Property Type

TIC Group Sells Colonnade at West Lake Houston Retail Property

by Haisten Willis September 20, 2016

HOUSTON — A group of 16 tenant-in-common (TIC) investors has sold the Colonnade at West Lake Houston retail development to a local retail investment and development company. The 54,449-square-foot property, located at 18455 Lake Houston Parkway, was 94 percent leased at the time of sale. SONA Colonnades LP, which owns other area retail properties, was the buyer. Chris Dray of NewQuest Properties represented the buyer of the four-building property. The 6.8-acre Colonnade is located near the eastern shore of the 12,000-acre Lake Houston.

September 20, 2016

Office Texas

Trammell Crow Opens Park South YMCA Early Childhood Center in Dallas

by Haisten Willis September 20, 2016

DALLAS — Trammell Crow Co. (TCC), Alliance Architects and Fast-Track Construction have completed an early childhood center for Park South YMCA in Dallas. The project was built on behalf of In The City For Good, a charitable organization that develops food pantries and early childhood education programs for inner city youth. TCC, Alliance and Fast-Track converted an abandoned 2,000-square-foot laundromat into a preschool building that will serve 145 children. The one-story building, located at 3901 Latimer St., features three classrooms. The development team designed built-in shelves for storage, added windows to allow for natural light and painted all the rooms in bright colors to aid in learning.

September 20, 2016

Georgia Industrial Southeast

Duke Realty to Develop 1.4 MSF Distribution Center for Floor & Décor in Savannah

by John Nelson September 20, 2016

SAVANNAH, GA. — Duke Realty Corp. plans to develop a 1.4 million-square-foot, build-to-suit distribution center in Savannah for Floor & Décor, an Atlanta-based retailer that sells hard-surface flooring, countertops, sinks and related accessories. Duke Realty will build the property on 90 acres located within Morgan Business Center between I-16 and I-95. The facility will have truck and rail access to Port of Savannah. Bill Sparks of CBRE represented Floor & Decor in the 1.4 million-square-foot lease transaction, while Duke Realty was represented internally by Brian Sutton. Duke Realty worked with the Savannah Economic Development Authority on the transaction, which represents one of the area’s largest development projects. Duke Realty plans to break ground in November, with Floor & Décor relocating to the new facility in early 2018.

September 20, 2016

District of Columbia Retail Southeast Virginia

Saks Fifth Avenue OFF 5TH Expands Footprint in Greater D.C. Area

by John Nelson September 20, 2016

SPRINGFIELD, VA. AND WASHINGTON, D.C. — Saks Fifth Avenue OFF 5TH has two locations opening in the metro Washington, D.C., area within a week of each other. The new locations total more than 60,000 square feet. The retailer has opened a two-level, 30,000-square-foot store at Springfield Town Center in Springfield, with plans to open a 33,000-square-foot store at 555 12th St. N.W. in Washington, D.C., this week. The Springfield store is the first Saks OFF 5TH to open in northern Virginia and the first in PREIT’s portfolio. The D.C. store will open on Thursday within the historic Thurman Arnold Building. According to Jonathan Greller, president of Saks OFF 5TH, there will be two more locations opening in the Mid-Atlantic region in October.

September 20, 2016

Florida Industrial Southeast

Meridian Breaks Ground on 237,000 SF Industrial Facility in South Florida

by John Nelson September 20, 2016

HOMESTEAD, FLA. — Meridian Design Build has begun construction on a 237,000-square-foot package sortation and distribution center in South Florida. The property will be located on a 40.5-acre lot at the intersection of S.W. 127th Avenue and S.W. 272nd Street in Homestead. The project will be developed by SunCap Property Group as a build-to-suit for an unnamed provider of global shipping and information services. The property will feature 63 loading docks, seven drive-in doors, a freestanding gateway building, 180 interior van loading positions, 431 parking spaces, a 125-stall trailer storage yard and 8,270 square feet of office space. The design team includes architect Ware Malcomb and civil engineer Langan.

September 20, 2016

Florida Loans Multifamily Southeast

NorthMarq Capital Arranges $35M Refinancing of Apartment Community in Tampa Bay Area

by John Nelson September 20, 2016

LARGO, FLA. — NorthMarq Capital has arranged the $35 million refinancing of The Boulevard Apartments, a 260-unit apartment community located at 2098 Seminole Blvd. in Largo, a city in the Tampa Bay area. Larry Curry of NorthMarq Capital’s Tampa office arranged the 10-year loan with four years of interest-only payments followed by a 30-year amortization schedule through an unnamed life insurance company.

