Property Type

Capital One Secures $15.5M Loan for Retirement Community in Tyler

by Haisten Willis March 9, 2015

TYLER, TEXAS — Capital One Bank has provided a $15.5 million loan to finance the acquisition of Meadow Lake, a continuing care retirement community in Tyler. The borrower, a partnership between Evergreen Senior Living Properties LLC, its management affiliates ESLP Management LLC, and RSF Partners, acquired the property through a bankruptcy auction. Located on 95 acres, Meadow Lake opened in 2011 and includes 117 independent living units, 20 assisted living units, 34 memory care units and 30 skilled nursing beds. The facility also includes 20 fully improved lots for the addition of independent living cottages as well as undeveloped land that could accommodate an additional 88 cottages.

March 9, 2015

Restaurant Retail Texas

Baker Katz Acquires 30,000 SF Property in Houston

by Haisten Willis March 9, 2015

HOUSTON — Houston-based Baker Katz has acquired the 30,000-square-foot former Baytown Seafood restaurant in Houston. The property is located at the intersection of I-10 East and Haden Road. Baker Katz plans to demolish the current building and construct an 8,000-square-foot property, which will be available for lease to restaurant and retail tenants.

March 9, 2015

Retail Texas

Hunington Properties Arranges Sale of Shopping Center in Metro Houston

by Haisten Willis March 9, 2015

FRESNO, TEXAS — Hunington Properties has arranged the sale of the Teal Run Plaza, a 14,920-square-foot shopping center. The property is situated on nearly two acres located at 12125 Highway 6 South in Fresno. Rafael Melara with Hunington Properties represented the unnamed seller. Stanley Madumere with Champions Real Estate represented the buyer.

March 9, 2015

Office Texas

NAI Robert Lynn Represents Altair Global in 13,960 SF Expansion in Metro Dallas

by Haisten Willis March 9, 2015

PLANO, TEXAS — NAI Robert Lynn represented Altair Global in a 13,960-square-foot expansion deal for its corporate headquarters. Altair Global is a global assignment and relocation management company offering mobility solutions. Located at 7800 N. Dallas Pkwy. in Plano, the Class A office building allows Altair Global to expand its headquarters’ presence in the area. The office building is in close proximity to the company’s original headquarters building located at 7500 N. Dallas Pkwy. The new office provides access to the Dallas North Tollway and also is a short drive to The Shops at Legacy. Dan Jardine III and Tom Lynn of NAI Robert Lynn represented Altair Global in the transaction.

March 9, 2015

Maryland Multifamily Southeast

CBRE Brokers $71.8M Sale of Apartment Community in Metro D.C.

by John Nelson March 9, 2015

BOWIE, MD. — CBRE has brokered the sale of Meridian at Bowie, a 384-unit multifamily community in Bowie, a Maryland suburb of Washington, D.C. Friedkin Realty Group purchased the apartment community from an undisclosed seller for $71.8 million. Bill Roohan, Mike Muldowney, Andy Boyer, Brian Margerum, Michael Rudolph, Jonathan Greenberg and Martha Hastings of CBRE’s multifamily investment properties team in Washington, D.C., represented the seller in the transaction.

March 9, 2015

Azure Luxury Apartments St. Petersburg Tampa Bay

Florida Multifamily Southeast

Passco Cos. Acquires St. Petersburg Apartment Community for $54M

by John Nelson March 9, 2015

ST. PETERSBURG, FLA. — Passco Cos. LLC has purchased the 308-unit Azure Luxury Apartments, a Class A apartment community located at 540 Trinity Lane in St. Petersburg, a city within the Tampa Bay area. The newly constructed apartment community was 94 percent occupied at the time of sale. The property comprises one-, two- and three-bedroom units with stainless steel appliances, granite countertops and kitchen islands, plank wood flooring, washers and dryers, nine-foot ceilings and private patios and balconies. Azure’s amenity package includes a resort-style pool, fitness center, garages, sports lounge, dog park, outdoor fire pits, car washing stations and electric car charging stations. The seller was undisclosed.

March 9, 2015

Civic Louisiana Southeast

City of New Orleans to Auction 1,786 Adjudicated Properties Online

by John Nelson March 9, 2015

NEW ORLEANS — The city of New Orleans will sell 1,786 adjudicated properties across the city through a new online auction process. The sale will provide winning bidders with full ownership of each property and with guaranteed title insurance. A property is adjudicated to the city when its property taxes have not been paid — becoming delinquent — and the city is unable to sell the property at a tax sale. The city will only auction properties where five years have elapsed from the date of an attempted tax sale. The first online auctions are expected to take place this summer.

March 9, 2015

Florida Loans Retail Southeast

Integra Real Estate Capital Arranges $3M Refinance of Retail Property in Boca Raton

by John Nelson March 9, 2015

BOCA RATON, FLA. — Integra Real Estate Capital has arranged a $3 million refinance of City Plaza, an 11,000-square-foot retail property located in downtown Boca Raton. Igor Goldenberg of Integra arranged the seven-year loan through an unnamed regional balance sheet lender at a fixed interest rate. The recently renovated City Plaza’s tenant roster includes Tendler Orthodontics, Little Caesars Pizza, GK BloDryBar & Salon, The Seed Coffee | Juice and G+O2 Fitness.

March 9, 2015

Charlestowne Townhomes Portsmouth Hampton Roads

Multifamily Southeast Virginia

Growth Equity Group Acquires Townhome Community in Hampton Roads Region

by John Nelson March 9, 2015

PORTSMOUTH, VA. — Growth Equity Group has acquired the Charlestowne Townhomes, a 50-unit townhome rental community located at 1590 Darren Circle in Portsmouth, part of the Hampton Roads region. The property features two- to four-bedroom units ranging from 940 to 1,254 square feet. Charlestowne Townhomes is located near Norfolk Naval Shipyard, Bon Secour’s Medical Center and the Portsmouth Marine Terminals. Growth Equity Group has also recently acquired the 32-unit Midlands Townhomes in Williamsburg, Va., and the 178-unit Timberwoods in Newport News, Va. Terms of the transaction were not disclosed.

March 9, 2015

Market Reports Office Southeast Southeast Market Reports Tennessee

Thriving Economy Fuels New Class A Office Development in Nashville

by John Nelson March 9, 2015

Nashville is now an established growth leader regionally and nationally. The city was a national trailblazer as the U.S. economy recovered from the Great Recession. That head start positioned Nashville to take advantage of broader growth trends and stay ahead of the pack as the remainder of the region and country started to grow again. Moody’s Analytics places Nashville firmly in an expansion phase, with fourth quarter employment growth 330 basis points ahead of the prior year, in-migration driving single-family housing permits up 13 percent last year and accelerating wage growth. Quoting Moody’s, “With the commercial real estate market tightening quickly, the pace of hiring will soon be contingent on how quickly new offices can be built or renovated. Yet there is still a good chance office-using employment could beat expectations, especially after 2016.” Class A buildings continue to dominate growth. Overall absorption for 2014 totaled 666,639 square feet, while Class A absorption was 689,009 square feet. Absorption exceeded construction by over 200,000 square feet, and Class A vacancy dropped from 5 percent at the beginning of the year to 3.5 percent at year-end. Vacancy that low inhibits movement, as is obvious in Brentwood with only 45,000 square feet vacant, …

March 9, 2015

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