MIDLAND, TEXAS — Institutional Property Advisors has arranged the sale of 352 multifamily units in Midland. The property name was not disclosed. Will Balthrope and Drew Kile with IPA represented the seller and procured the buyer in the transaction. The property was built in 1982 and is located off State Highway 250.
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AUSTIN — Cousins Properties Inc. has signed five new leases totaling 157,279 square feet at Colorado Tower in downtown Austin. The 373,000-square-foot, Class A property is now 95 percent leased, up from 51 percent in June. Companies leasing space in the building include Parsley Energy Inc., Atlassian Inc., IPSoft Inc., Kelly Hart & Hallman LLP and Invesco Management Group Inc. Rachel Coulter and Kevin Kimbrough with Oxford Commercial represented Cousins in the transactions. Colorado Tower is expected to be complete this December. The building will be the first high-rise office tower developed in downtown Austin since 2003.
MIDLAND, TEXAS — A 90-guestroom, four-story Holiday Inn Express by InterContinental Hotels Group has opened in Midland. Dallas-based Mayse & Associates Inc. designed the hotel, which spans 55,200 square feet on Crump Street near I-20 and Rankin Highway. Lubbock-based Greenstreet Inc. constructed the project. Insignia Hospitality Group owns and manages the hotel.
RICHARDSON, TEXAS — Dal-Rich Village, a retail center opened in 1964 at the southeast corner of Coit Road and Beltline Road in Richardson, has been renamed Dal-Rich Towne Square. The center has landed a new anchor, Richardson Mercantile, a store selling gifts, furniture, jewelry, antiques, apparel and home décor. Richardson Mercantile has leased a 50,031-square-foot space. Michelle Caplan and Joey Keffler with the Commercial Retail Division of The Weitzman Group handled negotiations for the shopping center along with David McNeil and Joe Lea of Cencor Asset Managers. Ryan Shafer with North Central Texas Realty represented the tenant. The Weitzman Group leases space at the center and Cencor Asset Managers manages the property.
CLEBURNE, TEXAS — Marcus & Millichap has arranged the sale of Northridge Court, an 86-unit apartment complex in Cleburne. Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Fluellen and Hoover also procured the buyer, another limited liability company. Northridge Court is located at 101 Westcourt Street in Cleburne, just off Henderson Street. The property was built in 1967 and is more than 90 percent occupied. The complex includes 14 buildings with an average unit size of 874 square feet.
WASHINGTON, D.C. — Douglas Development plans to transform the historic corner or 10th and F streets in downtown Washington, D.C., with a 94,000-square-foot office building at 1000 F St. N.W. The property will be integrated with an existing two-story structure at the site. All retail tenants have vacated the site and demolition of existing retail structures will commence in the near future. Delivery is expected in summer 2016. Shalom Baranes Associates has designed the facility to achieve LEED Gold certification. The property will feature multiple outdoor terraces, green rooftops and below-grade parking. Randy Harrell, Mark Klug, Max Friedman and Abigail Todd of CBRE will represent Douglas Development in leasing 1000 F St. N.W.
LAWRENCEVILLE, GA. — Caddis Partners LLC has acquired Gwinnett Medical Building, an 81,627-square-foot medical office building located at 575 Professional Drive in Lawrenceville, a northeast suburb of Atlanta. The five-story property is adjacent to Gwinnett Medical Center-Lawrenceville, Gwinnett Health System’s flagship hospital campus. The medical office building houses primary care, ophthalmology, neurology, nephrology, pediatric orthopedics, rehabilitation, laboratories and a pharmacy. Gwinnett Health System comprises a significant portion of the in-place tenancy. The transaction was financed with equity funded internally by Caddis and debt provided by GE Capital, Healthcare Financial Services. Erik Tellefson and Dan Eppley of GE Capital originated the loan. Caddis has tapped Atlanta-based PMRG to handle leasing services for medical office facility.
MARIETTA, GA. — Walker & Dunlop has originated $24 million in bridge financing to refinance an existing acquisition and renovation loan for Ashford Retreat, a 654-unit apartment community in Marietta, a northern suburb of Atlanta. Jeff Lawrence of Walker & Dunlop led the team that originated the loan with two years of interest-only payments on behalf of the borrower, an Atlanta-based real estate investment company. Since purchasing the asset in 2012, the borrower has spent $4.7 million on exterior and interior upgrades to the community. Using the new loan, the borrower plans to invest another $1.5 million in capital improvements.
ORLANDO, FLA. — Franklin Street Real Estate Services has arranged the $14.2 million sale of Colonial Ridge Apartments, a 194-unit multifamily community located at 649 Cannon Ridge in Orlando. Darron Kattan, Robert Goldfinger and Kevin Kelleher of Franklin Street represented the buyer, a regional owner, in the transaction. Larry Ochab of Pinnacle Realty represented the seller, a private partnership based in New York City that owned the apartment community for nearly 15 years.
GASTONIA, N.C. — Faris Lee Investments has arranged the $7.6 million pre-sale of Petco & Shops, a 22,500-square-foot retail center located at 2272-2290 E. Franklin Blvd. in Gastonia, a suburb of Charlotte. The fully leased property features a 12,500-square-foot, freestanding building leased to Petco and two 5,000-square-foot, freestanding pad buildings leased to Select Comfort, Massage Envy, Firehouse Subs and Tijuana Flats. All the tenants have new 10-year triple-net leases. Matthew Mousavi and Patrick Luther of Faris Lee represented the seller, a North Carolina-based development company, in the transaction. Shaun Riley of Faris Lee represented the buyer, an Arizona-based investor who purchased the asset in a 1031 tax-deferred exchange.