Property Type

Marcus & Millichap Arranges Sale of 48-Room Hospitality Property in Albany, Minn.

by Jonathan Mehall July 22, 2015

ALBANY, MINN. — Marcus & Millichap (NYSE: MMI) has arranged the sale of Norwood Inn & Suites, a 48-room hospitality property located in Albany, 22 miles northwest of St. Cloud, for $945,000. Norwood Inn & Suites is a two-story building built in 1998 and is located at 820 Shamrock Lane in Albany. It features 48 guestrooms and an indoor swimming pool and hot tub. Jon Ruzicka of Marcus & Millichap’s Minneapolis office represented the seller, an individual/personal trust. Ruzicka also represented the buyer, a limited liability company.

July 22, 2015

Roger-Williams-Showroom-Weatherford-Texas

Retail Texas

Speed Fab-Crete Breaks Ground on Roger Williams Auto Dealership in Metro Dallas

by Haisten Willis July 22, 2015

WEATHERFORD, TEXAS — Fort Worth-based design-build general contractor Speed Fab-Crete has broken ground on a 60,000-square-foot auto dealership for Roger Williams, the only new car dealer in Weatherford. Slated for completion in April 2016, the new Roger Williams Chrysler, Dodge, Jeep and Ram dealership will be located at 1102 Washington Drive along I-20 and will replace the existing Roger Williams Auto Mall. The dealership’s exterior will be built using precast concrete walls, cast stone, metal accents and floor-to-ceiling panoramic glass. Interior amenities will include a customer lounge, open office spaces, display areas, 25 service bays, car wash facility and parts sector. The new dealership is the largest project included in the company-wide upgrade of Roger Williams’ auto facilities in Weatherford, all of which are being built by Speed Fab-Crete and designed by Callahan & Freeman Architects. Business operations will remain open during the construction process. In addition to Speed Fab-Crete and Callahan & Freeman Architects, the Roger Williams expansion project team includes Fort Worth-based Callahan Structural Engineering Inc. as the structural engineer and Lillian, Texas-based Hulsey Engineering as the mechanical, plumbing and electrical (MEP) engineer.

July 22, 2015

Loans Multifamily Texas

Dougherty Secures $4M Fannie Mae Loan for Townhomes in Metro San Antonio

by Haisten Willis July 22, 2015

SEGUIN, TEXAS — Dougherty Mortgage LLC has secured a $4 million Fannie Mae loan for the refinancing of Early Bird Townhomes, a 104-unit multifamily affordable housing property located in Seguin. The 10-year loan includes a 30-year amortization schedule. Dougherty’s Austin office arranged the financing on behalf of the borrower, Seguin Housing Partners Limited. Early Bird Townhomes offers two-, three- and four-bedroom units with full-size washer and dryer connections and energy-efficient design throughout the units. The property includes a clubroom and playground.

July 22, 2015

New York Northeast Office

Savanna Sells 100 Wall Street to Cornerstone Real Estate Advisers

by Amy Works July 22, 2015

NEW YORK CITY — Savanna, a New York-based real estate private equity and asset management firm, has completed the disposition of 100 Wall Street to Cornerstone Real Estate Advisers, acting on behalf of a Cornerstone-managed fund. The 29-story, 520,000-square-foot office building is 97 percent occupied by tenants, including Lester Schwab Katz and Dwyer, Loeb Holding Corp., Crenshaw Associates and Pcubed. Savanna acquired the property in 2011 and completed $25 million in capital improvements during its ownership period, including a successful prebuild program and future resiliency improvements following Hurricane Sandy in 2012. Douglas Harmon, Adam Spies, Joshua King and Adam Doneger of Eastdil Secured represented Savanna, while Carl Schwartz, Laurie Grasso, Susan Saslow, Larissa Kravanja, Ian Group and Barbara Lau of Hunton & Williams served as legal counsel in the transaction. The sales price was not released.

July 22, 2015

Multifamily Northeast Vermont

Joint Partnership to Open Riverrun Luxury Apartments in August

by Amy Works July 22, 2015

WINOOSKI, VT. — Nedde Real Estate, Redstone and Youkel Architecture + Development have completed the development of Riverrun Luxury Apartments in Winooski, with a ribbon cutting ceremony scheduled for Thursday, August 13. Located at 110 Winooski Falls Way, the property consists of 56 units in a mix of one- and two-bedroom layouts. The apartments feature nine-foot ceilings; river, city and nature preserve views; energy-efficient, triple-glazed windows; designer kitchens; washer/dryers; and air conditioning. On-site amenities include a fitness center, lobby with seating lounge, covered parking and heat/hot water included in the rent.

