AUBURN, MASS. — Fantini & Gorga has arranged a $1.1 million loan for the refinancing of a multi-tenant office property located at 7 Midstate Road in Auburn. Situated on 1.4 acres, the 14,944-square-foot property is located at the entrance of the six-building, 141,000-square-foot Mid State Office Park. Derek Coulombe and Chris Miller of Fantini & Gorga represented the undisclosed borrower in the transaction.
The collapse of oil and natural gas prices has reduced the value of commercial, industrial and residential properties across Texas, and threatens to reduce those values even further. This market collapse greatly impacts property tax appraisals and related tax revenue, especially as it relates to upstream, midstream and downstream properties, and to a lesser extent, commercial properties in general. Now more than ever, owners need to ensure they’re paying their share of property taxes — and nothing more. Judicial challenges are becoming increasingly popular due to their effectiveness in reducing appraisals to align with fair market values. The Houston Chronicle reported that there were 2,541 active lawsuits over commercial property valuations for the 2015 tax year in Harris County alone. The owners of 33 of the 34 high-rise commercial properties in downtown Houston have filed a judicial property tax challenge, as reported by the Houston Business Journal, and Exxon Mobil is suing the Harris County Appraisal District for its $1 billion appraisal of Exxon’s newly constructed campus. To file a judicial appeal, an owner must first file an administrative appeal with the Appraisal Review Board (ARB). These protests are common and typically yield a modest reduction in the appraised value. …
JACKSON, MISS. — BankPlus, a Mississippi-based bank with more than 60 locations and total assets exceeding $2.6 billion, will join The District at Eastover, a $125 million, 21-acre mixed-use development in Jackson. BankPlus will anchor a 67,000-square-foot office building that features traditional office space and a drive-thru banking facility on the ground floor. The ground floor of the BankPlus building will feature 17,000 square feet of retail and restaurant space with frontage on I-55 and The District Plaza. The District Land Development Co. is the master developer of the mixed-use project, which will feature loft apartments, office space, retail and restaurant tenants, a high-end movie theater and a Marriott Residence Inn. This month, Baker Donelson and Cosmich Simmons & Brown will move into their new office spaces in One Eastover Center, a 125,000-square-foot office building at The District that was completed in late 2015. The District Land Development plans to complete construction on the BankPlus project by April 2017. The new BankPlus office will house commercial lending, commercial real estate, cash management, private banking, wealth management, wealthplus and business development services.
WASHINGTON, D.C. — Akridge has purchased the former YMCA National Capital building located at 1711 Rhode Island Ave. N.W. in Washington, D.C. Akridge and its joint venture partner, Alcion Ventures LP, will transform the asset into a 100,000-square-foot boutique office building. Akridge and Alcion plan to rename the asset 1701 Rhode Island. The redevelopment includes infilling floor slabs where a gymnasium and racquetball courts reside, as well as converting a swimming pool into two levels of below-grade parking. Hickok Cole Architects will design the building with 14,000-square-foot floor plates. The trophy office building will include a two-story lobby and amenities such as a fitness facility with locker rooms; a landscaped, rooftop terrace; and an option for conference facilities on either the penthouse level or ground floor. The building’s upper floors feature views of Scott Circle, Connecticut Avenue and the Washington National Cathedral. Akridge and Alcion Ventures are targeting LEED Gold certification for 1701 Rhode Island. Akridge’s leasing team will begin leasing efforts immediately, and Akridge and Alcion have committed to begin construction by early 2017. The building is scheduled to be delivered in summer 2018.
ALEXANDRIA, VA. — Brandywine Senior Living has started construction on the Cameron Park Development in Alexandria, the first of five seniors housing communities the New Jersey-based developer and operator plans to build near Washington, D.C. The community will consist of 116 suites on six stories with ground-floor retail designed to complement the active lifestyle of the surrounding area. The Brandywine residence will be a part of JBG Cos.’ 722,000-square-foot Cameron Park development on Alexandria’s West End. The development also features 66 townhomes to be developed by PulteGroup Inc. and roughly 300 multifamily units.
DECATUR, GA. — Thor Equities, owner of The Gallery at South DeKalb in Decatur, plans to open a new 12-screen Satellite Cinemas movie theater at the mall in April. The 42,000-square-foot theater will join The Gallery’s more than 100 retailers and community services, including Macy’s, Fallas, Footlocker, DTLR, U.S. Post Office, Georgia Department of Drivers Services and GameStop. Urban Retail Properties manages the 800,000-square-foot mall. The theater, which will replace the former Screenworks theater, will feature in-auditorium dining, concessions, stadium seating and a 3D projection system.
BOCA RATON, FLA. — Cushman & Wakefield has arranged the $11.5 million sale of Grove Centre, a 52,253-square-foot office building located at 21301 Powerline Road in Boca Raton. Built in 1983, the three-story property was 86.1 percent leased at the time of sale to tenants such as C3TS/Stantec, Sequoia Insurance & Financial Inc., Freedman & Spoont PA and Weisberg & Associates. The buyer, TJAC Development, plans to build a retail strip center on the south side of the 3.5-acre parcel that is currently being used for Grove Centre’s overflow parking. Scott O’Donnell, Dominic Montazemi, Miguel Alcivar, Greg Miller and Jason Hochman of Cushman & Wakefield represented the seller, SF Partners, in the transaction. Ayal Frist of Stateland Brown represented TJAC Development.
SAN ANTONIO — Stream Realty Partners has broken ground on Phase II of the company’s One51 Office Centre in the Westover Hills area of San Antonio. The Class A project will consist of a 101,000-square-foot office building located off of Highway 151. The two-story building will be completed in December. Carolyn Hinchey Shaw of Stream Realty Partners Central Texas will lease the office property, which will offer floor plates ranging from 22,000 to 101,000 square feet. The property, owned by Stream, will feature Class A finishes, 10-foot ceilings, 24-hour access, visibility from Highway 151 and dual-pane glass windows. The property is located on 9 acres near San Antonio International Airport. Westover Hills is home to numerous corporate campuses, including Nationwide Insurance, Wells Fargo, Hartford Insurance, Kohl’s, Capital Group, Chase Bank and Microsoft.
SAN MARCOS, TEXAS — A joint venture between Alex. Brown Realty (ABR) and Asset Campus Housing (ACH) has acquired Dakota Ranch, a student housing project in San Marcos. ABR Chesapeake Fund V, a value-add real estate fund sponsored by ABR, invested $5.9 million in the joint venture. Dakota Ranch is a 316-bed student housing property located near the main campus of Texas State University. Purpose-built as student housing in 2003, the property contains 188 apartment units located within 10 three-story buildings on 17 acres. At closing, the property was 99 percent occupied for the 2015-2016 school year. The property will undergo capital improvements that are expected to drive higher rents for the 2016-2017 school year. Baltimore-based ABR is a privately owned real estate investment manager organized in 1972.
GRAND PRAIRIE, TEXAS — CBRE has negotiated the sale of Fox Hollow Apartments, an 86-unit multifamily community in Grand Prairie. Milwood Apartments LLC purchased the asset from Fox Hollow Apartments LLC for an undisclosed price. Chris Deuillet with CBRE’s Dallas office represented the seller. The 85,152-square-foot asset is located at 1008 S. Beltline Road. The property was built in 1970 and renovated in 1990. The complex features a pool, basketball court and playground. It was 97 percent occupied at closing.
