Property Type

MBA: Multifamily Lending Volume Jumped 13 Percent in 2014

by Scott Reid October 27, 2015

WASHINGTON, D.C. — Multifamily lending nationwide continues to trend upward, as evidenced by the $195.1 billion in mortgages originated in 2014 by more than 2,800 different multifamily lenders for apartment buildings with five or more units, according to a newly released report compiled by the Mortgage Bankers Association (MBA). The 2014 dollar volume represents a 13 percent increase from 2013 levels of $172.5 billion, concludes MBA’s Annual Report on Multifamily Lending for 2014. The average loan size also increased 23 percent, from $3.9 million in 2013 to $4.8 million in 2014. The report is based on data from MBA’s surveys of large multifamily lenders in the 2014 Commercial Multifamily Annual Origination Volume Summation survey and recently released Home Mortgage Disclosure Act (HMDA) data that covers multifamily loans made by many smaller lenders, particularly commercial banks. The MBA survey targets dedicated commercial/multifamily originators and covered $400 billion in commercial/multifamily loans in 2014. The HMDA data adds multifamily loans from banks, thrifts and other institutions that meet certain single-family origination thresholds. “The lending came from a range of lenders, with two-thirds making five or fewer multifamily loans during the year, and went to a range of borrowers, with more than one-quarter of the loans …

October 27, 2015

Loans Office Texas

HFF Arranges Sale, Financing of Two Class A Office Buildings in Metro Dallas

by Haisten Willis October 27, 2015

ADDISON AND IRVING, TEXAS — HFF has arranged the sale of and financing for The Meridian and The Belvedere, two Class A office buildings totaling 241,539 square feet in Addison and Irving. HFF marketed the properties on behalf of the seller, Klabzuba Realty. CREA Investments purchased the two buildings for an undisclosed amount free and clear of debt. Additionally, HFF secured floating-rate acquisition financing on behalf of the new owner through a regional bank. The Meridian is located at 1425 Greenway Drive in the Las Colinas master-planned business and residential community. The six-story property is 90 percent leased and spans 100,359 square feet. Situated at 14881 Quorum Drive in Addison, The Belvedere is located in the far north Dallas market along the Dallas North Tollway. The 141,180-square-foot, nine-story building is 80 percent leased.

October 27, 2015

Mixed-Use Retail Texas

Realty Capital Management Sells Mixed-Use Building in Colleyville

by Haisten Willis October 27, 2015

COLLEYVILLE, TEXAS — Realty Capital Management has sold a 43,000-square-foot mixed-use building located at 5232 Colleyville Blvd. in Colleyville. The buyer, Colleyville Lofts Venture, was a 1031 exchange buyer from New York. The three-story building includes 30 apartments on the upper floors and commercial space on the ground floor occupied by Colleyville Family Medicine, an affiliate of the Baylor Scott & White Health Network. The building, known as The Lofts in Colleyville, is part of the larger 26-acre mixed-use project known as The Village at Colleyville, which was developed by Realty Capital in 2002. Mark Boone represented Realty Capital internally. Bard Hoover of Marcus Millichap represented the buyer.

October 27, 2015

Office Texas

Stream Realty Partners Relocates to One International Centre in San Antonio

by Haisten Willis October 27, 2015

SAN ANTONIO — Stream Realty Partners, a national real estate development, services and investment firm, has relocated to an expanded office at One International Centre located at 100 N.E. Loop 410 in north-central San Antonio, where it occupies the entire 15th floor. Stream’s San Antonio office has grown over the years to employ nearly 30 people. The firm specializes in leasing, property management and construction management for more than 4.2 million square feet of office, industrial and retail projects.

October 27, 2015

Retail Texas

M&M Arranges Sale of 18,380 SF Shopping Center in North Texas

by Haisten Willis October 27, 2015

VERNON, TEXAS — Marcus & Millichap has arranged the sale of the Family Dollar and Sherwin-Williams Shopping Center, an 18,380-square-foot shopping center located in Vernon. Blake Burnett of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a local partnership. Burnett also procured the buyer, an out-of-state limited liability company. The Family Dollar and Sherwin-Williams Shopping Center is located at 2417 Wilbarger St. Constructed in 1952, the asset is located on 1.3 acres. A tenant since 1979, Family Dollar occupies 15,000 square feet of the space. Sherwin-Williams occupies the remaining 3,380 square feet and has been a tenant since 1990.

