Property Type

Laurus Corp. Acquires DoubleTree by Hilton Hotel in Pittsburgh

by Amy Works October 16, 2015

PITTSBURGH — Laurus Corp. has acquired the DoubleTree by Hilton Hotel – Green Tree in Pittsburgh for an undisclosed price. The 460-room property recently underwent a $20 million top-to-bottom makeover and Laurus plans to invest $7 million to improve customer experience at the hotel by enhancing operations, delivering top-tier culinary experiences across the hotel’s existing restaurants and opening Asado Grill restaurant. The hotel features 40,000 square feet of flexible, multi-functional meeting space and a 13,000-square-foot indoor athletic training center. The hotel will be managed by TPG Hospitality. The name of the seller was not disclosed.

October 16, 2015

Massachusetts Northeast Office

The Davis Companies Sells Tower Point in Boston for $62.1M

by Amy Works October 16, 2015

BOSTON — The Davis Companies (TDC) has completed the disposition of Tower Point, a brick-and-beam office building located at 27-43 Woodworm St. in Boston’s Seaport District. Rockpoint Group purchased the 155,170-square-foot property for $62.1 million. TDC originally acquired the property in 2013 and invested significant capital with the goal of increasing the building’s appeal to creative and tech sectors. The company upgraded the property with modern finishes, renovated the building’s fitness center and locker rooms and added a 7,500-square-foot outdoor courtyard. As a result of the repositioning, the building’s occupancy increased from 74.3 percent to 95 percent at the time of sale. Current tenants include Rethink Robotics, Healthways, NPR, Zerto and Owner IQ. Edward Maher Jr. of Newmark Grubb Knight Frank represented TDC in the transaction.

October 16, 2015

New York Northeast Office

Cushman & Wakefield Arranges Sale of Century Plaza on Long Island

by Amy Works October 16, 2015

MINEOLA, N.Y. — Cushman & Wakefield has brokered the sale of Century Plaza, an office building located at 330 Old Country Road in Mineola on Long Island. TIAA-CREF sold the 115,000-square-foot office property to Lalezarian Properties for an undisclosed price. Originally built in 1990 and renovated in 2009, the three-story property features 475 covered parking spaces. At the time of sale, the property was 95 percent leased to a variety of tenants, including Oracle America Inc., Did-it.com, Liberty Mutual Insurance, Veritext Corp., Nationwide Mutual Insurance, and Kelly, Rode & Kelly LLP. Andrew Merin, David Bernhaut, Gary Gabriel, Kyle Schmidt and Andrew MacDonald of Cushman & Wakefield represented the seller and procured the buyer in the transaction.

October 16, 2015

Industrial Northeast Office Pennsylvania

ROCK Commercial Brokers Three Sales in Pennsylvania

by Amy Works October 16, 2015

CHAMBERSBURGH BOROUGH, YORK CITY AND MANCHESTER TOWNSHIP, PA. — ROCK Commercial has arranged three separate sales, totaling 46,187 square feet, in Pennsylvania. In the first transaction, Home Again Concepts purchased a 32,437-square-foot industrial building located at 77 N. Third St. in Chambersburgh Borough for an undisclosed sum. ROCK represented the undisclosed seller in the transaction. In the second deal, Beartrap Enterprises LLC acquired a 9,012-square-foot office building located at 274-280 W. Market St. in York City for an undisclosed price. ROCK represented the buyer and undisclosed seller in the transaction. In the final deal, Michelle Kreeger purchased a 4,738-square-foot office building located at 2241 W. Market St. in Manchester Township for an undisclosed price. ROCK represented the seller, whose name was not released, in the deal.

October 16, 2015

Multifamily Texas

Stonemont Financial, Preiss Co. to Develop Apartment Complex in San Marcos

by Haisten Willis October 16, 2015

SAN MARCOS, TEXAS — Stonemont Financial Group and The Preiss Co. will develop and complete the new Ella Lofts, a 252-bed off-campus student housing community within walking distance of the Texas State University campus. Located at 817 Chestnut St. in San Marcos, Ella Lofts will feature amenities including a 24-hour fitness center, group study areas, outdoor courtyards and a pool. The project will also feature one-, two- and four-bedroom loft floor plans. Formerly known as 817 Lofts, the project originally started construction under a different developer in 2013 and was set to be completed in August 2014. After construction delays and other stalls, the project sat dormant until Stonemont Financial purchased it in September. With more than 38,000 students enrolled, Texas State University is the fourth largest institution in the state of Texas. The Preiss Co. will serve as developer and manager for the project. Leasing is underway at the Ella Lofts leasing office located at 316-D Edward Gary Drive in San Marcos. Monthly rent will begin at $499 per student, which includes utilities and furniture.

