Property Type

Hyatt, R.C. Hedreen to Develop 1,260-Room Hyatt Regency Hotel in Seattle

by Nellie Day October 12, 2016

SEATTLE — R.C. Hedreen Co. and an affiliate of Hyatt Hotels Corp. have entered into a management agreement to develop a 1,260-room Hyatt Regency hotel in Seattle. The hotel will be situated at 8th and 9th avenues, between Stewart and Howell streets, in the Denny Triangle neighborhood. The new Hyatt will include more than 100,000 square feet of flexible meeting and event facilities, multiple food and beverage outlets, and a Regency Club lounge. The hotel will be in close proximity to the Washington State Convention Center, Pike Place Market, the Space Needle and the Seattle Aquarium. The full-service hotel is expected to open in mid-2018. R.C. Hedreen Co. currently owns Grand Hyatt Seattle and Hyatt at Olive 8.

October 12, 2016

California Hospitality Western

Ashford Hospitality Trust Sells Two Palm Desert Hotels for $36M

by Nellie Day October 12, 2016

PALM DESERT, CALIF. — Ashford Hospitality Trust has sold a two-hotel portfolio in Palm Desert for $36 million. The transaction includes the 151-room Courtyard Palm Desert and the 130-room Residence Inn Palm Desert. The portfolio achieved RevPAR (revenue per available room) of $92 with an occupancy rate of 74 percent and ADR (average daily rate) of $123. The portfolio also had an existing debt balance of about $24 million that was assumed by the buyer.

October 12, 2016

California Office Western

Bold Films to Move Headquarters to Hollywood 959 in Los Angeles

by Nellie Day October 12, 2016

LOS ANGELES — Bold Films has announced plans to relocate its headquarters to the new Hollywood 959 creative entertainment campus. The campus is located at 959 N. Seward St. in the Hollywood Media District. Bold Films has leased 15,000 square feet in the five-story West Wing building. The independent entertainment production and finance company has worked on films such as “Nightcrawler,” “Whiplash” and “Drive.” JH Snyder Company developed and built Hollywood 959 this past March. The campus includes 245,000 square feet of creative office space in two wings. Greg Frankovich of Newmark Grubb Knight Frank represented Bold Films in the transaction. Michael Geller of First Property represented JH Snyder.

October 12, 2016

Industrial Nevada Western

Burke Construction Completes 30,000 SF Expansion of Frito Lay Las Vegas Distribution Center

by Nellie Day October 12, 2016

LAS VEGAS — Burke Construction Group has completed construction on an expanded warehouse facility for the Frito Lay Las Vegas Distribution Center. The center is located at 1209 Trade Drive. The 30,000-square-foot addition will allow Frito Lay to expand its existing warehouse facility. The space was built directly adjacent to the active warehouse, creating one common warehouse space. William E. Franz designed the property. Burke built the space on behalf of Con-Real LP.

October 12, 2016

Industrial Texas

Adler Kawa Real Estate Acquires 296,781 SF of Industrial Space in Austin

by Katie Sloan October 12, 2016

AUSTIN, TEXAS — Adler Kawa Real Estate Advisors has acquired five single-story industrial buildings known as Kramer 1-5 at Braker Center in Austin. The buildings total 296,781 square feet and feature 21-foot clear heights and floor plans that accommodate office, warehouse, production and showroom space. Hale Umstattd and Leah Gallagher of Transwestern represented the undisclosed seller in the transaction. Davis Bass of HPI Real Estate Services & Investments will remain in charge of leasing. PNC Bank provided financing for the acquisition.

October 12, 2016

Multifamily Texas

One Uptown High-Rise Apartment Tower to Open in Dallas

by Katie Sloan October 12, 2016

DALLAS — Stoneleigh Cos. and USA Infrastructure Investments will open One Uptown, a 196-unit high-rise apartment tower in Uptown Dallas, in January 2017. The project, located on McKinney Avenue, will offer units with private balconies, floor-to-ceiling glass windows, washers and dryers and large walk-in closets with Elfa closet shelving systems. Community amenities will include a rooftop pool, a 9,000-square-foot sky deck and lounge, a relaxation zone with a fire pit, a demonstration kitchen, cabanas, a private fitness studio, an entertainment room, and two hospitality suites for out-of-town guests. The tower will also feature more than 18,000 square feet of restaurant space occupied by Circo, a five-star European restaurant, and Fogo de Chão, a Brazilian steakhouse. Dallas-based architect Phil Shepard designed the development.

October 12, 2016

Retail Texas

Planet Fitness to Open at Weslaco Shopping Center in Southern Texas

by Katie Sloan October 12, 2016

WESLACO, TEXAS — Planet Fitness plans to open a 19,413-square-foot gym at Weslaco Shopping Center in Weslaco in early 2017. The retail center, located at 1901 W. U.S. Route 83 in southern Texas, is managed by Cencor Realty Services. Tenants at the center include Ross Dress for Less, Bealls, Starbucks Coffee, Dollar Tree and Buffalo Wild Wings. Marcus Shaffer and Dan Mitchell of The Weitzman Group handled negotiations on behalf of the landlord.

October 12, 2016

Retail Texas

Cohen Financial Arranges $5.2M in Financing for Two Retail Centers in Dallas-Fort Worth Metro Area

by Katie Sloan October 12, 2016

FORT WORTH AND SOUTHLAKE, TEXAS — Cohen Financial has arranged two loans totaling $5.2 million to refinance two retail centers in the Dallas-Fort Worth area. The transactions included a $4.1 million loan for La Marina Plaza, a 30,000-square-foot retail center in Fort Worth anchored by Texas Health Resources, and a $1.1 million loan for Southlake Plaza, a 9,800-square-foot retail center in Southlake. Kevin Sellers of Cohen Financial’s Phoenix office secured the two fixed-rate, three-year loans through Commerce National Bank on behalf of the borrower, a local commercial real estate investor. The borrower plans to market and sell both assets within two years.

October 12, 2016

Industrial Texas

Medical Supply Company Leases 9,600 SF at Racepark Center in Houston

by Katie Sloan October 12, 2016

HOUSTON — Armstrong Medical Supply LLC has leased 9,600 square feet within Racepark Center at 6818 N. Sam Houston Parkway West in Houston. Lee & Associates’ Thomas Leger and Mike Spears represented the landlord, Turnaround Properties LLC. Richard Frye of Adkisson Group Inc. represented the tenant.

October 12, 2016

Indiana Midwest Office

Colliers Brokers Sale of 106,404 SF Office Building in Carmel, Indiana

by Amy Works October 12, 2016

CARMEL, IND. — Colliers International has arranged the sale of 550 Congressional, an office building located in Carmel, a northern suburb of Indianapolis. An affiliate of Tryperion Partners purchased the property from a joint venture between REI Real Estate Services and Perennial Investments in an all-cash transaction for an undisclosed sum. The three-story building features 106,404 square feet of Class A office space, a bocce ball court, fire pit and grill, outdoor meeting areas and a bike share program. Colliers represented the seller in the deal. This purchase is Tryperion’s first acquisition in the Indianapolis area.

October 12, 2016

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