OLD SAYBROOK, CONN. — The Geenty Group has brokered the lease of 2,299 square feet of space at a multi-tenant flex building located at 20 Research Parkway in Old Saybrook. Iterum Therapeutics US Limited, a biotech start-up firm, will occupy the space within the 20,000-square-foot property. Kevin Geenty of The Geenty Group arranged the transaction. The landlord is Mill Meadow Development LLC.
DALLAS — The law firm of Vinson & Elkins plans to move its firm to The Union Dallas in 2018. Vinson & Elkins will lease 80,000 square feet and occupy three floors of the 22-floor office building at RED Development’s mixed-use project located at Field Street and Cedar Springs Road. The Union is a new office, residential and retail project totaling 800,000 square feet that will open in 2017. Phil Puckett and Harlan Davis of CBRE represented Vinson & Elkins in lease negotiations, and John Brownlee and Sarah Hinkley of Peloton represented the landlord, along with Paul Rowsey of RED Development. Vinson & Elkins’ office space in the top three floors of the office tower will include balconies with 360-degree views of Uptown, Downtown, the Arts District, Klyde Warren Park, Victory Plaza and the Margaret Hunt Hill Bridge. More than 145 attorneys will occupy the new space. Designed by Dallas-based architect HKS Inc., the project will include a 60,000-square-foot Tom Thumb grocery store on the ground floor. RED Development, the project developer, announced The Union in May 2014, and is also leading the design and construction for the project.
LEWISVILLE, TEXAS — The Praedium Group has acquired Pine Prairie Apartments in the Dallas suburb of Lewisville. Praedium purchased the Class A, 300-unit apartment community from Westwood Residential. Pine Prairie was built in 2014 and includes 296 apartment units and four townhome-style residences. Select units feature 13-foot vaulted ceilings, attached garages, outdoor terraces or balconettes and vinyl wood-plank flooring. The pet-friendly community also includes a laundry facility, clubhouse with a fireplace and kitchen, internet café, swimming pool, outdoor BBQ grill stations and a fitness center.
KINGWOOD, TEXAS — Marcus & Millichap has arranged the sale of The Commons at Kings Crossing, a 22,147-square-foot retail property located in Kingwood. Gus Lagos and Nik Kapetanakis of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. Kapetanakis and Lagos also secured the buyer, another limited liability company. The Commons at Kings Crossing is located on West Lake Houston Parkway.
HOUSTON — NAI Partners has negotiated the sale of the 7207 Regency Square office building. The 52,000-square-foot, multi-tenant office property is 10 percent occupied. Doug Pack of NAI Partners facilitated the negotiation between the seller, Malladi Partners, and the buyer, the Ardenwood Group.
CHARLOTTE, N.C. — Medalist Capital has arranged a $345.6 million loan through MetLife Inc. for the 535-acre Ballantyne Corporate Park in Charlotte. The 2.5 million-square-foot property features Class A office space, retail, restaurants, healthcare and two hotels. Don Williams and Mary Neill McKie of Medalist Capital’s Charlotte office arranged the long-term, fixed-rate loan on behalf of the borrower, The Bissell Cos. Ballantyne Corporate Park’s tenant roster includes the headquarters of MetLife’s U.S. retail business. The loan did not involve MetLife’s offices in Charlotte.
RESTON, VA. — Columbia Property Trust has sold a 244,565-square-foot office property in Reston, a Virginia suburb of Washington, D.C., for $65 million. The Class A office building is located at 1881 Campus Commons. Columbia Property Trust sold the office property to a real estate advisor based in Boston. Columbia Property Trust acquired the office building as part of a portfolio in January 2015 and since has increased the property’s occupancy from 79 percent to 91 percent. Columbia Property Trust, a publicly traded REIT, has a roughly $5 billion portfolio spanning 27 office properties in San Francisco, New York and Washington, D.C.
ATLANTA — Parkside Partners plans to redevelop a 40,000-square-foot property located at 1280 W. Peachtree St. in Midtown Atlanta. The new $12 million project, known as 16th Station, will be a Class A, boutique office asset located at the southwest corner of West Peachtree and 16th streets. The property will feature exposed brick and concrete beams, large floor-to-ceiling warehouse windows, concrete floors, covered and outdoor patio space and a rooftop terrace with a lounge and firepit. MTSD Inc. designed the loft-style office project, which is schedule for an early 2017 completion. The property’s location within the Midtown Opportunity Zone gives tenants the opportunity to receive job-creation credits of $3,500 per year for each new job created for five years.
DENVER, N.C. — Baum Realty Group has arranged the $7.6 million sale of a single-tenant net-leased Walgreens located in Denver, roughly 26 miles north of Charlotte. Patrick Forkin and Brad Teitelbaum of Baum Realty represented the buyer, a private international investor, in the transaction. The seller was a private East Coast developer. Walgreens has a 20-year lease at the store, with rental increases every 10 years.
KANSAS CITY, MO. — U.S. Bank has provided an $8.3 million investment for the construction of the second phase of St. Michael’s Veterans Center in Kansas City. The $11.4 million project will receive $8.3 million in equity raised from federal state and federal low-income housing tax credits. The second phase of the center will include 59 one- and two-bedroom apartment units and space for substance abuse counseling, job training and other support services. Yarco Company Inc. and its affiliates are serving as the developer, property manager and general contractor for the project. The facility will be located at the intersection of East 39th Street and Emanuel Cleaver Boulevard. Apartment rents at the center will range from $657 to $750 per month. Phase I of St. Michael’s Veterans Center opened in 2014 and was fully occupied within a month. There is currently a waiting list of 95 applicants. The construction on Phase II is slated for completion in the third quarter of 2016.
