Property Type

HFF Arranges $30.6M in Financing for Tuscany Plaza Near Denver

by Nellie Day October 13, 2016

DENVER – HFF has arranged $30.6 million in financing for Tuscany Plaza, a 260,000-square-foot office property in the southeastern Denver suburb of Greenwood Village. The Class A plaza is located at 6312 S. Fiddlers Green Circle. The asset sits adjacent to the Arapahoe at Village Center light rail station. Tuscany Plaza is 90 percent leased to tenants like Red Robin and Xanterra Parks and Resorts. HFF’s Jim Curtin and Eric Tupler arranged the seven-year, 3.45 percent, fixed-rate loan through a correspondent life insurance company. The borrower was Crescent Real Estate LLC.

October 13, 2016

California Industrial Western

The Magellan Group Completes 501,270 SF Industrial Development in El Monte

by Nellie Day October 13, 2016

EL MONTE, CALIF. — The Magellan Group has completed the Magellan Gateway, a 501,270-square-foot industrial project in the San Gabriel Valley submarket of El Monte. The Class A project is located at 4181 Temple City Blvd. Gill Corp., Jans Investment and Management and Dream Home Temple City Boulevard LLC have already purchased three of the property’s five buildings. Cushman &a Wakefield’s Erik Larson, Robin Dodson, John Minervini and Chris Tolles represented The Magellan Group in all three transactions. Millie & Severson built Magellan Gateway, which HPA Architecture designed. Principal Real Estate Investors provided joint venture equity for the development; U.S. Bank provided construction financing.

October 13, 2016

Florida Multifamily Southeast

Cushman & Wakefield Arranges $42.8M Sale of Apartment Community in Orlando

by John Nelson October 13, 2016

ORLANDO, FLA. — Cushman & Wakefield has brokered the $42.8 million sale of Phase I of Crest at Millenia, a newly built, 252-unit apartment community located at 5100 Millenia Waters Drive in Orlando. Built in 2016 on a 12.8-acre site in Orlando’s Millenia submarket, Crest at Millenia’s amenities include gated access, a resort-style salt water pool with private cabanas, grilling courtyard, hammock grove, dog park, game room with billiard tables, bocce ball court, 24-hour fitness center, resident hub, extra storage and 358 parking spaces. The property’s units average 957 square feet and feature hardwood-style flooring, granite countertops in the kitchens and baths, stainless steel appliances, 42-inch designer custom cabinets, crown molding, ceramic tile floors in the bathrooms, USB charging stations and washers and dryers in all units. Jay Ballard and Ken Delvillar of Cushman & Wakefield represented the seller, Miami-based Lennar Multifamily Communities, in the transaction. The buyer, Atlanta-based Centennial Holding Co., purchased the asset for roughly $170,000 per unit. The 272-unit Phase II of Crest at Millenia will be located on an adjacent 13.5-acre site and is expected to come on line later this year.

October 13, 2016

Florida Multifamily Southeast

CBRE Brokers $32.6M Sale of Apartment Community in Metro Orlando

by John Nelson October 13, 2016

KISSIMMEE, FLA. — CBRE has brokered the $32.6 million sale of the Valencian Apartments, a 366-unit apartment community located in 1400 W. Donegan Ave. in Kissimmee, a suburb of Orlando. The Michaelson Group purchased the property from Insula Capital. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented Insula Capital in the transaction. Valencian Apartments features one-, two- and three-bedroom residences with screened-in patios and modern kitchens. The two-story community recently underwent a $2.8 million renovation to the exterior and in-unit amenities, including upgrades to the façade, clubhouse and the three resort-style pools.

