Property Type

Motown Museum to Undergo $50M Expansion in Detroit

by Amy Works October 18, 2016

DETROIT — Motown Museum will undergo a $50 million expansion to increase the size of the museum to 50,000 square feet in Detroit. The expansion will be designed and built around the current museum space and the Hitsville U.S.A. house, the first headquarters for the legendary recording label. The new facility will feature interactive exhibits, a state-of-the-art performance theater, recording studios, an expanded retail area and meeting spaces. The project team includes Perkins + Will, Hamilton Anderson Associates, Brinker Group and Gallagher & Associates.

October 18, 2016

Illinois Loans Midwest Multifamily

American Street Capital Secures $6.6M Acquisition Loan for Multifamily Property in Chicago

by Amy Works October 18, 2016

CHICAGO — American Street Capital has secured $6.6 million in acquisition financing for a seven-story, multifamily portion of a mixed-use property located in Chicago’s South Loop. Provided by a correspondent life insurance company lender, the non-recourse, 15-year loan includes a 30-year amortization schedule. The recently renovated property features 30 apartment units in a mix of one- and two-bedroom layouts. Igor Zhizhin of American Street Capital originated the loan for the undisclosed borrower.

October 18, 2016

Illinois Midwest Retail

Podolsky|Circle CORFAC Brokers Sale of 100,000 SF Retail Center in Normal, Illinois

by Amy Works October 18, 2016

NORMAL, ILL. — Podolsky|Circle CORFAC International has arranged the sale of College Plaza Shopping Center, a retail center located in Normal’s primary retail trade area near Bloomington. Phillips Edison acquired the property from Normal Properties of Illinois LLC for an undisclosed price. In 1999, the single-tenant property was redeveloped into a 100,000-square-foot multi-tenant retail center. Alissa Adler, John Homsher and Steven Tick of Podolsky|Circle CORFAC International represented the seller in the transaction.

October 18, 2016

Loans Office Texas

Mesa West Capital Funds $90.5M Acquisition Loan for Office Campus in Austin

by Haisten Willis October 18, 2016

AUSTIN, TEXAS — Mesa West Capital has provided KBS Realty Advisors with a $90.5 million first mortgage loan to recapitalize its all-cash acquisition of Stonebridge Plaza I & II, a 386,000-square-foot office campus in Austin. The five-year, floating-rate loan is secured by two nine-story office buildings and a seven-story parking garage at 9600 and 9606 N. MoPac Expressway. The property is situated at the intersection of Highways 183 and 360. Completed in 1999 and 2001, the two office buildings are 96.5 percent leased. Mesa West Capital originated the loan from its Mesa West Core Lending Fund, which provides first mortgage loans up to $300 million.

October 18, 2016

Office Texas

Ziegler Cooper, Basic Builders Renovating 5300 Memorial Drive in Houston

by Haisten Willis October 18, 2016

HOUSTON — Ziegler Cooper Architects and Basic Builders are renovating 5300 Memorial Drive, an 11-story, 153,000-square-foot office building in Houston. Built in 1983 and renovated in 1993, the building’s common areas, including its entry, ground floor lobby, elevator lobbies and cabs, corridors and restrooms will be remodeled and modernized. Improvements will include a new building monument sign, lobby coffee bar, hotel-grade restroom finishes and LED lighting in common areas. Owner Equus Capital Partners has retained Ziegler Cooper and Basic Builders as the design-build team on the project, which is slated for completion in the first quarter of 2017. 5300 Memorial is located in the Midtown submarket between Memorial Park and Buffalo Bayou Park. JLL’s Jessica Ochoa and Russell Hodges recently completed two lease renewals at 5300 Memorial on behalf of Equus Capital Partners. The Shanks Law Firm, represented by Morgan Relyea of Cushman & Wakefield, renewed an 8,463-square-foot lease, and A. Randall Camacho, represented by Lee & Associates’ Travis Taylor, renewed a 3,523-square-foot lease.

