Property Type

City of Fort Worth Approves $20M Tax Incentive for Outlets at Alliance Retail Project

by Haisten Willis April 11, 2016

FORT WORTH, TEXAS — The Woodmont Co., in partnership with AIL Investment LP, has received tax incentives for the proposed Outlets at Alliance project from the city of Fort Worth. The Fort Worth City Council has voted 7-1 to approve a $20 million economic incentive for The Outlets at Alliance, a Hillwood Properties entity. The 330,000-square-foot shopping mall is planned for the east side of I-35 in north Fort Worth. The incentive is a grant of 85 percent of the city’s 1 percent sales tax if the project reaches $100 million in investment.

April 11, 2016

hillwood-bnsf-railway-packwell-alliance-texas

Hillwood, BNSF Railway and Packwell to Build Industrial Facility at AllianceTexas

by Haisten Willis April 11, 2016

FORT WORTH, TEXAS — Hillwood, BNSF Railway and Packwell plan to build a plastics export packaging facility in the rail-connected Alliance Westport industrial sector, located within Hillwood’s AllianceTexas development in north Fort Worth. The facility will be part of a global supply chain route enabling Packwell, a Gulf Coast resin packager, to ship containerized plastic resins to end users utilizing ocean steamship lines that are affiliated partners with BNSF. The steamship lines operate between the BNSF Alliance Intermodal terminal and Asia via West Coast ports in Los Angeles, Long Beach and Oakland, Calif. BNSF trains will deliver bulk covered hopper cars from new and expanded Gulf Coast plastics production facilities to Packwell’s new facility at AllianceTexas. Packwell will package the bulk resin and dray loaded containers to the BNSF ramp. The loaded containers will be delivered utilizing a heavy-load corridor from the Packwell’s packaging facility to BNSF’s Alliance Intermodal Terminal, located less than a mile away.

April 11, 2016

Industrial Texas

Polyglass U.S.A. to Establish Manufacturing Operations in Waco

by Haisten Willis April 11, 2016

WACO, TEXAS — Polyglass U.S.A. plans to establish a manufacturing operation in Waco. The company will invest $19 million to build a 145,000-square-foot industrial facility at 1701 Exchange Parkway to produce modified bitumen roofing membranes. Employment is expected to reach 45 full-time associates within the first three years of operation. The Polyglass roofing facility in Waco will produce a waterproof membrane system used for commercial and industrial roofing systems. The membrane system is designed to increase roof life expectancy and is also environmentally friendly and energy efficient. The company will receive a grant from the Waco/McLennan County Economic Development Corp., as well as tax abatement participation by the city and county.

April 11, 2016

Loans Office Texas

NorthMarq Secures Loan for Office Property in San Antonio

by Haisten Willis April 11, 2016

SAN ANTONIO — Bryan Leonard of NorthMarq Capital’s San Antonio office has arranged acquisition financing for a 25,379-square-foot office property located at 7540 Louis Pasteur Drive in San Antonio. The 10-year loan includes a 25-year amortization schedule and 75 percent loan-to-value ratio. NorthMarq Capital arranged financing for the borrower through its relationship with a local bank. The property is located in the South Texas Medical Center and is 100 percent occupied.

April 11, 2016

Multifamily Texas

American Realty Advisors Sells Two Multifamily Properties in Austin

by Haisten Willis April 11, 2016

AUSTIN, TEXAS — American Realty Advisors has sold two Class A multifamily apartment communities in Austin. The two properties, known as ALARA Cantebrea Crossing and ALARA Canyon Creek, feature a total of 732 units and were packaged as a single portfolio. Both properties are low-density residential communities located along FM 620 North in Austin’s Northwest submarket. American acquired ALARA Cantebrea Crossing in 2006 and ALARA Canyon Creek in 2007. At the time of sale, both properties were the only multifamily luxury rental complexes within a two-mile radius. The portfolio was 95 percent occupied at the time of sale. CBRE represented the seller in the transaction.

