Property Type

Binswanger Brokers $10.2M Sale of Bronx Facility

by Amy Works August 21, 2015

NEW YORK CITY — The City of New York has acquired a two-story building located at 850 E. 138th St. in the Bronx’s Port Morris section from Aramark for $10.2 million. The city will use the 75,080-square-foot property to consolidate and house the operations of The Department of Parks & Recreation Five-Borough shops. Built in 1988 as a commercial laundry operation, the facility features open floor plates, attractive ceiling heights and a gated parking lot. Jim Panczykowski of Binswanger’s New Haven, Conn., office handled the transaction.

August 21, 2015

Mixed-Use Multifamily New York Northeast Retail

Thor Equities Acquires 46,200 SF Residential, Retail Building in Central Harlem

by Amy Works August 21, 2015

NEW YORK CITY — Thor Equities has acquired a residential and retail building located at 17 W. 125th St. in Central Harlem for an undisclosed sum. Constructed in 1900, the five-story, 46,200-square-foot elevator building features 50 rental units, including 32 one-bedroom apartments, 14 two-bedroom units and three three-bedroom units, and more than 9,000 square feet of retail space with 18-foot ceilings. The name of the seller was not released.

August 21, 2015

Industrial Market Reports Multifamily Office Retail Texas Texas Market Reports

United States’ 16th Largest City Continues Fast Growth Post-Recession

by Haisten Willis August 21, 2015

As the 16th largest city in the United States and one of the fastest growing metro markets, Fort Worth is consistently a hot market in Texas and hasn’t slowed down post-recession. The current retail market is showing a low vacancy rate of 6.5 percent along with increasing rental rates. Surprisingly, these rates have not slowed leasing activity. Instead, the combination of increasing rates and dwindling vacancies have spurred new development. In years past, Fort Worth has been seen as a secondary market to Dallas, but with its strong economy and high returns, the city is now able to stand on its own. Fort Worth is seeing a lot of capital being tossed around the market. With a strong economy and low operations costs, money is pouring in from all angles, including from out-of-state and international investors. California, New York and overseas investors are beginning to recognize the stability of the city and the potential for stronger returns, and are aggressively starting to pursue opportunities here. For example, Iowa-based Lockard Development is in the process of expanding its Walmart anchored Renaissance Square power center at Berry Street and Hwy 287 in East Fort Worth to include more national credit tenants. Lockard …

August 21, 2015

Multifamily Seniors Housing Texas

SQLC Raises $109M in Financing for Expansion of Seniors Housing Project in Houston

by Haisten Willis August 20, 2015

HOUSTON — Senior Quality Lifestyles Corp. (SQLC), a Texas-based nonprofit developer of seniors housing, has completed financing for the expansion and renovation of The Buckingham, a seniors housing complex in Houston. Financing was completed through the sale of $109 million in series 2015 bonds. The project will add space for 187 additional residents. Ziegler Capital Markets served as bond underwriter for the transaction. Construction has already begun. Currently, The Buckingham has 204 independent living apartments, 43 assisted living suites, 16 memory care residences and 60 private skilled nursing rooms. The Buckingham acquired six additional acres to accommodate the project and will add 106 independent living apartment homes, 33 assisted living suites, 18 memory care residences and 32 private skilled nursing rooms. The new independent living apartment homes will be offered in one-, two- and three-bedroom floor plans.

August 20, 2015

Retail Texas

CBRE Brokers Acquisition of Retail Center in Austin

by Haisten Willis August 20, 2015

AUSTIN, TEXAS — CBRE has brokered the sale of 8312 Burnet Road, a fully occupied, 12,500-square-foot retail center in Austin’s Burnet Road corridor. A local investor purchased the asset for an undisclosed price. Michael Bullard of CBRE’s Austin office represented the buyer. Tim Jarvis and Bill Ott of BBD Commercial represented the unnamed seller. The asset’s 13 tenants include Austin Fashion Exchange, Metro PCS, Liberty Tax and ASC Sports Cards.