October 16, 2015

Hospitality Texas

Starwood Hotels to Open New Aloft Hotel in Metro Dallas

by Haisten Willis October 16, 2015

ALLEN, TEXAS — Starwood Hotels & Resorts plan to open a new Aloft hotel in the Dallas suburb of Allen. Located within the Watters Creek at Montgomery Farm mixed-used development, Aloft Allen is set to open in March 2018. Watters Creek Hospitality will own the property and Aimbridge Hospitality will manage the hotel. The property will feature 136 rooms. Facilities at Aloft Allen will include an outdoor pool, gym and bar. In addition, the hotel will offer 2,000 square feet of meeting space for business meetings and social gatherings. Guests will also be able to use their smart phone as a key. The technology is available at all Aloft, Element and W hotels.

October 16, 2015

Retail Texas

The Boulder Group Arranges $10.2M Sale of CVS/pharmacy in Plano

by Haisten Willis October 16, 2015

PLANO, TEXAS — The Boulder Group has arranged the sale of a single-tenant, net leased CVS/pharmacy located at 5920 W. Park Blvd. in Plano for $10.2 million. The trophy property was sold at a 4.8 percent cap rate, which is the lowest cap rate for a drug store property sold in 2015 outside of California, according to Real Capital Analytics. The 13,146-square-foot CVS is located at the intersection of West Park Boulevard and Parkwood Boulevard. The signalized intersection sees approximately 50,000 vehicles per day. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private partnership based in the Midwest, in the transaction. The purchaser was an individual utilizing a 1031 exchange. There are 21 years remaining on the CVS net lease, which features a 5 percent rental escalation in each of six five-year renewal option periods.

October 16, 2015

Loans Multifamily Texas

LMI Capital Arranges $14.5M Refinancing of 450-Unit Apartment Community in Houston

by Haisten Willis October 16, 2015

HOUSTON — Jamie Mullin of LMI Capital has arranged $14.5 million in debt for the refinancing of an apartment complex in southwest Houston. Mullin worked on behalf of the borrower to obtain a 10-year, fixed-rate CMBS loan featuring full-term interest-only payments.

October 16, 2015

Loans Retail Texas

HFF Secures CMBS Refinancing for Houston Retail Power Center

by Haisten Willis October 16, 2015

HOUSTON — HFF has secured a senior loan for the refinancing of Northline Commons, a 472,443-square-foot retail power center in northern Houston. HFF worked on behalf of the borrower, an affiliate of North American Development Group, to place the 10-year, fixed-rate CMBS loan with Wells Fargo Bank. Constructed between 2007 and 2009, Northline Commons is 91 percent leased and consists of one main building, five smaller buildings and four outparcel pads situated on 47.7 acres. Tenants include Burlington Coat Factory, Ross Dress for Less, Five Below, Palais Royal, Conn’s, Marshalls, GNC, Foot Locker, Image Shots, Baskin Robbins, The Children’s Place and Nails Club. The center’s outparcel pads are leased to Pappas Bar-B-Q, IHOP, Ojos Locos Sports and Chick-fil-A. Located at 4400 N. Freeway, Northline Commons is located on Houston’s North Line Light Rail, which is an extension of the Red Line that connects downtown Houston and the Medical Center area. Travis Anderson, Cory Fowler and Tyler Ford led the HFF debt placement team representing the borrower.

October 16, 2015

Two Greenway Centre Crescent Nashville Cool Springs

Office Southeast Tennessee

Crescent Communities to Break Ground on Office Building in Nashville’s Cool Springs District

by John Nelson October 16, 2015

FRANKLIN, TENN. — Crescent Communities plans to break ground this month on Two Greenway Centre, a five-story, 155,000-square-foot office building located within the Greenway Centre development in Nashville’s Cool Springs submarket in Franklin. The new Class A office building will be situated on a 16-acre lot adjacent to One Greenway Centre, which Crescent Communities previously developed and leased to Jackson National Life. The project will feature an on-site fitness center, free surface parking and access to existing walking trails. Little Diversified Architectural Consulting designed the building, Jason Holwerda of CNL Commercial Real Estate is the building’s leasing agent and Pinnacle Financial Partners is the construction lender. Crescent plans to deliver the new office project in the fourth quarter of 2016.

October 16, 2015

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