July 22, 2015

Office Texas

IH Capital Opens New Office in Downtown Dallas

by Haisten Willis July 22, 2015

DALLAS — IH Capital LLC has opened its North Texas office at the Republic Center in downtown Dallas. The IH Capital Dallas office is led by Chance Johnson, who heads the company’s Southwest region CMBS lending platform. “I’m excited to open the Dallas office for IH Capital and expand its market presence throughout the Southwest region,” says Johnson. “I’m confident IH Capital’s local presence will result in a healthy deal flow and winning our fair share of business. Furthermore, boots on the ground locally will provide responsiveness with firsthand local market knowledge to serve our client needs throughout the South.”

July 22, 2015

Industrial Texas

Hines Begins Construction on Industrial Buildings in Irving

by Haisten Willis July 22, 2015

IRVING, TEXAS — Hines, in conjunction with AEW Capital Management, has begun construction on Phase II of Parc 114 Business Park in Irving. Phase II will include two new buildings totaling 191,262 square feet with a projected completion date in early 2016. Stream Realty Partners will provide leasing, marketing and property management services for the project. Parc 114 is a 52-acre master-planned business park located at 6501 N. Beltline Road. Phase I includes six industrial buildings totaling 404,777 square feet that are 100 percent leased. Tenants include Chrysler Group LLC, Nautilus Hyosung America, Nissan and Walgreens. Phase II of Parc 114 will feature a distinctive architectural design that will complement the existing buildings in the park. The rear-load, dock-high buildings will accommodate tenants ranging from 16,000 square feet to 135,253 square feet and will feature generous parking and truck courts. Centrally located in the Dallas-Fort Worth area, Parc 114 is directly adjacent to the DFW International Airport, just south of State Highway 114. Bob Hagewood and Jeremy Kelly of Stream’s industrial division in Dallas will lease and market Parc 114 on behalf of the landlord, Hines. Stream’s Priscilla McKinney will oversee property management of the property.

July 22, 2015

Connecticut Healthcare Loans Northeast Office

Fantini & Gorga Arranges $12.9M Loan for Two Medical Office Buildings in Connecticut

by Amy Works July 22, 2015

HAMDEN, CONN. — Fantini & Gorga has arranged $12.9 million in first mortgage permanent financing for two medical office buildings in Hamden, a city in southeast Connecticut. Totaling 65,216 square feet, the properties are fully leased and occupied by regional and local medical practices. Casimir Groblewski of Fantini & Gorga arranged the refinancing with a major securitization lender for the borrower, a New England-based real estate developer and investor.

July 22, 2015

New York Northeast Retail

Adidas Signs 5,218 SF Retail Lease in Manhattan

by Amy Works July 22, 2015

NEW YORK CITY — SL Green Realty Corp. has inked a 10-year lease with Adidas to occupy retail space at its 115 Spring St. property in Manhattan. The two-level, 5,218-square-foot space will be the new home of Adidas’s Originals boutique. SL Green acquired the retail property in 2014. Jeremy Ezra of RKF represented the tenant, while Ariel Schuster and Ross Berkowitz, also of RKF, represented the landlord in the transaction.

July 22, 2015

Florida Multifamily Southeast

Berkadia Brokers $47M Sale of Multifamily Portfolio in Florida

by John Nelson July 22, 2015

PALM BAY AND MELBOURNE, FLA. — Berkadia has brokered the $47 million sale of a three-property multifamily portfolio in Palm Bay and Melbourne. Agawam, Mass.-based Deancurt Melbourne LLC purchased the portfolio from Denver-based HC II LP for roughly $85,454 per unit. Cole Whitaker, Hal Warren and Jason Stanton of Berkadia brokered the transaction. The three communities include the 112-unit Malabar Lakes in Palm Bay, the 300-unit Grand Oaks at the Lake in Melbourne and the 138-unit Park Village in Melbourne.

July 22, 2015

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