Property Type

High Street Residential Begins Construction on M-Line Tower in Dallas

by John Nelson December 8, 2015

DALLAS — High Street Residential, the residential subsidiary of Trammell Crow Co. (TCC), in partnership with Principal Real Estate Investors (PrinREI), has broken ground on M-Line Tower, a new 20-story, 262-unit residential tower located at 3200 McKinney Ave. in Dallas. The tower will also include ground-floor retail anchored by a 5,548-square-foot Café Express and a new McKinney Avenue Transit Authority (MATA) trolley barn and executive office. Sitting on 1.3 acres at the corner of McKinney Avenue and Bowen Street, M-Line Tower will feature one- and two-bedroom luxury rental units. Resident amenities include a resort-style pool, two-story fitness center, outdoor living space, clubroom, business center and a rooftop sky lounge with unobstructed views of downtown, Uptown and Turtle Creek. High Street Residential and PrinREI will be providing MATA with an allowance for a seventh trolley car, 1,730 square feet of space, a build-out allowance for its new space and new trolley tracks and switch along Bowen Street. U.S. Bank provided construction financing for the project. Andres Construction Services LLC is serving as the project’s general contractor.

December 8, 2015

Alamo Drafthouse Cinema at Imperial Market Sugar Land

Alamo Drafthouse Cinema to Open New Location in Metro Houston

by John Nelson December 8, 2015

SUGAR LAND, TEXAS — Alamo Drafthouse Cinema will open a new location in the Imperial Market development located in Sugar Land known as Alamo Drafthouse Cinema at Imperial Market. Imperial Market is an 850,000-square-foot mixed-use lifestyle center slated to open in the summer of 2017. Located at the historic home of the original Imperial Sugar Co. refinery, the development will retain a number of the architectural features of the building, which dates back to 1843. Construction will begin on the nine-screen theater in 2016 as part of a newly constructed, two-story retail building. Developed by Imperial Market LLC, the mixed-use development will feature a 274-unit apartment complex, 106,000 square feet of Class A office space and a 185-room hotel. Amenities will include the new Fort Bend Children’s Discovery Center, which is affiliated with the Houston Children’s Museum, the Sugar Land Heritage Foundation and more than two acres of greenery and park space. The development will also include 275,000 square feet of retail space.

December 8, 2015

Loans Multifamily Texas

HFF Secures Financing for Class A Apartment Community in Houston

by John Nelson December 8, 2015

HOUSTON — HFF has secured financing for Sunrise by the Park, a newly-built, 180-unit, Class A apartment community in Houston’s Inner Loop. Working on behalf of the borrower, Sunrise Luxury Living, HFF placed the 10-year, fixed-rate loan through LStar Capital Finance Inc. Loan proceeds were used to replace existing construction financing. Completed in January 2015, Sunrise by the Park is located near the intersection of Memorial Drive and Birdsall Street at the entrance to Memorial Park. Situated on 1.5 acres, the asset provides access to downtown Houston, the Galleria, Uptown, River Oaks, Upper Kirby, West Avenue and Highland Village. The four-story, podium-style building has units averaging 745 square feet and is built above a two-story, 268-space parking garage. Community amenities include a swimming pool with tanning ledge and spa, barbecue grills, fitness center, lounge with billiards, kitchen, business center, bike storage/repair station and access to nearby biking/jogging trails at Memorial Park. Cameron Cureton and Scott Galloway led the HFF debt placement team representing the borrower.

December 8, 2015

Retail Texas

NewQuest Properties Buys First Retail Property In Rio Grande Valley

by John Nelson December 8, 2015

MISSION, TEXAS — In an off-market transaction, NewQuest Properties has acquired its first commercial property in the Rio Grande Valley, picking up a 99,424-square-foot Big Kmart on nearly 11 acres along the most heavily traveled route between McAllen and Monterrey, Mexico. The site is located at the northeast corner of Expressway 83/I-2 and South Bryan Road in Mission, used by more than 2.2 million vehicles per year in cross-border travel. NewQuest has purchased the property at 1405 E. Expressway 83 in Mission from Los Angeles-based Tishman International Cos. Meredith McLeod-Cobb and Michael McLeod-Cobb of Champions RE Group sourced and negotiated the off-market deal. Tishman was represented internally in the transaction. Developed in 1992, the Kmart is located six miles north of the Anzalduas International Bridge, a four-lane, three-mile span connecting Mission to Reynosa, Tamaulipas. NewQuest’s first investment in the region is situated at the western edge of the McAllen MSA, the retail crossroads for South Texas and Northern Mexico.

