Property Type

Transwestern-3400-cityline-richardson-texas

Transwestern to Build 310,000 SF Office Building Near CityLine in Richardson

by Haisten Willis June 7, 2016

RICHARDSON, TEXAS — Transwestern Development Co. will break ground this month on 3400 @ CityLine, a 310,000-square-foot speculative office building. Located at 3400 N. Central Expressway, the Class A building is adjacent to the 183-acre CityLine campus in Richardson. The five-story project will be developed by a joint venture including a fund advised by the real estate business of UBS Asset Management, Transwestern Development Co. and Malouf Interests. Slated for delivery in mid-2017, the building will feature design elements including floor-to-ceiling glass and 10-foot ceilings. The property will offer five parking spaces per 1,000 square feet in a parking structure. On-site amenities will include a deli and lounge area, fitness center and a 40,000-square-foot exterior courtyard. Transwestern’s Duane Henley and Nathan Durham are providing leasing services. Construction financing is being provided by a consortium led by Amegy Bank N.A., a division of Zions Bank N.A., and includes American National Bank of Texas and Commerce Bank, a Missouri bank and trust company. The consultant team includes architect BOKA Powell, structural consultant Cardno Haynes Whaley, mechanical, electrical and plumbing engineer DBR, civil engineer Halff & Associates and landscape architect Pacheco Koch.

June 7, 2016

Bascom Group Acquires Apartment Community in Metro Austin

by Haisten Willis June 7, 2016

ROUND ROCK, TEXAS — The Bascom Group has acquired a multifamily asset with over 300 units in the Austin suburb of Round Rock. De’On Collins, John Brownlee and Charles Halladay of HFF arranged acquisition financing on behalf of Bascom Group. Sean Sorrell with HFF represented the seller in the transaction. The property consists of 19 residential buildings and one standalone leasing center spread across 17 acres. The unit mix is 51 percent one-bedroom units, 40 percent two-bedroom units and 9 percent three-bedroom units. Community amenities include a clubhouse, fitness center, swimming pool, picnic areas and a pet park.

June 7, 2016

Office Texas

Health Wildcatters Plans to Move to Pacific Place Tower in Dallas

by Haisten Willis June 7, 2016

DALLAS — Health Wildcatters, a Dallas-based seed accelerator program, is relocating to 1910 Pacific Ave. in downtown Dallas. Health Wildcatters will occupy the entire top floor of the 20-story building, which is owned by Boxer Property. The 16,620-square-foot space will provide the company with the ability to host functions and events, create collaborative workspace for partners and house recent graduates of the accelerator program by offering temporary office space. Health Wildcatters has partnered with Page to design the interior space. Health Wildcatters will move into the Pacific Place tower alongside local startups including Zerologic, Deep Rapid Design Studio, Twentynine Thirty Creative and Launch DFW.

June 7, 2016

Multifamily Texas

Abby Development to Build Apartment Community in Tyler

by Haisten Willis June 7, 2016

TYLER, TEXAS — Abby Development, a developer, owner and operator of seniors housing and apartment communities, plans to develop The Abby at Tyler, a 234-unit apartment community near the intersection of Grande Boulevard and Old Jacksonville Highway in Tyler. The Abby will include amenities such as a stocked fishing lake, pool with cabana area, dog park, outdoor grilling area, landscaped courtyards and direct access garages. The Abby will offer one-, two- and three-bedroom floorplans equipped with stainless steel appliance packages, washers and dryers, granite countertops, nine-foot ceilings and outdoor patios. The Abby at Tyler is scheduled to break ground during the second quarter of 2017 and will open in the third quarter of 2018.

June 7, 2016

North Carolina Office Southeast

Akridge, Northwood Ravin to Develop 10-Story Office Tower in Downtown Durham

by John Nelson June 7, 2016

DURHAM, N.C. — Akridge and Northwood Ravin plan to develop 555 Mangum, a 10-story, 240,000-square-foot office tower in downtown Durham. The project will be situated on the site of the former Elkins Chrysler dealership on the corner of South Mangum Street and Jackie Robinson Drive. The property will include ground-floor retail space, a penthouse conference center, fitness center, rooftop lounge and terrace and a courtyard featuring artwork from local artists. Akridge and Northwood Ravin plan to deliver 555 Mangum in late 2018. The partnership has selected Mac Hammer and Doug Cook of Cushman & Wakefield to lease and market the project’s office component and Charlie Coyne of CBRE to lease and market the retail component.

