Property Type

NorthMarq Arranges $103.7M Financing for Three Apartment Complexes in Texas

by Haisten Willis November 21, 2014

PEARLAND, MCKINNEY AND KATY, TEXAS — Greg Duvall of NorthMarq Capital’s Kansas City office has negotiated the $103.7 million refinancing of three apartment complexes in Texas. The properties, containing a total of 872 units, are located in Pearland, McKinney and Katy, Texas. NorthMarq arranged financing for the borrower through its seller/servicer relationship with Freddie Mac. Two of the assets were financed with 10-year fixed loans and five years of interest-only payments. The third was financed with a seven-year variable loan and three years of interest-only payments.

November 21, 2014

TerraFirma Earth Technologies Relocates Headquarters in Houston

by Haisten Willis November 21, 2014

HOUSTON — TerraFirma Earth Technologies, a Houston-based dewatering firm, is moving its headquarters to a larger office and yard space in Houston to accommodate more heavy equipment and office space requirements. The new corporate headquarters is located at 11215 Old Fairbanks N. Houston Road. The firm is moving its headquarters Dec. 1 and also has opened a satellite office in Denver. TerraFirma assists owners and contractors throughout the U.S. maintain acceptable groundwater levels for both temporary and permanent projects.

November 21, 2014

Retail Texas

M&M Arranges Sale of Two Net-Leased Properties in Houston

by Haisten Willis November 21, 2014

HOUSTON — Marcus & Millichap has arranged the sale of two BlueWave Express Wash properties located in Houston. Farhan Kabani of the firm’s Dallas office arranged the loan. Bank financing was structured with a seven-year fixed term with an interest rate of 4.5 percent. The loan-to-value was 65 percent. The properties are located at 1665 Eldridge Pkwy. and 9801 Jones Road. Both properties were built in 2007 and had more than 20 years remaining on their original net leases. Jason Vitorino of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Vitorino also procured the buyer, another limited liability company.

November 21, 2014

Office Texas

KDC, Sarofim Realty Advisors Begin Construction on Two-Story Office Building

by Haisten Willis November 21, 2014

HOUSTON — KDC and Sarofim Realty Advisors have begun construction on a two-story, 68,950-square-foot office building that will be home to Lennar Homes of Texas Land and Construction Ltd. The property is located at 681 Greens Pkwy. across from the current Lennar headquarters. The new building will house 225 associates from Lennar, Village Builders, Friendswood Development Co., Universal American Mortgage Co. and North American Tile Co. The property will include a 5,000-square-foot design center to showcase product offerings from Village Builders. Another feature is a two-story lobby that will extend through the core of the building. The building is scheduled for completion in October 2015. Powers Brown Architecture provided architectural services for the project. Rosenberger Construction is the general contractor and Halff Associates is the civil engineer. Jerry Frey, Ron McWherter and Darren Gowell with CBRE represented Lennar in the transaction. JP Hutcheson of Cassidy Turley represented KDC and Sarofim Realty Advisors.

November 21, 2014

Alabama Retail Southeast

Marcus & Millichap Brokers $17M Sale of Birmingham Power Retail Center

by John Nelson November 21, 2014

BIRMINGHAM, ALA. — Marcus & Millichap has brokered the $17 million sale of Eastwood Village, a 134,256-square-foot regional power center located at 1604-1624 Montclair Road in Birmingham. The property was 99 percent leased at the time of sale to tenants such as Ross Dress for Less, Office Depot, Party City, Shoe Carnival and Tuesday Morning. A 24-hour Walmart Supercenter shadow anchors the property. Phil Sambazis and Thomas Ladt of Marcus & Millichap’s Sambazis Retail Group in San Diego represented the undisclosed seller in the transaction. Zachary Taylor and Don McMinn of Marcus & Millichap’s Atlanta office represented the undisclosed buyer. Andrew Chason of the firm’s Mobile, Ala., office assisted in the transaction.

November 21, 2014

Alabama Multifamily Southeast

Blue Rock Partners, Rose Group Buy Birmingham Apartment Community for $11.1M

by John Nelson November 21, 2014

BIRMINGHAM, ALA. — An affiliate of Tampa-based Blue Rock Partners LLC and Boca Raton-based Rose Group have purchased Forest Ridge Apartments in Birmingham for $11.1 million. The 268-unit apartment community is located at 660 Valley Crest Drive. Financing for the project involved the assumption of a senior mortgage in the amount of $8.3 million, and Berkadia was the lender/servicer for a Fannie Mae loan.

November 21, 2014

Georgia Multifamily Southeast

PRP Sells Atlanta Apartment Community Near Hartsfield Jackson Airport

by John Nelson November 21, 2014

ATLANTA — PRP LLC has sold Ansley at Princeton Lakes, a 306-unit garden-style apartment community in Atlanta, approximately three miles from Hartsfield Jackson Atlanta International Airport. PRP developed the community in 2009. Ansley at Princeton Lakes was 96 percent occupied at the time of sale. The property includes a 4,500-square-foot clubhouse, pool, 41 garage spaces and a car wash. PRP sold the community to a partnership consisting of Gulf Finance House and entities controlled by PRP.

November 21, 2014

Hospitality Southeast Tennessee

Banyan, InLight Capital Acquire Hampton Inn & Suites in Murfreesboro

by John Nelson November 21, 2014

MURFREESBORO, TENN. — Atlanta-based Banyan Investment Group and Houston-based InLight Capital LLC have partnered up to purchase Hampton Inn & Suites in Murfreesboro, about 25 miles southeast of Nashville. The hotel is located on North Thompson Lane and features 1,078 square feet of meeting space, a business center, fitness center and a seasonal outdoor swimming pool.

November 21, 2014

District of Columbia Office Southeast

Grosvenor Americas Completes $7.5M Renovation to D.C. Office Tower

by John Nelson November 21, 2014

WASHINGTON, D.C. — Grosvenor Americas has completed a $7.5 million renovation to the HVAC systems at its 200,000-square-foot office tower at 1701 Pennsylvania Ave. in Washington, D.C., just a block away from the White House. The 12-story tower was certified LEED Gold-EB in 2013 and has recently added three tenants occupying a total of 29,300 square feet: Occidental Petroleum, FoxKiser and JAB Holdings, which is the parent company of Jimmy Choo, Bally and Peet’s Coffee. Peet’s Coffee has its flagship location on the ground floor of 1701 Pennsylvania Ave. Since purchasing the office tower in 1986, Grosvenor Americas has invested $16.7 million in upgrades.

November 21, 2014

Arizona Mixed-Use Western

Construction Commences on Phase I of Rivulon Development in Gilbert

by Nellie Day November 21, 2014

GILBERT, ARIZ. — Construction has commenced on Phase I of Rivulon, a $750-million, master-planned development in Gilbert. The project is located at the corner of Gilbert Road and AZ 202. Rivulon will eventually include about 3 million square feet of office space, 500,000 square feet of integrated retail and restaurants and a hotel component. Health and wellness leader Isagenix International recently announced it will relocate its world headquarters to a 150,000-square-foot office building at Rivulon. The building is scheduled for completion late next year. A 125,000-square-foot, speculative Class A office building is also under construction at the site, in addition to a 45,000-square-foot LA Fitness. These buildings will soon be joined by two more 60,000-square-foot, Class A office buildings, as well as a 17,000-square-foot retail center, all of which is included in this initial development phase. Rivulon is being developed by Nationwide Realty Investors.

November 21, 2014

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