December 8, 2015

Retail Texas

Whataburger to Open First Location in Royse City

by John Nelson December 8, 2015

ROYSE CITY, TEXAS — A new Whataburger of Mesquite in Royse City will open at the northwest corner of I-30 and Erby Campbell. The one-acre pad site is located at the front of the new Walmart Super Center in Royse City. Construction is set to begin in January with an anticipated opening in summer 2016. W. Thurston Witt Jr. of CBRE|UCR represented the buyer, and Jim Wier with The Retail Connection represented the seller, Royse City 114.

December 8, 2015

Multifamily New York Northeast

SL Green Sells Stake in Multifamily Building in Brooklyn

by Amy Works December 8, 2015

NEW YORK CITY — SL Green Realty Corp. is selling its 90 percent stake in the residential condominium property at 248-252 Bedford Ave. in Brooklyn. The 72-unit multifamily building, which was owned in partnership with Magnum Real Estate Group, has a gross market valuation of $55 million, or $1,242 per square foot, excluding the retail portion of the property. The transaction is expected to close in the first quarter of 2016. SL Green acquired its interest in the 44,279-square-foot property, along with 12 townhomes, for $54.9 million in 2012. The company has since sold off the 12 townhomes for gross sales totaling $25.5 million. SL Green will retain its interest in the building’s street-level retail condominium, which comprises 51,470 square feet.

December 8, 2015

Industrial New Jersey Northeast

Sitex Group Acquires 20-Acre Site in New Jersey for Spec Industrial Development

by Amy Works December 8, 2015

AVENEL, N.J. — Sitex Group has acquired a 20-acre site located at 215 Blair Road in Avenel within the Exit 12 submarket in New Jersey for an undisclosed price. The property includes a 175,000-square-foot warehouse facility with four acres of trailer parking, as well as excess land for development of a 200,000-square-foot cross-dock distribution facility. Sitex plans to rehabilitate the existing property, which is a former C&S Wholesale Grocers/White Rose Foods warehouse, and construct a 200,000-square-foot speculative logistics facility with 36-foot ceiling heights, 53 loading docks and several acres of on-site trailer parking. Mindy Lissner, William Waxman, Steven Beyda, Kevin Dudley, Robert Pine, Jennifer Ferrara and Susan Strauss-Rickwalder of CBRE represented the buyer and undisclosed seller in the transaction.

December 8, 2015

Loans Massachusetts Multifamily Northeast

Berkeley Point Capital Closes $19.7M Acquisition Loan for Multifamily Property in Massachusetts

by Amy Works December 8, 2015

SHREWSBURY, MASS. — Berkeley Point Capital has closed a $19.7 million fixed-rate loan for the acquisition and renovation of Ashford Crossing, a 180-unit multifamily development in Shrewsbury. The garden-style apartment complex comprises 15 three-story residential buildings, containing one- and two-bedroom units, as well as a clubhouse featuring a pool, tennis courts, playground and fitness center. The borrower, whose name was not released, plans to renovate the interior and exterior of the property, including upgrades to all kitchens and bathrooms as units turnover. The 12-year loan, which was secured through Fannie Mae, features a six-year interest-only period.

December 8, 2015

Loans New York Northeast Office

Newmark Holdings Receives $100M Refinancing for Manhattan Office Building

by Amy Works December 8, 2015

NEW YORK CITY — Newmark Holdings has received $100 million in refinancing for 560 Broadway, a six-floor, 122,454-square-foot office building in Manhattan’s Soho neighborhood. The funding will be used for a major capital improvement plan that will reposition and upgrade the property. The property, which Newmark Holdings purchased in 1986, is currently 100 percent occupied with a tenant roster that includes Converse, Dean & Deluca and Lerer Hippeau Ventures. The funding was provided by TD Bank and BNY Mellon.

December 8, 2015

Multifamily New York Northeast

Westbridge Realty Group Brokers $4.2M Sale of Multifamily Property in Queens

by Amy Works December 8, 2015

NEW YORK CITY — Westbridge Realty Group has arranged the sale of a newly constructed multifamily property located at 64-64 Wetherole St. in the Rego Park neighborhood of Queens. The seven-story, 10,465-square-foot building features eight residential apartments. The property was delivered vacant with a 421-a tax abatement in place. Steven Westreich and Hen Vaknin of Westbridge Realty brokered the off-market transaction, which closed for an undisclosed sum. The names of the buyer and seller were not released.

December 8, 2015

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