Property Type

Colliers Arranges $24.5M Sale of Biscayne Building in Downtown Miami

by John Nelson August 23, 2016

MIAMI — Colliers International has brokered the $24.5 million sale of the 91-year-old Biscayne Building, a 14-story office building located at 19 W. Flagler St. in downtown Miami. Spanning 153,864 square feet, the asset was originally home to the Bank of Bay Biscayne and later the FBI. Moishe Mana purchased the property, his 39th acquisition in downtown Miami along Flagler Street and surrounding streets. Altogether Mana has invested more than $300 million in the area north of Miami’s Brickell district. Mika Mattingly of Colliers International represented Mana in the transaction. Boris Kozolchyk of the firm’s South Florida office represented the seller, Biscayne Building Inc., in the transaction.

August 23, 2016

Multifamily Seniors Housing Texas

Medistar Corp. to Develop Seniors Housing Facility in El Paso

by Haisten Willis August 23, 2016

EL PASO, TEXAS — Medistar Corp. is a developing a new VibraLife seniors housing community located at 3421 Joe Battle Blvd. in El Paso. Vibra Healthcare LLC will be the operator of the facility. Now under construction across Joe Battle Boulevard from the Hospitals of Providence east campus, the facility will provide 92 total beds, including 60 beds of skilled nursing, 16 beds of assisted living and 16 beds of memory care. Medistar’s Craig Laher is the lead development officer for the project. Pi Architects designed the new VibraLife facility, and SCI Construction Inc. is the general contractor. Construction is scheduled for completion in early 2017.

August 23, 2016

Florida Multifamily Southeast

Marcus & Millichap Brokers $10.4M Sale of Apartment Community in Tampa

by John Nelson August 23, 2016

TAMPA, FLA. — Marcus & Millichap has brokered the $10.4 million sale of The Mirasol, a 58-unit apartment community located at 84 Davis Blvd. in Tampa. The waterfront property is situated within a mile of downtown Tampa and near Channelside Drive and Ybor City. Built in 1925 as a luxury hotel, The Mirasol was converted to apartments in 1962. The Mediterranean Revival-style community features a grand lobby, pointed Venetian archways, ceiling woodwork, Gothic-inspired French doors and windows and original chandeliers. Community amenities include a swimming pool overlook the property’s 15-slip marina, a three-tiered back patio and a covered waterfront pavilion. Frank Carriera, Michael Regan, Michael Donaldson and Nicholas Meoli of Marcus & Millichap’s Tampa office represented the seller and procured the buyer, a local multifamily investor.

August 23, 2016

Healthcare Texas

Hat Trick Development to Build Medical Facility in Metro Austin

by Haisten Willis August 23, 2016

BEE CAVE, TEXAS — Hat Trick Development plans to build a medical office project known as the Medical Towers at Bee Cave. Alive and Well wellness center will be the lead tenant at the property, occupying 8,000 square feet. The 80 percent-leased development is located on a 2.1-acre site off the northwest corner of RM 620 and State Highway 71 in Bee Cave. Tenants in the 23,000-square-foot project will include Lone Star Podiatry and River City Docs. Adam Metcalf is the owner of Alive and Well. Construction should begin in September and will be completed by the end of 2017. H+SP is the project’s architect, LJA Engineering Inc. is the engineering firm and Structura Inc. is the general contractor.

August 23, 2016

Georgia Office Southeast

Atlanta Property Group Acquires Two Office Buildings in Metro Atlanta

by John Nelson August 23, 2016

ATLANTA AND DULUTH, GA. — Atlanta Property Group (APG), an Atlanta-based real estate investment firm, has acquired two office buildings in metro Atlanta totaling 151,000 square feet. The sales price was not disclosed. The projects include the 65,000-square-foot 5871 Glenridge Building in Atlanta’s Central Perimeter submarket and the 86,000-square-foot Waterford Centre building located at 5555 Triangle Parkway in Duluth’s Peachtree Corners submarket. Both assets span four stories and were built in 1985. Waterford Centre was 88 percent leased at the time of sale, and 5871 Glenridge was 61 percent leased. David Meline, Stewart Calhoun, Samir Idris and Casey Masters of Cushman & Wakefield represented the single seller in the transaction. These acquisitions bring APG’s total portfolio of owned and third-party assignments to 12 properties spanning over 3.3 million square feet.

