Property Type

Hangover Opportunity Fund Sells May Group’s Headquarters in South Fort Worth

by Haisten Willis October 6, 2016

FORT WORTH, TEXAS — Hangover Opportunity Fund LLC has sold a 138,000-square-foot, two-building project in Fort Worth’s Carter Industrial Park. The 11.5-acre property at 1200 Forum Way S. is net-leased to May Group International, a custom sign manufacturer. Shortly before the property hit the market, the advertising company signed a seven-year renewal for the 60,000-square-foot and 78,000-square-foot office/warehouses, which are used as its headquarters and production facility, respectively. Texas-based SkyWalker Property Partners is liquidating Hangover’s 21-property portfolio. The 1200 Forum Way campus, bought by Hangover in mid-November 2013, is the ninth asset in Hangover’s portfolio to sell. Two more properties are under contract. Theron Bryant and Joe Hamilton of Coldwell Banker Commercial Advisors represented the seller. Chance Olin of Holt Lunsford Commercial negotiated for the local buyer, Forum Way Investments LLC. Bryant also negotiated the lease renewal with May Group.

October 6, 2016

The Concourse Hotel Transitions to Hyatt Regency at LAX with $75M Renovation

by Nellie Day October 6, 2016

LOS ANGELES — Hyatt Hotels Corporation has completed the transition of the Concourse Hotel at Los Angeles Airport to the Hyatt Regency Los Angeles International Airport. The 580-room hotel is undergoing an extensive $75 million renovation. The hotel is situated less than one block from the Los Angeles International Airport. It is the closest hotel to the airport, and the only airport hotel with direct shuttle service to LAX. The hotel offers more than 50,000 square feet of meeting space, including one of the largest ballrooms in the LAX market at 14,000 square feet. The Hyatt also features the only outdoor event lawns in the area, which can accommodate up to 750 guests. A newly built conference center includes more than 10,000 square feet of meeting space. Dining options include Open Market and Unity L.A. The Hyatt Regency Los Angeles International Airport is currently open and accepting guests.

October 6, 2016

California Multifamily Western

Pacific Urban Residential Buys IMT Thousand Oaks Apartments for $67M

by Nellie Day October 6, 2016

LOS ANGELES — An affiliate of Pacific Urban Residential has purchased the 191-unit IMT Thousand Oaks apartments for $67 million. The community is located at 491 W. Gainsborough Road in the Los Angeles submarket of Thousand Oaks. IMT Thousand Oaks is situated along U.S. Highway 101. Notable employers in the area include Amgen, General Dynamics Corp., Verizon, WellPoint, JD Power & Associates, Teledyne Technologies, Audi, Kythera Biopharmaceuticals and the Dole Food Co. The community was built in 1973. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented the seller, IMT Capital LLC, in this transaction.

October 6, 2016

Colorado Multifamily Western

Gelt Purchases Westhills Apartments in Lakewood for $66M

by Nellie Day October 6, 2016

LAKEWOOD, COLO. — Gelt has purchased the 400-unit Westhills apartments in Lakewood for $66 million. The community is located at 453 Van Gordon St. Westhills was built in 1972. FPA Multifamily, the previous owner, recently renovated about 30 percent of the units. Gelt plans to fully renovate approximately 100 of the original units with vinyl plank flooring, stainless steel appliances, new cabinet faces, new fixtures, and the addition of stackable washer-dryer units. Gelt will also upgrade the remaining units, which were renovated a decade ago, by adding stainless steel appliances, vinyl plank flooring and new fixtures. The owner will also add new amenities like a bike room, storage room, entertainment room and barbeque pits. Notable employers in the area include the Denver Federal Center, St. Anthony’s Medical Center, Lakewood Technology Center, Red Rocks Community College and the Colorado Mills Mall. The garden-style community is also within walking distance of the Federal Center Light Rail Station. This is Gelt’s second acquisition in the Denver region. The firm is looking to acquire 2,000 apartment units over the next 12 months. In addition to Denver, its target markets include Salt Lake City, Portland, Seattle, Reno, the San Francisco Bay Area and Los Angeles.

October 6, 2016

Colorado Industrial Western

Central Development to Build Encompass Business Park in Centennial

by Nellie Day October 6, 2016

CENTENNIAL, COLO. — Central Development has announced plans to build Encompass Business Park, a 55-acre office and industrial park, in Centennial. The Class A park will be situated on South Blackhawk Street, between East Arapahoe Road and East Fremont Avenue. The site, formerly known as Centennial East Corporate Center, will soon contain a 150,000-square-foot spec industrial building. This will be the largest individual spec industrial project in southeast Denver, according to Central Development. The new Encompass Business Park will offer a total of 13 development sites, ranging from 14,000 square feet to 150,000 square feet, with broad and flexible zoning that can accommodate retail, office, flex, industrial, medical and storage uses. Central Development purchased the land for Phase I from Jordan-Arapahoe LLC for $4.5 million. NGKF’s Kittie Hook and Wade Fletcher represented the LLC and assisted Central Development in the acquisition. The team is also handling the marketing, sales and leasing for Encompass. Central Development’s capital partner on the project is an LLC managed by Washington Capital Management.

