Property Type

29SC to Convert Clear Lake Condominiums in Metro Houston to Rental Apartments

by Haisten Willis October 5, 2016

WEBSTER, TEXAS — 29th Street Capital (29SC), a privately held real estate investment and advisory firm, has acquired Clear Lake Condominiums, a 284-unit multifamily community in Webster. The transaction is 29SC’s seventh acquisition in metro Houston. The firm plans to invest $2 million into renovations to upgrade unit interiors, enhance the property exterior and add or update resident amenities. The firm will rebrand the community as Barringer Square Apartments. The property is located on Galveston Road between NASA’s Johnson Space Center and Ellington Airport. Interior unit upgrades will include new stainless steel kitchen appliances, cabinets, countertops, backsplashes, flooring and fixtures. Exterior improvements will include new roofing, siding and paint, as well as façade repairs. The firm also plans to overhaul the leasing center and clubhouse, adding a playground, covered outdoor grilling areas and a dog park.

October 5, 2016

NorthMarq Capital Secures $17.6M Loan for Maxey Village Apartments in Houston

by Haisten Willis October 5, 2016

HOUSTON — NorthMarq Capital’s Denver office has secured a $17.6 million acquisition loan for Maxey Village Apartments, a multifamily community located at 666 Maxey Road in Houston. Constructed in 1974, the property consists of 409 units across 10 two-story buildings. The one- and two-bedroom floor plans range from 580 to 986 square feet. Mark Jeffries of NorthMarq Capital arranged the financing on behalf of the borrower, Angelus Capital, a private equity firm headquartered in Austin.

October 5, 2016

freeport-corporate-center-8650-freeport-parkway-irving-texas

Office Texas

CMG Mortgage to Expand Regional Office in Metro Dallas

by Haisten Willis October 5, 2016

IRVING, TEXAS — CMG Mortgage Inc. is increasing the size of its north Texas regional office, finalizing a 10,951-square-foot lease in an expansion and long-term extension for Class A office space in Irving. The California-based company has secured 3,350 square feet adjacent to its 7,601-square-foot office on the first floor of Freeport Corporate Center, a two-story suburban office building located at 8650 Freeport Parkway S. The extra space will be ready to occupy this week. Kevin Brookmole of Dallas-based Bradford Commercial Real Estate Services represents the landlord, Slate Freeport Holdings LLC. Steve Herman of Herman Commercial Real Estate in Walnut Creek, Calif., represented CMG, which has a nationwide network of mortgage offices. Both leases are co-terminus.

October 5, 2016

Office Texas

Colvill Arranges Pair of Office Leases in Houston

by Haisten Willis October 5, 2016

HOUSTON — Colvill Office Properties has arranged two office lease transactions at Citycentre Five, a 15-story, 227,000-square-foot office building in Houston. The transactions include a 13,226-square-foot lease to Five Point Capital Partners and a 4,357-square-foot lease to Credera. The two deals bring the Class A asset to 77 percent occupancy. Michael Anderson and Connor Saxe of Colvill Office Properties represented the landlord, Midway, in the lease transactions. Michelle Wogan of Transwestern represented Five Point Capital Partners, and Nick Terry of Caldwell Cos. represented Credera.

October 5, 2016

Industrial Texas

Brennan Acquires Manitex Industrial Facilities in Metro Austin

by Haisten Willis October 5, 2016

GEORGETOWN, TEXAS — Brennan Investment Group LLC, a private real estate investment firm, has acquired a three-building industrial campus located at 3000 S. Austin Ave. in Georgetown. The 192,060-square-foot development is 100 percent leased to Manitex Inc., a provider of lifting and loading products. The property has access to I-35.

October 5, 2016

Georgia Office Southeast

Starwood Capital-Led JV Buys 50-Story Office Tower in Midtown Atlanta

by John Nelson October 5, 2016

ATLANTA — A joint venture between Starwood Global Opportunity Fund X and Core Property Capital has purchased One Atlantic Center, a 50-story office tower located at 1201 W. Peachtree St. in Midtown Atlanta. The sales price was undisclosed, but the Atlanta Business Chronicle reports the price as likely being $300 per square foot, or $330 million. The LEED Gold-certified tower is the tallest office building in Midtown Atlanta. One Atlantic features 1.1 million square feet of office space and a 2,110-space parking garage. In a similar transaction last year, the joint venture acquired the TowerPlace office and retail complex in Atlanta’s Buckhead district in July 2015.

