Property Type

HighStreet Arranges Sale of Multi-Tenant Retail Center in Metro Houston

by Haisten Willis September 21, 2015

SPRING, TEXAS — HighStreet Net Lease Group, a Texas-based company specializing in the disposition and acquisition of net leased investment properties, represented a Houston-based retail owner/developer in the sale of Louetta Creek Plaza, a multi-tenant retail center located at 4660 Louetta in Spring. Matt Moake of HighStreet represented the seller. Glenn Clements of MFT Interests represented the buyer, a local investment group. The 27,000-square-foot property was originally developed in 2005 and is located near the intersection of Louetta and Kuykendahl.

September 21, 2015

New Mixed-Use Project to Open in Austin in 2018

by Haisten Willis September 21, 2015

AUSTIN, TEXAS — GroundFloor Development and Prescott Group have announced plans for Saint Elmo, a mixed-use project set to open in Austin in the first quarter of 2018. Designed by Andersson-Wise Architects and located on South Congress near Ben White Boulevard, Saint Elmo will include 225,000 square feet of office space and a 40,000-square-foot indoor-outdoor marketplace. GroundFloor Development and Prescott Group are the master developers of the $120 million project. In November of last year, the Austin city council approved the rezoning request for the project. Construction is slated to begin in mid-2016. Andersson-Wise Architects is the lead architect of the project, KBGE’s Chad Kimbell is the civil engineer, David Hocker of Hocker Design is the landscape designer, Juice Consulting’s Heather Wagner Reed will oversee public relations and marketing, and Helms Workshop is the strategic brand design studio.

September 21, 2015

Industrial Office Retail Texas

M&M Arranges Sale of 32,621 SF Self-Storage, Office Warehouse and Retail Facility in Austin

by Haisten Willis September 21, 2015

AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of Sheahan Self Storage, a 32,621-square-foot self-storage, office warehouse and retail property located in Austin. Justin Miller and Dave Knobler of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a partnership. Knobler and Miller secured the buyer, a limited liability company, as well. Sheahan Self Storage is located at 11712 N. Lamar Blvd. in Austin.

September 21, 2015

Office Texas

NAI Investment Fund Acquires 74,753 SF Office Building in Houston

by Haisten Willis September 21, 2015

HOUSTON — NAI Investment Fund I LLC has acquired an office building located at 12600 Featherwood Drive in Houston. The 74,753-square-foot, Class B property is 81 percent occupied. NAI Partners has been retained to provide both property management and leasing services on behalf of the owner, NAI Investment Fund I LLC. The seller, Fort Worth-based Klabzuba Realty, was represented by Marty Hogan off HFF. Rob Evans of NAI Investment Management LLC negotiated the acquisition. Amegy Bank of Texas is the lender.

September 21, 2015

Iowa Midwest Multifamily Student Housing

Vesper Holdings Acquires Student Housing Complex Near Des Moines for $18.5M

by Christina Cannon September 21, 2015

AMES, IOWA — Vesper Holdings has acquired a 540-bed student housing community in Ames, which is 35 miles north of Des Moines. University Plains was built in 2001 and is located near Iowa State University. The property is comprised of 12 three-story residential buildings and a clubhouse spread across a 10-acre site. Vesper purchased University Plains from a group of tenant-in-common owners. The property was acquired through an off-market transaction for $18.5 million. Vesper plans to execute $2 million worth of renovations. Amenities include a swimming pool, hot tub, fitness center, computer center, game room, study area, tanning beds, volleyball court, basketball court, and location on the University shuttle route. The property is currently 99 percent occupied. Vesper Holdings is a privately held real estate investment firm based in New York City.

September 21, 2015

Loans New York Northeast Office

GFI Realty Arranges $150.6M of Financing for 33-Story Office Building in Manhattan

by Amy Works September 21, 2015

NEW YORK CITY — GFI Realty Services has arranged a $150.6 million floating-rate loan on behalf of an office building located at 330 W. 42nd St. in Manhattan. Constructed in 1931, the 33-story building offers 590,000 square feet of office space. The building has occupancy of 90 percent. Daniel Lerer and Will Watkins of GFI procured the loan from Natixis, an investment bank.

September 21, 2015

Illinois Midwest Multifamily

Essex Realty Brokers $17.1M Sale of Uptown Chicago Apartments

by Christina Cannon September 21, 2015

CHICAGO — Essex Realty Group Inc. has brokered the sale of Argyle Street Properties located at 1261-1301 and 1338-1354 W. Argyle St. The properties are located in Chicago’s Uptown neighborhood and sold for $17.1 million. The properties consist of 60 studio, 96 one-bedroom, one two-bedroom/two-bath, and one three-bedroom/one-and-a-half bath units. The buildings have operated at or above 95 percent occupancy for the past five months, according to Essex. Doug Imber and Kate Varde of Essex Realty brokered the transaction. Essex Realty Group Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

September 21, 2015

Hospitality Loans New York Northeast

HREC Arranges $7.1M in Financing for Comfort Inn Red Hook in Brooklyn

by Amy Works September 21, 2015

NEW YORK CITY — HREC Investment Advisors has arranged a $7.1 million loan for the acquisition of Comfort Inn Red Hook in Brooklyn. Located one block from the Brooklyn Cruise Terminal and Battery Tunnel, the hotel features 81 rooms. A bridge lender provided the capital. Geoff Davis and Mike Armstrong of HREC represented the investment group that purchased the hotel in the financing deal.

September 21, 2015

New York Northeast Retail

Retail Property in Queens Sells for $4M

by Amy Works September 21, 2015

NEW YORK CITY — An undisclosed buyer has acquired a retail building located at 41-19 Bell Blvd. in the Bayside neighborhood of Queens. The single-story, 4,648-square-foot property sold for $4 million, or $860 per square foot, in an all-cash transaction. The property is currently net leased to a Lucille Roberts gym. Zoned for mixed use with residential and commercial options, the property features a mezzanine and lower levels, as well as 11,426 buildable square feet. Stephen Preuss of Cushman & Wakefield handled the transaction. The name of the seller was not released.

September 21, 2015

Loans Midwest Missouri Multifamily Seniors Housing

Lancaster Pollard Brokers Refinancing Loan for Senior Living Facility in Missouri

by Christina Cannon September 21, 2015

HIGGINSVILLE, MO. — Lancaster Pollard has arranged funding for a refinance and renovation of John Knox Village East in Higginsville, which is 50 miles east of Kansas City. John Knox Village East is a senior living facility that features both intermediate care and skilled nursing beds and is managed by Life Care Services. The renovation will increase the number of skilled nursing beds, adding 16 private beds in a new wing. Lancaster Pollard worked with local banks to provide construction financing for the renovation and also obtained permanent financing via a $7.1 million loan insured by the USDA Community Facilities program. Mike Ashley led the transaction for Lancaster Pollard.

September 21, 2015

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