independent living cottages, 60 assisted living units and 32 memory care units. The 190,000-square-foot community will sit on 15 acres. The co-developers plan to start construction this fall, with a projected opening date in late 2018. Senior Lifestyle Corp. operates more than 180 communities across the country. Griffin Fine Living provides design, construction, development, marketing and operational management services for the seniors housing and multifamily sectors.

March 13, 2017

Georgia Retail Southeast

Regency Centers Adds 365 by Whole Foods Market to Tenant Roster of Atlanta Shopping Center

by John Nelson March 13, 2017

ATLANTA — Regency Centers has signed 365 by Whole Foods Market to the tenant lineup at Paces Ferry Plaza, a 63,254-square-foot shopping center located at 3520 Northside Parkway in Atlanta. Whole Foods’ new grocer concept will open at the shopping center later this year. Regency Centers is underway on renovating the shopping center with brick facades, stone finishes and metal canopies to give the property an industrial feel, as well as additional parking space. Existing tenants at Paces Ferry Plaza include Woo Cosmetics, West Stride, ACE Hardware, Pero’s, Blue Ridge Grill and Baby Braithwaite. The Paces Ferry Plaza store will be the second location in metro Atlanta for 365 by Whole Foods Market.

March 13, 2017

Hospitality Loans New York Northeast Top Stories

Eastern Consolidated Arranges $120M in Construction Financing for New Hyatt Place Hotel in Manhattan

by Taylor Williams March 13, 2017

NEW YORK CITY — Eastern Consolidated has secured a $210 million debt and equity package to finance the construction of a new, 180,000-square-foot Hyatt Place Hotel in Manhattan’s Garment District. The financing consists of a $95 million first-mortgage loan from Bank of the Ozarks and a $25 million preferred equity investment by Square Mile Capital Management. Adam Hakim and James Murad of Eastern Consolidated arranged the financing on behalf of the McSam Hotel Group, a New York-based hotel development firm. “With a revitalized theater district, thriving hospitality industry and constantly improving retail, the Times Square area is a magnet for tourists,” Hakim said. “New York City hosted a record 60.3 million visitors last year, which boosted the city’s hotel occupancy rate to an average of 90.1 percent, and more visitors are expected this year.” The 25-story, 520-key hotel will be located at 350 W. 39th St., in between Eighth and Ninth avenues in the Hudson Yards submarket. The chairman of McSam Hotel Group, Sam Chang, purchased the site in 2015 for $112 million; terms of sale allow him to develop up to 300,000 square feet of the property, according to The Real Deal. Consequently, plans for a 123,000-square-foot, 21-story, 380-room hotel …

March 13, 2017

Industrial Market Reports North Carolina Southeast Southeast Market Reports

Rents, Occupancy Rise for Triangle’s Industrial Market as Supply Lags Demand

by John Nelson March 13, 2017

The Raleigh-Durham business climate has been on the climb for several years now and it doesn’t seem to be slowing anytime soon. The market continues to outpace most of the mid-tier markets across the country by all metrics of economic stability, quality of life, business environment, education, arts and quality of workforce. As a result, construction of office and retail projects has been strong, yet industrial construction and thus available space is lacking. Average asking rental rates have continued to rise in response to increasing demand and low supply. The remaining 550,000 square feet of industrial space that is expected to deliver has significant prelease commitments, creating competition for tenants looking for space. Raleigh-Durham’s warehouse market sits at a current vacancy of 3.8 percent with average asking rental rates at $5.01 per square foot triple net. The biggest challenge is for new and expanding tenants needing 35,000 to 200,000 square feet of space. Demand has been outpacing supply for several years in the market and industrial developers who recognized this trend were unable to fill the need because of the lack of available financing during the downturn. It has just been in the past 24 months that significant construction has …

March 13, 2017

Multifamily Texas

MetroNational Set to Break Ground on Apartment Complex in West Houston

by Taylor Williams March 10, 2017

HOUSTON — MetroNational, a Houston-based real estate development and management firm, has announced plans to break ground this month on a midrise apartment complex at the corner of Barryknoll Lane and Memorial City Way in the Memorial City neighborhood of west Houston. The eight-story complex will have a total of 327 one-, two- and three-bedroom units, ranging in size from 555 square feet to 1,796 square feet, as well as a game lounge, fitness center and a rooftop pet park. The property is slated to open in summer 2019.

March 10, 2017

Office Texas

Drake Commercial, Transwestern Negotiate 157,472 SF Office Lease in San Antonio

by Taylor Williams March 10, 2017

SAN ANTONIO — Drake Commercial Group and Transwestern have arranged a new lease for the Vista Corporate Center, a 157,472-square-foot, Class A office property located at 13805 Interstate 10 Frontage Road in San Antonio. Dan Pollard of JLL represented the tenant, San Antonio-based financial advisor USAA, which will occupy the entire building. Deborah Bauer of Drake Commercial Group and Russell Noll of Transwestern represented the landlord, sn15000IH Ltd.

March 10, 2017

Loans Office Texas

BMC Capital Arranges $18M Construction Loan for Office Property in Allen, Texas

by Taylor Williams March 10, 2017

ALLEN, TEXAS — BMC Capital has secured an $18 million construction loan on behalf of an unspecified developer for a 125,000-square-foot, five-story office property in Allen, a city slightly north of the Dallas-Fort Worth metroplex. The three-year loan has a floating interest rate and a 70 percent loan-to-cost ratio. Delivery of the Class A building is slated for the first quarter of 2018.

March 10, 2017

Multifamily Texas

JLL Closes Sale of Multifamily Asset in Midland

by Taylor Williams March 10, 2017

MIDLAND, TEXAS — JLL has arranged the sale of Ranchland Apartments, a 204-unit, 16-building multifamily property situated on 6.8 acres at 1212 E. Wadley Ave. in Midland. Scott LaMontagne, Moses Siller and Zar Haro of JLL represented the seller, Midland Visions 2000, in the transaction. The representative of the buyer, KNAARS Ventures LLC, and other terms of the sale were not disclosed.

March 10, 2017

Retail Texas

Marcus & Millichap Arranges Sale of Retail Property in Laredo, Texas

by Taylor Williams March 10, 2017

LAREDO, TEXAS — Marcus & Millichap has closed the sale of a 2,506-square foot restaurant property leased to Taco Bell at 2453 Monarch Drive in the south Texas border town of Laredo. The net-leased property is an outparcel to a 400,000-square-foot retail center anchored by an H-E-B grocery store. James Bell of Marcus & Millichap represented the seller, an undisclosed developer. The name and representative of the buyer, a Chicago-based entity, were not released.

March 10, 2017

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