Property Type

Stream Realty Partners Brokers 10,297 SF Lease at Business Park in San Antonio

by Haisten Willis July 10, 2015

SAN ANTONIO — Stream Realty Partners has brokered a new lease for 10,297 square feet at Interwest Business Park located in Northwest San Antonio. Jason Schnittger and Kevin Cosgrove of Stream represented the landlord, G&I VII Interwest Business LP, in the transaction. Green Star Inc. of San Antonio signed the new lease. Interwest Business Park is located at 6800 Alamo Downs Parkway offering access to Loop 410. The four-building, multi-tenant office/flex property spans approximately 219,244 square feet. Hank Pruitt of Pruitt Realty represented the tenant in the deal.

July 10, 2015

Dougherty Secures $7.7M Loan for Merritt Legacy Apartments in Metro Austin

by Haisten Willis July 10, 2015

LEANDER, TEXAS — Dougherty Mortgage LLC has secured a $7.7 million Fannie Mae loan for the refinancing of Merritt Legacy Apartments, a 208-unit multifamily affordable housing property located in Leander. The 15-year loan includes a 35-year amortization schedule and was arranged by Dougherty’s Dallas office. Amenities include Energy Star appliances, washer and dryer connections, large closets and private patios or balconies with extra storage. Property features include a pet-friendly environment with pet stations, a pet park, library, fitness center, covered parking, swimming pool, barbecue grills and picnic tables.

July 10, 2015

Retail Texas

HFF Arranges Sale of Two Metro Dallas Retail Sites

by Haisten Willis July 10, 2015

CROSS ROADS, TEXAS — HFF has arranged the sale of two multi-tenant buildings totaling 24,000 square feet that are part of Village at Cross Roads shopping center in the Dallas suburb of Cross Roads. HFF arranged the sale of the property on behalf of the seller, Lovett Commercial. The assets consist of two outparcels located at the corner of U.S. Highway 380 and FM 424. The 100 percent-leased outparcels are home to Mattress Firm, Starbucks, UPS, Supercuts, Sally Beauty Supply, Fuzzy’s Taco Shop and T-Mobile. The asset is shadow-anchored by an 185,900-square-foot Walmart Supercenter. Ryan West, Matt Berry and Robbie Kilcrease led the HFF investment sales team representing the seller.

July 10, 2015

Multifamily New York Northeast

TerraCRG Brokers $37M Sale of Two-Building Multifamily Portfolio in Brooklyn

by Amy Works July 10, 2015

NEW YORK CITY — TerraCRG has brokered the sale of a two-building multifamily portfolio located at 719-723 Eighth Ave. and 704 Eighth Ave. in Brooklyn’s Park Slope. RedSky Capital and Megalith Capital Management sold the properties for $37 million, or $811 per square foot, to an undisclosed buyer. Adam Hess and Ofer Cohen of TerraCRG represented both parties in the transaction.

July 10, 2015

Loans Multifamily Northeast Pennsylvania

The Carlton Group Secures $18.5M Bridge Loan for Multifamily Development

by Amy Works July 10, 2015

CONSHOHOCKEN, PA. — The Carlton Group has arranged a bridge loan of $18.5 million in senior debt to facilitate the development of a two-property multifamily complex located in Conshohocken. Plans for the 318- and 270-unit multifamily properties, located at 401 and 433 Washington St., are pending final approval. Stephen Scorgie, Brendan Sullivan, Michael Campbell and Andrew Karaan of The Carlton Group managed the transaction. The sponsor of a deal is a local developer.

July 10, 2015

Mixed-Use Multifamily Northeast Office Pennsylvania Retail

City Center Selects Gensler to Plan, Design Mixed-Use Complex in Allentown

by Amy Works July 10, 2015

ALLENTOWN, PA. — City Center Lehigh Valley has selected Gensler to plan and design its Five City Center complex, a mixed-use complex spanning one block in downtown Allentown. The $100 million project’s master plan includes a 400,000-square-foot office and retail tower, a 335,000-square-foot residential tower with 175 apartment units, parking and a park. The project is scheduled for completion in 2018.

July 10, 2015

Industrial New York Northeast

Ariel Property Advisors Brokers $6.4M Sale of Industrial Facility in Brooklyn

by Amy Works July 10, 2015

NEW YORK CITY — Ariel Property Advisors has brokered the sale of a four-property industrial facility in Brooklyn’s East Flatbush neighborhood. Located at 5255 Kings Highway and 2-24 Preston Court, the facility sold for $6.4 million, or $188 per square foot. The 34,396-square-foot asset, which consists of four buildings and a vacant lot, feature eight roll-down gates, one loading dock, multiple office spaces and conference room space. Jonathan Berman, Mark Spinelli, Daniel Tropp and Michael Tortorici of Ariel Property Advisors represented the seller, Zeluck Corp., and procured the buyer, a private investor, in the transaction.

July 10, 2015

New Hampshire Northeast Office

CBRE/NE Arranges 4,620 SF Office Space Lease in New Hampshire

by Amy Works July 10, 2015

SALEM, N.H. — CBRE/New England has arranged an office lease for 36creative at 23 S. Broadway in Salem. The boutique brand development and creative agency will lease 4,620 square feet from MetScott21 LLC. Formerly a Coca Cola Bottling Corp. facility, the property has been repositioned as a multi-tenant office/retail building. Chris Healey of CBRE/NE represented the tenant, while Art Bonin of ARBonin Cos. represented the landlord in the transaction.

July 10, 2015

Industrial Market Reports Texas Texas Market Reports

Healthy Demand Jumpstarts Construction Activity in Dallas Industrial Market

by Haisten Willis July 10, 2015

The Dallas/Fort Worth industrial market is one of the biggest and most strategically important in North America. With an inventory of more than 500 million square feet of warehouse and distribution space, the DFW industrial market serves a metro area of 6.8 million people and a larger region that stretches to Mexico. More than 70 percent of goods exported to Mexico roll through the metro area, and the North American Free Trade Agreement (NAFTA) has been a huge driver of those exports. These days, the industrial market is buoyed by a local economy that is outpacing most of the nation’s major metros. In March, Dallas/Fort Worth registered an unemployment rate of 4 percent, compared to 5.9 percent in Atlanta, 6 percent in New York, 6.4 percent in Chicago and 6.6 percent in Los Angeles, according to the U.S. Bureau of Labor Statistics. The GDP also grew by a healthy 2.2 percent in 2014. Dallas/Fort Worth’s economic momentum has heightened demand for industrial space. The first quarter of 2015 marked the 18th consecutive quarter of positive absorption, according to CBRE. The DFW industrial market has been among the top five markets in absorption over the past several years, and this impressive …

July 10, 2015

Multifamily North Carolina Southeast

Crescent Communities Delivers, Sells Luxury Apartment Property in Durham

by John Nelson July 10, 2015

DURHAM, N.C. — Crescent Communities has completed construction on Crescent Main Street, a 208-unit apartment community located on Main Street near Duke Medical Center in Durham. The community’s environmentally friendly amenities include bike storage for every unit, electric car charging stations, a Filtera Biofiltration system and Energy Star appliances, windows and “Cool Roof.” Other amenities include a health and wellness facility, pet spa, resort-style pool and outdoor spaces. Additionally, Crescent Communities has sold the community to affiliates of Berkshire Group for $54.7 million, according to the Charlotte Business Journal. The sale is part of the announced nine-property, $700 million portfolio that Crescent is selling to Berkshire and UBS Global Asset Management.

July 10, 2015

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