Property Type

Newk’s Eatery to Open 10 New Locations in Metro Houston

by Haisten Willis May 18, 2015

HOUSTON — Newk’s Eatery, a fast-casual restaurant, has reached a development agreement with New Orleans-based Southeast Restaurant Group (SRG), founded by Elie Khoury, to open 10 new Newk’s locations in metro Houston. With the agreement, SRG becomes Newk’s largest franchisee. SRG is currently a franchisee of TGI Fridays and Chevys Fresh Mex, operating restaurants in Texas, Arkansas, Mississippi, Louisiana, Alabama, Tennessee and Florida. It also operates its own concepts, including a Mediterranean-style restaurant in the Miami area, a Creole-inspired restaurant in New Orleans and The Round House Bar & Grill, located in the Holiday Inn hotels owned by its affiliate, KFK Group. Newk’s will open nearly 30 new company-owned and franchised locations during 2015, with plans to reach 200 total units by 2018.

May 18, 2015

Office Texas

Archway Breaks Ground on Wildwood Corporate Centre II in Houston

by Haisten Willis May 18, 2015

HOUSTON — Developer Archway Properties broke ground on Wildwood Corporate Centre II, the second phase of the corporate campus for GeoSouthern Energy, on May 7. Kirksey designed Wildwood I and II with EE Reed as general contractor. Sitting adjacent to Wildwood Corporate Centre I, Corporate Centre II consists of an eight-story, 218,000-square-foot office tower; a five-level, 780-car parking garage; and a two-story, 10,000-square-foot fitness facility. Wildwood Corporate Centre II is seeking LEED Silver certification, and the project is expected to be complete in August 2016.

May 18, 2015

Multifamily Texas

Greysteel Arranges Sale of Apartment Complex in Metro Dallas

by Haisten Willis May 18, 2015

ARLINGTON, TEXAS — The Greysteel Co. has arranged the sale of West Village, a 66-unit apartment complex located at 300-310 W. Pioneer Parkway in Arlington. Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss of Greysteel served as advisor and agent to Westside Village LP in the sale of West Village to Alpine Heritage Group LLC.

May 18, 2015

Office Texas

Hartman Acquires Office Property in Dallas

by Haisten Willis May 18, 2015

DALLAS — Hartman Hillcrest LLC, an affiliate of Hartman Short Term Income Properties XX (Hartman XX), has purchased the Commerce Plaza Hillcrest office property in Dallas. Commerce Plaza Hillcrest is a 203,688-square-foot, nine-building office complex located on Lyndon B. Johnson Freeway (IH-635) and Hillcrest Road. The property sits on 10 acres and is 74 percent leased to 95 tenants. The property primarily caters to smaller community tenants. Tenants include Signature Medical Imaging (14,410 square feet) and Playworks (5,408 square feet).

May 18, 2015

Multifamily Texas

M&M Arranges Sale of 16-Unit Apartment Building in Dallas

by Haisten Willis May 18, 2015

DALLAS — Marcus & Millichap has arranged the sale of 5905 Victor Street, a 16-unit apartment property located in Dallas. Stephen Crittenden, William Jarnagin and Michael Ware of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Crittenden, Jarnagin and Ware also procured the buyer, a local investor. The buyer acquired the property as part of a 1031 exchange with an asset in Austin. Prior to marketing the asset, the seller renovated the interiors of 40 percent of the units and then capitalized on the investment through significant rental rate increases.

May 18, 2015

Florida Loans Retail Southeast

CIT Group Provides $41M in Refinancing for Shopping Center in Palm Beach Gardens

by John Nelson May 18, 2015

PALM BEACH GARDENS, FLA. — CIT Group Inc.’s subsidiary CIT Real Estate Finance has provided a $41 million secured credit facility to refinance PGA Plaza Shopping Center in Palm Beach Gardens. The shopping center is anchored by Trader Joe’s and Ulta Beauty. CIT provided the loan through CIT Bank on behalf of the borrower, Menin Development. In November 2013, CIT provided $26 million in financing to a joint venture headed by Menin Development to support PGA Plaza’s renovation, which included adding 5,646 square feet of retail space, a redesigned façade, upgraded parking lot, landscaping, site lighting and updated signage.

May 18, 2015

Loans Multifamily North Carolina Southeast

CBRE Arranges $29.3M in Construction, Mezzanine Financing for Raleigh Multifamily Community

by John Nelson May 18, 2015

RALEIGH, N.C. — CBRE has secured $29.3 million in construction and mezzanine financing for the development of The Dartmouth, a 171-unit, mid-rise apartment community located at 104 Dartmouth Road in Raleigh. Located in Raleigh’s Park District at North Hills, the community will feature five levels of apartment residences atop a two-level parking garage. The first units are slated for a third quarter 2016 delivery. Mark Fisher and Alex Furnary of CBRE’s Midtown Manhattan office arranged the loans on behalf of Kane Realty Corp., the project’s developer. CBRE arranged the $24.5 million construction loan through SunTrust Bank and the $4.8 million mezzanine loan through Federal Capital Partners.

May 18, 2015

Florida Loans Retail Southeast

CIBC Provides $20.9M CMBS Loan for Shopping Center in South Florida

by John Nelson May 18, 2015

SUNRISE, FLA. — The Canadian Imperial Bank of Commerce (CIBC) has provided a $20.9 million CMBS loan to refinance Sawgrass Landings, a 64,500-square-foot shopping center in the Broward County city of Sunrise. The retail center’s tenant roster includes LA Fitness, Starbucks Coffee and FedEx Office. The mall is shadow anchored by Sawgrass Mills Mall. Steven Weiss, Romano Tio and Marc Sznajderman of RM Capital arranged the 10-year, fixed-rate loan on behalf of the borrower, Trikon Sunrise LLC, which is managed by Jon Samuel. The loan features four years of interest-only payments.

May 18, 2015

Florida Retail Southeast

May Realty Advisors Brokers Sales of Two Petco Stores in Florida to Foreign Investors

by John Nelson May 18, 2015

PLANTATION AND PEMBROKE PINES, FLA. — May Realty Advisors has brokered the sale of two net leased Petco stores in Plantation and Pembroke Pines to investors based in Venezuela and Portugal. Matthew May and Richard Huelsman of May Realty represented a U.S.- and Columbian-based family office in the sale of the two stores, which both had roughly four years remaining on their initial lease. The store at 12251 Pines Blvd. in Pembroke Pines sold for $5.9 million and the store at 8111 W. Broward Blvd. in Plantation sold for $7 million. The buyers purchased the assets in all cash. Alexandria Escudero of Miami-based Fortune Realty represented both buyers in the two transactions.

May 18, 2015

Home2 Suites by Hilton Lexington University/Medical Center

Hospitality Kentucky Southeast

Home2 Suites by Hilton Opens First Hotel in Kentucky

by John Nelson May 18, 2015

LEXINGTON, KY. — Hilton Worldwide has opened its first Home2 Suites by Hilton in Kentucky and its 53rd overall of the brand. The 103-room hotel, known as Home2 Suites by Hilton Lexington University/Medical Center, is located at 126 E. Lowry Lane and within three miles of downtown Lexington, area hospitals and the University of Kentucky. The hotel’s owner, Cohen Realty Inc., developed the hotel and has tapped Vista Host Inc. to manage it. The hotel features an indoor saline pool and an outdoor patio, as well as some of the brand’s trademark amenities such as the Oasis lobby, the Home2 MKT for grab-and-go items, the Spin2 Cycle (a combined laundry and fitness area) and complimentary continental breakfast at the “Inspired Table.”

May 18, 2015

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