Property Type

Mixed-Use Project Planned for Galleria/Uptown District in Houston

by Haisten Willis April 23, 2015

HOUSTON — Tilman J. Fertitta has broken ground on The Post Oak, a mixed-use, master-planned project in Houston combining hotel, office, residential, retail and restaurant offerings in one tower. The new development will be located in the Galleria and Uptown area along West Loop South, with access from Loop 610, Holly Hurst Street and Hallmark Drive. Rising above the 10-acre mixed-use development will be a 35-story tower with an adjacent ballroom. The 650,000-square-foot tower will accommodate 240 hotel rooms, more than 120,000 square feet of boutique office space and 22 apartment units. Amenities will include a two-story spa and salon, restaurants and retail and over 1,000 parking spaces.

April 23, 2015

Texas Children’s Hospital to Expand With 19-Story Tower

by Haisten Willis April 23, 2015

HOUSTON — Texas Children’s Hospital, in collaboration with FKP Architects, will add a $506 million, 19-story patient tower to its campus as part of a $575 million capital investment. The new tower will sit on top of an existing six-story base adjacent to Texas Children’s Pavilion for Women. FKP’s Houston office will lead planning and design for the project, which is expected to be complete in 2018. Pediatric Tower E will initially offer 129 beds for pediatric and cardiovascular intensive care, along with new operating rooms. It will also be the home of the relocated Texas Children’s Heart Center, including a new outpatient clinic, cardiovascular operating rooms, dedicated cardiology beds and catheterization labs. The Heart Center will move out of the West Tower, making way for additional acute care beds. The project will be funded in part from the Texas Children’s Promise Campaign.

April 23, 2015

Industrial Texas

Transwestern Arranges Sale of Industrial Property in Fort Worth

by Haisten Willis April 23, 2015

FORT WORTH — Transwestern’s Fort Worth office has arranged the sale of Riverbend Center on behalf of Klabzuba Realty LLC. Riverbend Complex LLC purchased the industrial/flex property located at 2301 – 2435 Gravel Drive and 7401 – 7445 Pebble Drive in Fort Worth for an undisclosed price. Steve Rowland, Jeff Givens and Tracy Georges of Transwestern represented the seller, Klabzuba. The 188,355-square-foot, four-building property was 90 percent leased at the time of sale. Riverbend Center includes 5,000 square feet of excess land for potential additional parking. Todd Lambeth of Colliers International represented Riverbend Complex in the transaction.

April 23, 2015

Retail Texas

HFF Brokers Sale of Power Center in Metro Houston

by Haisten Willis April 23, 2015

KATY, TEXAS — HFF has brokered the sale of Green Tree Shopping Center, a 147,658-square-foot, 99 percent leased power center in Katy. HFF arranged the sale of the property on behalf of the seller, a tenants-in-common ownership group managed by Joseph and Henry Mandelbaum of RealTax Inc. Inland American Real Estate Trust Inc. purchased the asset for an undisclosed amount. Tenants include TJ Maxx, PetSmart, Office Depot, Party City, Five Below, Ulta Salon, Famous Footwear, Mattress Firm, Bath & Body Works, GNC and Castle Dental. Target and Randall’s shadow-anchor the center. Renovated in 2004, the Green Tree Shopping Center spans 21.6 acres at 231-515 South Fry Road in Katy, a suburb west of Houston. Ryan West, Rusty Tamlyn, Matt Berry and Robbie Kilcrease led the HFF investment sales team representing the seller.

April 23, 2015

Retail Texas

M&M Arranges Sale of Retail Development Land Site in Metro Houston

by Haisten Willis April 23, 2015

MAGNOLIA, TEXAS — Marcus & Millichap has arranged the sale of a five-acre development site at FM 1488 and Carriage Hills located in Magnolia. Derek Hargrove of Marcus & Millichap’s Houston office handled the acquisition on behalf of the buyer, The Marcel Group. The buyer will begin construction of a new mixed-use development during the second quarter. Based in The Woodlands, The Marcel Group has developed and sold over 1 million square feet of retail and office projects.

