Property Type

NAI KLNB Brokers $19.6M Sale of Stonewood Business Center in Metro Baltimore

by John Nelson June 10, 2016

COLUMBIA, MD. — NAI KLNB has brokered the $19.6 million sale of Stonewood Business Center, a four-building office/warehouse development in Columbia, roughly 21 miles southwest of Baltimore in Howard County. The assets span nearly 150,000 square feet and are located at 7165-7195 Oakland Mills Road. The 7165 and 7175 buildings were delivered in 1985, and in 2009, the seller, an affiliate of The Sanford Cos., renovated the two existing buildings and delivered two new buildings. Eight tenants currently occupy the four buildings. Christopher Kubler and Bob Smith of NAI KLNB represented the seller in the transaction. The buyer was J2J LLC.

June 10, 2016

Flagler Station 11700 N.W. 100th Road Medley

Florida Industrial Southeast

Avison Young Arranges 139,105 SF Industrial Lease Renewal in South Florida

by John Nelson June 10, 2016

MEDLEY, FLA. — Avison Young has arranged Primesource Building Products’ 139,105-square-foot lease renewal at 11700 N.W. 100th Road in Medley. Primesource will continue to fully occupy the industrial facility, which is situated within Flagler Station, South Florida’s largest business park. Primesource is a distributor of fasteners and building materials. Wayne Schuchts and Andrew Bonner of Avison Young represented the tenant in the lease deal. Flagler Global Logistics is the developer of Flagler Station, which will span 14 million square feet on 900 acres upon completion. Other Flagler Station tenants include FedEx, Ryder System and Crowley.

June 10, 2016

Alabama Loans Multifamily Southeast

Capital One Closes $6.5M Fannie Mae Loan for Apartment Community in Mobile

by John Nelson June 10, 2016

MOBILE, ALA. — Capital One has provided a $6.5 million Fannie Mae acquisition loan for Colony Park Apartments, a 201-unit garden-style community in Mobile. Chad Thomas Hagwood of Capital One originated the 10-year, fixed-rate loan that features three years of interest-only payments followed by a 30-year amortization schedule. Brandon Pate of Hagwood’s Capital One Multifamily Finance team managed the deal. The undisclosed borrower owns 27 multifamily properties totaling more than 4,500 units in Georgia, Kentucky, New Jersey, North Carolina, Ohio, Pennsylvania and South Carolina.

June 10, 2016

Office Texas

Hartman Short Term Income Properties XX Acquires Office Building in Irving

by Haisten Willis June 10, 2016

IRVING, TEXAS — Hartman Westway One LLC, a subsidiary of Hartman Short Term Income Properties XX Inc., has purchased the Westway One office building in Irving. Westway One is a 165,982-square-foot property located off Lyndon B. Johnson Freeway and Olympus Boulevard. Built in 2001, Westway One includes an updated lobby, 55,248-square-foot floor plates and structured parking. The property is 100 percent leased to tenants including Lennar Corp. Kurt Cherry, Brittany Ricketts, Shea Byers and John Dailey with PM Realty Group represented the seller in the transaction, and David Wheeler, Russell Turman and Julian Kwok represented Hartman internally.

June 10, 2016

Loans Multifamily Texas

LMI Capital Closes Four Transactions Exceeding $35M in Metro Houston

by Haisten Willis June 10, 2016

HOUSTON, ANGLETON and SEABROOK, TEXAS — Brandon Brown, Jamie Mullin and Jamie Safier of LMI Capital have placed bridge debt for the acquisition of four separate garden-style apartment complexes in metro Houston. For the first transaction, Mullin procured a $10.5 million, floating-rate loan through a regional bank for a 310-unit asset in west Houston. The terms included an initial 15-month interest-only period, open prepayment structure and a significant rehab component. Working on behalf of the borrower for the second transaction, Safier originated a five-year, fixed-rate loan for a 40-unit asset in Seabrook. The loan equated to 83 percent of the purchase price and included 12 months of interest-only payments and no prepayment restrictions. A portion of the proceeds will be used for minor capital improvements planned at the property. Brown secured the last two bridge financings, the first of which was an $18 million, floating-rate loan for a 900-unit asset in north Houston. The bridge debt featured two years of interest-only payments and a significant rehab component, which will be used to improve the buildings’ exteriors and complete upgrades to the units’ interiors. The final transaction was the financing for a 140-unit complex in Brazoria County that represented 85 percent …

