Property Type

MCR Development Completes Renovation of Houston Hotel

by Haisten Willis March 3, 2015

HOUSTON — MCR Development LLC has completed a renovation of the TownePlace Suites by Marriott Houston Intercontinental Airport, a 134-suite extended stay hotel located at 4015 Interwood N. Pkwy in Houston. A communal table with power outlets and USB ports was installed in the lobby for guests to charge their mobile devices, and the front desk was revamped to better serve guests’ needs. Additionally, the marketplace was redesigned and the fitness center now features all-new exercise equipment including free weights, elliptical machines, stationary bicycles and treadmills with personal TVs. All guest suites feature separate living and sleeping areas, fully equipped kitchens and 32-inch TVs. Hotel amenities include an outdoor swimming pool, a jogging and fitness trail, a grilling pavilion and free high speed internet.

March 3, 2015

Victory Park Adds Five New Retail Tenants in Dallas

by Haisten Willis March 3, 2015

DALLAS — Five new restaurant and retail additions have been made at Victory Park, the first wave of retail announcements in the Dallas district’s redevelopment. The new tenants bring more than 10,500 square feet of added retail, restaurant and service-related businesses to the district, which is being developed by Trademark Property Co. The new tenants include; BuzzBrews, a 4,612-square-foot restaurant opening its fourth Dallas location in the fall of 2015; Jimmy John’s, a 1,767-square-foot restaurant slated to open in spring 2015 at 2416 Victory Park Lane; Victory Park CrossFit, a 2,523-square-foot fitness center scheduled to open in spring 2015 at 2312 Victory Park Lane; Read Between the Lines, a 1,164-square-foot stationary store now open at 2412 Victory Park Lane; and Simply Elegant, a 474-square-foot floral design store now open at 2424 Victory Park Lane. In addition to these new tenants, Victory Park features more than 165,000 square feet of retail, restaurant and entertainment space. In addition, the district includes 621,000 square feet of Class A office space, the 252-room W Dallas – Victory Hotel, and more than 1,700 residential units.

March 3, 2015

Illinois Midwest Office

Panasonic Signs 48,813 SF Lease at Continental Towers in Rolling Meadows, Ill.

by Danielle Everson March 3, 2015

ROLLING MEADOWS, ILL. — Panasonic Corp. of North America has signed a long-term lease for 48,813 square feet at Continental Towers in Rolling Meadows. The office, which moves from 5201 Tollview Road in Rolling Meadows, will serve as the consumer electronics company’s Midwest regional headquarters. It will take the entire 11th and 12th floors of Tower 3 when the lease begins in June 2015. Continental Towers is a 911,341-square-foot, three-tower office complex. Amenities include a 30,000-square-foot, full-service fitness center, a conference/training facility and a Foodbarz deli. The buildings is situated on a 34-acre corporate campus which is visible along I-90. Mitch Loveman and Kevin Duckler of Newmark Grubb Knight Frank represented Panasonic in the transaction. GlenStar Properties’ Dave Trumpy and Bill Debb represented ownership.

March 3, 2015

Office Texas

SmartVault Corp. Expands to 7,412 SF in Houston

by Haisten Willis March 3, 2015

HOUSTON — Boxer Property has arranged a lease for SmartVault Corp., a provider of software as a service online document storage and secure file sharing solutions. SmartVault will occupy 7,412 square feet of office space at 720 N. Post Oak Road in Houston. Ashley Myers negotiated the lease on behalf of Boxer Property. The six-floor office building is located north of Uptown Park shopping center and is near the Marque Center and Metro Busline. The building offers a common area conference room, on-site deli with free WiFi, a parking garage and 24-hour key card access.