August 20, 2015

Retail Texas

M&M Arranges Sale of Grocery-Anchored Shopping Center in Lubbock

by Haisten Willis August 20, 2015

LUBBOCK, TEXAS — Marcus & Millichap has arranged the sale of Rockridge Plaza, an 86,534-square-foot grocery-anchored shopping center in Lubbock. Michael Buckner and Richard Mireles of the firm’s Austin office represented the seller. Rockridge Plaza is located at 5217 82nd St. with visibility from the intersection of 82nd Street and Slide Road. Tenants include Caprock Cafe, Einstein Bros. Bagels, H&R Block, Jo-Ann Fabric and Craft Stores, Scottrade, Sprint and Tuxedo Junction. The grocery anchor was not a part of the sale.

August 20, 2015

Multifamily Retail Texas

TAYO Sells Land Parcel in West Texas

by Haisten Willis August 20, 2015

SWEETWATER, TEXAS — Taylor Consulting Inc. (TAYO) has signed a contract to sell a real estate parcel in West Texas. It’s the sixth sale in the region that the company has completed since May. Last year, TAYO’s real estate division, Third Avenue Development, added 47 residential and commercial lots to its portfolio in the town of Sweetwater, where development has been spurred by a new railroad logistics center and other projects. Third Avenue Development is working to build a portfolio of real estate assets for investment, rehabilitation and resale.

August 20, 2015

Indiana Industrial Midwest

Opus Completes 1.6M SF Distribution Center for ConAgra Foods in Frankfort, Ind.

by Jonathan Mehall August 20, 2015

FRANKFORT, IND. — The Opus Group has completed the construction of a 1.6 million-square-foot distribution center for Omaha-based ConAgra Foods in Frankfort, about 46 miles north of Indianapolis. The center is situated on 288 acres of land and houses over 200 employees. The distribution center features 15,000 square feet of office space, 34-foot clear heights in the warehouse, 125 dock doors, 10 rail doors and more than 850 trailer parking spaces. Shipments to customers from the center began in July. The Opus Group developed, designed and built the property.

August 20, 2015

Hospitality Loans Midwest Wisconsin

PMZ Arranges $8.1M Non-Recourse Loan for Harbourwalk Hotel in Racine, Wis.

by Jonathan Mehall August 20, 2015

RACINE, WIS. — PMZ Realty Capital LLC has arranged an $8.1 million non-recourse loan for the Harbourwalk Hotel, located at 223 Gas Light Circle in Racine, approximately 24 miles south of Milwaukee. The loan carries a fixed interest rate of below 4.5 percent. JP Morgan provided the funds to the owner, an affiliate of Graves Hospitality, which will be used to repay existing debt and renovate the hotel. The $2 million renovations, to be completed by next summer, will include a total refurbishment of the guest rooms and common areas to meet the standards for a Doubletree by Hilton Hotel. The property has been without a franchise and is converting to a DoubleTree by Hilton flag within the next 12 months.

August 20, 2015

Illinois Midwest Mixed-Use

Nordic Realty Partners Closes on Purchase of Three-Story, Mixed-Use Property in Chicago

by Jonathan Mehall August 20, 2015

CHICAGO — Nordic Realty Partners LLC has closed on the acquisition of a three-story mixed-use property located at 3824 N. Clark St. in Chicago’s Wrigleyville neighborhood. Nordic Realty Partners originally purchased the property for an undisclosed price. Properties in the Wrigleyville area are becoming more attractive and desirable due to the $575 million 1060 Project underway at Wrigley Field. 1060 Project is a four-year, four-phase renovation plan for Wrigley Field set forth by the Chicago Cubs management. Nordic Realty Partners LLC represented the undisclosed buyer and Beaulieu Real Estate represented the undisclosed seller.

August 20, 2015

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