Property Type

NorthMarq Capital Arranges $7.5M Loan for Multifamily Community in Winston-Salem

by John Nelson October 10, 2016

WINSTON-SALEM, N.C. — NorthMarq Capital has arranged a $7.5 million acquisition loan for Sedgefield Apartments, a 144-unit apartment community located at 4755 Country Club Road in Winston-Salem. Wanda Riggs Mack of NorthMarq’s Atlanta office arranged the seven-year loan with five years of interest-only payments followed by a 30-year amortization schedule. NorthMarq arranged the loan through its Fannie Mae DUS program on behalf of the borrower, Arcan Capital, which will own and manage Sedgefield Apartments.

October 10, 2016

Hospitality New York Northeast Top Stories

BH Properties Buys Three Hotel Leases in Manhattan for $338.2M

by Nellie Day October 10, 2016

NEW YORK — BH Properties has purchased a portfolio of three New York City hotel leases for $338.2 million. Lexington Realty Trust sold the leased fee positions, which give the owner rights to the rent revenue without actually owning the property, similar to a ground lease. The acquisition is BH Properties’ first transaction in Manhattan and the largest transaction in the firm’s history. The deal was structured as a reverse 1031 exchange. BH Properties restructured its balance sheet to acquire the assets. The firm plans to divest up to 25 properties throughout the country in the next six months. Acquiring the leased fee positions in New York provided the firm with an opportunity to dispose of some properties that are either outside its target market or are no longer a focus for its investment strategy, according to Steve Gozini, the firm’s president. Ascott Residence Trust owns the Element, a 411-room hotel on 311 W. 39th St., and the 369-room Sheraton Tribeca at 370 Canal St. Magna Hospitality owns the 399-room Doubletree Hotel at 8 Stone St. Magna also manages all three assets. The three hotels were built in 2010, opened in 2011 and stabilized in 2012. Magna was the original developer of …

October 10, 2016

Market Reports Maryland Retail Southeast Southeast Market Reports

Experiential Retail Emerges as Significant Driver in Baltimore Metro Area

by John Nelson October 10, 2016

Not so many years ago, the typical consumer thought of visiting the nearby regional mall or neighborhood center to go shopping — possibly for a new pair of jeans or some shoes. Like everything else in this world, the internet has significantly altered this exercise and, today, people tend to think of retail centers as places to “experience” something that cannot be easily acquired or replicated by simply tapping on a keyboard to request it. Developers and retailers alike have adapted to this behavioral change by introducing new concepts that emphasize the delivery of this experience, including new restaurants, entertainment-style concepts and health care services. This trend remains in full swing in the Baltimore metropolitan region, coupled with game-changing projects planned or rising throughout the Charm City region. Food, Medical, Entertainment The continued popularity of fast-casual restaurants is driven in large part by time-depraved families with dual-income households that seek eating options offering both quality and quickness. The “burger war” includes recent entries such as Bobby’s Burger Palace, Clark Burger and Shake Shack. Wahlburgers, operated by actor Mark Wahlberg and his brothers, might soon follow. Pizza remains a crowded, yet vibrant, category with new arrivals &pizza, Blake Pizza, MOD Pizza …

October 10, 2016

Features Retail Texas Texas & Oklahoma Feature Archive

Millennials Shake Up Retail Game, Says Keynote Speaker at ICSC Texas

by Jeff Shaw October 10, 2016

DALLAS — While retail spending is on the rise overall, companies and brands that appeal to younger shoppers are having by far the most success, according to Dana Telsey, CEO and chief research officer at Telsey Advisory Group in New York City. Shifting consumer trends mean certain retailers — such as off-price apparel chains and “eatertainment” anchors like Topgolf and Main Event Entertainment — are having more success than others catering to the demands of the younger demographic. Telsey was the keynote speaker for the ICSC Texas Conference & Deal Making show that took place Oct. 5-7 at the Kay Bailey Hutchison Convention Center in Dallas. The event drew 4,008 attendees, the most in its history and the first time the conference has ever topped the 4,000 mark. The brokers, lenders, developers and others who listened to Telsey’s speech heard mostly positive news about the state of their industry. One retail subset seeing a lot of growth is off-price retailers, including TJ Maxx, Marshalls and Ross Dress for Less. “The off-pricers are the new department stores of today,” said Telsey. While those retailers are surging, some traditional department stores are struggling. Macy’s plans to close 100 locations, and Kohl’s has …

October 10, 2016

Office Texas

KDC Completes Fourth Office Tower for State Farm in Richardson

by Katie Sloan October 7, 2016

RICHARDSON, TEXAS — Dallas-based KDC has completed the fourth office tower at the developer’s CityLine mixed-used project in Richardson. State Farm will occupy the new tower, and the giant insurer’s employees are currently in the process of moving into the 500,000-square-foot facility. State Farm now occupies 2.1 million square feet of office space at CityLine. Construction of the tower, known as Four CityLine, started in July 2014. Located at the northeast corner of State Street and North Plano Road across from the other three State Farm office towers, Four CityLine consists of a 12-story office building situated atop a five-level parking structure with approximately 30,000 square feet of ground-floor retail space. CityLine now includes the four office towers occupied by State Farm; a 489,000-square-foot office complex for Raytheon; nearly 50 restaurants and stores, including the Whole Foods-anchored CityLine Market; 1,000 apartments with another 1,000 under construction; a 148-room select service Aloft Hotel scheduled to open early next year; a wellness office building anchored by Texas Health Resources, Children’s Health and a fitness center; and an urban plaza designed by Office of James Burnett (OJB), the landscape architect of Dallas’ signature Klyde Warren Park. CityLine’s project team includes general contractor Austin Commercial, architect Corgan Architects, civil …

