Property Type

Millennials Shake Up Retail Game, Says Keynote Speaker at ICSC Texas

by Jeff Shaw October 10, 2016

DALLAS — While retail spending is on the rise overall, companies and brands that appeal to younger shoppers are having by far the most success, according to Dana Telsey, CEO and chief research officer at Telsey Advisory Group in New York City. Shifting consumer trends mean certain retailers — such as off-price apparel chains and “eatertainment” anchors like Topgolf and Main Event Entertainment — are having more success than others catering to the demands of the younger demographic. Telsey was the keynote speaker for the ICSC Texas Conference & Deal Making show that took place Oct. 5-7 at the Kay Bailey Hutchison Convention Center in Dallas. The event drew 4,008 attendees, the most in its history and the first time the conference has ever topped the 4,000 mark. The brokers, lenders, developers and others who listened to Telsey’s speech heard mostly positive news about the state of their industry. One retail subset seeing a lot of growth is off-price retailers, including TJ Maxx, Marshalls and Ross Dress for Less. “The off-pricers are the new department stores of today,” said Telsey. While those retailers are surging, some traditional department stores are struggling. Macy’s plans to close 100 locations, and Kohl’s has …

October 10, 2016

Office Texas

KDC Completes Fourth Office Tower for State Farm in Richardson

by Katie Sloan October 7, 2016

RICHARDSON, TEXAS — Dallas-based KDC has completed the fourth office tower at the developer’s CityLine mixed-used project in Richardson. State Farm will occupy the new tower, and the giant insurer’s employees are currently in the process of moving into the 500,000-square-foot facility. State Farm now occupies 2.1 million square feet of office space at CityLine. Construction of the tower, known as Four CityLine, started in July 2014. Located at the northeast corner of State Street and North Plano Road across from the other three State Farm office towers, Four CityLine consists of a 12-story office building situated atop a five-level parking structure with approximately 30,000 square feet of ground-floor retail space. CityLine now includes the four office towers occupied by State Farm; a 489,000-square-foot office complex for Raytheon; nearly 50 restaurants and stores, including the Whole Foods-anchored CityLine Market; 1,000 apartments with another 1,000 under construction; a 148-room select service Aloft Hotel scheduled to open early next year; a wellness office building anchored by Texas Health Resources, Children’s Health and a fitness center; and an urban plaza designed by Office of James Burnett (OJB), the landscape architect of Dallas’ signature Klyde Warren Park. CityLine’s project team includes general contractor Austin Commercial, architect Corgan Architects, civil …

October 7, 2016

Office Texas

Prescott Group Plans $11M Redevelopment of Office Building in Austin

by Katie Sloan October 7, 2016

AUSTIN, TEXAS — Prescott Group Inc., along with an institutional investor, has acquired an office building at 316 W. 12th St. in Austin and plans an $11 million redevelopment of the property. The building is located on one acre and is within walking distance of the State Capitol, The University of Texas, Dell Medical School and Austin’s Downtown Entertainment District. The Texas State Teachers Association, which had owned the property since its completion in 1952, was the seller. The redevelopment, which is slated to begin Oct. 10, will include an additional 26,000-square-foot floor to the building. Other planned improvements feature a new restaurant, rooftop terrace, conference room, fitness facility, bike storage and landscaped courtyard. Following the redevelopment, which should be completed in late 2017, the building will be renamed Westview. Andersson•Wise Architects is designing the project. The Burt Group is the general contractor, Sixthriver Architects is the interior designer, Big Red Dog is the civil and MEP engineer, AEC is the structural engineer, and Co’Design is the landscape architect. The project lender is Texas Capital Bank, while HFF arranged the financing. Rachel Coulter and Kevin Kimbrough of the Austin office of JLL will lead the leasing efforts. Prescott Group is …

October 7, 2016

Retail Texas

Nine New Retailers Join Hughes Landing in Metro Houston

by Katie Sloan October 7, 2016

THE WOODLANDS, TEXAS — Nine new retailers totaling 17,198 square feet are set to open at Hughes Landing, a 66-acre mixed-use development located in The Woodlands. New retailers to open in Retail Row at Hughes Landing will include Blo Blow Dry Bar, Fleet Feet Sports, Focus Optical and Fred Astaire Dance Studio. In addition, retailers to open on the ground level of One Lakes Edge apartments will include Beauty Statement, Broken Barrel, VOM FASS Oils & Vinegars, L’Atelier de Beaute and Ivivva, a retail concept founded by lululemon athletics. Located in metro Houston, the mixed-use property is already home to tenants including Whole Foods Market, Pier 1 Imports, Pure Barre and Starbucks Coffee.

