ABILENE, TEXAS — Old Capital has provided a $10 million loan for Cimarron Apartments in Abilene. An out-of-state ownership purchased the 288-unit asset for an undisclosed price. Old Capital provided a five-year, non-recourse bridge loan with 24 months of interest-only payments and a 30-year amortization schedule. The loan features a rehab budget to bring the 1982-era asset up to date.
TEXAS CITY, TEXAS — Mainland Bank has selected Texas City Professional Office Building as its new headquarters and banking hub, signing a long-term lease for a property in Texas City now undergoing a major renovation. The bank has leased 5,555 square feet at 2501 Palmer Highway, a two-story office building with three covered drive-thru banking lanes. Mainland Bank’s new space and the balance of the 33,486-square-foot structure will be renovated this summer. A-K Texas Venture Capital owns the 90 percent-occupied building. Texas City Professional Office Building features 111 parking spaces, Wi-Fi and a digital lobby directory. Upgrades are planned for the common areas, lobby and elevator cabs. Mainland Bank was chartered in 1944 as First State Bank. Richard Barbles of Stream Realty Partners represented the bank in lease negotiations.
AUSTIN, TEXAS — Falcon Realty Advisors, a Dallas-based commercial real estate company that represents retail, restaurant and entertainment tenants, has expanded into central Texas with the opening of an office in Austin. The Austin office will serve as an extension of Falcon’s Dallas headquarters by continuing operations within its tenant representation services and the development of its build-to-suit platform. The Austin branch will also be actively recruiting brokers and new team members. Travis Heinrichs, who joined Falcon in 2013 and most recently served as director of investments, will be heading the new branch as director. The firm’s portfolio consists of Austin-based Whole Foods Market and other retailers throughout the state including Petco, Mattress Firm, Robbins Brothers and iPic Theaters. Falcon is a member of Realty Resources, a member-owned retail real estate brokerage group that combines firms from more than 25 cities around the country into one network.
SAVANNAH, GA. — NXT Capital has provided a $16 million acquisition loan for One West Victory, a newly constructed apartment community located in Savannah. The Class A property is situated in Savannah’s Historic District and features an on-site restaurant and coffee bar, fitness center, media room and community study lounges. Phil Rachels of CBRE’s Jacksonville office arranged the loan on behalf of the undisclosed borrower.
MIAMI — Marcus & Millichap has brokered the $12.5 million sale of Sabina Plaza, a 51,044-square-foot shopping center located at 4001 S.W. 152nd Ave. in Miami’s West Kendall submarket. Built in 2007, the property is fully leased to tenants such as Dollar Tree, two restaurants, a cross-fit gym, nail salon, martial arts studio, nail salon, beauty salon, dental office and a daycare. Walgreens and Bank of America are outparcels to the property but were not included in the sale. Kirk Olson and Drew Kristol of Marcus & Millichap’s Miami office represented the seller, Sabina 40 Street LLC, an affiliate of North Miami-based IMC Equity Group and headed by Yoram Izhak, who purchased the property out of foreclosure in 2012 for $5.4 million.
ROCK HILL, S.C. — NorthMarq Capital has arranged the $2.6 million of Kedrion Biopharma, a 13,000-square-foot medical office property located at 1843 Cherry Road in Rock Hill, a southern suburb of Charlotte in South Carolina. Susan Branscome of NorthMarq Capital’s Cincinnati-based office arranged the 20-year loan with a 20-year amortization schedule through Symetra Financial on behalf of the borrower, The Stough Group.
CANTON, GA. — The Home Depot has sold a 1.9-acre tract of land located at the intersection of Sixes Road and Holly Springs Parkway in Canton, a northern suburb of Atlanta in Cherokee County. Keith Valentine of Atlanta-based Corporate Property Dispositions represented The Home Depot in the sale. The buyer, Ferber Development, plans to build a retail strip center at the site that is pre-leased to AT&T and Starbucks Coffee, as well as an outparcel pre-leased to Taco Bell. The new project will be located near The Home Depot and Northside Hospital’s offices.
CHARLOTTE, N.C. — The U.S. Green Building Council has awarded Capitol Towers, a Class A office campus in Charlotte’s SouthPark submarket, LEED Gold certification. The office park is owned by Lincoln Harris, an affiliate of Lincoln Property Co. Phase I of Capitol Towers, which features the 236,250-square-foot South Office Tower, a parking deck and 25,000 square feet of retail and restaurant space, was opened recently. Phase II, which will feature the 236,250-square-foot North Office Tower, is scheduled for completion in the first quarter of 2017. Sustainability and energy efficient features at Capitol Towers range from an on-site parking deck that provides preferred parking for low emission vehicles to an HVAC system designed to measure and filter air before entering the building.
ROCHESTER, N.Y. — WinnDevelopment and GDD Properties, in a public-private partnership with New York State, have broken ground on the $200 million redevelopment of The Sibley Building, located at the intersection of East Avenue and East Main Street in downtown Rochester. The Sibley Building opened in 1868 as the city’s first department store, and earned a spot on the National Register of Historic Places in 1984. The property will be rebranded as Sibley Square, with the name, logo and signage to be changed in the coming weeks. The phased redevelopment will begin with the $100 million construction of 96 modern apartments on the ninth through 12th floors of the building. Phase I will also include the addition of boutique retail, local artisan foodservice tenants, office space and active senior living apartments, as well as a complete rehabilitation of the façade and windows of the property. The residential components of the building will be named The Lofts at Sibley and The Residences at Sibley. Leases for active adult units at The Residences will be available by the end of this year. Redevelopment of the top floor of the building, once home to the Tea Room of the Sibley Department Store, is …
A new report from George Washington University finds that metropolitan areas in the United States are shifting toward developing more walkable areas, reversing a trend that dates back more than half a century. Christopher Leinberger and Michael Rodriguez of The George Washington University School of Business wrote the report, titled “Foot Traffic Ahead, Ranking Walkable Urbanism in America’s Largest Metros.” “The end of sprawl is in sight,” the authors write. “The nation’s largest metropolitan areas are focusing on building walkable urban development.” For what may be the first time in 60 years, the report finds that walkable urban places (WalkUPs) in all 30 of the largest metros are gaining market share over their drivable suburban competition, which is often accessible only by car. This has been coupled in recent years by substantially higher rental premiums in the office and retail sectors. The 30 metro areas measured include 46 percent of the nation’s population (145 million of 314 million) and 54 percent of the national GDP. They were measured based on the current percentage of occupied walkable urban office, retail and multifamily rental square feet in their WalkUPs. The top walkable metro areas are as follows: The study found that walkable …