October 27, 2015

Healthcare Texas

The Boulder Group Arranges $6.2M Sale of Urgent Care Center in Irving

by Haisten Willis October 27, 2015

IRVING, TEXAS — The Boulder Group has arranged the $6.2 million sale of a single-tenant Family ER + Urgent Care property located at 8200 N. MacArthur Blvd. in Irving. The newly constructed, 10,200-square-foot building is located along North MacArthur Boulevard near I-635 (LBJ Freeway). Family ER + Urgent Care are freestanding emergency and urgent care centers. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the purchaser, a joint venture utilizing a 1031 exchange, in the transaction. A Texas-based developer was the seller. The Family ER + Urgent Care lease is for 20 years and expires Jan. 31, 2035. The triple-net lease features 5 percent rental escalations every three years.

October 27, 2015

Illinois Midwest Mixed-Use

Fifield Cos. Breaks Ground on 35-Story Luxury Apartment Tower in Chicago

by Christina Cannon October 27, 2015

CHICAGO — Fifield Cos. has broken ground on The Sinclair in Chicago’s Gold Coast neighborhood. The 390-unit, transit-oriented luxury apartment tower — which will also include a grocery store — is slated for completion in the summer of 2017. The 35-story building will offer studio, one-, two-, three- and four-bedroom residences, with individual units ranging from 550 to 2,500 square feet. Unit amenities include plank flooring, quartz countertops, glass tile backsplashes, Grohe faucets, GE stainless steel appliances, Nest programmable thermostats and in-unit washers and dryers. Community amenities include a pool and spa, cabanas and grilling areas, a fitness club with yoga studio, a screening room, a demonstration kitchen and party room, a Starbucks coffee bar, business center, conference room and children’s playroom stocked with toys and games. The building will also include a 55,000-square-foot retail space leased by Jewel-Osco. The Sinclair will be located adjacent to the Chicago Transit Authority’s Red Line station at Clark and Division streets and serviced by several CTA buses. Solomon Cordwell Buenz is the building’s principal architect and interior designer. McHugh Construction will serve as the general contractor for the project.

October 27, 2015

Midwest Missouri Retail

Sansone Group Reacquires Retail Property for $22M in St. Louis Suburb

by Christina Cannon October 27, 2015

DES PERES, MO. — Sansone Group has reacquired Olympic Oaks Village in Des Peres, a western suburb of St. Louis, for $22 million. Olympic Oaks Village was originally a 7.7-acre, $5.5 million retail development completed by Sansone Group in 1988. The 91,000-square-foot retail center, located a half-mile east of I-270 on Manchester Road, originally included Walgreens, T.J. Maxx, Michaels and the Sansone Group headquarters. In 1998, Sansone sold the building to DDR Corp. for $11.1 million but continued to lease and manage the property before reacquiring it from DDR. The shopping center has gone through several renovations and expansions and now spans 92,372 square feet. Current tenants include European Wax Center, Jersey Mike’s, Rally House, Sally Beauty Supply, Great Clips, Massage Envy, Salon Genesis, Lane Bryant, Edible Arrangements, Nail Pro and Thompson Price Kitchen & Bath.

October 27, 2015

Illinois Loans Midwest Multifamily Seniors Housing

CBRE Arranges $18.3M Loan for Construction of Community Near Chicago

by Christina Cannon October 27, 2015

LAKE ZURICH, ILL. — CBRE National Senior Housing has arranged an $18.3 million construction loan for a joint venture between Pathway Senior Living and Virtus Real Estate Capital. The joint venture will build Azpira Place of Lake Zurich, a 120-unit assisted living community in the Chicago suburb of Lake Zurich. The Class A, 105,000-square-foot, three-story community will be situated on a 5.8-acre parcel. Aron Will, executive vice president of CBRE National Senior Housing, arranged the four-year, floating-rate loan through a regional bank. The loan includes 36 months of interest-only payments. Pathway Senior Living is a Chicago-based firm founded in 1997. The company operates 20 seniors housing communities, primarily in the Chicago area. Virtus is a private equity sponsor based in Austin, Texas.

October 27, 2015

Midwest Office Ohio

Cushman & Wakefield Brokers $1.4M Sale of Office Building in Westerville, Ohio

by Christina Cannon October 27, 2015

WESTERVILLE, OHIO — Cushman & Wakefield has brokered the sale of an office building in Westerville, a northeastern suburb of Columbus. Linda Aselin of Powell, Ohio, sold the 14,993-square-foot, Class B asset to 575 Westar Crossing LLC for $1.4 million. The facility was built in 2003 and is located at 575 Westar Crossing. Todd Barcus and John Boll of Cushman & Wakefield represented the seller. The building was constructed for National Auto Care Corp. in 2004, but NAC recently downsized and moved out of the building. The new owner plans to invest in the property and create a multi-tenant complex.

October 27, 2015

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