October 7, 2016

Loans Multifamily Texas

Dougherty Mortgage Closes $6.9M Fannie Mae Loan for Emerald Village Apartment Homes in San Antonio

by Katie Sloan October 7, 2016

SAN ANTONIO, TEXAS — Dougherty Mortgage LLC has closed a $6.9 million Fannie Mae loan for the refinancing of Emerald Village Apartment Homes, a 144-unit affordable housing community located in San Antonio. The property offers one-, two-, three- and four-bedroom units with walk-in closets and covered patios or balconies. Community amenities include a 24-hour fitness center, a community room, an outdoor playground, controlled access and a pool with a sundeck. Arranged through Dougherty’s Minneapolis office, the loan features a 15-year term and a 30-year amortization schedule.

October 7, 2016

Retail Texas

Cypress Equities Acquires 11.2-Acre Site for Grocery-Anchored Development in Georgetown, Texas

by Katie Sloan October 7, 2016

GEORGETOWN, TEXAS — Cypress Equities has acquired an 11.2-acre site in Georgetown, Texas, for the development of a grocery-anchored shopping center to be named Oak Meadows Marketplace. A 57,655-square-foot Randalls Food & Drugs will anchor the 77,050-square-foot project. Construction is expected to begin in January with a completion date scheduled for November 2017. SRS Real Estate Partners will be in charge of leasing up the center.

October 7, 2016

Hospitality Industrial New York Northeast Office Retail

NorthStar Income II Commits More Than $370M in Capital

by Amy Works October 7, 2016

NEW YORK CITY — NorthStar Real Estate Income II has closed on two portfolio transactions in which it committed approximately $370 million of equity capital, substantially investing all of the company’s current investable capital. Through subsidiaries of its operating partnership, NorthStar Income II originated a $98 million subordinate interest investment in a portfolio of 39 industrial properties in 17 states. The more than 6 million-square-foot portfolio is currently 100 percent leased with an average remaining lease term of 11 years. Additionally, NorthStar Income II acquired a diversified portfolio of limited partnership or similar equity interest in 41 private equity real estate funds, managed by 20 institutional-quality real estate managers from a company managed by NorthStar Income II’s sponsor. NorthStar Income II acquired the funds for $273 million, or a price equal to 92.25 percent of the record date net asset value. Twenty-five percent of the acquisition was funded at closing and the remaining will be funded on December 31. Located in 24 states as well as international locations, the properties include mixed-use, multifamily, office and hotel assets.

October 7, 2016

New York Northeast Office

Eastern Consolidated Negotiates $90M Sale of Office Property in Tribeca

by Amy Works October 7, 2016

NEW YORK CITY — Eastern Consolidated has arranged the sale of an office property located at 13-17 Laight St. in Tribeca. The Vanbarton Group acquired the property, which was previously the main venue for the Tribeca Film Festival, for $90 million. The six-story property features 82,500 square feet of office space. Brian Ezratty and Roberto Ortiz of Eastern Consolidated represented the seller, 810-VE Laight LLC, a partnership between Whitestar Advisors and VE Equities, in the transaction.

October 7, 2016

Loans Multifamily New York Northeast

National Cooperative Bank Closes $46M Loan for 763-Unit Co-op in Coram, New York

by Amy Works October 7, 2016

CORAM, N.Y. — National Cooperative Bank has closed a $46 million first mortgage loan for North Isle Village Inc., a multifamily cooperative located at 50 Gibbs Road in Coram. Proceeds of the loan were used to refinance existing debt and to fund current and future capital improvements, including roof and road repairs, HVAC replacement, indoor and outdoor pool repairs and tennis court replacement. Built between 1973 and 1985, the property has 54 two-story garden-style apartment buildings offering a total of 763 units. On-site amenities include a clubhouse, indoor and outdoor pool, laundry facilities, tennis courts, basketball court, playground, outdoor seating areas, paved jogging trail with obstacle course, fitness center, and picnic and barbecue areas. The property converted to cooperative ownership in 1987.

October 7, 2016

New York Northeast Office

Mack Cali Realty Completes $9.6M Sale of Two Office Buildings in Basking Ridge, New Jersey

by Amy Works October 7, 2016

BASKING RIDGE, N.J. — Mack Cali Realty Corp. has completed the disposition of two office buildings, located at 222 and 233 Mount Airy Road in Basking Ridge. Exclusive Management acquired the assets, which total 115,961 square feet, for $9.6 million. At the time of sale, the buildings were 65 percent leased. Jeffrey Dunne, Kevin Welsh, Brian Schulz and Jeremy Neuer of CBRE represented the seller and procured the buyer in the deal.

October 7, 2016

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