Property Type

Metropolitan Capital Arranges Sale and Financing for Huntsville Crossing Shopping Center

by Haisten Willis March 24, 2016

HUNTSVILLE, TEXAS — Metropolitan Capital Advisors has arranged the sale and acquisition financing for Huntsville Crossing Shopping Center, a 23,760-square-foot retail center located in Huntsville. The property is located in front of a new power center anchored by Target, Kroger, Academy Sports + Outdoors, PetCo, Ross and Marshalls. In November 2014, Metropolitan Capital Advisors arranged the construction debt and equity to build the project on behalf of a partnership between Dallas-based Brand Capital Partners and Loon Partners. The property was 100 percent pre-leased to Spec’s, Mattress One, Chipotle and Buffalo Wild Wings prior to breaking ground. The project was completed in October 2015 with the last tenant taking occupancy in February 2016. Metropolitan Capital Advisors and Marcus & Millichap co-brokered the sale of the property to a California-based buyer utilizing a 1031 tax-deferred exchange. Metropolitan Capital Advisors also arranged the acquisition financing for the buyer with Longview-based Texas Bank & Trust.

March 24, 2016

KBS Signs More Than 60,000 SF in Leases at West Loop I & II in Metro Houston

by Haisten Willis March 24, 2016

BELLAIRE, TEXAS — KBS Strategic Opportunity REIT, a non-traded real estate investment trust based in Newport Beach, Calif., has signed nine leases totaling 60,227 square feet at West Loop I & II in Bellaire with tenants in the medical and financial industries. Bellaire Dermatology and Eye Center of Texas signed the two largest leases, at 16,334 square feet and 15,120 square feet, respectively. Located three miles west of Houston’s central business district, West Loop I & II is a Class A, two-building office complex with 313,873 rentable square feet. It sits on a 5.6-acre office property with an eight-story parking garage and a covered walkway. The property is near the residential communities of Bellaire and West University with access to I-610. Amenities include structured parking, a deli, park and on-site security. John Spafford and Allie Hubbard of PM Realty Group represented KBS in the lease negotiations. Greg Hall with Greater Houston Commercial Properties represented Eye Center of Texas, and Jon Silberman and Dan Boyles of NAI Partners represented Bellaire Dermatology.

March 24, 2016

Industrial Office Texas

Colliers International Arranges 34,220 SF Office/Warehouse Lease in Metro Houston

by Haisten Willis March 24, 2016

WALLER, TEXAS — Colliers International has arranged a 34,220-square-foot office/warehouse lease for Cordyne Inc. at 1500 Alegacy Place in Waller. Walter Menuet and Tom Condon Jr. of Colliers represented the landlord, Alegacy Development, in the transaction. Colt Haack of Coldwell Banker Properties Unlimited represented the tenant.

March 24, 2016

Industrial Texas

NAI Partners Negotiates Sale and Purchase of 9,100 SF Industrial Property in Metro San Antonio

by Haisten Willis March 24, 2016

PLEASANTON, TEXAS — NAI Partners has negotiated the sale and purchase of a 9,100-square-foot industrial property on a four-acre lot at 449 Corgey Road in Pleasanton. Chris Caudill and Wade Carter of NAI Partners represented the seller, Code Red Safety, during the negotiations. Dan Boyles Jr. and Clare Flesher of NAI Partners represented the buyer, Johnson Specialty Tools.

March 24, 2016

Illinois Midwest Multifamily Seniors Housing

Greenbrier Breaks Ground on $30M Assisted Living, Memory Care Community in Illinois

by Christina Cannon March 24, 2016

PROSPECT HEIGHTS, ILL. — Greenbrier Senior Living has broken ground on Greenbrier of Prospect Heights, a 101-unit assisted living and memory care community in the northwest Chicago suburb of Prospect Heights. Greenbrier, a division of Evergreen Real Estate Group that specializes in the development and management of senior living communities, estimates development costs at $30 million. Located on five acres, Greenbrier of Prospect Heights will include a three-story, 69-unit assisted living facility, as well as a one-story, 32-unit building for memory care. Chicago-based Pathway Senior Living will operate the community once it’s complete.

