Property Type

Diamond Realty Forms Joint Venture for Construction of Industrial Park in Metro Dallas

by Haisten Willis July 31, 2015

WILMER, TEXAS — Diamond Realty Investments, a wholly owned subsidiary and U.S. real estate investment arm of Mitsubishi Corp., has formed a joint venture with Port Logistics Realty to develop the first phase of the 9 million-square-foot, $500 million Southport Logistics Park in Wilmer. The project is of the largest industrial developments currently underway in the United States. Diamond Realty has more than 20 years of real estate investment experience in the U.S., having invested in more than $2.5 billion in approximately 120 developments in the industrial, multifamily and student housing industries. Diamond Realty’s venture partner in Southport Logistics Park is Texas-based Port Logistics Realty, a real estate company controlled by CT Realty and Xebec Realty. When complete, the development will have up to nine buildings ranging is size from 400,000 to 1.5 million square feet on 530 acres. With the first two buildings scheduled for completion in the first quarter of 2016, the Class A industrial park has been designed for large users of distribution, logistics and e-commerce facilities by architectural firm Ware Malcomb. Southport Logistics Park is located within the Inland Port area of southern Dallas County, approximately 10 miles south of Downtown Dallas and directly across Interstate …

July 31, 2015

Velocis Arranges Sale of Two Austin Office Buildings

by Haisten Willis July 31, 2015

AUSTIN, TEXAS — Velocis, a private equity real estate manager, has sold two Class A Austin office buildings to Wedge Group, a Houston-based private equity firm. Totaling more than 170,000 square feet, the assets are Arboretum Atrium and Las Cimas I. They were purchased by Velocis in 2013 from Moore & Associates, an investor, owner and operator of commercial office properties. Arboretum Atrium is a 91,083-square-foot, Class A office building. Located in the Arboretum area in northwest Austin, the area serves as a hub for companies including Apple, Cisco, HP, Microsoft and Google. The building is located near restaurants, shops, hotels and other amenities and is one block from Hwy 183, MoPac and Loop 360. The asset is 100 percent leased. Las Cimas I is an 82,787-square-foot, three-story office building located in the center of the four-building Las Cimas office park. Built in 1999, the limestone building includes views of downtown Austin, on-site amenities and proximity to the Village of West Lake shopping center. The asset is 100 percent leased. Hale Umstattd and Leah Gallagher of Transwestern represented the seller in the transaction. Dallas-based Velocis has been active in real estate investment since 2011, purchasing 17 assets located in markets …

July 31, 2015

Loans Multifamily Texas

NorthMarq Arranges $34.6M Financing for Apartment Complex in Dallas

by Haisten Willis July 31, 2015

DALLAS — Jeff Frankel of NorthMarq Capital’s Chicago office has secured acquisition financing of $34.6 million for Aura Wycliff Apartments, a 334-unit class A multifamily property located at 4338 and 4343 Congress Ave. in Dallas. The transaction was structured with a full-term, interest-only loan. NorthMarq arranged financing for the borrower, an Illinois-based multifamily owner/manager, through its correspondent relationship with a life insurance company.

July 31, 2015

Georgia Industrial Southeast

Duke Realty to Develop 614,880 SF Spec Warehouse Near Atlanta Airport

by John Nelson July 31, 2015

EAST POINT, GA. — Duke Realty’s Atlanta office plans to develop a 614,880-square-foot speculative warehouse in Camp Creek Business Center. Duke Realty owns the 400-acre industrial park, located off I-285 near Hartsfield-Jackson Atlanta International Airport. The property will be located at 4909 N. Commerce Drive in East Point and will feature 36-foot clear heights, 125 dock doors, 337 automobile parking spaces, 125 trailer parking spaces. The development also includes land that can be used for tenants to build concrete truck courts. Duke Realty plans to deliver the asset in January 2016.