October 6, 2016

Office Texas

Invesco to Rebrand 1920 McKinney Office Tower in Dallas as Parkview at 1920 McKinney

by Haisten Willis October 6, 2016

DALLAS — Invesco will rebrand the 1920 McKinney office tower in Dallas as Parkview at 1920 McKinney, emphasizing the property’s location overlooking Klyde Warren Park. The 12-story, Class A office and retail property is located in the Uptown submarket. The building spans more than 141,000 square feet of rentable office space, with balconies on every office level and views of both the downtown Dallas skyline and the park. Over 50 percent of the property has been leased with 66,000 square feet of contiguous office space available. JLL’s Daryl Mullin, James Esquivel and Ashley Curry are leading the leasing and marketing efforts. The location also offers on-site dining at Water Grill, which is scheduled to open in December, a full-service fitness center, access to the Katy Trail and Klyde Warren Park, 100 percent covered parking and on-site management.

October 6, 2016

Hospitality Loans Texas

Pioneer Realty Arranges $1M Refinancing Loan for Motel 6 in East Texas

by Haisten Willis October 6, 2016

CANTON, TEXAS — Pioneer Realty Capital LLC, a Texas-based commercial real estate lender, has closed a $1 million refinancing loan for a 40-room Motel 6 located along North Trade Days Boulevard in Canton. The Pioneer Realty Capital team provided the owners of Sandy MJ LLC with an expedited closing that enabled the client to avoid pre-payment expenses.

October 6, 2016

District of Columbia Multifamily Southeast

Berkshire Group Acquires High-Rise Apartment Tower in D.C.

by John Nelson October 6, 2016

WASHINGTON, D.C. — Berkshire Group has purchased Berkshire 15, a newly built, 96-unit high-rise apartment tower located at 2011 15th St. N.W. in Washington, D.C.’s historic U Street corridor. The Boston-based multifamily investment firm purchased the asset from Bozzuto Homes Inc. for an undisclosed price. Globe Street reports the property traded for $53.6 million, or $558,33 per unit. The high-rise’s units feature European-style cabinets, quartz countertops and wood flooring. Community amenities include a ground-level patio, rooftop deck, parking garage, extra storage units and bicycle storage.

October 6, 2016

Kentucky Retail Southeast

Thompson Thrift Breaks Ground on 185,000 SF Retail Center in West Kentucky

by John Nelson October 6, 2016

HOPKINSVILLE, KY. — Thompson Thrift Development has begun construction on Hopkinsville Towne Center, a 185,000-square-foot, junior-anchored retail center in Hopkinsville. Situated on the northwest corner of Fort Campbell Boulevard and Lovers Lane, the asset’s tenant roster includes Hobby Lobby, TJ Maxx, Ross Dress for Less, rue 21, Ulta Beauty, Burke’s Outlet, Hibbett Sporting Goods, Rack Room Shoes, Maurice’s, Cato and Panera Bread. Hopkinsville Towne Center’s first tenants are expected to open in late 2017 or early 2018. Kevin Schreiber and Kevin Mayhugh of The Shopping Center Group are leasing the property on behalf of Thompson Thrift. The Shopping Center Group and Thompson Thrift have worked with city and county officials since 2012 to assemble and develop the 20-acre site.

October 6, 2016

Healthcare North Carolina Southeast

Duke Realty Breaks Ground on Medical Office Expansion for UNC REX Healthcare

by John Nelson October 6, 2016

HOLLY SPRINGS, N.C. — Duke Realty has begun construction on a 45,000-square-foot expansion of the UNC REX Healthcare campus in Holly Springs. Located at 617 Avent Ferry Road, the new three-story structure will be attached to an existing 30,370-square-foot medical office building via a three-story glass atrium. Duke Realty will develop, finance, own and manage the new space, which will be fully leased to UNC REX, a Raleigh-based healthcare system. The design team includes architect BSA LifeStructures and general contractor Brasfield & Gorrie. Duke Realty plans to deliver the new medical office building in December 2017. UNC REX also plans to build a new 50-bed community hospital on the Holly Springs campus beginning next year.

October 6, 2016

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