Property Type

Drever Capital Acquires 50-Story Downtown Dallas Skyscraper

by Haisten Willis May 5, 2016

DALLAS — Drever Capital Management has acquired 1401 Elm St., a 50-story office tower in downtown Dallas. The property was bought out of bankruptcy. The building will be renovated into 335 rental apartments, a 225-room luxury hotel and spa, multi-level retail shops and restaurants. The iconic building was constructed in 1965 by oilman H.L. Hunt for the First National Bank of Dallas, and was designed to look like a banker’s pinstriped suit. It was also the fictional leather-floored office of J.R. Ewing of the “Dallas” TV series. The 1.5 million-square-foot landmark, vacant for the last five years, was sold by a partnership between New York-City based Olympic Property Partners and BDRC Partners, a Dallas-based development company. Drever Capital has appointed Dallas-based Andres Construction as construction manager. There are 450 underground parking spaces at 1401 Elm and another 450-plus spaces will be added by converting four of the bank’s storage floors to parking.

May 5, 2016

Jamba Juice Relocates Headquarters to Frisco’s Hall Office Park

by Haisten Willis May 5, 2016

DALLAS — Jamba Inc., a health and wellness brand, has leased 25,000 square feet of space in Hall Office Park. The 16-building, 2.2 million-square-foot office park is located in Frisco. The company will relocate its headquarters from Emeryville, Calif. The new “Jamba Whirl’d Center” will be situated within an eight-story, Class A office building located at 3001 Dallas Parkway. The new Jamba headquarters will include 19,000 square feet of office and meeting space, as well as a 6,000-square-foot test kitchen and storefront. The center will house the company’s operations, business development, sales and marketing, finance, supply chain, technology and human resources divisions. Cushman & Wakefield’s Robbie Baty and Bill McClung brokered the lease on behalf of Jamba Juice and negotiated municipal and state incentives, securing grants from both the city of Frisco and the Texas Enterprise Fund. Hall Group’s Kim Butler, Brad Gibson and Tammy Nellis completed the lease on behalf of Hall Office Park.

May 5, 2016

Multifamily Texas

Criterion Property to Develop Apartment Community in Fort Worth

by Haisten Willis May 5, 2016

FORT WORTH, TEXAS — Criterion Property Cos. has begun construction on The Scenic Residences at River East, a multifamily development in the River East neighborhood of Fort Worth. The Scenic will be a 276-unit, Class A property adjacent to Riverside Park. The development will overlook both the Trinity River and downtown Fort Worth. The Scenic will comprise studio, one- and two-bedroom units and also offer two-story townhomes. Amenities will include a pool with sundeck, indoor/outdoor pavilion, grilling kitchen, pet park, fenced yards for most first-floor units, community gardening plots, pocket parks and a trail system.

May 5, 2016

Loans Multifamily Texas

Harborview Capital Partners Secures $11.6M Loan for Multifamily Property in Oklahoma City

by Haisten Willis May 5, 2016

OKLAHOMA CITY — Harborview Capital Partners has arranged an $11.6 million acquisition loan for a 304-unit multifamily property in Oklahoma City. Jeff Fuchs of Harborview negotiated the transaction. The five-year loan, provided by a regional lender, features a one-month LIBOR-based interest rate and two years of interest-only payments. The property totals 172,368 square feet and consists of 19 two-story, garden-style residential buildings situated on 10.7 acres. Amenities include two pools, over 400 parking spaces, two laundry facilities and a clubhouse.

May 5, 2016

New Jersey Northeast Retail

CBRE Brokers Sale of 92,431 SF Lifestyle Center in New Jersey

by Amy Works May 5, 2016

DENVILLE, N.J. — CBRE Group has arranged the sale of The Shoppes at Union Hill, a lifestyle center located at 3056 State Route 10 West in Denville. Stanbery Development sold the 92,431-square-foot retail property for an undisclosed price. Built in 2003, the property was 93 percent occupied at the time of sale to a variety of tenants, including Gap, Pier 1 Imports, Banana Republic, Ann Taylor LOFT, Talbots, Jos. A. Bank, Starbucks Coffee and Panera Bread. Brad Nathanson and Jeff Dunne of CBRE represented the seller in the transaction. The name of the buyer was not released.