April 11, 2016

Loans Midwest Missouri Multifamily Seniors Housing

Cain Brothers Arranges $51.8M in Bond Financing to Reposition Seniors Housing Community in Kansas City

by Christina Cannon April 11, 2016

KANSAS CITY, MO. — Cain Brothers has arranged $51.8 million in bond financing for Kingswood Senior Living Community, a continuing care retirement community in Kansas City. The bonds will fund the repositioning of the community, which Life Care Services operates. The campus was built in 1982. LCS Development has formulated a turnaround plan that includes converting the obsolete independent living units to new assisted living and memory care units. Renovations will also be performed throughout the remaining units, common areas and amenities. In addition to the 35-year, non-rated, fixed-rate bonds, Cain Brothers arranged $2 million of mezzanine financing to execute the development plan.

April 11, 2016

Indiana Midwest Office

HEARN, CrossHarbor Capital Partners Acquire BMO Plaza in Indianapolis for $40M

by Christina Cannon April 11, 2016

INDIANAPOLIS — HEARN and equity partner CrossHarbor Capital Partners have purchased the BMO Plaza in downtown Indianapolis for $40 million. True North Management Group sold the 440,000-square-foot, 28-story office building. Located at 135 N. Pennsylvania St., BMO Plaza is the sixth tallest building in Indianapolis and houses tenants such as BMO Harris Bank, the U.S. Department of Defense, General Electric and law firms Rubin & Levin and Quarles & Brady. James Hanson, Erik Foster, Bill Ehret and Nancy Merritt of Avison Young represented the seller in the transaction.

April 11, 2016

Hospitality Midwest

Marcus & Millichap Brokers $30M Sale of Two Hotel Properties in North Dakota

by Christina Cannon April 11, 2016

FARGO, N.D. — Marcus & Millichap has arranged the $30 million sale of a two-property hospitality portfolio in Fargo. The hotels are comprised of 387 rooms collectively and are located on the same site at the intersection of I-29 and 13th Avenue South. The purchase price equates to more than $77,500 per room. A Los Angeles-based private equity group sold the Holiday Inn and Holiday Inn Express to an undisclosed local investor. The Holiday Inn has completed more than $10 million in renovations since 2000, including a complete remodeling of the guest rooms in 2006, and The Holiday Inn Express was fully renovated in 2014. Both hotels come with 15-year branding licenses that expire in 2030. Shane Skubis of Marcus & Millichap represented the seller in the transaction and procured the buyer.

April 11, 2016

Hospitality Midwest Ohio

AC Hotel Cincinnati by Marriott Opens at Liberty Center in Ohio

by Christina Cannon April 11, 2016

CINCINNATI — The AC Hotel Cincinnati by Marriott has opened at Liberty Center, a 1.2 million-square-foot mixed-use development. Raymond Management Co. is the developer and operator of the 130-room hotel. Amenities at the hotel include a fitness center, indoor pool, on-site parking, local restaurant dinner delivery and a full-service business center. The property also features AC-branded amenities such as a kitchen, lounge, store, library and meeting space. The 64-acre Liberty Center includes over 800,000 square feet of retail and entertainment space, 75,000 square feet of office space and 240 luxury apartment units. The shopping district opened last October.

April 11, 2016

Illinois Loans Multifamily

Dougherty Mortgage Closes $9.4M Fannie Mae Loan for Apartment Property in Chicago Suburb

by Christina Cannon April 11, 2016

WILLOWBROOK, ILL. — Dougherty Mortgage LLC has closed a $9.4 Fannie Mae loan to refinance Willowbrook Apartment Homes, approximately 25 miles west of Chicago. The apartment property features 140 market-rate apartments. Amenities at Willowbrook Apartment Homes includes walk-in closets, walk-through kitchens, separate dining areas and private balconies or patios. The five-year interest-only loan features a 10-year term and 30-year amortization schedule. Heartland Willowbrook LLC was the borrower.

April 11, 2016

Newer Posts

Older Posts