June 10, 2016

Office Texas

CBRE Arranges Office Relocation for D&M Auto Leasing in Houston

by Haisten Willis June 10, 2016

HOUSTON — CBRE has arranged a 14,240-square-foot office relocation for D&M Auto Leasing in Houston. D&M Auto Leasing, a Dallas-based auto leasing company, also operates locations in Dallas, Fort Worth and Grand Prairie. The company will be relocating its office from the Galleria area to Executive Plaza at 4635 Southwest Freeway. Kevin Saxe of CBRE’s Houston office represented D&M Auto Leasing in market analysis, site selection and lease negotiations with the landlord, EP Office Holdings LP. John Hornbuckle of Cypressbrook Co. represented EP Office Holdings. D&M Auto Leasing is expected to occupy the new space this fall.

June 10, 2016

Healthcare Office Texas

Alliance Architects Completes Design of Frisco Medical Office Building

by Haisten Willis June 10, 2016

FRISCO, TEXAS — Alliance Architects has completed the design of a new medical office building in Frisco. Located at 5375 Coit Road north of the Sam Rayburn Tollway, the multi-tenant medical office building features 21,000 square feet of medical office space. Tenants include Foot & Ankle Center of Frisco, Lone Star Neurology, Baylor Institute for Rehabilitation Center Outpatient Services and Texas Vein & Aesthetics. Core Construction was the general contractor.

June 10, 2016

Loans Retail Texas

NorthMarq Capital Secures $3.5M Refinance of Shopping Center in Dallas

by Haisten Willis June 10, 2016

DALLAS — Bart Dickinson of NorthMarq Capital’s Dallas office has arranged the $3.5 million refinancing of Oak Lawn Crossing shopping center, a 19,500-square-foot retail property located at 2920 Oak Lawn Ave. in Dallas. The loan was structured with a 12-year term and 20-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.

June 10, 2016

Hospitality New York Northeast

Embassy Suites by Hilton Tops Out First Hotel in Midtown Manhattan

by Amy Works June 10, 2016

NEW YORK CITY — Co-developers Hidrock Properties and The Buccini/Pollin Group have topped out Embassy Suites New York – Midtown Manhattan, the first Embassy Suites hotel in New York City. Located at 60 W. 37th St., the 40-story, 310-suite hotel features the Design Option III concept, which decreases the amount of land needed while increasing efficiencies in the development process. Designed by Peter Poon Architects, the hotel will feature a lobby bar, a café with adjoining roof deck on the third floor, amenity space on the fourth floor, and an adjacent three-level parking garage with access on 36th Street. The hotel is scheduled to open in early 2017.

June 10, 2016

Multifamily Northeast Pennsylvania

JV Opens 349-Unit Riverworks Apartment Community in Pennsylvania

by Amy Works June 10, 2016

PHOENIXVILLE, PA. — A joint venture between Toll Brothers Apartment Living and The Davies Companies has opened Riverworks, an apartment community located on Main Street in Phoenixville. Located within walking distance to dining, shopping and recreation, the property features 349 units ranging from studio to two-bedroom layouts. Residences feature plank flooring, stainless steel appliance packages, modern kitchens, in-unit washer/dryers, USB charging stations, and exterior patios or balconies on select homes. On-site community amenities include an outdoor pool with sundeck, outdoor fire pit, lounge and grilling areas; residents’ lounge with fireplace and game room; and a fitness center with a rock climbing wall and CrossFit space.

June 10, 2016

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