May 5, 2016

Northeast Pennsylvania Retail

Bennett Williams Arranges $7.4M Sale of Shopping Center in Pennsylvania

by Amy Works May 5, 2016

CHAMBERSBURG, PA. — Bennett Williams Commercial has brokered the sale of Gateway Center, a shopping center located at 400-498 Gateway Ave. in Chambersburg. Gateway Ventures Inc. sold the 49,882-square-foot property to 400 Gateway Associates Inc. for $7.4 million. Chad Stine and Brad Rohrbaugh of Bennett Williams Commercial represented the seller in the transaction.

May 5, 2016

Hospitality Massachusetts Northeast

Hilton Worldwide Opens 293-Room DoubleTree by Hilton Boston Andover

by Amy Works May 5, 2016

ANDOVER, MASS. — Hilton Worldwide has opened DoubleTree by Hilton Boston Andover, located at 123 Old River Road in Andover. The five-story, 293-room hotel features guest rooms with 50-inch high-definition televisions, mini refrigerators, coffeemakers, clock radios, complimentary Wi-Fi; 24-hour fitness center; a heated pool and hot tub; computer station; and a restaurant and bar. The property, which recently underwent a renovation, is owned and managed by Linchris Hotel Corp.

May 5, 2016

Industrial Loans New Jersey Northeast

The Donato Group Receives $6.7M Acquisition Loan for Industrial Property in New Jersey

by Amy Works May 5, 2016

EATONTOWN, N.J. — The Donato Group has received a $6.7 million loan for the acquisition of a 106,918-square-foot industrial flex property located at 34-38 Industrial Way East in Eatontown. Michael Klein of HFF arranged the five-year, floating-rate loan, provided by Lakeland Bank, for the borrower. The two-building facility features 14 individual flex units ranging in size from 3,000 square feet to 17,000 square feet. At the time of acquisition, the property was 83.6 percent occupied. Current tenants include Paw BioScience, Hanro of Switzerland, Augustine Consulting Inc., Alkaline Corp., KruseCom and Meridian Health.

May 5, 2016

Georgia Retail Southeast

Whole Foods to Open New 365 by Whole Foods Market Concept in Decatur

by John Nelson May 5, 2016

DECATUR, GA. — Whole Foods Market has selected Decatur as one of the first cities to introduce its new 365 by Whole Foods Market concept. Set to open at North Decatur Square in spring 2018, the new grocery store will feature affordable and convenient groceries that still meet the Austin-based grocer’s high standard of quality. Fairburn, Ga.-based S.J. Collins Enterprises is developing North Decatur Square, a new 90,000-square-foot shopping plaza underway at North Decatur Road and Church Street. The first 365 by Whole Foods will open in Silver Lake, Calif., on May 25, 2016, followed by about 10 more over the next year in cities including Lake Oswego, Ore.; Bellevue, Wash.; Santa Monica, Calif.; Evergreen Park, Ill.; Sycamore Township, Ohio and Gainesville, Fla.

May 5, 2016

Arkansas Multifamily Seniors Housing Southeast

Skyline Healthcare to Buy Nine Skilled Nursing Facilities in Arkansas from AdCare for $55M

by John Nelson May 5, 2016

ATLANTA — Skyline Healthcare LLC will execute a purchase option on the master lease for the nine Arkansas skilled nursing facilities it currently operates for AdCare Health Systems Inc. Skyline will purchase the properties for $55 million. Skyline was brought in as the new manager of the nine facilities on April 1. The company expects to complete the purchase by Aug. 1. AdCare, a publicly traded skilled nursing investor, will use $30 million of the proceeds to repay mortgage debt on the nine properties. The Atlanta-based firm will use the remaining money for general corporate purposes.

May 5, 2016

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