Property Type

MIG Real Estate Buys Dry Creek Business Park in Centennial

by Nellie Day December 18, 2015

CENTENNIAL, COLO. — MIG Real Estate has purchased Dry Creek Business Park, a 244,028-square-foot flex business park in Centennial, for an undisclosed sum. The 15-building park is located at 7300-7348 South Alton Way within the Denver Tech Center. The property was 92 percent leased at the time of sale. The area is known for a range of employers, including aerospace and energy companies. This is MIG’s 11th investment in Metro Denver. It also recently purchased Iliff Business Park; two hospitality properties; six multifamily communities; and a flex product that fronts Interstate 225. MIG Real Estate represented itself in the transaction. Brad Calbert and T.J. Smith of Colliers International represented the seller.

December 18, 2015

California Retail Western

Progressive Real Estate Brokers $3.1M Sale of Tustin Village Center

by Nellie Day December 18, 2015

TUSTIN, CALIF. — Progressive Real Estate Partners has arranged the sale of Tustin Village Center, a retail center located at 15761 Tustin Village Way in Tustin. The 15,367-square-foot center, which was recently built, sold for $3.1 million in an all-cash transaction. The 100 percent vacant multi-tenant center was sold in rough shell condition allowing the buyer the opportunity to complete improvements to its requirements and lease up the center. Victor Buendia and Brad Umansky of Progressive Real Estate Partners represented the seller, a Santa Ana, Calif.-based private investor, while Dennis Zhang of CBRE represented the buyer, an Alhambra, Calif-.based private investor, in the transaction.

December 18, 2015

North Carolina Retail Southeast

CBL & Associates Properties Sells Renaissance Center in Durham for $129.2M

by John Nelson December 18, 2015

DURHAM, N.C. — CBL & Associates Properties Inc., a shopping center owner and developer based in Chattanooga, Tenn., and its 50/50 joint venture partner have sold Renaissance Center, a 363,000-square-foot community shopping center in Durham. The joint venture sold Renaissance Center to an unnamed institutional investor for $129.2 million. The property’s tenant roster includes REI, Best Buy, Chili’s, David’s Bridal, Old Navy, Nordstrom Rack, Moe’s Southwest Grill, Ruth’s Chris Steak House, Starbucks and The Melting Pot. The transaction is scheduled to close during the first quarter of 2016, subject to the assumption of a $16 million loan secured by the property’s Phase II and defeasance of a $31.6 million loan secured by the property’s Phase I.

December 18, 2015

North Carolina Office Southeast

Cousins Signs Bank of America to 922,684 SF Lease Renewal at Gateway Village in Charlotte

by John Nelson December 18, 2015

CHARLOTTE, N.C. — Cousins Properties Inc. has signed a 10-year lease renewal with Bank of America for office space at Gateway Village in Uptown Charlotte. The Charlotte-based bank will continue to lease 922,684 square feet of office space at the 1.06 million-square-foot building. A 50/50 joint venture between Cousins and Bank of America own the office development, located at 800 and 900 W. Trade St.

December 18, 2015

Loans North Carolina Office Southeast

SunTrust Leads Funding of $66.7M Construction Loan for Raleigh Office Tower

by John Nelson December 18, 2015

RALEIGH, N.C. — SunTrust Bank has performed as the lead arranger for a $66.7 million construction loan for a Class A office tower in Midtown Raleigh. The borrower, Kane Realty Corp., will use the loan to develop Midtown Plaza, a 12-story, 330,000-square-foot office tower in North Hills, a 130-acre mixed-use development in Raleigh. Allscripts, a Chicago-based healthcare information technology company, will anchor the new office development. Kane Realty plans to deliver the project in July 2017. SunTrust has funded two other Kane-developed projects in North Hills — CAPTRUST Tower and The Dartmouth.

December 18, 2015

Loans Multifamily South Carolina Southeast

Capstone Capital Closes $32.5M Loan for Apartment Community in South Carolina

by John Nelson December 18, 2015

SUMMERVILLE, S.C. — Capstone Capital has closed the $32.5 million cash-out refinancing of Kilnsea Village Apartments, a 313-unit multifamily property located at 5300 Patron Place in Summerville, roughly 26 miles west of Charleston. The unnamed borrower, a Southeast-based developer, refinanced an existing $20 million loan and withdrew approximately $12.5 million from the new financing. Jackson Howard of Capstone Capital arranged the Fannie Mae loan at a fixed interest rate of 4.45 percent. The loan features three years of interest-only payments followed by a 30-year amortization schedule.

December 18, 2015

Kentucky Multifamily Southeast

Marcus & Millichap Brokers $22M Sale of Apartment Community in Downtown Louisville

by John Nelson December 18, 2015

LOUISVILLE, KY. — Marcus & Millichap has brokered the $22 million sale of Crescent Centre Apartments, a 209-unit apartment community located in downtown Louisville. Built in 1989, the property comprises four residential buildings and 23,160 square feet of commercial space. The development features a central brick courtyard and fountain, two high-speed elevators, controlled card access, fitness center, trash chutes, laundry facilities and a new clubhouse. Chicago-based Trilogy Real Estate Group purchased the apartment development from Coral Gables, Fla.-based Brothers Property Corp. for $105,263 per unit. Aaron Willis and Aaron Johnson of Marcus & Millichap represented the buyer and seller in the transaction.

December 18, 2015

Loans Office Texas

CBRE Arranges $58.5M Acquisition Loan for Signature Exchange in Dallas

by Haisten Willis December 18, 2015

DALLAS — CBRE Capital Markets has arranged acquisition financing for Signature Exchange, two Class A office buildings in north Dallas. CBRE worked on behalf of America’s Capital Partners to obtain the financing. Signature Exchange was constructed in 1982 and went through a renovation in 2013. It is now 92 percent occupied. The property is located two miles north of I-635 on the west side of Preston Road. Greg Greene, Scott Lewis and Taylor Pearce of CBRE’s Dallas office secured the financing on behalf of the borrower. Gary Carr, Robert Hill, John Alvarado and Eric Mackey of CBRE’s Dallas Office investment group represented the seller, CBRE Global Investors.

December 18, 2015

Office Texas

Balfour Beatty to Build Fareground in Downtown Austin

by Haisten Willis December 18, 2015

AUSTIN, TEXAS — Parkway Properties has chosen Balfour Beatty Construction for renovations at One Eleven Plaza, a downtown Austin tower built in 1987. Balfour Beatty will deliver the project alongside landscape architecture firm dwg. and Michael Hsu Office of Architecture. Fareground at One Eleven Congress is the renovation of the plaza and lobby space at One Congress Plaza, located at the corner of 2nd Street and Congress Avenue. Following preconstruction planning by Balfour Beatty, the Fareground at One Eleven Congress project is underway with completion expected in spring 2017.

December 18, 2015

Industrial Texas

Time Manufacturing Expands Waco Operations

by Haisten Willis December 18, 2015

WACO, TEXAS — Time Manufacturing, headquartered in Waco since 1968, plans to expand its truck-mounted hydraulic lift manufacturing operations in Waco. Time will invest $5.8 million to expand its facilities by 50,000 square feet at Texas Central Parkway and add 121 jobs during the next four years. The factory manufactures 20 to 25 aerial lifts per day, for a total of 3,500 to 4,000 units a year. The lifts are sold at dealerships throughout the U.S. and in Europe, Latin America and parts of Asia. Time has additional operations in Bethel, Pa. and the United Kingdom.

December 18, 2015

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