Property Type

Stan Johnson Completes Sale of Victory Energy Headquarters in Oklahoma for $9.3M

by Haisten Willis November 5, 2015

COLLINSVILLE AND CUSHING, OKLA. — Stan Johnson Co. has completed the sale of a portfolio leased to Victory Energy. Triple Net Acquisitions purchased the portfolio for $9.3 million in Oklahoma. The site in Collinsville includes Victory Energy’s Class A corporate headquarters. The property in Cushing operates as a manufacturing and distribution facility. Both Victory Energy properties are located in metro Tulsa, an area that accounts for nearly one-third of the manufacturing in Oklahoma and over 56,000 energy-related jobs. The sale-leaseback proceeds will support Victory Energy’s plan for an additional 101,000-square-foot facility. Camille Renshaw of Stan Johnson Co.’s New York office represented the seller in the sale of the portfolio.

November 5, 2015

BMC Capital Provides $6M Loan for Single-Tenant Property in Austin

by Haisten Willis November 5, 2015

AUSTIN, TEXAS — Tony Talamas of BMC Capital’s Houston office has arranged a $6 million loan for the cash-out refinancing of a single-tenant property leased to a credit tenant in Austin. The loan was placed with one of BMC Capital’s correspondent CMBS relationships. The non-recourse loan features a 10-year, fixed-rate term with a 4.96 percent interest rate and 30-year amortization schedule.

November 5, 2015

Florida Retail Southeast

Stiles Realty Brokers $18.2M Sale of Retail Space in Boynton Beach, Fla.

by Haisten Willis November 5, 2015

BOYNTON BEACH, FLA. — Stiles Realty has sold the 62,573-square-foot retail component of Renaissance Commons, a mixed-use commercial complex in Boynton Beach, Fla. The property was sold for $18.2 million. Dan Coyle of Stiles Realty represented both parties in the transaction. Cohen Commercial Properties was the buyer, and Wells Fargo Bank affiliate Redus One LLC was the seller. Located at 1880 N. Congress Ave. and 1500 W. Gateway Blvd., the retail component of Renaissance Commons includes 17 ground floor units across two buildings. The retail space is 80 percent leased to tenants including Bonefish Grill, Starbucks, Village Tavern Restaurant and AT&T. Renaissance Commons includes 293,000 square feet of office condos, office rentals and a self-storage facility. Stiles Realty and Stiles Property Management, both of which had been leasing and managing the property since Wells Fargo foreclosed on it in early 2014, were retained under the new ownership.

November 5, 2015

Alabama Multifamily Southeast

Berkadia Arranges Sale of 172 Units in Alabama for $3.8M

by Haisten Willis November 5, 2015

ALEXANDER CITY AND RAINBOW CITY, ALA. — Berkadia has arranged the sale of a multifamily portfolio encompassing a total of 172 units for $3.8 million. The properties include Azalea Court I & II, Sherwood Forest and Wildhaven. The properties are located in Alexander City and Rainbow City, Ala. David Oakley and Josh Jacobs of Berkadia’s Alabama office negotiated the portfolio sale representing the Birmingham-based seller. Suit Properties of Gadsden, Ala. was the buyer.

November 5, 2015

Mixed-Use Retail Texas

Thor Equities Begins Construction on Mixed-Use Development in Houston

by Haisten Willis November 5, 2015

HOUSTON — Thor Equities has begun construction on the Kirby Collection, a mixed-use development at 3200 Kirby Drive in Houston. The 1 million-square-foot project features a 25-story, 385,000-square-foot residential tower. The residential building includes 199 apartments including seven two-story townhomes, along with seven two-story loft spaces with private yards. The residences will overlook a deck with over an acre of amenities including a pool with cabanas, fire pits and a bar area. The penthouse level will feature a Skyview Suite available to all residents, offering a chef’s kitchen and views of the Houston skyline. Kirby Collection’s will also include a 13-story, 210,000-square-foot Class A office building is near Houston’s central business district, the Galleria/Uptown district, Greenway Plaza and the Texas Medical Center. Two levels of retail space totaling 65,000 square feet are also part of the development, which is scheduled to open in the fourth quarter of 2017. Richard Keating Architecture is the design architect for the Kirby Collection, and Dianna Wong Architecture + Design is the interior designer. Houston-based Kirksey is the architect of record.