October 7, 2016

Office Texas

Prescott Group Plans $11M Redevelopment of Office Building in Austin

by Katie Sloan October 7, 2016

AUSTIN, TEXAS — Prescott Group Inc., along with an institutional investor, has acquired an office building at 316 W. 12th St. in Austin and plans an $11 million redevelopment of the property. The building is located on one acre and is within walking distance of the State Capitol, The University of Texas, Dell Medical School and Austin’s Downtown Entertainment District. The Texas State Teachers Association, which had owned the property since its completion in 1952, was the seller. The redevelopment, which is slated to begin Oct. 10, will include an additional 26,000-square-foot floor to the building. Other planned improvements feature a new restaurant, rooftop terrace, conference room, fitness facility, bike storage and landscaped courtyard. Following the redevelopment, which should be completed in late 2017, the building will be renamed Westview. Andersson•Wise Architects is designing the project. The Burt Group is the general contractor, Sixthriver Architects is the interior designer, Big Red Dog is the civil and MEP engineer, AEC is the structural engineer, and Co’Design is the landscape architect. The project lender is Texas Capital Bank, while HFF arranged the financing. Rachel Coulter and Kevin Kimbrough of the Austin office of JLL will lead the leasing efforts. Prescott Group is …

October 7, 2016

Retail Texas

Nine New Retailers Join Hughes Landing in Metro Houston

by Katie Sloan October 7, 2016

THE WOODLANDS, TEXAS — Nine new retailers totaling 17,198 square feet are set to open at Hughes Landing, a 66-acre mixed-use development located in The Woodlands. New retailers to open in Retail Row at Hughes Landing will include Blo Blow Dry Bar, Fleet Feet Sports, Focus Optical and Fred Astaire Dance Studio. In addition, retailers to open on the ground level of One Lakes Edge apartments will include Beauty Statement, Broken Barrel, VOM FASS Oils & Vinegars, L’Atelier de Beaute and Ivivva, a retail concept founded by lululemon athletics. Located in metro Houston, the mixed-use property is already home to tenants including Whole Foods Market, Pier 1 Imports, Pure Barre and Starbucks Coffee.

October 7, 2016

Loans Multifamily Texas

Dougherty Mortgage Closes $6.9M Fannie Mae Loan for Emerald Village Apartment Homes in San Antonio

by Katie Sloan October 7, 2016

SAN ANTONIO, TEXAS — Dougherty Mortgage LLC has closed a $6.9 million Fannie Mae loan for the refinancing of Emerald Village Apartment Homes, a 144-unit affordable housing community located in San Antonio. The property offers one-, two-, three- and four-bedroom units with walk-in closets and covered patios or balconies. Community amenities include a 24-hour fitness center, a community room, an outdoor playground, controlled access and a pool with a sundeck. Arranged through Dougherty’s Minneapolis office, the loan features a 15-year term and a 30-year amortization schedule.

October 7, 2016

Retail Texas

Cypress Equities Acquires 11.2-Acre Site for Grocery-Anchored Development in Georgetown, Texas

by Katie Sloan October 7, 2016

GEORGETOWN, TEXAS — Cypress Equities has acquired an 11.2-acre site in Georgetown, Texas, for the development of a grocery-anchored shopping center to be named Oak Meadows Marketplace. A 57,655-square-foot Randalls Food & Drugs will anchor the 77,050-square-foot project. Construction is expected to begin in January with a completion date scheduled for November 2017. SRS Real Estate Partners will be in charge of leasing up the center.

October 7, 2016

Hospitality Industrial New York Northeast Office Retail

NorthStar Income II Commits More Than $370M in Capital

by Amy Works October 7, 2016

NEW YORK CITY — NorthStar Real Estate Income II has closed on two portfolio transactions in which it committed approximately $370 million of equity capital, substantially investing all of the company’s current investable capital. Through subsidiaries of its operating partnership, NorthStar Income II originated a $98 million subordinate interest investment in a portfolio of 39 industrial properties in 17 states. The more than 6 million-square-foot portfolio is currently 100 percent leased with an average remaining lease term of 11 years. Additionally, NorthStar Income II acquired a diversified portfolio of limited partnership or similar equity interest in 41 private equity real estate funds, managed by 20 institutional-quality real estate managers from a company managed by NorthStar Income II’s sponsor. NorthStar Income II acquired the funds for $273 million, or a price equal to 92.25 percent of the record date net asset value. Twenty-five percent of the acquisition was funded at closing and the remaining will be funded on December 31. Located in 24 states as well as international locations, the properties include mixed-use, multifamily, office and hotel assets.

October 7, 2016

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