NEW YORK CITY — Cushman & Wakefield has brokered the sale of an apartment building located at 440 W. 47th St. in Manhattan’s Midtown West neighborhood. The asset sold for $23.5 million, or $760 per square foot. The five-story building consists of one commercial unit and 46 residential units. The unit mix includes two studios, four one-bedroom units, 39 two-bedroom units and one three-bedroom unit. Sixteen of the units are rent stabilized and 30 are free-market units. Bob Knakal, Jonathan Hageman and Chris Brodhead of Cushman & Wakefield handled the transaction. The names of the buyer and seller were not released.
HOUSTON — KDC has started construction on a 60,000-square-foot office building for KPRC Channel 2, Houston’s NBC affiliate. Located at 8181 Southwest Freeway in Houston’s Sharpstown district, KPRC’s new headquarters will house all aspects of the broadcast business and more than 180 employees. The project is being built 15 feet away from KPRC’s existing broadcast station, allowing utilities to be relocated while the station remains active. Completion is slated for February 2017. The facility will have two new studios with supporting control rooms for broadcasting live news programs. A 9,000-square-foot newsroom will be built as an open concept with 14-foot ceilings and exterior windows, giving employees a view into a courtyard that includes seating areas and an outdoor kitchen. KPRC’s new facility will have a two-story atrium and staircase in the center of the building to provide natural light and a central meeting location. Additional space will be allocated for the sales department and creative services department. Corgan is the project architect, DPR Construction is the general contractor, Bury is the civil engineer, AG&E is the structural engineer, Telios is the MEP engineer and Office of James Burnett is the landscape architect.
PLANO, TEXAS — Yeager has broken ground on a 48,300-square-foot mixed-use development in Plano known as Yeager at Rasor Pointe. The Indiana-based developer expects to complete the project, which includes 39,750 square feet of office suites and 8,550 square feet of retail and restaurant space, by early August. The property will be located on a 3.8-acre lot at the northeast corner of Rasor Boulevard and Ohio Drive.
FRISCO AND SAN ANGELO, TEXAS — In two separate transactions, real estate capital advisory firm Quantum Capital has arranged $22.2 million in long-term, non-recourse debt to refinance regional shopping centers in Frisco and San Angelo. In the larger of the two deals, Quantum secured a $12.9 million non-recourse permanent loan on behalf of the borrower, a Los Angeles-based investor operating as TRT-QL Frisco. The loan will replace the maturing debt on Frisco Plaza, a 62,500-square-foot retail center located at Preston Road and Highway 21. The shopping center is located across the street from General Growth Properties’ 1.6 million-square-foot Stonebriar Centre, the primary retail destination in Frisco. Quantum also secured a $9.2 million permanent loan for another Los Angeles-based investor operating as Rancho Sunset Plaza LP to refinance Sunset Plaza in the west Texas city of San Angelo. The property is a 90,000-square-foot regional power center located on Sunset Drive at Highway 67 and Loop 306. Sunset Plaza is anchored by Target, Bed Bath and Beyond, Petco and Ross Dress for Less. Both fixed-rate loans were underwritten at a 75 percent loan-to-value ratio and priced at 250 basis points over the 10-year swap rate of 1.71 percent. The financings also included …
FORT WORTH, TEXAS — Greysteel has arranged the sale of Ridglea Square Apartments in Fort Worth. Greysteel’s multifamily investment sales team, led by Boyan Radic, Doug Banerjee, Andrew Mueller and Ryan Hill, represented Ridglea Square Apartments LLC in the sale to Bellfast Glen Investments LLC. The property is a 54-unit multifamily community located one block south of I-30 near Ridgmar Mall, which contains more than 100 stores.
HUMBLE, TEXAS — Colliers International has negotiated the sale of a 0.7-acre tract of vacant land for the development of a Waffle House restaurant. Construction is expected to start by the fourth quarter of 2016. The property is located at the northwest corner of Will Clayton Parkway and Vine Forest Drive in Humble. Tom Condon Jr. of Colliers International’s office in The Woodlands represented the seller, Patricia Al-Attas Barrett & Bamardouf, Babidan, Al-Attas Joint Venture. Russ Holland internally represented the buyer, Waffle House. David Pitschmann with Alamo Title Co. coordinated the closing.
Depending on who’s speaking, or what you’re reading, the forecasts for the 2016 Houston industrial real estate market run the full spectrum from bull to bear. Whether you are a landlord trying to fill a vacancy; a developer weighing the decision on whether to build or not; or an investor or a potential tenant looking for the best lease terms, your decision making is driven by a few key factors. These include the price of oil and where you think it is headed, the type of industrial facility you build/own/require, and in what submarket of Houston it is located. With current oil prices hovering in the low $30s per barrel, and threatening to go lower, you don’t have to look hard to find plenty of economists forecasting a rough 2016 for Houston industrial real estate. But that’s not the whole picture. No doubt the ongoing drilling downturn has hit the city hard. A recent survey was conducted of single-tenant manufacturing facilities ranging from 10,000 to 50,000 square feet in the West, Northwest and North Houston submarkets. The survey reported over 2.4 million square feet available in 120 buildings, with an additional 240,000 square feet under construction in 15 more buildings. …
ATLANTA — Post Properties has announced it will develop Post Centennial Park, a 438-unit, midrise apartment community located in Atlanta’s central business district. Development costs are expected to total $96 million. The luxury apartment project will be located adjacent to Centennial Park and within walking distance of the MARTA Civic Center and Peachtree Center rail stations and the Atlanta Streetcar. The community will include a mix of studio, one-, two- and three-bedroom apartments averaging 808 square feet. Post Properties forecasts market rents to average approximately $1,620 per month. Ten percent of the planned units will be designated as workforce housing, with rents forecast to average approximately $1,090 per month. Atlanta-based Post Properties currently has 2,290 units in six apartment communities under construction with a total estimated development cost of $478.6 million. The company expects to complete Post Centennial Park in mid-2018.
MIAMI BEACH, FLA. — Boardwalk Properties, a private multifamily ownership group, has purchased a 15-property, 240-unit apartment portfolio in Miami Beach for $59 million. The assets are located between 7th and 15th streets in Miami Beach’s South Beach district. Boardwalk plans to keep the existing property management team in place and invest in property improvements, including new roofing, paint for the exterior and common areas, central air conditioning, hurricane impact windows and doors, video cameras for security, laundry services, landscaping, energy efficient toilets and electrical and plumbing systems. Real estate attorney Neil Rollnick of Hinshaw & Culbertson LLP represented Boardwalk Properties in the transaction.
WEST PALM BEACH, FLA. — PRP LLC, a specialized real estate opportunity fund manager and value-add investor, has sold The Forum, a 278,367-square-foot, three-building office complex located in West Palm Beach. An undisclosed buyer purchased the asset for $20.5 million. Located at 1655-1675 Palm Beach Lakes Blvd., the office property is located a quarter-mile east of I-95 and three miles north of Palm Beach International Airport. PRP completed a substantial renovation of the three 10-story buildings in 2013. The Forum was 61 percent leased at the time of sale. Ike Ojala, Herman Rodriguez and Jorge Portela of HFF represented PRP in the transaction.