November 5, 2015

Multifamily North Carolina Southeast

LEM Capital Secures $6.5M Joint Venture Transaction in Durham, N.C.

by Haisten Willis November 5, 2015

DURHAM, N.C. — LEM Capital has funded a $6.5 million joint venture investment for the acquisition and renovation of Emerald Forest, a 320-unit multifamily property located in Durham, N.C. The property is set to undergo value-add renovations. Emerald Forest is a garden-style asset that was built in 1985 and features a mix of studios, one-, two- and three-bedroom units.

November 5, 2015

Retail Texas

ShowBiz Cinemas to Open Entertainment Center in South Fort Worth

by Haisten Willis November 5, 2015

FORT WORTH, TEXAS — StreetLevel Investments and ShowBiz Cinemas will open a 65,000-square-foot entertainment complex in the spring of 2017. Located near the intersection of Chisholm Trail Parkway and McPherson, the entertainment center will include 10 cinema auditoriums, 14 bowling lanes and a game room. The auditoriums will feature 70-foot wall-to-wall and floor-to-ceiling screens, surround sound and leather reclining chairs. Showbiz Cinema will also offer special events and provide party facilities for sporting events, college programs, local school programs and community gatherings.

November 5, 2015

Multifamily Texas

Marcus & Millichap Arranges Sale of 68-Unit Apartment Building in Fort Worth

by Haisten Willis November 5, 2015

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Bellagio Townhomes, a 68-unit apartment property located in Fort Worth. Robert Denninger and Scott Ogilvie of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Ogilvie also procured the buyer, another limited liability company. Bellagio Townhomes is located at 3064 Las Vegas Trail, less than two miles east of West Loop 820 South. Built in 1968 and renovated in 2013, the asset is located on 3.2 acres and consists of 10 two-story buildings. Bellagio Townhomes offers five floor plans, with 24 one-bedroom/one-bath units spanning 730 square feet, 10 two-bedroom/one-bath units of 950 square feet, eight two-bedroom/two-bath units of 1,050 square feet, 12 three-bedroom/two-bath units of 1,273 square feet and 14 three-bedroom/two-and-one-half bath units of 1,250 square feet.

November 5, 2015

Retail South Carolina Southeast

BJ’s Wholesale Club to Open New Location in South Carolina

by Haisten Willis November 5, 2015

SUMMERVILLE, S.C. — GBT Realty Corp. will develop a new BJ’s Wholesale Club in Summerville, S.C. The $12 million development is situated on a 10.5-acre site at the southeastern corner of Interstate 26 and North Main Street. The 87,800-square-foot membership warehouse club will feature a BJ’s gas station and is expected to open in late 2016. Construction is set to commence immediately following the acquisition of the site in December. Summerville is located 20 miles northwest of Charleston. BJ’s Wholesale Club Inc. currently has more than 200 locations in 15 states with, the closest store located in Charlotte, N.C.

November 5, 2015

Indiana Loans Midwest Multifamily

Pillar Originates $36M Freddie Mac Loan for Acquisition of 632-Unit Property in Indianapolis

by Christina Cannon November 5, 2015

INDIANAPOLIS — Pillar, a Guggenheim Partners affiliate, has originated a $36 million Freddie Mac loan for the acquisition of an apartment complex in Indianapolis. Oaks of Eagle Creek Apartments, located on the north side of Indianapolis adjacent to Eagle Creek Park, is a 632-unit complex that was built in 1988. The loan features a fixed rate, 10-year term with a 30-year amortization schedule and 80 percent loan-to-value. Joe Markech and Brooke Jackson of Pillar originated the loan. The borrowing entity is an Indianapolis-based sponsor that is growing its multifamily portfolio. The sponsor is planning to invest $3,000 per unit in renovations. The property is currently 98 percent leased.

November 5, 2015

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