Property Type

Howard Hughes Opens 654-Unit Self-Storage Facility in The Woodlands

by Amy Works February 8, 2017

THE WOODLANDS, TEXAS — The Howard Hughes Corp. and its wholly owned subsidiary The Woodlands Development Co. have opened a self-storage property located on College Park Drive in The Woodlands. The 654-unit property is the company’s initial national venture into self-storage operations. The company is also developing a second self-storage facility along FM 2978 in The Woodlands totaling 784 units. The second facility is set to open in April. CubeSmart will manage both facilities. The properties will feature gated entries, video surveillance and individual entry alarms on each unit.

February 8, 2017

Marcus & Millichap Negotiates Sale of 163,992 SF Retail Property in Metro Houston

by Amy Works February 8, 2017

PASADENA, TEXAS — Marcus & Millichap has arranged the sale of Pasadena Park Shopping Center, a retail property located at 6801 Spencer Highway in Pasadena. A limited liability company sold the 163,992-square-foot property for an undisclosed price. At the time of sale, the property was 91 percent leased by a variety of tenants, including Big Lots, Dollar Tree, Surplus Warehouse and Harbor Freight. Jerry Goldstein of Marcus & Millichap represented the seller and secured the buyer, a limited liability company, in the deal.

February 8, 2017

Industrial Texas

J.P. Hart Lumber to Develop Distribution Center in Dallas Metroplex

by Amy Works February 8, 2017

SHERMAN, TEXAS — J.P. Hart Lumber Co. is developing a lumber and building materials distribution center within Progress Park, a 3,300-acre master-planned business park in the Dallas suburb of Sherman. The company acquired 37.6 acres along Progress Drive to develop the $5.5 million to $6.5 million facility, which will create 37 full-time positions. J.P. Hart Lumber Co. contracted with Sherman Economic Development Corp., represented by Bob Hagewood and Cannon Green of Stream Realty Partners, to acquire the site for an undisclosed price.

February 8, 2017

Office Texas

Citadel Partners Arranges 10,000 SF Office Lease in Addison, Texas

by Amy Works February 8, 2017

ADDISON, TEXAS — Citadel Partners has brokered an office lease at 14901 Quorum Place in Addison. RD&F Advertising will occupy 10,000 square feet of space at the property. Scott Morse and Taylor Dickerson of Citadel Partners represented the tenant, while Ryan Evanich, Chase Lopez and Jordan McFarland of Stream Realty Partners represented the undisclosed landlord in the deal.

February 8, 2017

Industrial Midwest Texas Top Stories

DRA Advisors Buys 19.8 MSF National Industrial Portfolio for $1.1B

by Nellie Day February 8, 2017

NEW YORK — DRA Advisors has purchased a 19.8-million-square-foot industrial portfolio that spans 21 U.S. markets for $1.1 billion. The portfolio contains a total of 184 properties that are 94 percent leased to more than 500 tenants. The properties reside in industrial hubs such as Dallas, Houston, Chicago, Atlanta and Columbus, Ohio. The assets range from less than 15,000 square feet to 925,000 square feet, according to CoStar Group. Cabot Properties Fund II sold the portfolio, concluding the fund’s disposition activity. The fund was launched in late 2005. This acquisition will allow New York-based DRA Advisors to expand its industrial footprint to more than 45 million square feet. DRA’s industrial assets are primarily located in Texas, California, Illinois, Indiana and Florida. The private equity real estate firm currently has more than $10 billion of assets under management. This includes more than 70 million square feet of commercial real estate and more than 12,000 residential units. Eastdil Secured and Cushman & Wakefield represented Boston-based Cabot Properties in the transaction. The private equity real estate firm manages and operates about 160 million square feet of industrial properties throughout North America and the United Kingdom that are valued at $57 billion. — Nellie Day

February 8, 2017

Connecticut Multifamily Northeast

IPA Brokers $32.2M Sale of Multifamily Property in Danbury, Connecticut

by Amy Works February 7, 2017

DANBURY, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Hillcroft at Danbury, an apartment community located at 10 Clapboard Ridge Road in Danbury. Timberline Real Estate Ventures purchased the 192-unit property from Par Hillcroft for $32.2 million, or just under $168,000 per unit. Completed in 2014, the property features a community room, pool, playground, clubhouse and fitness center. Apartment floor plans feature dining areas and private balconies or patios, with select units offering open living/dining and kitchen floor plans.

February 7, 2017

Massachusetts Multifamily Northeast Seniors Housing

Blueprint Brokers Sale of Vacant Skilled Nursing Facility Near Boston for $3.6M

by Amy Works February 7, 2017

MELROSE, MASS. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a vacant 82-bed skilled nursing facility located in the Boston suburb of Melrose for $3.6 million. The property previously operated as Wingate at Melrose. Prior to the sale, and with the approval of the owner, the operator elected to shut down the facility and move all residents to another property to consolidate regional operations. The buyer was a regional hospital system seeking to expand. Steve Thomes was the lead advisor on the transaction.

February 7, 2017

Multifamily New York Northeast

L+M Development, Nelson Management Developing Two Apartment Buildings in the Bronx

by Amy Works February 7, 2017

NEW YORK CITY — L+M Development Partners and Nelson Management Group have started construction on two affordable multifamily properties at 1520 and 1530 Story Ave. within the Lafayette Boynton apartment complex in the Soundview neighborhood of the Bronx. Combined the two 13-story buildings will feature 435 units in a mix of studio, one-, two- and three-bedroom units. On-site amenities include a fitness center and a 7,500-square-foot community facility space. Additionally, the project will include two acres of landscaped greenspace with walking paths between the properties, a children’s play area and an outdoor fitness center. Nelson Management Group is undertaking the project through its investment arm Global One Investments.

February 7, 2017

Delaware Loans Northeast Office

HFF Secures $12.6M Refinancing for Office Building in Wilmington, Delaware

by Amy Works February 7, 2017

WILMINGTON, DEL. — HFF has secured $12.6 million in refinancing for an office building located at 1011 Centre Road in Wilmington. Ryan Ade of HFF arranged the long-term, fixed-rate loan with a regional bank for the borrower, Delle Donne & Associates. Built in 1986, the 90,000-square-foot property is fully leased.

February 7, 2017

Loans New Jersey Northeast Office Retail

Denholtz Associates Receives $3.8M Refinancing for Flex Properties in Clark, New Jersey

by Amy Works February 7, 2017

CLARK, N.J. — Denholtz Associates has received $3.8 million in refinancing for two flex properties, located at 89 and 225 Terminal Ave. within Clark Commercial Center in Clark. The properties total 27,332 square feet of space. KinderCare leases 13,464 square feet of space at 89 Terminal Avenue, and Retro Fitness leases 13,868 square feet of space at 225 Terminal Avenue. Brad Fouss of OceanFirst Bank arranged the refinancing for the borrower through OceanFirst Bank.

February 7, 2017

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