March 3, 2015

Multifamily Texas

M&M Arranges Sale of 600-Unit Apartment Complex in Dallas

by Haisten Willis March 3, 2015

DALLAS — M&M has arranged the sale of Mandalay Palms, a 600-unit apartment property in Dallas. Al Silva of Marcus & Millichap’s National Multi Housing Group in Fort Worth marketed the property on behalf of the seller, an El Paso-based investment company. Silva also secured the buyer, a local partnership. Brian Adams of Institutional Property Advisors arranged financing. Mandalay Palms was built on more than 25 acres in 1985. The property is located at 7501 Chesterfield Drive in Dallas and has access to I-20 and U.S. Highway 67. Apartments feature vaulted ceilings, walk-in closets, patios or balconies and fully equipped kitchens with pantries. Most units also have washer and dryer connections. Community amenities include two swimming pools, onsite laundry facilities and a clubhouse.

March 3, 2015

Loans Midwest Minnesota Retail

Grandbridge Arranges $5.5M in Refinancing for Retail Property in Sartell, Minn.

by Danielle Everson March 3, 2015

SARTELL, MINN. — Grandbridge Real Estate Capital has arranged a $5.5 million loan to refinance a 62,000-square-foot retail property in Sartell. Tony Carlson of Grandbridge’s Minneapolis-based office originated the 11-year loan, which includes a 25-year amortization schedule. A life insurance company provided funding for the loan. The undisclosed borrower will use the loan to pay off existing debt.

March 3, 2015

Multifamily Texas

ARA Brokers Sale of 195-Unit Apartment Community Near Downtown Austin

by Haisten Willis March 3, 2015

AUSTIN, TEXAS — ARA has brokered the sale of Platinum Southside, a 195-unit apartment community located in Austin. Patton Jones of ARA represented the seller, New York-based Clarion Partners, in the transaction. FrontRange Capital Partners, a Denver-based private equity firm, was the buyer. Built in 2009, Platinum Southside is located in the South Central submarket. Units average 934 square feet and include nine-foot ceilings. Amenities include a clubhouse with leasing center, cyber cafe with WiFi, billiards, business center, beverage bar and a pool with grilling stations and picnic areas. Platinum Southside is located in south Austin. The property is located near U.S. Highway 290, U.S. Highway 71 and MoPac Expressway. The property was 95 percent occupied at the time of sale.

March 3, 2015

Industrial Loans New Jersey Northeast

HFF Closes Sale, Secures Financing for New Jersey Industrial Facility

by Amy Works March 3, 2015

EDISON, N.J. — HFF has brokered the sale of an industrial facility located at One Truman Drive South in Edison. IC/L-A One Truman Drive LLC, wholly owned by affiliates of Lubert-Adler Partners, sold the 369,313-square-foot property to Cohen Asset Management Inc. and institutional investors advised by J.P. Morgan Asset Management – Global Real Assets. In addition to marketing the property on behalf of the seller, HFF arranged a fixed-rate acquisition loan through Principal Real Estate Investors for the buyers. Michael Nachamkin, Jose Cruz and Robert Borny of HFF represented the seller in the transaction. Jon Mikula and Michael Klein, also of HFF, secured the financing for the purchaser.

March 3, 2015

Multifamily New Jersey Northeast

Woodmont Properties Breaks Ground on Apartment Community in New Jersey

by Amy Works March 3, 2015

MORRIS COUNTY, N.J. — Woodmont Properties has broken ground for the construction of Woodmont West at Mount Arlington, an apartment community in Morris County. Situated on 55 acres, the community will feature 300 one- and two-bedroom residences, a clubhouse, a fitness center, a game room, a swimming pool and whirlpool, a barbeque area, walking paths, a sports court, a library, a business center, a party room, a theater, a pet grooming center, private garages and an indoor golf center with a driving range and putting green. The community is slated to open in January 2016.

March 3, 2015

New York Northeast Office

Savanna Sells 72,000 SF Manhattan Office Building to Real Estate Equities Corp.

by Amy Works March 3, 2015

NEW YORK CITY — Savanna has completed the disposition of 576 Fifth Avenue, a boutique office and retail building in Manhattan. Real Estate Equities Corp. acquired the 72,000-square-foot asset for an undisclosed price. Situated on the corner of Fifth Avenue and 47th Street, the property features a jewelry exchange on the ground floor and offices on the upper floors. Yoron Cohen, Richard Baxter, John Caplan, Scott Latham and Jason Gold of Jones Lang LaSallle represented Savanna in the transaction.

March 3, 2015

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