LAWRENCE, KAN. — Dougherty Mortgage has provided an $8.3 million Fannie Mae loan for the acquisition of a two-property apartment portfolio in Lawrence, located about 42 miles southwest of Kansas City. The portfolio includes Sunrise Village and Sunrise Place for a total of 132 units. The 12-year loan features a 30-year amortization schedule. The borrower was a venture between MJP Property Group and Sky Castle Properties.
MARIETTA, GA. — CBRE has brokered the sale of The Grandstand, a 680-unit apartment community located at 3500 Windcliff Drive S.E. in Marietta, roughly 20 miles northwest of Atlanta. Shea Campbell of CBRE arranged the transaction on behalf of the seller, Castlegate Property Group. The name of the buyer and purchase price were not disclosed. Constructed in 1986, The Grandstand features a newly renovated leasing office with a business center and coffee lounge, two pools, a fitness center, playground and lighted tennis courts.
TAMPA, FLA. — Cushman & Wakefield has secured the $18.5 million sale of Citrus Park Crossings, a 75,845-square-foot, Class A office building located at 12750 Citrus Park Lane in northwest Tampa. Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller, Ryan Cos., which also developed the property. Empire Square Group LLC acquired the three-story asset. Constructed in 2013, Citrus Park Crossings was fully leased at the time of sale to tenants such as EVO Payments International, Stellar, Rizzetta & Co., Corin USA, All Risks Ltd., CopyPress and Land Castle Title Co.
Denver’s office market has been riding a wave of expansion, entering its ninth straight year of growth, with net absorption totaling 186,826 square feet in the first quarter of 2018. While vacancy ticked up — ending at 15.9 percent, up from 15.1 percent in the prior quarter and from 14.6 percent one year ago — it is expected to fall over the next several quarters as tenants continue to absorb space in both new and existing buildings. The Denver office market’s impressive expansion has lasted 33 consecutive quarters, resulting in a total of 9.7 million square feet of absorption, 7.4 million square feet of new deliveries and a 409-basis-point plunge in vacancy. The majority of the 9.7 million square feet absorbed between the first quarter of 2010 and the first quarter of 2018 occurred in three key submarkets. This included the Southeast Suburban (SES), Downtown and Northwest (NW) markets, which recorded 3.3 million, 2.9 million and 1.3 million square feet of absorption, respectively. The Downtown market ended the quarter with absorption of 214,317 square feet, and Class A median asking rates were up 39.5 percent from year-end 2009 to $39.76 per square foot. Asking rates in some of the newest …
DALLAS, ALLEN AND FRISCO, TEXAS — SHOP Cos. has brokered the sale of three retail properties totaling 48,736 square feet in the Dallas area. The sold properties include the 12,153-square-foot Stacy Plaza in Allen; the 5,083-square-foot Sprint & Castle Spa in Frisco; and a 3,500-square-foot, single-tenant property in Dallas. Tommy Tucker, Tim Axilrod and Cameron Burk of SHOP Cos. represented the four different sellers in each transaction. All three buyers are based in Texas.
NEW CASTLE, DEL. — MacKenzie Commercial Real Estate Services has arranged the sale of 2160 New Castle Avenue, a 35,500-square-foot commercial property on 5.7 acres in New Castle, five miles south of Wilmington. The sales price was not disclosed. The seller, Rommel Harley-Davidson, is an operator of multiple Harley-Davidson dealerships throughout the Mid-Atlantic region. Rommel Harley-Davidson will transition the New Castle operations to a recently announced new dealership to be built in Middletown. Chris Bennett and Chris Walsh of MacKenzie represented the seller in the transaction. Sean Langford of MacKenzie represented the buyer, a Baltimore-based private investment group. The buyer plans to redevelop the site to include multiple pad sites, one of which will contain a Royal Farms convenience store.
CHARLOTTE, N.C. — Trinity Capital Advisors will begin construction this month on Toringdon 7, a 198,195-square-foot office building located in Charlotte. The eight-story building will be the seventh and final office building within Toringdon Office Park, which Trinity Capital began acquiring in 2012. After bringing the park under single ownership, the firm invested in capital improvements that included a new fitness center and pocket park. Toringdon 7 will feature column-free floor plans, floor-to-ceiling windows and a parking ratio of four spaces per 1,000 square feet. Architecture firm Gensler designed the building, Brasfield & Gorrie is the project’s general contractor and D&A Wolverine is the civil engineer. Trinity Capital expects to wrap up construction on the building in summer 2019. Located immediately off Interstate 485, Toringdon Office Park is 95 percent leased to tenants such as Blue Cross Blue Shield of North Carolina, Coats, Coldwell Banker, Crown Castle, Harsco, Keller Williams, Novolex, PepsiCo, Regus, Selective Insurance, Heartland Payment Systems and TIAA.
LEWISVILLE, TEXAS — Bright Realty has broken ground on The Realm at Castle Hills, a 324-acre mixed-use project located in the northern Dallas metro of Lewisville. The development will deliver office, retail, entertainment and multifamily space. Phase I will center on Offices at The Realm, a nine-story, Class A office building that will span 235,000 square feet of office space and 15,000 square feet of ground-floor restaurant space. The building will front an outdoor park and entertainment space, all of which are slated for delivery in mid-2019. Groundwork on Phase II of the project, a 260-unit multifamily atop 35,000 square feet of retail space, is also underway.
CORPUS CHRISTI, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Sendera Baypoint, a 350-unit multifamily community in Corpus Christi. The property was built in 1998 and offers amenities such as two pools, a sports court, business center, putting green, pet park, 24-hour fitness center and outdoor picnic and grilling areas. Will Balthrope, Drew Kile and Jordan Featherston of IPA represented the seller, Austin-based Sendera Investment Group, in the transaction. The trio also procured the buyer, New York-based Castle Lanterra Properties.
NEWARK, DEL. — The Chemours Co. is developing Chemours Discovery Hub, a 312,000-square-foot research facility located on the University of Delaware’s Science Technology and Advanced Research Campus in Newark. IMC Construction broke ground on the $150 million project in December 2017. Designed by L2 Patridge, the 15-acre project will consolidate laboratories and offices for approximately 330 scientists, engineers and researchers who will be relocated from Chemours’ New Castle County facilities. The new facility will include more than 100 labs, 50 specialty rooms, cafes, conference rooms and 20 huddle rooms for small group meetings. Project members include Tetra Tech, RDK and O’Donnell & Naccarato. Completion of the four-story building is slated for early 2020. Trammell Crow is representing the owner in the project.