July 31, 2015

Florida Industrial Southeast

Flagler Global Logistics Breaks Ground on Port Canaveral’s First Inland Port Facility

by John Nelson July 31, 2015

TITUSVILLE, FLA. — Flagler Global Logistics has broken ground on the new 246,240-square-foot Titusville Logistics Center in Titusville. The ground breaking marks the start of construction of Port Canaveeral’s first multi-modal inland port facility. Set for completion in early 2016, the facility will support expanding cargo and container terminals. The Canaveral Port Authority is the first major tenant at the property, which will have direct rail connectivity to the Florida East Coast Railway and easy access to I-95 and US Highway 1. The property will also be close to Port Canaveral and adjacent to Space Coast Regional Airport.

July 31, 2015

Maryland Office Southeast

Finmarc Management Buys Office Portfolio in Columbia for $15.8M

by John Nelson July 31, 2015

COLUMBIA, MD. — Finmarc Management Inc. has acquired a four-building flex portfolio comprising 135,000 square feet in Columbia for $15.8 million. Finmarc purchased the portfolio, which was near full occupancy at the time of sale, from First Potomac Realty Trust. Built in 1980, the all-brick, single-story flex portfolio is located at 9150 and 9180 Rumsey Road, near I-95 and Maryland Routes 100 and 29. Mark Glagola and Joe Friedman of Transwestern represented the seller in the transaction.

July 31, 2015

California Multifamily Western

RRE Bonita Glen Holdings Buys The Villages at Bonita Glen in Chula Vista

by Nellie Day July 31, 2015

CHULA VISTA, CALIF. — RRE Bonita Glen Holdings has purchased The Villages at Bonita Glen, a 295-unit multifamily community in Chula Vista, for $49.1 million. The community is located at 240, 250, 254 and 260 Bonita Glen Drive and 72 Sandalwood Drive. The Villages was built in two phases in 1970 and 1988. It is fully occupied. Alex Mogharebi of Berkadia executed the transaction. The seller was Granite Investment Group.

July 31, 2015

Georgia Mixed-Use Southeast

Franklin Street Brokers $5.9M Sale of Mixed-Use Asset in Metro Atlanta

by John Nelson July 31, 2015

WOODSTOCK, GA. — Franklin Street Real Estate Services has brokered the $5.9 million sale of a mixed-use asset in downtown Woodstock, a northern suburb of Atlanta. Built in 2014, the Class A property features 23 apartment residences and 8,624 square feet of retail space. Jake Reid and Ricky Jones of Franklin Street represented the undisclosed seller in the transaction.

July 31, 2015

California Industrial Western

Ridgeline Property Group to Develop Tracy Pescadero Distribution Center

by Nellie Day July 31, 2015

TRACY, CALIF. — Ridgeline Property Group has announced its plans to develop Tracy Pescadero Distribution Center, a 381,600-square-foot regional distribution facility, just west of Modesto. The speculative facility will be located at 1700 East Pescadero Ave. in Tracy. The new development will feature feature 32-foot clear heights, 57 dock-high doors, two drive-in doors, a 185-foot truck court, 92 trailer parking spaces, 317 auto parking spaces, and early suppression fast response (ESFR) fire sprinklers. The site has access to interstates 205 and 580, in addition to Highway 99. It is also situated near the Union Pacific and Burlington Northern Santa Fe intermodal facilities. Construction is set to commence this October, with completion scheduled for May. Tom Davis and Darren McFadden of Lee & Associates will market the property. LaSalle Investment Management is Ridgeline’s investment partner on this project.

July 31, 2015

Florida Retail Southeast

Calkain Cos. Brokers $1.4M Sale of Wells Fargo Bank Branch in Florida

by John Nelson July 31, 2015

BRADENTON, FLA. — Calkain Cos. has brokered the $1.4 million sale of a single-tenant, 4,186-square-foot Wells Fargo Bank branch in Bradenton, roughly 45 miles south of Tampa. Built more than 35 years ago, the bank is located at 6285 14th St. W. Wells Fargo extended its lease this past April by five years. Stephen Counts and David Sobelman of Calkain Cos. represented the seller, Bersam Development, in the transaction. The property sold for a record low cap rate for a Wells Fargo branch with less than five years remaining on its lease term, according to Calkain Cos.

July 31, 2015

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