October 5, 2016

Georgia Mixed-Use Southeast

Ivy Creek Partners to Develop $180M Mixed-Use Project Near Mall of Georgia

by John Nelson October 5, 2016

BUFORD, GA. — Ivy Creek Partners LLC plans to build a 16-acre mixed-use development adjacent to the Mall of Georgia in Buford, a northeast suburb of Atlanta in Gwinnett County. Atlanta Falcons star Julio Jones and his business partner Jon Guven of Guven’s Fine Jewelry are the principal investors in what is predicted to be a $180 million venture. The project, which will be created in four stages, will include retail space, a grocery store, 21-story hotel/condo tower with a rooftop restaurant, office space and multifamily residential units. The development will also offer direct access to the Ivy Creek Greenway, which links to the Gwinnett Environmental and Heritage Center. The first phase, which is scheduled to begin in the second quarter of 2017, will include 23,000 square feet of street-level retail space and 336 multifamily units. Plans for the project’s additional stages include a 50,000-square-foot family entertainment center, bars, restaurants and music and comedy clubs. The entertainment center will feature an arcade, bowling, sports theater and meeting space. Ivy Creek Partners is the development manager and partner for the project, and Dunwoody, Ga.-based Phillips Partnership Architecture and Engineering is designing the development, which has yet to be named.

October 5, 2016

Georgia Seniors Housing Southeast

CBRE Arranges $50.5M Sale of Two Arbor Senior Communities in Georgia

by John Nelson October 5, 2016

PEACHTREE CITY AND MARIETTA, GA. — CBRE National Senior Housing has arranged the sale of Arbor Terrace Peachtree City and Arbor Terrace at East Cobb, two seniors housing communities located in Georgia, for $50.5 million. Arcapita Investment Management purchased the two communities, respectively located in the Atlanta suburbs of Peachtree City and Marietta, from Capitol Seniors Housing. The Arbor Co. will continue to operate the two communities. Arbor Terrace Peachtree City features 112 independent living units and 34 assisted living units. Arbor Terrace at East Cobb features 56 assisted living units and 34 memory care units. Lisa Widmier and Matthew Whitlock of CBRE represented the seller in the transaction. The firm’s Aron Will also arranged a seven-year, fixed-rate loan with 36 months of interest-only payments to fund the acquisition. The financing is secured through Freddie Mac.

October 5, 2016

Alabama Loans Office Southeast

Sentinel Asset Management Provides $32.4M Acquisition Loan for Office Building in Birmingham

by John Nelson October 5, 2016

BIRMINGHAM, ALA. — Sentinel Asset Management has provided a $32.4 million acquisition loan for Brookwood Office Center, a nine-story, 169,459-square-foot office building located at 569 Brookwood Village in Birmingham’s Mountain Brook/Midtown submarket. The office building is situated on 5.1 acres within the Brookwood Village mixed-use development. Built in 2007, the property is fully leased to tenants such as Kinder Morgan, Merrill Lynch and PricewaterhouseCoopers. Jos. A. Bank and O’Henry’s Coffees lease the office building’s ground-floor retail space. Ed Coco and Matt Casey of HFF led the debt placement team that represented the borrower, an indirect subsidiary of Preferred Apartment Communities Inc. The 15-year loan features a fixed 3.52 percent interest rate.

October 5, 2016

Florida Loans Southeast Student Housing

NorthMarq Arranges $10.1M Refinancing of Student Housing Community Near Florida State University

by John Nelson October 5, 2016

TALLAHASSEE, FLA. — NorthMarq Capital has arranged the $10.1 million refinancing of Villa Cristina, a 226-bed student housing community located near Florida State University in Tallahassee. The 10-year loan features two years of interest-only payments followed by a 30-year amortization schedule. Lee Weaver of NorthMarq Capital arranged the financing on behalf of the undisclosed borrower through Freddie Mac. The property offers a mix of one-, two- and three-bedroom units with washers and dryers. Community amenities include a resort-style pool and a computer lab.

October 5, 2016

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