ATLANTA — Pillar, an affiliate of Guggenheim Partners, has originated a $7.5 million Fannie Mae loan for the refinance of The Roosevelt, a 120-unit multifamily building located in Atlanta’s Grant Park historic district. Gabe Seghi of Pillar’s Boca Raton, Fla., office originated the fixed-rate, 10-year loan with a 30-year amortization schedule on behalf of the borrower, a regional multifamily owner/operator. Pillar is a national Fannie Mae DUS lender.
DALLAS — A fund sponsored by CBRE Global Investors has acquired Mockingbird Station, a Class A mixed-use lifestyle center in Dallas totaling 560,468 square feet. The development includes retail space, an office tower and luxury loft-style apartments. Located at 5307, 5321 and 5331 E. Mockingbird Lane, the property sits just north of downtown. The development is built around Mockingbird Station, a stop for the DART light rail system serving the Dallas-Fort Worth area, and is also located directly off I-75. Mockingbird Station includes a 10-story, 148,878-square-foot office tower that is 94 percent occupied, as well as an adjacent parking garage containing 177 spaces. The 197,367-square-foot retail component, which is 92 percent occupied, includes restaurants, an eight-screen movie theater, a comedy club and several retailers. Mockingbird Station also includes 211 apartments, which are 96.7 percent occupied. The team is planning upgrades to select components throughout the units, which include the installation of updated solid surface countertops, tile backsplashes, premium fixtures and washer/dryers. The team is also planning to upgrade the property’s entranceway, leasing office and amenities.
COLLEYVILLE, TEXAS — Marcus & Millichap has arranged the sale of The Village at Colleyville, a medical office and multifamily mixed-use building in Colleyville. The property was 100 percent occupied at the time of the sale. Nick Fluellen, Ron Hebert, Bard Hoover, Trey Caldwell and Scott Ogilvie of Marcus & Millichap’s Dallas office procured the buyer, a 1031-exchange investor. Built in 2009, the property is located at 5232 Colleyville Blvd. in Colleyville. The building features 15,000 square feet of medical office space and 30 multifamily units. Colleyville Family Medicine leases the medical office space.
KANSAS CITY, MO. — Inland Real Estate Income Trust Inc. has acquired a 158,046-square-foot retail center in Kansas City. According to The Kansas City Star, NorthPoint Development Co. sold the property at a price “in excess of $30 million.” The Village at Burlington Creek is located at 6300 N. Revere Drive and was constructed between 2007 and 2012. The center was 98 percent leased at the time of sale and is anchored by a 28,009-square-foot Sprouts Farmers Market. The shopping center features more than 45 tenants including Impact Fitness, SPIN! Pizza, Bonefish Grill, Northland Dermatology, Bank of Oklahoma and KC Dry Cleaning. Mark Cosenza of Inland brokers the transaction on behalf on Inland.
CHICAGO — Sedgwick Properties has broken ground on a 30-unit luxury apartment building in Chicago’s Wicker Park neighborhood. The five-story building, located at 1545 W. North Ave., is slated for completion in spring 2016. The apartment building will offer one-, two- and three-bedroom units that will range from $1,900 to $4,000. Unit amenities include custom cabinetry, quartz countertops, tile backsplashes, washers and dryers and private balconies. Community amenities include valet dry cleaning service, bicycle storage and gated parking. The development will also include 2,600 square feet of retail space. The building will be located two blocks from the Kennedy Expressway and will be a short walk to the Chicago Transit Authority’s Blue Line. Sedgwick Properties will serve as the architect, designer, developer and general contractor for the project.
GLENVIEW, ILL. — Midtown Square, a mixed-use development in the northern Chicago suburb of Glenview, is 90 percent leased, according to High Street Residential, a subsidiary of Trammell Crow Co. Situated on 2.7 acres, Midtown Square opened in November 2014. The four-story building is comprised of 138 Class A luxury apartment units and approximately 9,000 square feet of retail space. CorePower Yoga opened for business in early 2015 and occupies 5,000 square feet of the ground-floor retail. The apartments are one- and two-bedroom units that feature balconies or patios, quartz countertops, 9-foot ceilings, gas ranges, washers and dryers, a breakfast bar and walk-in closets. Community amenities include a clubroom, wine room, dog wash station, business center, bicycle storage, heated garage parking, storage lockers and a 24-hour fitness center.
MILWAUKEE AND GREENFIELD, WIS. — Siegel-Gallagher has arranged two office leases in Wisconsin in separate transactions. In the first transaction, Penrod Software leased 7,151 square feet at the Phoenix Building located at 219-239 N. Milwaukee St. in Milwaukee. Phoenix 219 Investments LLC is the landlord. Shaun Dempsey and Dan Walsh of Siegel-Gallagher brokered the transaction. In the second deal, 2YS & 1K LLC leased 1,838 square feet to Thrivent Financial at Forest Green Executive Center I. The office building is located at 8555 W. Forest Home Ave. in Greenfield. Shaun Dempsey brokered the deal.
Operating as our state’s political core and as the “live music capital of the world”, Austin’s real estate market is as distinctive as the people that make this city great. Austin is a one-of-a-kind place that’s unique to Texas and the entire country. It defies stereotypes with its progressive and fiercely entrepreneurial spirit, and continually gets top marks for its quality of life, pro-business culture and pro-environment views. WalletHub recently ranked Austin as the 2015 best large city to live in and the data matches up — the city ranks second among 2015’s fastest-growing cities in the U.S., according to Forbes, behind Houston and ahead of Dallas-Fort Worth. In the era of ‘Walker, Texas Ranger,’ Emmitt Smith and ‘the Dream Team,’ and the release of ‘Dazed and Confused,’ the tech boom of the 1990s drove the Austin office market. During that same time, Austin’s total population increased 35 percent and close to 1,750 companies employed over 110,000 people in technology-related jobs in Austin. By the end of the 90s, Texas’ capital city was widely known as Silicon Hills, home to a critical mass of institutional technology knowledge and major tenants like Dell, IBM, Motorola and other software and gaming companies. …
SEMINOLE, FLA. — Grandbridge Real Estate Capital has closed a $4.6 million loan secured by a Winn Dixie-anchored shopping center in Seminole. Bill Mattice and Phillip Cox of Grandbridge’s Greenville, S.C., office arranged the 10-year, interest-only loan through an unnamed CMBS lender. According to Mattice, the unnamed borrower was using a 1031 exchange as the equity to acquire the shopping center.
PHOENIX — Phoenix-based VEREIT Inc. has sold a $204 million pool of Red Lobster properties to San Francisco-based Golden Gate Capital. Additionally, the two companies have entered into a strategic partnership where VEREIT will opportunistically divest an additional $400 million of properties by executing single- or multi-unit dispositions at accretive valuations. The Red Lobster restaurants that are part of this transaction will continue to operate without change or disruption.
