AUSTIN, TEXAS — KeyBank Real Estate Capital has secured a $27.9 million Freddie Mac loan for Renaissance at North Bend, an apartment complex located in Austin. The 366-unit, garden-style apartment community was built in 1999. Alex Buecking of KeyBank’s commercial mortgage group arranged the financing, which was used to pay off an existing Fannie Mae Loan scheduled to mature in 2017.
HOUSTON — HFF has arranged the sale of Copperfield Village Shopping Center, a 165,293-square-foot, dual-anchored retail center in northwest Houston. HFF arranged the sale of the property on behalf of the seller, Copperfield Village Investors LP. Kimco Realty Corp. purchased the asset for an undisclosed amount and assumed an existing loan. Copperfield Village Shopping Center is situated on 16.4 acres at 7081 State Highway 6 N. The property is located in the Copperfield master-planned community and is 92 percent leased to anchors Sprouts Farmers Market and Ross Dress for Less, in addition to tenants Goody Goody Liquor, Dollar Tree, Five Below, Panera Bread and Leslie’s Pool. Rusty Tamlyn, Ryan West, Matt Berry and Robbie Kilcrease led the HFF investment sales team in representing the seller.
CEDAR HILL, TEXAS — Trademark Property Co., the operating partner for Uptown Village at Cedar Hill, has announced a multi-million dollar renovation of the 610,000-square-foot shopping center. The renovation includes a rebrand, enhanced entrances, upgraded landscaping, common area improvements, a new children’s play area, new amenities for adults and children and new signage throughout the property. After acquiring a minority interest in Uptown Village at Cedar Hill in the summer of 2014, Trademark conducted market research with research firm Alexander Babbage to gather information about the center’s shoppers, including demographics, trade area and what customers wanted. Uptown Village at Cedar Hill currently includes 350,000 square feet of specialty stores and restaurants, as well as 31,000 square feet of office space. The center has more than 65 tenants including Charming Charlie, Chico’s, Hollister, James Avery, Old Navy, Papaya, The Children’s Place and Victoria’s Secret. The anchor retailers are Barnes & Noble, Dillard’s and Dick’s Sporting Goods.
HOUSTON — NAI Partners represented Stag Industrial Holdings LLC in the acquisition of a 185,000-square-foot manufacturing building located on 16.8 acres at 1020 Rankin Road in Houston. STAG Industrial is a real estate company focused on the acquisition, ownership and management of single-tenant industrial properties. John Ferruzzo and Clay Pritchett of NAI Partners represented the buyer, STAG Industrial, while Bill Rudolf and Gray Gilbert of CBRE represented the seller, Texas Best Land LP, in the transaction.
ROYAL OAK, MICH. — Construction has begun on a new proton therapy center at Beaumont Hospital’s Cancer Institute in Royal Oak, a northern suburb of Detroit. Proton therapy is a newer, high-tech alternative to treating certain types of cancer. The $40 million project will be the first single-room proton treatment center of its kind in Michigan. Upon completion, the two-story proton therapy building will be 25,200 square feet, including a basement. The first floor will house the Proton Therapy Center. The 10,000-square-foot space will include a cyclotron that produces the proton beams and a single-room treatment area. The first patients will undergo treatment at the proton therapy center in the spring of 2017. The 8,000-square-foot second floor will house the pediatric oncology and hematology program at Beaumont Children’s Hospital. Along with hundreds of construction jobs, the new proton therapy center will create at least 30 clinical positions at Beaumont. The hospital is developing the project in cooperation with Proton International, an Atlanta-based proton therapy development group with expertise in all phases of proton therapy development and operations.
INDIANAPOLIS, FORT WAYNE AND LAFAYETTE, IND. — Dunkin’ Donuts has signed multi-unit store development agreements with two existing franchise groups to build 46 restaurants in Indiana over the next several years. Existing franchise group Kings Point Ventures plans to develop 38 Dunkin’ Donuts restaurants in Indianapolis and Fort Wayne, 10 of which will be located outside of the major metropolitan area. The group currently operates more than 70 Dunkin’ Donuts restaurants in several states. Existing franchisee Bud Patel plans to develop eight Dunkin’ Donuts locations in Lafayette and Indianapolis. Three of these new restaurants will be located in smaller towns and communities outside Lafayette and Indianapolis. Patel currently operates more than 20 Dunkin’ Donuts restaurants in the metro Chicago area and Davenport, Iowa. Jay Punukollu, Patel’s partner, will be responsible for overseeing the daily restaurant operations in Lafayette. The duo’s first restaurant is planned to open in 2016, and the remainder by 2019. Currently, there are nearly 30 Dunkin’ Donuts restaurants located throughout Indiana, and the company is continuing to recruit franchisees in the cities of Evansville and Terre Haute.
DULUTH, MINN. — Dougherty Funding has arranged an $18.5 million construction loan for Pier B hotel in Duluth. The 140-room full-service waterfront hotel will be located in the Canal Park area. The site includes four 90-by-90 foot cement silos that are nearly 100 years old that will provide an iconic image for the development. The hotel complex will include a spa, banquet center, a pool overlooking Duluth’s harbor, and outdoor patios near bars and restaurants. Dougherty Funding served as the lead lender and servicer for the loan, which was arranged for the borrower, Pier B Holding LLC.
ELGIN, ILL. — Zilber Property Group has sold a 110,000-square-foot industrial facility in Elgin to Bucher Hydraulics. The property is located at 2545 – 2555 Northwest Parkway. The facility includes 24-foot clear ceiling heights. Adam Marshall of Newmark Grubb Knight Frank represented Bucher Hydraulics in the sale. Joe Bronson of NAI Hiffman represented Zilber Property Group.
BOLINGBROOK, ILL. — Iris Construction Services (ICS) has completed a 35,000-square-foot expansion for an industrial warehouse in Bolingbrook. BC Foods occupies the warehouse space located at 485 Crossroads Parkway. Renovations included the addition of a new demising wall, drive-in door, lighting and other general improvements. This is the third project ICS has completed for BC Foods at the facility.
Everyone is buzzing about the significant amount of speculative construction all over Texas. For the first time since 2008, San Antonio’s office construction is picking up the pace with 928,395 square feet of speculative development underway. Local developers with conservative land positions are taking the lead on all of these developments as they respond to an increasing need for relevant office building options for corporate firms—something San Antonio has not had since 2009, when Concord Park II, Overlook at the Rim, Plaza Las Campanas and others were delivered. Both the Far North Central and Northwest submarkets have witnessed the bulk of recent absorption activity, offering newer, more efficient office options near the more modern residential subdivisions and retail developments. The Northwest submarket also accounts for one-third of San Antonio’s total rentable building area for office space. As of Q4 2014, the Northwest submarket absorbed 342,927 square feet, while the North Central submarket absorbed 312,856 square feet. Two great examples of success in these submarkets are WestRidge One at La Cantera (completed in Q4 2014) and Éilan Buildings I and II (completed in Q1 2011). These two projects are responsible for 253,976 square feet of absorption in the past two years …
