Property Type

Stream Realty Partners Breaks Ground on Office Development in Dallas

by Haisten Willis February 5, 2015

DALLAS — Stream Realty Partners has broken ground on the first phase of its latest office development, Connection Park. Situated at the intersection of Freeport Parkway and LBJ Freeway, Connection Park will include at least 301,000 square feet of office space across two buildings. Stream is partnering with Alex Brown Realty on the project. Dallas-based American Bank of Texas is providing construction financing. Located on 18.3 acres of real estate fronting LBJ Freeway, Phase I of the Connection Park campus includes a 3.5-story building and 141,219 square feet of Class A office space. The top floor will feature a patio-ready rooftop, which tenants can convert to an indoor/outdoor cafe or executive amenity. Design firm Powers Brown is the project’s architect and EMJ Corp. is the general contractor for Phase I. Construction on the 160,000-square-foot second phase of Connection Park will begin later this year.

February 5, 2015

BMC Capital Provides $2.8M Loan for Apartment Complex in San Antonio

by Haisten Willis February 5, 2015

SAN ANTONIO — BMC Capital’s Austin office has arranged a $2.8 million refinancing loan for a multifamily property located in San Antonio. The non-recourse bridge loan includes a 60 percent loan-to-value ratio, a three-year fixed rate of 6 percent with full-term interest-only payments. The loan was arranged through one of BMC Capital’s correspondent banking relationships and closed in less than 30 days.

February 5, 2015

Office Texas

Bright Realty Brokers Two Land Sales in Metro Dallas

by Haisten Willis February 5, 2015

LEWISVILLE AND PROSPER, TEXAS — Bright Realty has brokered land sales in the Dallas suburbs of Prosper and Lewisville. Tim McNutt and Britton Lankford of Bright Realty brokered the sale of one acre near Nebraska Furniture Mart at State Highway 121 and West Essex in Lewisville. McNutt and Lankford represented the seller, CHPC Commercial Ltd., in the transaction. Tom Paredes of John T. Evans Co. Inc. represented the buyer, TRD Enterprise LLC. In Prosper, Blake Davis and McNutt of Bright Realty represented a local investor in the purchase of .689 acres on Coit Road.

February 5, 2015

Office Texas

CBRE Arranges Sale and Financing of Office Property in Dallas

by Haisten Willis February 5, 2015

DALLAS — CBRE Capital Markets has arranged the sale and financing for AT&T Pinnacle Park, a 206,040-square-foot office building in Dallas. The Aztec Fund purchased the asset from American Realty Capital Properties Inc. for an undisclosed price. The four-story office building is fully leased to AT&T Services Inc., a wholly owned subsidiary of AT&T Inc. Operations housed at AT&T Pinnacle Park include a customer service center for U-verse, the company’s three-pronged suite of broadband Internet, voice-over-Internet protocol telephone and Internet protocol television services. AT&T is headquartered in nearby downtown Dallas. Eric Mackey, Gary Carr, John Alvarado, Robert Hill and Jack Fraker of CBRE represented the seller. Greg Greene, Scott Lewis and Matt Ballard, also of CBRE, arranged financing on behalf of the borrower. Pinnacle Business Park is an 880-acre, master-planned business park located along the south side of I-30 at Cockrell Hill Road, five miles west of downtown Dallas.

February 5, 2015

Retail Texas

Cushman & Wakefield Arranges Sale of 179,122 SF Retail Center

by Haisten Willis February 5, 2015

ABILENE, TEXAS — Cushman & Wakefield’s Capital Markets group has arranged the sale of Shops at Abilene, a 179,122-square-foot power center located at 3517 Catclaw Drive in Abliene. Cronacher Corp. sold the asset to American Realty Capital Partners. Tom Salanty, Chris Harden and Kristopher Von Hohn of Cushman & Wakefield represented Cronacher Corp. in the transaction. National and regional retailers anchor 97 percent of Shops at Abilene’s gross leasable area. Major tenants include Bed Bath & Beyond, Michael’s, Old Navy, PetSmart, Ross, Shoe Carnival and TJ Maxx.

