Property Type

The Weitz Co. Selected as Design-Builder for $245M Student Housing Complex at Texas A&M

by Haisten Willis August 14, 2015

COLLEGE STATION, TEXAS — The Weitz Co. has been selected as the design-builder for a new student housing project at Texas A&M University in College Station. The project, known as the Park West, will accommodate 3,402 students in more than 1,300 units ranging from studios to four-bedroom units. The nearly 1.8 million square feet of building space will include amenities such as swimming pools, hot tubs, fire pits, grills, fitness centers, study and gathering spaces, and game rooms. The complex will also include retail and office space, as well as an eight-story parking garage. The development will be built on 48 acres of pasture located near the south side of campus off of George Bush Parkway. The apartments are expected to open before the 2017-18 school year. The project owner is nonprofit NCCD-College Station. Irving, Texas-based Servitas LLC is the developer and manager for Park West, and PGAL of Boca Raton, Fla., is Weitz’ design partner.

August 14, 2015

Loans Multifamily Seniors Housing Texas

Ziegler Arranges $109.4M Bond Financing to Expand The Buckingham CCRC in Houston

by Haisten Willis August 14, 2015

HOUSTON — Ziegler, a specialty investment bank, has arranged $109.4 million in fixed-rate bonds for The Buckingham, a 323-unit seniors housing complex. Nonprofit operator Senior Quality Lifestyles Corp. (SQLC) manages The Buckingham, which is located on a 23-acre plot in the Memorial/Tanglewood neighborhoods of Houston. The community includes 204 independent living apartments, 43 assisted living units, 16 memory support units and a health center with 60 nursing beds. The bonds will be used to expand The Buckingham to include a new tower featuring 106 additional independent living units, 27 additional assisted living units, 18 additional memory care units, 32 additional skilled nursing beds, an underground parking garage with 111 total spaces and an additional 292 surface level spaces. SQLC operates five communities in Texas totaling 1,586 units.

August 14, 2015

Industrial Texas

NAI Partners Arranges Sale of 18,037 SF Industrial Facility in Houston

by Haisten Willis August 14, 2015

HOUSTON — Travis Land of NAI Partners represented Hoffman Glass Family Ltd. in the acquisition of an 18,037-square-foot industrial manufacturing facility located on two acres at 11615 N. Houston Rosslyn Road in Houston. Mark Nicholas and Richard Quarles of JLL represented the seller, Halliburton Energy Services.

August 14, 2015

Industrial Retail Texas

First American Freight Furniture and Mattress to Open in San Antonio

by Haisten Willis August 14, 2015

SAN ANTONIO — American Freight Furniture and Mattress has opened its first location in Texas. The 45,000-square-foot store is located at 639 Lanark Drive in San Antonio, an industrial area commonly known as the Alamo Industrial Center. American Freight Furniture and Mattress is a discount furniture warehouse open to the public. Home furnishings and furniture are received from manufacturers due to factory closeouts, liquidations, dealer cancellations and retail chain buyouts. American Freight orders directly from the product manufacturer and utilizes warehouses rather than showrooms. Furniture brands sold at American Freight include Simmons, Serta and NordicRest.

August 14, 2015

Massachusetts Northeast Office

Transwestern | RBJ Brokers Sale of 98,000 SF Office Building in Norwood

by Amy Works August 14, 2015

NORWOOD, MASS. — Transwestern | RBJ has brokered the sale of an office building located at 2 Edgewater Drive in Norwood. ElmTree Funds LLC acquired the 98,000-square-foot property from Norwood One LLC for an undisclosed sum. Located in the master-planned Brookside Office Park, the Class A property features a full-service cafeteria, ample parking and easy access to I-95. The property is fully leased to Siemens Corp. on a long-term basis. Chris Skeffington, John Lasher, Roy Sanderman and Rob Byrne of Transwestern | RBJ represented the seller and sourced the buyer in the deal.

