ATLANTA — Skanska USA has topped out the vertical construction of 3400 Overton, a 175,000-square-foot, Class A office building in Atlanta’s Cumberland/Galleria office submarket. Skanska USA is constructing the property on behalf of the developers, TPA Group and USAA Real Estate Co. Situated at the corner of Akers Mill Road and Cumberland Boulevard, the seven-story building will overlook SunTrust Park and the Battery Atlanta, which are both set to open in April 2017. Heery International Design designed 3400 Overton to feature open floor plates and floor-to-ceiling glass. Skanska USA is on track to deliver the office building in June 2017.
Property Type
West Bay Capital Provides $1.8M Acquisition Loan for Two Restaurants in South Florida
by John Nelson
DANIA BEACH AND NORTH MIAMI BEACH, FLA. — West Bay Capital, a Los Angeles-based private lender, has provided two loans totaling $1.8 million for the acquisition of two restaurant properties in South Florida currently leased to Checkers, a fast-food burger chain. The drive-thru restaurants are located in Dania Beach and North Miami Beach. As part of the acquisition, the undisclosed borrower recently executed 20-year leases with a Checkers franchisee at both locations. The financing, which represented roughly 90 percent of the purchase price and reflected the value of the new lease agreements, included a $1 million loan for the North Miami Beach restaurant and a $810,000 loan for the Dania Beach location.
FRISCO, TEXAS — Bell Partners Inc. has purchased Orion Frisco, an apartment community located in Frisco, for an undisclosed sum. The buyer has renamed the property Bell Frisco at Main. Built in 2012, the 12-building community features 360 units, with an average unit size of 887 square feet. Apartments features high ceilings with crown molding, black Whirlpool appliances, custom cabinets with under-cabinet lighting and brushed nickel features, kitchen pantries and modern track and pendant lights. Additionally, apartments feature garden tubs, walk-in closets, full-size washer/dryer connections and patios or balconies. On-site amenities include a Starbucks Coffee Bar, clubhouse with business center, central park, jogging trail, children’s activity area, dog park, 24-hour fitness center, outdoor Wi-Fi lounge, resort-style swimming pool with a tanning deck and 120 rentable carports.
DENTON, TEXAS — Fidelis Realty Partners has purchased Rayzor Ranch Marketplace, a retail property located at the corner of State Highway 380 and I-35 in Denton, for an undisclosed price. Academy Sports + Outdoors, Ross Dress for Less, Petco, Jo-Ann Fabric and Crafts, Boot Barn and Guitar Center are tenants at the 252,000-square-foot retail center, while the overall center contains 641,000 square feet of retail space, including the Walmart, Sam’s Club and Kohl’s shadow anchors. Additionally, the acquisition included 18 acres of land for future development. The name of the seller was not released.
CBRE Secures $17.5M in Debt, Equity for Speculative Office, Industrial Development in Metro Austin
by Amy Works
CEDAR PARK, TEXAS — CBRE has arranged $13.6 million in acquisition and development financing and $3.9 million in equity for Brushy Creek Corporate Center, a speculative office and industrial development in Cedar Park, about 20 miles northwest of Austin. The development is a two-building, 231,180-square-foot property. Mike Landon and David Aaronson of CBRE arranged the loan for the borrower, IGX Brushy Creek LLC. American National Insurance Co. provided the financing, while ANICO Eagle LLC, a joint venture partner in the development project, provided the equity for the project.
CARROLLTON, TEXAS — Pierson Retail Advisors has brokered the sale of Hebron Heights, a neighborhood retail center located in Carrollton. A Texas-based group sold the property to an out-of-state buyer for an undisclosed price. At the time of sale, the 31,992-square-foot property was fully leased to Kumon Learning Center, Premier Dental, Hebron Veterinary Hospital and Pet Supplies Plus. Pierson Retail Advisors represented the seller in the deal.
WEBSTER, TEXAS — KAMTAG LLC has acquired a multi-tenant retail property located at 145 Magellan Circle in Webster. WDC Mag One LLC sold the asset in an off-market transaction for an undisclosed sum. At the time of sale, the 9,781-square-foot property was fully occupied. Reed Vestal and Taylor Schmidt of Lee & Associates represented the buyer in the deal.
NEW YORK CITY — Forest City Ratner Cos. has opened 461 Dean, the world’s tallest modular tower and only modular residential high rise. Located at Greenland Forest City Partners’ Pacific Park Brooklyn, the 32-story high-rise tower features 363 rental apartments. Designed by SHoP Architects, the tower features 149 studios, 166 one-bedroom apartments and 48 two-bedroom apartments, with 23 original unit configurations. Unit prices for studios start at $2,450, one bedrooms start at $3,125 and two bedrooms start at $4,750. On-site amenities include a 24-hour doorman, modern fitness center, yoga and dance studio, sky lounge and rooftop terrace, game room, and children’s playroom as well as in-unit washers/dryers. The property, which is slated for LEED Silver certification, is the first residential building to open at the 22-acre Pacific Park Brooklyn mixed-use community. Pacific Park Brooklyn is being developed by a joint venture between Greenland USA and Forest City Ratner Cos., which is a wholly owned subsidiary of Forest City Realty Trust.
NEW YORK CITY — HFF has arranged two loans on behalf of Short Hills, N.J.-based Garden Homes Development for an office property and a residential property in Manhattan. The firm secured $38 million in financing for the office property totaling 103,389 rentable square feet at 13-15 W. 54th St. and 20 W. 55th St. in Midtown Manhattan and $21.5 million in financing for the six-story residential building with ground-floor retail at 194 E. Second St. in the East Village. Built in 1897, the office properties are two adjacent five-story mansions that were home to John D. Rockefeller and known as the Rockefeller Townhouses. Completed in 1997, the residential building features 8,465 square feet of ground-floor retail space and 61 luxury residential units. Andrew Scandalios and Geoff Goldstein of HFF arranged the financing for the borrower.
QuickLiquidity Acquires Partnership Interest in $25M Neighborhood Shopping Center in Pittsburgh
by Amy Works
PITTSBURGH — QuickLiquidity has purchased a partnership interest in a $25 million neighborhood shopping center in the Pittsburgh metropolitan area. The partnership owns a 275,000-square-foot retail property anchored by Giant Eagle. The property is more than 95 percent occupied by a variety of tenants, including Dollar General, PNC Bank, Chick-fil-A, Starbucks Coffee, MedExpress, Aaron’s and Mattress Firm. The name of the seller was not released.