Property Type

Auto Club Relocates Insurance Claims Unit Within Valencia

by Nellie Day April 20, 2016

VALENCIA, CALIF. — The Automobile Club of Southern California is relocating its insurance claims operation to a Class A office building in the Summit At Valencia on Turnberry Lane. Mark Esses, a broker with California Realty Group who represented the Auto Club, said the company was looking for a new home for six to nine months. Esses represented the Auto Club along with Keith Kleinman. The company’s current operations are situated on Tourney Road. Kevin Fenenbock and John Erickson of Colliers International represented the landlord, Great Point Investors, in this transaction. The Auto Club absorbed the building’s entire ground floor, which equated to 29,000 square feet. The lease represents roughly half of the entire building. AAA is expected to move its regional insurance claims unit and other related groups to the new office by the third quarter of this year, said a spokesperson for the insurance group. The AAA member’s branch will continue to operate on Valencia Boulevard. There is no change for Auto Club members.

April 20, 2016

courtyard-by-marriott-cascades-at-the-colony-texas

Hospitality Texas

Courtyard by Marriott at Cascades Opens in The Colony

by Haisten Willis April 20, 2016

THE COLONY, TEXAS — Real estate developer Jackson-Shaw and hotel operator Crescent Hotels & Resorts have opened a Courtyard by Marriott to join Fairfield Inn & Suites and Residence Inn in the Cascades at The Colony development. A grand opening event will be held on Thursday, April 28. Jackson-Shaw developed the 100-acre, mixed-use campus to establish a commercial development along the north side of Sam Rayburn Tollway (SH121). Aiming to enhance the dining and entertainment scene of The Colony and north Texas, the development will also be home to a restaurant known as The Oasis at Cascades. The new Courtyard is now accepting reservations.

April 20, 2016

Loans Multifamily Texas

LMI Secures $45M in Loans in the Greater Houston Area

by Haisten Willis April 20, 2016

PASADENA, LEAGUE CITY and HOUSTON, TEXAS — LMI Capital has secured five loans totaling $45 million in the Houston area. The assets are spread across the metro area, with three situated south of the city, one centrally located and one in west Houston. The first transaction to close was a five-year, fixed-rate loan for a 415-unit apartment community in the Brookhollow submarket of Houston. Jamie Mullin of LMI Capital procured the $17 million loan that will fund a multimillion-dollar rehab component, as well as additional earn-out proceeds. Financing terms include a 5 percent fixed interest rate, two years of interest-only payments and a flexible prepayment structure. The south Houston transactions were sourced by Brandon Brown and Jamie Safier of LMI Capital and include two apartment properties in Pasadena and one in League City. Brandon Brown of LMI closed a second lien that represents 96 percent of the first lien, effectively doubling the existing leverage and allowing the borrower to capture additional equity that has been created over time. The seven-year mortgage was placed on a 90-unit asset in Pasadena. Brown obtained debt for the refinancing of a 125-unit asset in League City. The 10-year Fannie Mae loan features a fixed 4.6 …

April 20, 2016

Industrial Loans Office Texas

Cohen Financial Secures $6.8M CMBS Loan for Allen Tech Center

by Haisten Willis April 20, 2016

ALLEN, TEXAS — Casey Townsend of Cohen Financial, a national real estate capital services firm, has arranged a $6.8 million CMBS loan to acquire the Allen Tech Center. The 84,936-square-foot, one-story office/flex property is located in Allen. Townsend placed the 10-year, fixed-rate loan through Morgan Stanley.

April 20, 2016

Office Texas

Cushman & Wakefield Arranges Office Lease Renewal in Dallas

by Haisten Willis April 20, 2016

DALLAS — Gerald L. Ray, an investment services firm, has renewed its lease for 11,516 square feet of office space in Fountain Place, located at 1445 Ross Ave. just north of downtown Dallas. Bruce Hecht of Swearingen represented Gerald L. Ray in the transaction. Johnny Johnson and Lauren Napper of Cushman & Wakefield represented the landlord, Goddard Investments.

April 20, 2016

Office Texas

Rob Foster Joins Paradigm Tax Group as EVP of Sales and Marketing

by Haisten Willis April 20, 2016

DALLAS — Rob Foster has joined Paradigm Tax Group as executive vice president of sales and marketing. The company has added several key managers following the move of its headquarters to Dallas last year. Foster joins Paradigm from tax advisory firm Altus Group, where he was head of North American sales and marketing and U.S. operations. Foster has built his career in the state and local tax advisory business, gaining experience in leadership roles at Deloitte, Burr Wolf and Marvin Poer & Co.

April 20, 2016

Hospitality Midwest Wisconsin

CBRE Brokers Sale of 226-Room Holiday Inn in Green Bay Suburb

by Christina Cannon April 20, 2016

APPLETON, WIS. — CBRE has brokered the sale of a 226-room hotel property in Appleton, approximately 30 miles southwest of Green Bay, for an undisclosed price. Bridge Investments sold the Holiday Inn to Batra Hospitality Group Inc. The buyer plans to renovate the property, which is located at 150 S. Nicolet Road. Brian Silberman, Nate Sahn, Stanley Wang and Scott Miller of CBRE represented the seller in the transaction.

April 20, 2016

Midwest Missouri Multifamily Seniors Housing

Real Estate Equities Development Plans 63-Unit Seniors Cooperative in Kansas City

by Christina Cannon April 20, 2016

KANSAS CITY, MO. — Real Estate Equities Development, a Minnesota-based development and management firm, has announced plans for The Village Cooperative of Verona Hills, a 63-unit seniors housing cooperative in Kansas City. Cooperatives are a type of active adult community that allows residents to share the costs of common amenities. The three-story community is age restricted for residents 62 and older. The amenities include a community room with kitchen, guest suite, club room, reading areas, outdoor gardening beds, workshop, fitness center, an on-site manager and heated underground parking. Units range from 876 to 1,602 square feet.

April 20, 2016

Iowa Loans Midwest Multifamily

Capital One Provides $6M Loan for 329-Space Manufactured Housing Community Near Omaha

by Christina Cannon April 20, 2016

CARTER LAKE, IOWA — Capital One has provided a $6 million adjustable-rate Fannie Mae loan to refinance a 329-space manufactured housing community in Carter Lake, approximately six miles northeast of Omaha, Neb. The undisclosed borrower will use the loan proceeds to retire an existing loan, complete capital improvements and purchase new homes. Lakeside Mobile Home Community was constructed in 1973 and 1974 and features a swimming pool, playground, clubhouse, outdoor basketball court and a storm shelter. The loan features a seven-year term and 30-year amortization schedule. Damon Reed of Capital One originated the transaction.

April 20, 2016

Illinois Industrial Midwest

Morgan/Harbour Construction to Build 257,344 SF Distribution Facility in Chicago Suburb

by Christina Cannon April 20, 2016

ELGIN, ILL. — Morgan/Harbour Construction will build a 257,344-square-foot distribution facility in Elgin, approximately 40 miles northwest of Chicago. The speculative development will be located on a 16.8-acre site at 2650 Automall Drive. Morgan/Harbour is expected to break ground on the project this May and complete the facility by the end of the year. Features will include 32-foot clear heights, an ESFR sprinkler system, 24 exterior docks, four drive-in doors and parking. Zilber Property Group is the developer, and Cornerstone Architects Ltd. will provide the architectural services. Pinnacle Engineering Group LLC will provide civil design services.

April 20, 2016

Newer Posts

Older Posts