February 5, 2015

Georgia Multifamily Southeast

Blue Rock Partners, Rose Group Acquire Metro Atlanta Apartment Community for $15.8M

by John Nelson February 5, 2015

LITHONIA, GA. — A partnership between Tampa-based Blue Rock Partners LLC and Boca Raton, Fla.-based Rose Group has purchased Devon Place, a 415-unit apartment community located at 421 Meadowood Drive in the Atlanta submarket of Lithonia, for $15.8 million. The partnership will invest another $2.5 million in exterior and interior upgrades. Eastern Union Funding arranged acquisition financing on behalf of Blue Rock and Rose Group through The Bancorp. Multi Housing Advisors’ Atlanta office brokered the transaction. Devon Place is Blue Rock’s second Atlanta apartment acquisition in the past three months, having acquired the 240-unit Oak at Ellenwood apartments in November for $9.8 million.

February 5, 2015

Arkansas Multifamily Southeast Student Housing

GMH Capital Partners, PREI Acquire Sterling Frisco Near University of Arkansas

by John Nelson February 5, 2015

FAYETTEVILLE, ARK. — GMH Capital Partners has made the first acquisition of its new joint venture with Principal Real Estate Investors (PREI). GMH purchased Sterling Frisco, a LEED Gold-certified, Class A student housing community located near the University of Arkansas spanning 219 units and 640 bedrooms, each with its own private bathroom. Sterling Frisco has convenient access to both the university’s campus and downtown Fayetteville. The property features amenities including a 24-hour fitness center, computer lab, study lounges, pool with cabanas, a rooftop deck and a secured parking garage. Each of the units has its own washer and dryer as well as cable and internet included. GMH also plans on additional upgrades, including increased bandwidth, Wi-Fi in all student living areas, enhanced cable package with digital HD service and DVRs, upgraded card access and video surveillance system, as well as additional outdoor living features to the pool patio and rooftop terrace.

February 5, 2015

Florida Multifamily Southeast

Marcus & Millichap Brokers $8.2M Sale of Multifamily Portfolio in Tampa

by John Nelson February 5, 2015

TAMPA, FLA. — Marcus & Millichap has brokered the sale of a two-property, 209-unit multifamily portfolio in Tampa. The properties, Country Square Villas and Candlewood I Apartments, sold for $8.2 million, which equates to $38,995 per unit. Country Square Villas is a 146-unit multifamily community built in 1981, and Candlewood I Apartments is a 63-unit apartment complex constructed in 1983. The assets are two miles apart. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller and the buyer.

February 5, 2015

Airport Corporate Center Doral Florida Miami

Florida Office Southeast

Norwegian Cruise Line Expands HQ at Airport Corporate Center in Metro Miami

by John Nelson February 5, 2015

DORAL, FLA. — Norwegian Cruise Line has signed a long-term lease renewal and expansion at Airport Corporate Center, the 1 million-square foot, 11-building office park located in the Miami submarket of Doral. The company extended its existing lease on 206,078 square feet and added an additional 70,296 square feet, for a combined 276,364 square feet. The company, which now occupies The 7650 Building and The 7665 Building, will expand to the new space at The 7300 Building beginning in the fall of 2015 Diana Parker, Richard Bamonte and Janette Driggers of CBRE represented the landlord, CBRE Global Investors, which acquired the property in October 2014. Stuart Gordon of Flagler Brokerage and Management Services LLC, along with Jim Travers and Stewart Niles of Travers Cresa, represented Norwegian Cruise Line. According to CBRE Research, Norwegian Cruise Line’s lease renewal/expansion is the largest office lease signed in South Florida in the past five years.

February 5, 2015

Historic Farragut Hotel Downtown Knoxville

Hospitality Southeast Tennessee

Wood Properties Brokers $3.7M Sale of Historic Farragut Hotel in Downtown Knoxville

by John Nelson February 5, 2015

KNOXVILLE, TENN. — Knoxville-based Wood Properties has brokered the sale of The Historic Farragut Hotel in downtown Knoxville for $3.7 million. The 135,000-square-foot former hotel is located on Gay Street. The buyer, Knoxville-based Family Pride Corp., is planning to implement a mixed-use renovation of the building. George Brown and Brad Blackwell of Wood Properties Inc. represented the undisclosed seller in the transaction.

February 5, 2015

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