Property Type

REGENCY BEGINS 260,000 SF RETAIL CONSTRUCTION

by admin March 2, 2012

CINCO RANCH — Regency Centers has commenced construction on the 260,000-square-foot Southpark at Cinco Ranch, a neighborhood retail center located at the intersection of Westpark Tollway and Spring Green Boulevard in Cinco Ranch. Regency partnered with Excel Commercial Real Estate to begin construction on Phase I, which includes a 101,497-square-foot Kroger, a 71,680-square-foot sporting goods retailer, 29,920 square feet of small shop space and seven outparcels. The project is 72 percent preleased and anchors are slated to open in the fourth quarter of 2012. Phase II will add 57,000 square feet.

March 2, 2012

VALLEY CROSSING SHOPPING CENTER SELLS

by admin March 2, 2012

WESLACO — Colliers International has brokered the sale of the 178,618-square-foot Valley Crossing Shopping Center, located in Weslaco. The retail center is fully leased to tenants including J.C. Penney, T.J. Maxx, Petco and Olive Garden. Ryan West of HFF's Houston office represented the buyer, Capcor Weslaco Ltd., in the transaction. Christopher Winters of Colliers' Houston office represented the seller, SDI Weslaco Holdings.

March 2, 2012

Multifamily Texas

HFF BROKERS MULTIFAMILY SALE, ARRANGES FINANCING

by admin March 2, 2012

PEARLAND — HFF has closed the sale of the 472-unit St. Andrews Apartments, a Class A multifamily community located on a 20-acre site at 9900 Broadway St. in Pearland. The property is 99.6 percent occupied. Craig LaFollette, Todd Stewart, Todd Marix, Tre Banks and Chris Curry of HFF's Houston office represented the seller, a TIC ownership group managed by Joseph Mandelbaum and Henry Mandelbaum of RealTax Inc., in the transaction. Cortney Cole of HFF's Houston office arranged the financing through PPM Finance on behalf of the buyer, Venterra Realty. Holly Wathan represented PPM Finance in-house during the negotiations.

March 2, 2012

Office Texas

LAW FIRM LEASES TOP STORY OF ADOLPHUS TOWER

by admin March 2, 2012

DALLAS — Mathis Donheiser & Jeter, a Dallas-based law firm, has leased the entire 26th floor — approximately 7,236 square feet — of the Adolphus Tower, located at 1412 Main St. in Dallas. The new office features hardwood finishes, custom cabinetry, a conference room and a kitchenette. The law firm will move into its new office once construction is complete, tentatively set for early this month. Carla Machulis of Henry S. Miller's Dallas office represented the landlord in the lease transaction. Craig Wilson and Dan Harris of Cassidy Turley's Dallas office represented the tenant.

March 2, 2012

Office Western

CAPITOL CITY BUSINESS CENTER SELLS FOR $31M

by admin March 2, 2012

SALEM, ORE. — Capitol City Business Center in Salem has sold to an institutional owner for nearly $31 million. The 233,358-square-foot office building is located at 4600 25th Ave. NE. Buzz Ellis, Michel Seifer, Paige Morgan and Aaron Herter of Jones Lang LaSalle’s Capital Markets team represented Angelo Gordon and Meriwether Partners on this transaction.

March 2, 2012

Multifamily Western

SD AFFORDABLE HOUSING COMPLEX SELLS FOR $15M

by admin March 2, 2012

EL CAJON, CALIF. – The 132-unit affordable housing property at 380 Mollison Ave. in the San Diego submarket of El Cajon has sold to Highland Property Development for $15.25 million. The buyer plans to invest $5.5 million in capital improvements for the property, which is also known as Key Largo Apartments. The seller, Key Largo Partners, was represented by CBRE’s Dixie Hall, Kevin Mulhern and Rachel Parsons, along with Jim Lampman and Jerry Low of Affordable Housing Group.

March 2, 2012

Multifamily Western

BROADSTONE BUYS 3-ACRE DEV SITE IN SCOTTSDALE

by admin March 2, 2012

SCOTTSDALE, ARIZ. — Broadstone Scottsdale Waterfront, LLC, a partnership between Alliance Residential and JP Morgan Asset Management, has purchased the 3.35-acre Lot 4 development site at Scottsdale Waterfront for $13.5 million. Alliance plans to build a 259-unit luxury apartment community on the site. David Fogler, Steven Nicoluzakis and Don Arones with Cassidy Turley BRE Commercial represented the seller, Scottsdale Waterfront LLC, a partnership between Starwood Capital Group and Golub & Co., in this transaction.

March 2, 2012

Multifamily Southeast

ADVENIR BUYS COLONY CLUB FOR $26.65M

by admin March 1, 2012

BOYNTON BEACH, FLA. — Advenir has acquired the 214-unit Colony Club, located at 7132 Colony Club Dr. in Boynton Beach, from New York-based Holiday Organization for $26.65 million. The buyer has renamed the property Advenir at Boynton and will implement a capital improvement program, focused on beautifying the exterior of the buildings and upgrading community amenities. Currently, amenities include a clubhouse, pool with spa, fitness center, two tennis courts, a basketball court and picnic areas. Avery Klann and Hampton Beebe of ARA's Boca Raton, Fla., office represented the seller in the transaction. The buyer was self-represented.

March 1, 2012

Hospitality Southeast

WHITE LODGING TO BUILD HYATT PLACE NASHVILLE

by admin March 1, 2012

NASHVILLE, TENN. — Merrillville, Ind.-based White Lodging has closed on the purchase of the former Rock City Machine Co. site, located at 301 3rd Ave. S. in Nashville, to build the 255-room Hyatt Place Nashville. The hotel will be the only Hyatt in downtown Nashville. PFVS Architects designed the property, which will include amenities such as 3,580 square feet of meeting space, a 175-space parking garage, a 24-hour coffee and wine bar called The Gallery and the a.m. Kitchen Skillet where complimentary breakfast will be served. White Lodging is developing the hotel and will manage it upon completion. Construction is slated to begin in May, and the hotel is scheduled to open in December 2013.

March 1, 2012

Office Southeast

FRES ARRANGES OFFICE SALE FOR $16.1M

by admin March 1, 2012

WESTON, FLA. — Coral Gables, Fla.-based Flagler Real Estate Services (FRES) has arranged the $16.1 million sale of a portfolio of two office buildings, located at 2000 and 2002 Ultimate Way in Weston. The properties, which total 61,624 square feet, are the corporate headquarters for Ultimate Software. David Duckworth of Coral Gables, Fla.-based FRES represented the sellers, TP Eight & TP Nine, in the transaction. The buyers were Sterling Investments I and Sterling Investments II.

March 1, 2012

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