Property Type

The Preiss Co. Buys Student Housing Community in Riverside

by Nellie Day March 2, 2017

RIVERSIDE, CALIF. — The Preiss Co. has acquired GrandMarc at University Village in Riverside. The community offers one-, two- and three-bedroom, fully furnished units with bed-to-bath parity. Community amenities include a resort-style swimming pool and spa, outdoor grilling station, basketball court, clubhouse, study and meeting rooms, a game room, theater room, 24-hour fitness center and tanning beds. The seller was an undisclosed private investment group. The Preiss Co. will operate the facility and oversee renovations and upgrades.

March 2, 2017

Multifamily Texas

Olympus, Artemis Acquire Three Multifamily Properties in Metro Fort Worth

by Taylor Williams March 2, 2017

KELLER, TEXAS — Olympus Property and its joint venture partner, Artemis Real Estate Partners, have acquired three multifamily properties consisting of 679 units in the Dallas-Fort Worth suburb of Keller. Stoneleigh Cos. originally developed the three Class A properties, which will be individually rebranded as Olympus Town Center, Olympus Stone Glen and Olympus Waterford.

March 2, 2017

Retail Texas

HSM Equity Partners Purchases Retail Tract in McKinney, Texas

by Taylor Williams March 2, 2017

MCKINNEY, TEXAS — HSM Equity Partners, the commercial development branch of Henry S. Miller Cos., has acquired a three-acre retail tract at the corner of McKinney Ranch Parkway and Ridge Road in McKinney, about 40 miles north of Dallas. The development plan for the tract includes a 21,000-square-foot retail center, set to begin construction in the second quarter of 2017. Joe Benton of Benton Commercial Real Estate Services represented the seller, while Lynn Dowdle of Dowdle Real Estate represented the buyer. Both parties requested confidentiality.

March 2, 2017

Retail Texas

Marcus & Millichap Arranges Sale of Retail Asset in Elkhart, Texas

by Taylor Williams March 2, 2017

ELKHART, TEXAS — Marcus & Millichap has brokered the sale of a 9,180-square-foot retail property in Elkhart, a city roughly halfway between Houston and Dallas. Family Dollar is the sole tenant of the property, located at 212 N. U.S. Highway 287, and recently extended the original 10-year, double-net lease until 2022. Geoff Ficke and Chris Adams of Marcus & Millichap represented the seller, an undisclosed limited liability company. Other terms of the sale were not released.

March 2, 2017

Office Texas

Colvill Closes Two Leases at 811 Louisiana Office Tower in Houston’s CBD

by Taylor Williams March 2, 2017

HOUSTON — Colvill Office Properties has finalized four new leases at 811 Louisiana, a 577,735-square-foot office tower in Houston’s Central Business District. Among the tenants represented in the newly secured leases are global advisory firm Willis Towers Watson, which leased a 19,222-square-foot space, and law firm McFarland PLLC, which leased a 6,150-square-foot space. Paula Bruns, Damon Thames and Chip Colvill of Colvill represented the landlord, Busycon Properties LLC, in both deals. Jeff Cairns, Bob Denney and Brandon Clarke of CBRE represented Willis Towers Watson. Kevin Kushner and William Padon of CBRE represented McFarland.

March 2, 2017

Office Texas

Cypressbrook Arranges 5,649 SF Flex Lease in Shenandoah, Texas

by Taylor Williams March 2, 2017

SHENANDOAH, TEXAS — Cypressbrook Co. has arranged the lease of 5,649 square feet of flex space at Portofino Tech Center, located at 19241 David Memorial Drive in Shenandoah, a city roughly 30 miles north of Houston. Denise Ksiazek of Cypressbrook represented the tenant, Cole Health Inc., a pediatrics and rehabilitation practice, in the transaction. Greg Tilton of Transwestern represented the landlord, Vara-Portofino Tech Center LLC.

March 2, 2017

Hospitality Southeast Virginia

Lingerfelt CommonWealth Sells Marriott Hotel in Metro Richmond for $38.5M

by John Nelson March 2, 2017

GLEN ALLEN, VA. — Lingerfelt CommonWealth Partners LLC, a Richmond-based commercial real estate investment firm, has sold the 243-room Richmond Marriott Short Pump for $38.5 million. The hotel is located at 4240 Dominion Blvd. in Glen Allen. The buyer, a partnership of regional investors, has retained Commonwealth Lodging Management, Lingerfelt CommonWealth’s hotel management affiliate, to operate the hotel. In October 2015, Commonwealth Lodging oversaw an $11 million renovation of the hotel. The property features complimentary high-speed internet, a swimming pool, fitness center and event space.

March 2, 2017

Florida Multifamily Southeast

Independence Realty Trust Buys Apartment Community in Tampa for $29.8M

by John Nelson March 2, 2017

TAMPA, FLA. — Independence Realty Trust Inc. has purchased an undisclosed 216-unit apartment community in Tampa’s Northdale neighborhood for $29.8 million. The REIT purchased the asset using available cash and its line of credit. Built in 1985 and renovated in 2016, the property features one- and two-bedroom units averaging 925 square feet. The asset was 93 percent occupied at the time of sale and averaged $1,192 per month in rent for the three months ending Jan. 31. The seller was undisclosed.

March 2, 2017

Office Southeast Tennessee

In-Rel Properties Oversees $7M Renovation of 32-Story Office Tower in Memphis

by John Nelson March 2, 2017

MEMPHIS, TENN. — In-Rel Properties, a commercial real estate investment firm based in Lake Worth, Fla., is overseeing the $7 million renovation of Clark Tower in Memphis. Located at 5100 Poplar Ave., the 32-story, 668,009-square-foot office tower is the second-tallest building in Memphis. The renovation was designed by the Crump Firm and includes a new entry, updates to the lobbies, bathrooms and common areas and new elevators and mechanical systems. Existing amenities at Clark Tower include 24-hour security, a fitness center, on-site banking, structured parking and an on-site conference center. Colliers International leases Clark Tower on behalf of In-Rel. Dan Walker Associates began construction in the third quarter of 2016 and expects to wrap up at the end of the first quarter this year.

March 2, 2017

North Carolina Office Southeast

Portman Holdings Adds Accounting Firm to Tenant Lineup at Office Building in Uptown Charlotte

by John Nelson March 2, 2017

CHARLOTTE, N.C. — Portman Holdings has added BDO USA LLP, an accounting and consulting firm, to the tenant roster at 615 South College in Uptown Charlotte. The 19-story office building is nearing completion, and BDO expects to occupy its new space as early as August. Located at Lynx Blue Line’s Stonewall Station, the 370,000-square-foot office building is situated near Whole Foods Market, the Charlotte Convention Center and Westin Charlotte. Travis Garland of Portman Holdings and John Ball of Trinity Partners represented the ownership in the lease transaction, and Brent Royall of Colliers International represented BDO. Other committed tenants include Regions Bank, which pre-leased 60,000 square feet of space in 2016.

March 2, 2017

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