Property Type

Pollack Shores Acquires Multifamily Property in South Florida

by John Nelson March 26, 2015

DELRAY BEACH, FLA. — Pollack Shores Real Estate Group has acquired The Vinings at Delray Beach, a 228-unit apartment community in Delray Beach, a town in South Florida. Built in 1996, the apartment community features a resort-style pool, outdoor grills, volleyball court, fitness center and a business center. Pollack Shores plans to upgrade the unit interiors with vinyl-plank wood flooring, granite countertops, new cabinetry, stainless steel appliances and new lighting fixtures. The company also plans to renovate the clubhouse, fitness center and pool area. Pollack Shores purchased the asset for an undisclosed amount from an unnamed institutional investor. Avery Klann of ARA brokered the transaction. Pollack Shores’ management division, Matrix Residential Inc., will manage The Vinings at Delray Beach. The recent purchase brings Pollack Shores’ current Florida portfolio to more than 4,000 units with a total capitalization of over $500 million.

March 26, 2015

Industrial Maryland Southeast

Transwestern Brokers Sale of Two Industrial Assets in Maryland Totaling $23.9M

by John Nelson March 26, 2015

FREDERICK, MD. — Transwestern has brokered the sale of two industrial properties in Frederick totaling $23.9 million on behalf of the seller, Ruppert Properties. Cabot Properties purchased Stanford Trading Center, a four-building, 175,380-square-foot industrial campus, for $15.9 million. Flying Dog Brewery purchased The Brewery Building, a 46,200-square-foot asset located at 4607 Wedgewood Blvd., for $8 million. Flying Dog is the sole occupant of The Brewery Building. Transwestern’s Mark Glagola and Robert Filley, who is now with Marcus & Millichap, brokered the transaction. Bill Meissner of Ruppert Properties worked with the Transwestern team to facilitate the transaction.

March 26, 2015

Industrial Office Texas

NAI Partners Arranges Sale of 15,000SF Office/Warehouse Space in Houston

by Haisten Willis March 26, 2015

HOUSTON — NAI Partners has arranged the sale of a 15,000-square-foot office/warehouse space at 16130 Hollister Road in Houston. Donald C. Smith purchased the property. Darren O’Conor of NAI Partners represented Donald C. Smith, while Robert McGee, Thomas Leger and Chase Cribbs of TNRG represented the seller, Hightower Investments Ltd., in the transaction.

March 26, 2015

Florida Multifamily Southeast

Waterton Associates Purchases Apartment Community in Orlando

by John Nelson March 26, 2015

ORLANDO, FLA. — Waterton Associates LLC has acquired Promenade Crossing, a 212-unit garden-style apartment community located roughly three miles northeast of downtown Orlando. The gated community offers one- to three-bedroom floorplans and borders Baldwin Park, an upscale master-planned community. Promenade Crossing is Waterton’s second acquisition in 2015 and brings the company’s Florida multifamily portfolio to more than 2,300 units.

March 26, 2015

Multifamily Texas

CBRE Arranges Agency Debt, Equity For Acquisition of Two Apartment Complexes in Dallas

by Haisten Willis March 26, 2015

DALLAS — CBRE Capital Markets’ Debt & Structured Finance group in Dallas has arranged acquisition financing for a two-property multifamily portfolio in Dallas. CBRE, working on behalf of CAF Capital Partners, obtained a 10-year Freddie Mac loan coupled with a preferred equity investment by an affiliate of Highland Capital Management LP to finance the property. CBRE also introduced Button Capital as the joint venture equity partner. Originally built in 1996 and 1998, Emory at Horizon North and Ashmore at Horizon North includes 712 units, and fronts The President George Bush Turnpike, west of The Dallas North Tollway. CAF and Button plan to continue current renovations to further capitalize on the north Dallas apartment market. Brian Myers, Jay Wagley, Mike Bryant, Chris Wong and Harry Krieger led CBRE’s debt and structured finance team that originated and secured the financing on behalf of CAF Capital Partners.

March 26, 2015

Restaurant Retail Texas

Cyclone Anaya’s Mexican Kitchen, Nick’s Fish Dive & Oyster Bar to Open in The Woodlands

by Haisten Willis March 26, 2015

THE WOODLANDS, TEXAS — Cyclone Anaya’s Mexican Kitchen and Nick’s Fish Dive & Oyster Bar will open at 20 Waterway Ave. in The Woodlands. Cyclone Anaya’s Mexican Kitchen has leased 4,222 square feet for a Mexican food restaurant with an expected opening date set for the beginning of April. Nick’s Fish Dive & Oyster Bar has leased 3,568 square feet for its new restaurant. Nick’s is anticipated to open in April. The corporate offices of Cyclone Anaya represented the restaurant in the transaction, while AM Restaurant Inc. and Claudia Leonardo represented Nick’s Fish Dive & Oyster Bar. Rip Reynolds of The Howard Hughes Corp., represented The Woodlands Development Co. in both leases.

March 26, 2015

Multifamily Texas

Berkadia Arranges Sale of Multifamily Property in San Antonio

by Haisten Willis March 26, 2015

SAN ANTONIO — Berkadia has arranged the sale of Sun Park Apartments, a multifamily property located in San Antonio. Mike Miller, Chris Ross, Will Caruth and Cody Courtney of Berkadia’s San Antonio office negotiated the sale. Sun Park Apartments was built in 1985 and is located at 1830 Bandera Road. The fully occupied, 334-unit property features studio, one- and two-bedroom units, with amenities including kitchens, pantries, walk-in closets as well as balconies or patios. Select units include two-tone paint, vaulted ceilings and pool views. Community amenities include a swimming pool, spa, barbeque area, clubhouse, playground, fitness center, sports courts, gazebos, carports and controlled-access gates. A private investor from San Diego purchased the property. A private investor from Los Angeles was the seller.

March 26, 2015

California Office Western

Water Garden Office Park in Santa Monica Receives $260M Refinancing

by Nellie Day March 25, 2015

SANTA MONICA, CALIF. — Phase I of Water Garden Office Park, a two-building office complex in Santa Monica, has received a $260-million refinancing. The Class A complex is located at 1620 26th Street. The 12-year, fixed-rate loan was provided by New York Life Real Estate Investors. Stroock & Stroock & Lavan law firm represented the institutional investors, which were advised by J.P. Morgan Asset Management.

March 25, 2015

California Multifamily Western

Bascom, Carlyle Buy Bridgecourt Apartments in Emeryville

by Nellie Day March 25, 2015

SAN FRANCISCO — The Bascom Group and funds managed by Carlyle Realty Partners have acquired the 220-unit Bridgecourt Apartments in the San Francisco Bay submarket of Emeryville for $45.1 million. The community is located at 1325 40th Street. Bridgecourt was built in 1998. It is situated near the headquarters of Pixar Animation Studios. The community also contains five ground-floor retail spaces. The transaction was executed by Stephen Jackson and Mark J. Feldman of Colliers International. Brian Eisendrath, Brandon Smith and Annie Rice of CBRE Capital Markets arranged the $40.6-million loan with California Bank & Trust.

March 25, 2015

Colorado Multifamily Western

Emerson Lofts in Denver Sells for $11.5M

by Nellie Day March 25, 2015

DENVER – The 42-unit Emerson Lofts has sold to an unnamed buyer for $11.5 million. The community is located at 777 Emerson Street. It was built in 2013. Notable area employers include Colorado State University, Denver Health, Denver Water and the Denver Police Department. The sale was executed by John Laratta and Frank Farrell of Berkadia.

March 25, 2015

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