Property Type

PCCP Provides $34.6M Refinance Loan for Office Building in Arlington

by John Nelson April 2, 2015

ARLINGTON, VA. — PCCP LLC has provided a $34.6 million senior loan to refinance a nine-story, 114,766-square-foot office building in Arlington. The asset is located in the Courthouse submarket of Arlington’s Rosslyn-Ballston Corridor. The borrower, Washington, D.C.-based Penzance, will use the loan to refinance maturing debt on the asset, as well as finance tenant improvements, leasing efforts and renovations. Built in 1987, the office building is currently occupied by 14 tenants, 11 of which use the office building as their corporate headquarters.

April 2, 2015

Florida Multifamily Southeast

Blue Rock Partners, Konover South Purchase Metro Orlando Apartments for $22.5M

by John Nelson April 2, 2015

WINTER PARK, FLA. — Tampa-based Blue Rock Partners LLC and partner Konover South have purchased Hunter’s Ridge Apartments in Winter Park for $22.5 million. The 238-unit apartment community is located at 3733 N. Goldenrod Road. Hunter’s Ridge is the partnership’s fourth Orlando-area multifamily acquisition in the past eight months. The new ownership plans to invest $2 million in exterior and interior upgrades and rebrand the community as The Park at Napoli. Michael Donaldson of Marcus & Millichap’s Tampa office represented the seller, Toronto-based Ebenezer Holdings Corp., in the transaction. Wells Fargo provided acquisition financing on behalf of Blue Rock Partners and Konover South. Hunter’s Ridge was 95 percent occupied at the time of sale.

April 2, 2015

Florida Retail Southeast

Marcus & Millichap Brokers $19.5M Sale of The George Buildings

by John Nelson April 2, 2015

DELRAY BEACH, FLA. — Marcus & Millichap has brokered the $19.5 million sale of The George Buildings, two adjacent corner retail assets totaling nearly 20,000 square feet in Delray Beach. The buildings are located on the southeast and southwest corners of Atlantic Avenue and S.E. 4th Street. Howard Bregman of Marcus & Millichap’s Fort Lauderdale office represented the seller, a family corporation based in South Florida, and the buyer, a developer based in Palm Beach, Fla.

April 2, 2015

California Retail Western

Solana Beach Pho Bar & Grill Leases Restaurant Space in San Diego

by Nellie Day April 2, 2015

SAN DIEGO – Solana Beach Pho Bar & Grill has leased 2,881 square feet of restaurant space in San Diego. The space is located at 1005 Rosecrans Street. The 10-year lease is valued at $1.1 million. The pho restaurant was represented by Jose Bravo of Vanguard Resource Group. The landlord, Oliver McMillian Rosecrans, was represented by Steve Avoyer, Matt Peckham and Michael Stuhmer of Flocke & Avoyer Commercial Real Estate.

April 2, 2015

Restaurant Retail Texas

Austin-Based Vertskebap Fast Casual Restaurant Expanding to San Antonio

by Haisten Willis April 1, 2015

SAN ANTONIO — Austin-based fast casual restaurant Vertskebap will open two locations in San Antonio, with a third location in the works. This is the chain’s first expansion into San Antonio after successful expansions into Dallas and Houston and growth in Austin in 2014. The first location will open in May in the Park North Shopping Center at the southwest corner of Loop 410 and San Pedro Avenue. The second location will open this fall in Alamo Ranch Culebra Market, located at the intersection of Loop 1604 and Culebra Road. Vertskebap is built around döner kebap, a European street food, and is one of the first restaurants to bring döner kebap to the United States. Vertskebap restaurants are designed by Austin-based architect Michael Hsu. CBRE represented Vertskebap on site selection and lease negotiations in San Antonio. John Heffington of CBRE’s Austin office is the master broker for Vertskebap.

April 1, 2015

Industrial Texas

Ridge Development to Build Rail-Serviced Industrial Park in Fort Worth

by Haisten Willis April 1, 2015

FORT WORTH, TEXAS — Ridge Development plans to construct a two-building industrial park on 47 acres in north Fort Worth. A joint venture between Ridge Development and LaSalle Investment Management will own the development, known as Railhead Industrial Park. Construction on the project is expected to begin in the second quarter of 2015. The first structure is a speculative building totaling 299,000 square feet, which should be finished by the end of this year. The second building is being marketed as a build-to-suit potentially spanning 343,000 square feet. Railhead Industrial Park has the ability to provide service from the BNSF Railway and has additional capacity for secondary service from the Union Pacific Railroad. The first building is planned for the southeast corner of North Main Street and East Industrial Road and will offer flexibility for single- or multi-tenant usage with storage and distribution space from 75,000 square feet to 299,000 square feet.

April 1, 2015

Loans Multifamily Texas

BMC Capital Provides $2.6M Loan for Apartment Complex in Metro Dallas

by Haisten Willis April 1, 2015

DENTON, TEXAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $2.6 million refinancing loan for a 72-unit apartment complex located in Denton. The seven-year loan includes a 4 percent interest rate and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent agency relationships.

April 1, 2015

Multifamily Texas

HFF Secures Financing for Purchase of Apartment Complex in Houston

by Haisten Willis April 1, 2015

HOUSTON — HFF has secured acquisition financing for Cityside Crossing, a 360-unit apartment complex in southeast Houston near the University of Houston main campus. HFF worked on behalf of Commerce Capital Partners LLC (ComCapp) to secure the 12-year, fixed-rate Fannie Mae loan through M&T Realty Capital Corp. Cityside Crossing is located at 5514 Griggs Road near the South Loop East Freeway and the newly completed METRORail Southeast/Purple line. The asset was 95 percent occupied at the time of financing. Robert Wooten led the HFF debt placement team representing ComCapp.

April 1, 2015

Michigan Midwest Retail

Agree Realty Acquires 10 Retail Properties for $17.5M

by John Nelson April 1, 2015

BLOOMFIELD HILLS, MICH. — Agree Realty Corp. has acquired 10 retail properties for $17.5 million. Located in seven states, the properties are net leased to five different tenants operating in three retail sectors. The transactions were completed at a weighted-average cap rate of 8.3 percent and have a weighted-average remaining lease term of 17.8 years. The recently closed transactions include sale-leaseback transactions involving multiple Taco Bell and Wendy’s locations, as well the acquisition of a Jiffy Lube service center, a KFC restaurant and a Dollar General store. Bloomfield, Mich.-based Agree Realty currently owns and operates a portfolio of 233 properties located in 39 states and containing 4.7 million square feet of gross leasable space.

April 1, 2015

Illinois Industrial Midwest

Meridian to Complete 219,858 SF Build-to-Suit Project in Chicago

by John Nelson April 1, 2015

CHICAGO — Scannell Properties has selected Meridian Design Build to design and construct a 219,858-square-foot automated package sorting and distribution center in Chicago. The property is for a provider of global shipping and information services. The development will feature more than 3,000 square feet of expressway frontage along the north side of I-55 at South Damen Avenue. The project will include dynamic compaction and other engineered ground improvements to support the construction of three new buildings on the site. Site work will be completed to accommodate 452 auto parking stalls and 301 trailer storage positions. The main building design will include 61 loading docks, 156 interior van loading positions, and 8,153 square feet of office space. Freestanding security and vehicle maintenance buildings will also be constructed to support the daily operation of the facility. Cornerstone Architects is providing architectural services. Spaceco Inc. will provide civil engineering work.

April 1, 2015

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