October 13, 2016

Maryland Office Southeast

Comcast to Relocate 140 Employees to New Office at McHenry Row in Baltimore

by John Nelson October 13, 2016

BALTIMORE — Comcast Corp. has signed a lease with 28 Walker Development for 28,000 square feet of office space within McHenry Row, a 20-acre mixed-use project in Baltimore. Comcast plans to relocate 140 of its employees from a regional corporate office in the White Marsh section of Baltimore County to the new space within the project’s Banner Building, a 215,000-square-foot office building located at 1215 E. Fort Ave. McHenry Row features 300,000 square feet of office space, a Harris Teeter grocery store, retail, restaurants and 250 apartment units. Retailers opening soon at McHenry Row include Samos Greek Island Grill, Ruby 8 Noodle and Sushi and Diamondback Brewing Co., a locally owned craft brewery. Joe Dolan and David Fritz of NAI KLNB represented 28 Walker Development in the lease deal, and Richie Blue of Blue & Obrecht Realty and Jeff Flynn of JLL represented Comcast. The transaction brings the Banner Building to full occupancy. Other office tenants within the Banner Building include Under Armour, Gilbane Construction, Kimley Horn, Maryland Auto Insurance Fund, Martin-Lauer Associates, Mindgrub, Navigator Management Partners and the Ulman Cancer Fund for Young Adults.

October 13, 2016

Georgia Office Southeast

Avison Young Brokers $14M Sale of Three Office Buildings in Alpharetta

by John Nelson October 13, 2016

ALPHARETTA, GA. — Avison Young’s Atlanta office has brokered the $14 million sale of Royal 400, a three-building portfolio of single-story office buildings situated within an office park in Alpharetta. Totaling 137,600 square feet on 22.9 acres, Royal 400 was 80.5 percent leased at the time of sale to national and regional tenants. Matt Tritschler, Steve Morgan and Stephanie Marion of Avison Young represented the seller, NNN Royal 400 LLC, in the transaction.

October 13, 2016

California Industrial Western

LEI, Vista Investment Acquire R&D Building in San Jose

by Nellie Day October 13, 2016

SAN JOSE, CALIF. — A joint venture between Lowe Enterprises Investors (LEI) and Vista Investment Group has acquired a 92,864-square-foot office/research and development building in San Jose for an undisclosed sum. The building is located at 2581 Junction Ave. Concurrent with the closing, Thinfilm Electronics entered into a long-term lease to occupy the building. The lease includes a 22,000-square-foot clean room that the company will use to produce electronics products. The new facility will support the company’s expansion as it increases production. Renovations to the space will commence immediately, with occupancy scheduled for the first quarter of 2017. LEI’s affiliate, Lowe Enterprises Real Estate Group, provided local acquisition and leasing services and will operate the property. ATREG represented the seller.

October 13, 2016

Office Texas

Buchanan Street Partners Sells The Pyramid Office Building in San Antonio

by Katie Sloan October 13, 2016

SAN ANTONIO — Buchanan Street Partners has sold The Pyramid, a 220,693-square-foot, Class A office building located in San Antonio. Taurus Investment Holdings acquired the property. The building was 87 percent occupied at the time of sale. Among the tenants are the General Services Administration; law firm Davidson Troilo Ream & Garza; Experian; design consultant Kimley-Horn & Associates; and insurance brokerage firm Arthur J. Gallagher & Co. HFF marketed the property on behalf of the seller and secured floating-rate acquisition financing for the new buyer through the Austin office of Independent Bank.

October 13, 2016

Healthcare Office Texas

Magnolia Medical Tower Trades Hands in Fort Worth

by Katie Sloan October 13, 2016

FORT WORTH, TEXAS — Velocis has sold Magnolia Medical Tower, an 89,991-square-foot medical office building located in Fort Worth, to Ridgeline Magnolia MOB LP. Velocis acquired the property in 2012 and invested $1.5 million in property renovations, including substantial upgrades to all six floors of the building and the parking garage. The property is located adjacent to Baylor All Saints Medical Center at 1603 Mistletoe Blvd. Lee Asher, Chris Bodnar and Austin Barrettin of CBRE represented the seller in the transaction.

October 13, 2016

Multifamily Seniors Housing Texas

Pioneer Realty Capital Arranges $7.2M Refinancing for Seniors Housing Community in Princeton

by Katie Sloan October 13, 2016

PRINCETON, TEXAS — Pioneer Realty Capital LLC, a Texas-based lender, has arranged a $7.2 million refinancing for Villa Asuncion Independent and Assisted Living Center in the Dallas suburb of Princeton. The 176-bed community opened in 1998. Pioneer Realty Capital used the government-backed SBA 504 refinance program to secure long-term financing. The new loan reduces the interest rate from 7.2 percent to a blended rate of 4.25 percent. The undisclosed owners plan to use the extra funds to expand the business.

October 13, 2016

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