September 20, 2016

Affordable Housing District of Columbia Loans Multifamily Southeast

D.C. Housing Finance Agency Provides $21.6M Financing for Affordable Housing Community

by John Nelson September 20, 2016

WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) has provided $21.6 million in bonds for the acquisition and construction for The Beacon Center, an affordable housing complex in Washington, D.C. The project is a redevelopment of the historic Emory United Methodist church now standing at 6100 Georgia Ave. N.W. in D.C.’s Brightwood neighborhood. The financing comprises $14.3 million in short-term bonds and $7.3 million long-term. The $42.5 million development will include sanctuary space for Emory United Methodist and 99 units of affordable housing reserved for renters earning 60 percent or less of the area median income (AMI). In addition to the DCHFA issued bonds, The Beacon Center will be financed by a combination of $16 million of equity raised through the syndication of low income housing tax credits (LIHTCs) by Red Stone Equity Partners, a $17.2 million loan from the D.C. Department of Housing and Community Development’s Housing Production Trust Fund and $900,000 of Neighborhood Investment Funds administered by the Office of the Deputy Mayor for Planning and Economic Development. The District’s Local Rent Supplement Program will be used to provide rental assistance for eight permanent supportive housing units within The Beacon Center reserved for formerly homeless …

September 20, 2016

Georgia Office Southeast Top Stories

Rubenstein Partners-Led JV Acquires 1.6 MSF Office Park in Metro Atlanta for $265M

by John Nelson September 20, 2016

ALPHARETTA, GA. — Rubenstein Partners LP, along with a minority equity partner, has purchased Sanctuary Park, a 1.6 million-square-foot office park complex located in the northern Atlanta suburb of Alpharetta, for $265 million. The joint venture purchased the asset from J.P. Morgan. (NYSE: JPM), according to the Atlanta Business Chronicle. Sanctuary Park has been institutionally owned, developed and maintained for nearly 20 years. The property comprises nine mid-rise buildings within a 152-acre, master-planned campus, which features three zoned development sites that can accommodate an additional 750,000 square feet of build-to-suit office space. Sanctuary Park is currently 96 percent leased to tenants that include Delta Dental Insurance, Coca-Cola, Ernst & Young, Ciena Corp., LeasePlan and Verizon Wireless. Verizon is expected to vacate its office space at the campus in the near future, which will lower Sanctuary Park’s occupancy to approximately 75 percent. “Sanctuary Park is exactly the kind of unique value-add opportunity Rubenstein Partners seeks out,” said Taylor Smith, regional director of the Southeast for Rubenstein Partners. “The Class A property is generally regarded as the top office park in North Fulton, and we are thrilled to complete the acquisition of this asset. We believe Verizon’s departure created an opportunity for …

September 20, 2016

Features Retail Top Stories

The Great ‘Mall Is Dead’ Myth

by Katie Sloan September 20, 2016

It actually has become clockwork at every major retail event, be it Back to School, Christmas/Hanukkah, even July 4th. We see the inevitable “Mall is Dead” story in some newspaper or television report. Twenty years ago, catalogs and big box power centers were the killers; today, it’s e-commerce, market saturation and debt-laden millennials who will kill the mall. Only the most famous, highest-end centers in the major markets will survive, according to the doomsayers, with the remainder to be turned into any other use you can think of, from warehouses to office buildings to hotels to, yes, prisons. Except the statistics — and our experience at 30 mid-market malls and lifestyle centers at Starwood Retail Partners — don’t support that argument at all. Industry research shows that mall visitation has bounced back well after the Great Recession, that customers are shopping, eating and enjoying the growing number of experiences our centers can offer, and that our industry is finding new life at all economic tiers. This article will dispel some myths with solid fact. We’re not all just sitting at home ordering from Amazon. Myth: No one shops at malls any more. Fact: If that were so, it would only …

September 20, 2016

Arizona Office Western

Crown Realty & Development Buys CVS Health Building in Phoenix for $40.4M

by Nellie Day September 19, 2016

PHOENIX — Crown Realty & Development has purchased a 138,240-square-foot office building in Phoenix that is occupied by CVS Health for $40.4 million. The space, known as Four Gateway, is located at 444 N. 44th St. State Farm occupied the building on a short-term lease while the company waited to consolidate operations at its new regional campus at Marina Heights on Tempe Town Lake. CVS, which signed its lease this past April, now occupies the entire building. CBRE’s Jim Fijan and Will Mast executed the transaction. The seller was VanTrust Real Estate.

September 19, 2016

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