March 24, 2016

Hospitality Midwest Missouri

Cullinan Properties to Build Drury Inn and Suites at Streets of St. Charles

by Christina Cannon March 24, 2016

ST. CHARLES, MO. — Cullinan Properties will construct a 180-room Drury Inn and Suites hotel, which will be part of the Streets of St. Charles, a 27-acre mixed-use community. In addition to the seven-story hotel, a second parking deck will be added to the development providing over 300 additional spaces. Construction of the parking deck is already underway, and work on the hotel is expected to start in April. Both projects are slated for completion by the summer of 2017. The Drury Inn and Suites at Streets of St. Charles will feature king and queen suites and deluxe two-room suites. The hotel will offer meeting space, an indoor/outdoor pool, Wi-Fi and hot breakfast. Drury Inn and Suites is the latest of several new tenants to be announced at Streets of St. Charles including Orangetheory Fitness, PF Changs, Firebirds Wood Fired Grill and Noodles & Co. which are all currently under construction and scheduled to open this summer.

March 24, 2016

Hospitality Midwest Wisconsin

Home2 Suites by Hilton Opens New 110-Room Hotel in Milwaukee

by Christina Cannon March 24, 2016

MILWAUKEE — Home2 Suites by Hilton has opened a new 110-room hotel in Milwaukee. Raymond Management Co. will own and manage the Home2 Suites by Hilton Milwaukee Airport. The pet-friendly hotel will feature fully equipped kitchens, modular furniture, Internet access, a combined laundry and fitness area, complimentary breakfast, indoor pool and outdoor grill area. The hotel also provides a 24-hour shuttle to and from the General Mitchell International Airport, which is one mile away. The hotel is located at 5880 S. Howell Ave.

March 24, 2016

Illinois Industrial Midwest

Transwestern Arranges 107,800 SF Distribution Lease in Batavia, Illinois

by Christina Cannon March 24, 2016

BATAVIA, ILL. — Transwestern has arranged the lease of a 107,800-square-foot distribution center in Batavia, approximately 45 miles west of Chicago. PDS, a transportation and logistics provider, will consolidate its existing locations at the new headquarters facility, which will be located at the building at 1070 Swanson Drive. PDS expects to move into the building this May. Liberty Property Trust owns the property, which was built in 1999 and is located in the Batavia Industrial Center. The asset features 30-foot clear heights, 10 exterior docks, one drive-in door, 69 auto parking spaces and 17 trailer spaces. Michael Marconi of Transwestern represented the tenant in the transaction. Marconi, along with Joe Karmin of Transwestern, also represented the landlord.

March 24, 2016

New York Northeast Office

New York City REIT to Acquire 250,000 SF Office Property in Midtown Manhattan for $180M

by Amy Works March 24, 2016

NEW YORK CITY — American Realty Capital New York City REIT Inc. has entered into an agreement to acquire an office building located at 1140 Avenue of the Americas in Midtown Manhattan. An affiliate of Blackstone Real Estate Partners VI is selling the property for $180 million, exclusive of closing costs. The transaction is expected to close in the second quarter, subject to customary closing conditions. The 22-story, 250,000-square-foot property is currently 91 percent leased, with City National Bank being the largest tenant.

March 24, 2016

Multifamily New Jersey Northeast

Castle Lanterra Properties Buys 224-Unit Multifamily Property in New Jersey for $56M

by Amy Works March 24, 2016

RARITAN, N.J. — Castle Lanterra Properties has acquired River Park, a multifamily property located at 100 River Park Drive in Raritan, for $56 million. Constructed in 2007, the property features 224 multifamily units. Cushman & Wakefield’s Metropolitan Area Capital Markets Group represented the seller, a global insurance group, and procured the buyer in the transaction. This transaction is Castle Lanterra’s second New Jersey acquisition in the past five months, following the purchase of Harbor Pointe, a 544-unit property acquired for $147.5 million in October 2015.

March 24, 2016

Newer Posts

Older Posts