August 23, 2016

Loans Multifamily Texas

JLL Secures $42.5M Refinancing for Multifamily Asset in The Woodlands

by Haisten Willis August 23, 2016

THE WOODLANDS, TEXAS — JLL Capital Markets has completed the $42.5 million refinancing of Millennium Six Pines, a 314-unit, Class A multifamily asset located in The Woodlands. JLL secured the loan through its Fannie Mae DUS lending platform on behalf of the borrower, The Howard Hughes Corp. Mike Melody, Randy Fleisher and Dustin Dulin led the JLL team on the deal. Millennium Six Pines is located 30 miles from downtown Houston and 25 miles from George Bush Intercontinental Airport. The five-story building’s community amenities include a pool, clubhouse, fitness center and gated access. In-unit amenities include granite countertops, washers and dryers, patios/balconies, fireplaces and hardwood floors in living areas.

August 23, 2016

Industrial Texas

M&M Brokers Sale of Two Self-Storage Properties in Metro Dallas

by Haisten Willis August 23, 2016

SAGINAW and MESQUITE, TEXAS — Marcus & Millichap has arranged the sale of Longhorn Road Self Storage and Samuell Boulevard Self Storage located in Saginaw and Mesquite, respectively. Nicholas Ling, Brandon Karr and Danny Cunningham of Marcus & Millichap’s Austin and Fort Worth offices marketed the property on behalf of the seller, a limited liability company. Ling, Karr and Cunningham also secured the buyer, another limited liability company. Longhorn Road Self Storage is located at 131 Longhorn Road in Saginaw. Built in 1984, the property includes 330 units and features an on-site manager’s residence, garage-style roll-up doors, perimeter fencing and lighting, personalized keypad gated entry and climate-controlled units. Samuell Boulevard Self Storage is located at 3940 Samuell Blvd. in Mesquite. Built in 1984, the property comprises 551 units and features an on-site manager’s residence, garage-style roll-up doors, perimeter fencing and lighting, personalized keypad gated entry and 24-hour video surveillance.

August 23, 2016

Loans Multifamily Texas

BMC Capital Arranges $1.2M Loan for Multifamily Property in Houston

by Haisten Willis August 23, 2016

HOUSTON — BMC Capital’s Dallas office has arranged a $1.2 million loan for Fountain Springs, a multifamily property located in Houston. The non-recourse loan features a 4.5 percent fixed rate for 15 years along with a 15-year amortization schedule. The loan was secured through one of BMC Capital’s correspondent banking relationships.

August 23, 2016

Industrial Midwest Minnesota

United Properties Breaks Ground on 402,000 SF Industrial Build-to-Suit Project Near Minneapolis

by Christina Cannon August 23, 2016

LINO LAKES, MINN. — United Properties has broken ground on a 402,000-square-foot industrial facility for Distribution Alternatives Inc., a third-party logistics firm. The build-to-suit project is located on a 30-acre site in Lino Lakes, approximately 20 miles northeast of Minneapolis. Distribution Alternative plans to occupy the facility in the fall of 2017. The building will feature a cross-dock layout, 32-foot clear heights and outside trailer storage. R.J. Ryan will serve as the general contractor for the project, and Lampert Architects will provide design services.

August 23, 2016

Healthcare Midwest Ohio

Cooper Commercial Brokers $2.4M Sale of Medical Office Building Near Cleveland

by Christina Cannon August 23, 2016

CLEVELAND — The Cooper Commercial Investment Group has brokered the sale of a 13,095-square-foot, multi-tenant medical office building near Cleveland. An Ohio-based private investor sold the building to an undisclosed Ohio-based buyer for $2.4 million. Bob Havasi and Dan Cooper of the Cooper Commercial Investment Group represented the seller in the transaction.

August 23, 2016

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