SAN ANTONIO – Corporate Office Properties Trust has executed a full-building lease with the United States Government for a 160,500-square-foot building under construction in San Antonio’s Sentry Gateway office park. The building will be completed later this year with a lease start date in the first quarter of 2016.
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AUSTIN – Sizmek Inc., an open ad management platform company, is relocating its Dallas headquarters to Austin and has signed a 17,077-square-foot lease at IBC Bank Plaza in the Austin central business district. The company already has a sales and operations office in Austin. Endeavor Real Estate Group is developing the 194,749-square-foot, Class A office tower at 500 W. Fifth Street. The office portion of the tower is 90 percent leased. Will Douglas and Jerry Frey with CBRE represented Sizmek. Travis Dunaway and Jonathan Tate with Endeavor represented the landlord.
GRAND PRAIRIE, TEXAS – Lee & Associates has completed a lease renewal for a 72,450-square-foot industrial space located at 1213 WN Carrier Pkwy. in Grand Prairie, just west of Dallas. Mark Graybill and Scott Giordano with Lee & Associates represented the landlord, Indcor Properties. Jackson & Cooksey represented the tenant, Schilli Distribution Services.
WASHINGTON, D.C. — Federal Capital Partners (FCP) has recapitalized six multifamily properties totaling 2,044 units in the Washington, D.C., metropolitan area. The recapitalization values the portfolio in excess of $240 million, making it the largest portfolio transaction in the Washington, D.C., area so far this year. FCP and its partner ROSS Cos. will retain an ownership interest in the portfolio and continue to provide property management services. The properties include The Strand (394 units) in Alexandria, Va.; Cypress Creek (760 units) in Hyattsville, Md.; Summerlyn Place (424 units) in Laurel, Md.; and three adjacent properties in New Carrollton, Md. — Cambridge Crossing, Lenox Court and Sutton Walk (466 units combined). Wells Fargo and Fannie Mae provided financing for the transaction. ROSS Renovation & Construction will manage the capital improvements for the six communities.
CORAL GABLES, FLA. — A10 Capital has funded a $16.8 million acquisition loan for a 10-story office building located at 901 Ponce de Leon Blvd. in Coral Gables. The office building houses the Caribbean and Latin American headquarters of American Airlines. Steve Zorich of A10 Capital structured and closed the non-recourse bridge loan on behalf of the borrower, Altis Real Estate Strategies.
ATLANTA — Chick-fil-A has signed a long-term lease to fully occupy a 111,252-square-foot industrial facility at Airport West Distribution Center near Atlanta’s Hartsfield Jackson International Airport. Lincoln Property Co. Southeast is developing the asset and expects to deliver it in January. Denton Shamburger of Lincoln Property represented the landlord, Morgan Stanley, in the lease and was the only broker involved in the transaction. Upon completion, Chick-fil-A will occupy nearly 85 percent of Airport West Distribution Center, which currently features 287,703 square feet, of which Chick-fil-A occupies 221,449 square feet.
AUGUSTA, GA. — Bernard Financial Group has arranged a $7.5 million loan to refinance a freestanding, 192,394-square-foot Walmart Supercenter in Augusta. Neil Gorosh of Bernard Financial originated the loan through Ameritas Life Insurance Corp. on behalf of the borrower, BC Investments-Augusta LLC.
BALTIMORE — MCR Development LLC has completed a full renovation of the lobby and guestrooms of the 126-room Hampton Inn Baltimore Downtown Convention Center. The lobby offers views of Oriole Park at Camden Yards and features baseball glove seats, baseball-themed floor tiles and baseball bat lighting. The hotel is located adjacent to the Baltimore Convention Center and within walking distance of the University of Maryland Medical Center, M&T Bank Stadium and the new Downtown Harrahs Horseshoe Casino opening this fall.
NEW YORK CITY — DiamondRock Hospitality Co. has acquired the 282-room Hilton Garden Inn/Times Square Central in New York for $127.2 million, or $451,000 per guestroom. The hotel, located on 42nd Street between Avenue of the Americas and Broadway in the heart of Times Square, opened this month. The hotel features floor-to-ceiling glass windows and each guestroom features a 50-inch LCD HDTV, refrigerator, microwave and other amenities. The hotel also includes a 24-hour self-service business center and fitness facility. DiamondRock Hospitality Co. expects the hotel to generate approximately $5 million of adjusted earnings before interest, taxes, depreciation and amortization in 2014. Highgate Hotels will operate the hotel.
STAMFORD, CONN. — Clal Insurance has acquired Glenview House, for $69.1 million. The 146-unit multifamily property is located at 25 Glenbrook Road in Stamford. Glenview House includes one- to three-bedroom rental apartments. The property includes a retail space leased by Walgreens. The four-story residential building includes a 24-hour fitness center, concierge and business center. Waterton Associates LLC will oversee the management and leasing activities at the property. Glenview House is currently more than 95 percent leased. Glenview House represents Clal’s second acquisition in Stamford in just one month. In August, Clal closed on a 49 percent stake in 75 Tresser, a 344-unit mid-rise apartment rental community.