April 23, 2015

Multifamily New York Northeast

Mill Creek Tops Out 275-Unit Modera Mineola in New York, Launches Leasing

by Amy Works April 23, 2015

MINEOLA, N.Y. — Mill Creek Residential has completed vertical construction for Modera Mineola, a 275-unit apartment community located two blocks from the Mineola Long Island Rail Road transit center in Mineola. The property will feature a mix of studio, one- and two-bedroom units with wood plank-style flooring, wall-to-wall carpeting in the bedrooms, spa-like bathrooms with quartz countertops and under-mounted sinks, gourmet kitchens, stainless steel appliances, walk-in closets and full-size washers and dryers. Community amenities will include a clubroom, 24-hour fitness center, yoga room, business center, swimming pool with sundeck, outdoor kitchens with grills, a bocce court, and an outdoor fireplace. Online leasing for the property has started and move-in is expected for August.

April 23, 2015

Multifamily New Jersey Northeast

BNE Real Estate Group Opens The Hillside Club in Livingston, N.J.

by Amy Works April 23, 2015

LIVINGSTON, N.J. — BNE Real Estate Group has opened The Hillside Club, a luxury apartment community located in Livingston. Located at 1000 Murray Court, The Hillside Club features one- and two-bedroom layouts, with limited den and loft options, starting at $2,195 per month. The apartment, ranging in size from 791 to 1,831 square feet, feature hardwood floors in the living areas, carpeted bedrooms, nine-foot ceilings, oversized windows, in-unit washer/dryers and chef-inspired kitchens. Community amenities include a clubhouse, fitness studio, heated outdoor pool, complimentary WiFi and a residents’ lounge with billiards, fireplace, kitchenette and lounge seating. The property is managed by BNE Management Group.

April 23, 2015

New Jersey Northeast Office

NAI Mertz Brokers Three Transactions in Cherry Hill’s Golden Triangle

by Amy Works April 23, 2015

CHERRY HILL, N.J. — NAI Mertz has brokered three transactions in Cherry Hill. In the first transaction, Byrn Mawr Investments purchased a 28,000-square-foot office building, located at 706 Haddonfield Road, from Multiple Sclerosis Association of America for an undisclosed price. The buyer plans to redevelop the property into retail use by demolishing a portion of the building and converting it into parking spaces. Jeff Sloan of NAI Mertz negotiated the transaction. Sloan also represented Multiple Sclerosis Association of America in the acquisition of a 14,400-square-foot office building located at 375 N. Kings Highway. The seller was 375 NKH LLC. In the third deal, SportsArena Employees 137 Welfare Fund sold a two-story 11,683-square-foot office building, located at 1012 Haddonfield Road, to Several Properties and First American Exchange. Marc Cutler and John Brown of NAI Mertz were the sole brokers in the transaction. The prices for the transactions were not released.

April 23, 2015

New Jersey Northeast Retail

60,000 SF ShopRite Slated to Open in Wallington, N.J.

by Amy Works April 23, 2015

WALLINGTON, N.J. — Inserra Supermarkets is opening ShopRite of Wallington within Wallington Plaza Shopping Center in Wallington. Located at 375 Paterson Ave., the 60,000-square-foot supermarket will feature ShopRite from Home (online ordering with home delivery), free nutrition and wellness programming, full-service catering, a pharmacy and a liquor store. The store is slated to open in May.

April 23, 2015

Georgia Loans Multifamily Southeast

Walker & Dunlop Arranges $43.6M Acquisition Loan for Apartment Community in Atlanta

by John Nelson April 23, 2015

ATLANTA — Walker & Dunlop Inc. has structured a $43.6 million acquisition loan for Solace of Peachtree, an apartment community located in Midtown Atlanta. Built in 1952 and renovated in 2009, the property includes a fitness center, underground parking garage, meeting rooms, business center, laundry facility and 34,628 square feet of retail space and vacant office space. The property’s retail tenant roster includes Baraonda Restaurant, Quizno’s and Scandinavian House Grocery Store. The borrower, Atlanta-based Cocke Finkelstein Inc. (CFI), and its affiliated management company CFLane plan to occupy the vacant office space. Will Baker led Walker & Dunlop’s team to structure the 10-year, fixed-rate acquisition loan through Freddie Mac on behalf of CFI. The loan features five years of interest-only payments and 80 percent loan-to-value. Walker & Dunlop teamed up with Michael Ryan and Jeff Walker of Cushman & Wakefield to structure the loan.

April 23, 2015

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