Property Type

HFF Arranges Sale, Secures Financing for Westin Dallas Park Central Hotel

by Haisten Willis March 25, 2015

DALLAS — HFF has arranged the sale of and secured acquisition financing for the Westin Dallas Park Central, a 536-key hotel in central Dallas. HFF marketed the property on behalf of the seller, a joint venture between FelCor Lodging Trust Inc. and Starwood Hotels & Resorts Worldwide Inc. A partnership between Building and Land Technology and AWH Partners LLC purchased the offering. Additionally, working on behalf of the buyers, HFF secured floating-rate financing for the acquisition and renovation of the property. The 20-story hotel is situated on 3.6 acres at 12720 Merit Drive within the Park Central mixed-use development, which includes three LEED Gold-certified office towers and more than 845,000 square feet of Class A office space. The Westin-branded hotel features 42,000 square feet of flexible indoor function space that includes a 15,050-square-foot grand ballroom, 5,745-square-foot penthouse venue, Café on the Park restaurant, a gym, 24-hour business center, heated rooftop pool and sundeck. Brian Carlton led the HFF debt placement team representing the buyer.

March 25, 2015

@properties Commercial Arranges Lease for Gyu-Kaku Restaurant in Chicago

by Danielle Everson March 25, 2015

CHICAGO — Tokyo-based restaurant chain Gyu-Kaku will open its second Chicago location after signing a 10-year lease for 2,800 square feet at 1364 W. Randolph St. in the West Loop. Lee Ffrench of @properties Commercial represented Gyu-Kaku in the transaction. Elan Rasansky of RKF represented the landlord, Harrison Jones. The Japanese barbecue restaurant has more than 700 locations worldwide, including more than two-dozen in North America. In 2011, the company opened its first Chicago location at 210 E. Ohio St., just off the Magnificent Mile. Gyu Kaku’s new location is at the northeast corner of Randolph and Ada Streets, in an area of the West Loop known as Restaurant Row.

March 25, 2015

Retail Texas

Baceline Buys Dakota Plaza Retail Center in Austin, Texas

by Haisten Willis March 25, 2015

AUSTIN, TEXAS — Baceline Investments LLC, a private equity real estate investment and management company, has acquired Dakota Plaza, a retail center in Austin. Baceline purchased Dakota Plaza, a 21,700-square-foot retail center constructed in 2006, from Colorado-based Western Dakota LLC. Located at 8516 Anderson Mill Road, Dakota Plaza serves as the only neighborhood shopping center in the immediate area.

March 25, 2015

Office Texas

DTZ Arranges Office Lease in Metro Dallas

by Haisten Willis March 25, 2015

FRISCO, TEXAS — Paycor Inc. has signed a new, 11,878-square-foot lease at 3001 Dallas Pkwy in the Hall Office Park development in Frisco. Craig Wilson and Travis Boothe of DTZ, an international commercial real estate services firm, handled lease negotiations on behalf of Paycor.

March 25, 2015

Hospitality Texas

First Haven Hotel to Open in Metro Dallas

by Haisten Willis March 25, 2015

DUNCANVILLE, TEXAS — Hospitality Lodging Systems (HLS) has signed an agreement with RevMax Management of Carrollton, Texas to open Haven Hotel in the Dallas suburb of Duncanville. The two-floor property, which is set to open April 1, features 123 rooms, including six suites. Amenities at the property include an outdoor pool, 24-hour fitness center, onsite restaurant and a 6,000-square-foot ballroom with another 700 square feet of meeting room space. The Haven brand was introduced in December as a “soft” companion to HLS’s Budgetel brand. The hotel, formerly a Ramada Inn, is located along I-20. It is 12 miles from downtown Dallas and midway between DFW International Airport and Love Field. HLS, which currently manages a system of 22 Budgetel properties, expects to double its portfolio within six months.

March 25, 2015

Florida Office Southeast

Feldman Equities, Tower Realty Partners Reacquire Stake in Wells Fargo Center in Tampa

by John Nelson March 25, 2015

TAMPA, FLA. — Feldman Equities LLC and Tower Realty Partners have reacquired an interest in Wells Fargo Center, a 22-story, 390,000-square-foot office tower located in downtown Tampa. The two firms purchased the equity position in a joint venture partnership with an institutional investor that purchased the building in 2014. Feldman Equities and Tower Realty originally acquired Wells Fargo Center at the end of 2012 in a joint venture partnership with another institutional investor. As part of the agreement, Tower Realty Partners will retain management responsibilities with Feldman Equities providing leasing oversight. Jeff Lanning and Brian Breeding of Cushman & Wakefield have been retained to represent the ownership group in leasing the building. Current tenants include Wells Fargo & Co., Phelps Dunbar and UBS.

March 25, 2015

Concourse Building One Copley Way Morrisville

North Carolina Office Southeast

TradeMark Properties Brokers $16.5M Sale of Metro Raleigh Office Building

by John Nelson March 25, 2015

MORRISVILLE, N.C. — TradeMark Properties has brokered the $16.5 million sale of the Concourse Building, a 131,553-square-foot office building located at One Copley Way in Morrisville, roughly 14 miles west of Raleigh. Fred Dickens of TradeMark represented the undisclosed seller in the off-market transaction. The buyer, Virginia Beach-based Continental Capital Partners, has retained TradeMark to lease the Class A property.

March 25, 2015

Florida Hospitality Loans Southeast

Meridian Capital Group Arranges Financing for DoubleTree Hotel in Orlando

by John Nelson March 25, 2015

ORLANDO, FLA. — Meridian Capital Group has arranged permanent financing for the recapitalization of the DoubleTree by Hilton Orlando Downtown in Orlando. The 342-room hotel is located at 60 S. Ivanhoe Blvd. Tal Bar-Or of Meridian’s New York City office arranged the balance sheet loan on behalf of the borrower, Glenmont Capital Management LLC.

March 25, 2015

Georgia Retail Southeast

GBT Realty Acquires Retail Site in Metro Atlanta for $1.7M

by John Nelson March 25, 2015

MARIETTA, GA. — GBT Realty Corp. has purchased a 1.7-acre retail site at the intersection of Roswell Road and East Cobb Drive in the East Cobb district of Marietta, a suburb of Atlanta. GBT Realty acquired the site, which currently houses a 10,240-square-foot Chuck E. Cheese’s, from Empress Theatres Inc. for $1.7 million. The site is located across East Cobb Drive from an LA Fitness-anchored shopping center and across Roswell Road from a Dick’s Sporting Goods-anchored shopping center. Other nearby retailers include Trader Joe’s, Whole Foods and Target. GBT Realty plans to begin demolition of the Chuck E. Cheese’s this spring.

March 25, 2015

California Multifamily Western

LA Multifamily Portfolio Sells for $13M

by Nellie Day March 24, 2015

LOS ANGELES – A pair of multifamily properties in Los Angeles has sold to local investors for a total of $13 million. The acquisition includes the 44-unit Parc Regency Apartments in the Canoga Park submarket and the 23-unit VUE Apartments in Koreatown. The properties are located at 7500 Mason Ave. and 700 S. Berendo Street, respectively. The seller, Mason & Berendo Parc Regency Apartments Associates LLC, was represented by Darin Beebower of Madison Partners.

March 24, 2015

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