June 7, 2016

Florida Multifamily Seniors Housing Southeast

Kayne Anderson Buys Seniors Housing Community in Florida

by John Nelson June 7, 2016

MELBOURNE, FLA. — Kayne Anderson Real Estate Advisors has purchased Sonata at Melbourne, a Class A seniors housing community in Melbourne, on the Atlantic coast of Florida approximately 70 miles southwest of Orlando. HFF arranged the transaction on behalf of the undisclosed seller, which divested the property free and clear of existing debt. Built in 2012, Sonata at Melbourne is situated on more than 12 acres and features 47 independent living, 54 assisted living and 34 memory care units, which were 97 percent leased at the time of sale. Ryan Maconachy and Chad Lavender led the HFF team representing the seller.

June 7, 2016

Alabama Retail Southeast

GBT Realty Completes Hobby Lobby-Anchored Retail Center in Alabama

by John Nelson June 7, 2016

ALBERTVILLE, ALA. — GBT Realty Corp. has completed the construction of The Shoppes of Albertville, a 135,000-square-foot shopping center located at the intersection of Carlisle Street and U.S. Highway 431 in Albertville. The $18 million property’s tenant roster includes Hobby Lobby, PetSmart, T.J. Maxx, Ross Dress for Less, Rack Room Shoes, Hibbett Sports, Kay Jewelers, Lee Nails and Marco’s Pizza. GBT Realty purchased the land for the shopping back in December 2014. The Brentwood, Tenn.-based developer is under contract on an 8-acre site across U.S. Highway 431 from The Shoppes of Albertville with plans to develop a new shopping center by 2018 known as Albertville Commons.

June 7, 2016

Georgia Hospitality Southeast

Marcus & Millichap Brokers $14.5M Sale of Hampton Inn & Suites in Metro Atlanta

by John Nelson June 7, 2016

EAST POINT, GA. — Marcus & Millichap has arranged the $14.5 million sale of the 119-room Hampton Inn & Suites Atlanta Airport West in East Point. The hotel is located off I-285 at 3450 Creek Pointe Way, approximately six miles from Hartsfield-Jackson Atlanta International Airport and 13 miles from downtown Atlanta. David Greenberg and David Altman of Marcus & Millichap’s National Hospitality Group represented the seller and procured the buyer in the transaction. Michael Fasano of Marcus & Millichap’s Atlanta office is the firm’s broker of record in Georgia and assisted in the transaction.

June 7, 2016

Georgia Retail Southeast

Franklin Street Arranges $3M Sale of Big Lots-Anchored Shopping Center Near Chattanooga

by John Nelson June 7, 2016

FORT OGLETHORPE, GA. — Franklin Street has brokered the $3 million sale of Cloud Springs Plaza, a 113,000-square-foot, Big Lots-anchored shopping center located at 1503 Lafayette Road in Fort Oglethorpe, roughly seven miles outside of Chattanooga. Built in 1968, the center’s other tenants include Badcock Furniture and AutoZone. John Tennant and Bryan Belk of Franklin Street represented the seller, Cloud Springs ACD LLC, in the transaction. The buyer, America’s Realty LLC, is a private investment group based in Baltimore.

June 7, 2016

California Office Top Stories Western

Hudson Pacific Agrees to Acquire Los Angeles Office Tower for $311M

by Christina Cannon June 7, 2016

WEST LOS ANGELES — Hudson Pacific Properties Inc. has agreed to acquire a 500,475-square-foot office tower in West Los Angeles for $311 million. A fund managed by Blackstone is selling the Class A property, known as the Brentwood Center or Wells Fargo Center, which is located at 11601 Willshire Blvd. The building, which is currently 83 percent occupied, has served as Hudson Pacific’s corporate headquarters since 2010. Hudson leases 20,000 square feet in the building, which also includes tenants First Pacific Advisors and Genter Capital, according to CoStar. The office tower was built in 1983 and features a travel agency, Trimana Café, on-site property management and full service gym, according to Loopnet. Hudson Pacific recently sold One Bay Plaza in Burlingame, Calif. for $53.4 million and plans to use the proceeds to help pay for the acquisition. The company also expects to be repaid on a $28.5 million note for the Broadway Trade Center. The company expects to fund the remaining balance with a combination of funds from its revolving credit facility, project financing and private placement proceeds. “Our team’s long history of occupancy and prior ownership of 11601 Wilshire Blvd. provided a competitive edge to understanding the value creation potential for …

June 7, 2016

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