October 18, 2016

Mixed-Use Multifamily Office Retail Texas

Rosewood Property to Purchase 44 Acres in San Antonio for Mixed-Use Development

by Haisten Willis October 18, 2016

SAN ANTONIO — The Tobin Endowment has closed on the sale of 44 acres surrounding the original residence of the late Robert L. B. Tobin. Dallas-based Rosewood Property Co. purchased the property and plans to build a mixed-use development on the tract. The property is in the Oakwell Farms area of north-central San Antonio. The sale will preserve the residence, which was designed by Tobin, a San Antonio arts patron, philanthropist and businessman. Two surrounding acres will also be preserved. Before his death in 2000, Tobin converted the residence to the offices of The Tobin Endowment.

October 18, 2016

Office Texas

JLL Arranges Four Leases at Forum Offices in San Antonio

by Haisten Willis October 18, 2016

SAN ANTONIO — JLL has arranged 21,119 square feet of new office leases at Forum Offices over the past 60 days. The largest deal was with GM Financial, which will occupy the first floor of Forum Three office building with 10,661 square feet. Other new tenants include CoStar Group, Guardian Mortgage Co. and HMG Engineers. JLL’s Mark Krenger, Lisa Mittel and Meredith Sheeder worked on behalf of the landlord, a partnership between Endeavor Real Estate and Long Wharf Partners, to finalize the transactions. JLL’s Pat McDowell and John Worthen represented GM Financial, Sergio Acosta of San Antonio Commercial Advisors represented CoStar Group and Scott Wolff of Transwestern represented Guardian Mortgage Co. The Forum Offices includes a three-building campus located on 16 acres in the Northwest submarket of San Antonio. The project spans over 380,000 square feet and is 91.4 percent leased. Endeavor Real Estate and Long Wharf Partners purchased the property late last year and have invested in capital improvements including a tenant training facility, fitness center, expanded Wi-Fi coverage and renovated signage and branding.

October 18, 2016

Retail Texas

M&M Brokers Sale of 19,456 SF Retail Property in Metro Houston

by Haisten Willis October 18, 2016

TOMBALL, TEXAS — Marcus & Millichap has brokered the sale of North Eldridge Showrooms, a 19,456-square-foot retail property located in Tomball. Ron Hebert of Marcus & Millichap’s Dallas office and Christopher Jones of the firm’s Houston office marketed the property on behalf of the seller, a limited partnership. Watt Harrison of Marcus & Millichap’s Houston office secured and represented the buyer, a limited liability company. North Eldridge Showrooms is located at 16121 N. Eldridge Parkway.

October 18, 2016

District of Columbia Loans Office Southeast

Prudential Mortgage Capital Provides $66.5M Refinancing of Office Tower in D.C.

by John Nelson October 18, 2016

WASHINGTON, D.C. — Prudential Mortgage Capital Co. has provided the $66.5 million refinancing of a newly built, 112,635-square-foot trophy office building located at 900 G St. in Washington, D.C.’s East End district. Sue Carras, Cary Abod, Dan McIntyre and Rob Carey of HFF arranged the loan through Prudential Mortgage Capital on behalf of the borrower, ASB Real Estate Investments. Completed in 2015, the LEED Gold-certified building features a three-level, below-grade parking garage, windows on three elevations with floor-to-ceiling glass and a rooftop conference center. Anchored by law firm Simpson Thacher & Bartlett LLP, the office tower is also home to BMW, Herman Miller, Roberti Global and the Truth Initiative. The property is situated across the street from the Gallery Place/Chinatown Metro station and less than two blocks from the Metro Center Metro station.

October 18, 2016

Affordable Housing Florida Multifamily Southeast

Marcus & Millichap Brokers $28.4M Sale of Affordable Housing Portfolio in Tampa Bay Area

by John Nelson October 18, 2016

WESLEY CHAPEL AND PLANT CITY, FLA. — Marcus & Millichap has arranged the $28.4 million sale of two affordable housing communities in the Tampa Bay metro area. The properties include Pasco Woods Apartments, a 200-unit community in Wesley Chapel, and Park Springs, a 200-unit community in Plant City. The assets sold for cap rates of 5.9 percent and 5.34 percent, respectively. Both properties were built in 2000 under the Section 42 Low Income Housing Tax Credit (LIHTC) program, and both properties were 100 percent occupied at the time of sale and have long histories of high occupancy. Ray Turchi, Chris Travis and Kristin Boekhoff of Marcus & Millichap’s Orlando office represented the seller, a private investor, in the transaction. The trio also secured the out-of-state institutional buyer.

October 18, 2016

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