August 14, 2015

Industrial Loans Multifamily Northeast Office Retail Rhode Island

Colliers International Arranges $6.3M Refinance Loan for Pearl Street Lofts, Pearl Street Commons

by Amy Works August 14, 2015

PROVIDENCE, R.I. — Colliers International has arranged $6.3 million in refinancing for Pearl Street Lofts and Pearl Street Commons, a mixed-use complex located within Westminster Crossing in Providence. Colliers secured the five-year, fixed-rate loan through Boston Private for the borrower, Providence-based The Armory Revival Company. Loan proceeds will be used to refinance the existing debt on the properties, allowing once separate assets to be merged into a single economic unit. Pearl Street Lofts consists of 38 loft-style apartments totaling 44,241 square feet of residential space and 43,179 square feet of commercial/warehouse space. The 8,663-square-foot Pearl Street Commons consists of four commercial condominiums configured into five office suites. Jeffrey Black of Colliers represented the borrower in the financing.

August 14, 2015

New Jersey Northeast Retail

Jeffrey Realty Completes Multiple Deals Across New Jersey

by Amy Works August 14, 2015

TOTOWA, LINDEN AND HILLSBOROUGH, N.J. — North Plainfield, N.J.-based Jeffery Realty Retail Specialist has completed multiple retail leases across New Jersey. In Totowa, Bill Farkas of Jeffery Realty negotiated the relocation of Scrubs & Beyond to 3,035 square feet at Albill Plaza from Willowbrook Mall. In Linden, Shane Wierks and Augie Caruso of Jeffrey Realty arranged an 1,800-square-foot lease for Menchie’s at a 700,000-square-foot power center at 601-901 W. Edgar Road. In Hillsborough, Wierks and Joe Hydro of Jeffrey Realty completed three leases at New Center Village on Triangle Road. Honor Yoga rented 1,500 square feet, Max Fitness signed for 1,500 square feet and DaVita inked a deal for 7,500 square feet.

August 14, 2015

Northeast Office Pennsylvania

Cigna Renews 322,000 SF Lease at Two Liberty Place in Philadelphia

by Amy Works August 14, 2015

PHILADELPHIA — Cigna Health and Life Insurance Co. has signed a 12-year renewal lease for 322,000 square feet at Two Liberty Place in Philadelphia. The renewal stabilizes approximately 34 percent of the building through Oct. 31, 2027. Cigna is expected to vacate the space it did not renew at the end of May 2016. As of July 1, Two Liberty Place was 99.2 percent occupied, or 89.4 percent occupied pro forma for Cigna’s contraction. Parkway Properties Inc. has a 19 percent ownership interest in Two Liberty Place, which is owned in part by Parkway Properties Office Fund II LP.

August 14, 2015

Loans Multifamily New Jersey Northeast

FM Capital Closes $1M Loan for Multifamily Property in New Jersey

by Amy Works August 14, 2015

IRVINGTON, N.J. — FM Capital has acquired a non-performing loan with a current unpaid principal balance of $1 million. The loan is secured by Irvington Apartments, a multifamily property in Irvington. Built in 1965, the 18-unit apartment building includes one parking space per unit and is located seven miles from Newark International Airport. FM Capital is actively pursuing both defaulted and performing debt on commercial real estate nationwide.

August 14, 2015

Florida Office Southeast

PCCP, Banyan Street Purchase Office Complex in Tampa for $70M

by John Nelson August 14, 2015

TAMPA, FLA. — PCCP has formed a joint venture with Banyan Street Capital to purchase Rivergate Tower, a 515,965-square-foot office complex located at 400 N. Ashley Drive in downtown Tampa. PCCP and Banyan Street Capital purchased the property for $70 million, according to Tampa Business Journal. CBRE brokered the sale and arranged acquisition financing for the joint venture. The property comprises a 31-story office tower and an adjacent five-story pavilion office building that houses the Florida Museum of Photographic Arts. Other tenants include Malio’s Prime Steakhouse, an upscale café, full-service bank branch, dry cleaner, two-story parking garage and a fitness center. The office complex was built in 1988 for $150 million.

August 14, 2015

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