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Mid-America Real Estate Arranges $2M Sale of Retail Property in Chicago

by Danielle Everson January 20, 2015

CHICAGO — Mid-America Real Estate Corp. has arranged the $2 million sale of The Columbian Retail Shops in Chicago. Chicago-based Newcastle Limited purchased the 6,600-square-foot, two-tenant retail property for $2 million. The Columbian Retail Shops is located at the northwest corner of S. Michigan Ave. and E. Roosevelt Road. The center features retailers Burger Bar and Elements Therapeutic Massage.Joe Girardi and Carly Gallagher of Mid-America were the exclusive brokers in the transaction on behalf of Boston-based Long Wharf Real Estate Partners LLC.

January 20, 2015

Multifamily Texas

IPA Arranges Sale of 149-Unit Apartment Complex in San Antonio

by Haisten Willis January 8, 2015

SAN ANTONIO — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of Castle Hills Townhomes, a 149-unit, townhome-style apartment complex in San Antonio. The property was built in 1998 on eight acres and is located one block east of Northwest Military Highway. The complex is near the South Texas Medical Center and the United Services Automobile Association’s headquarters. Will Balthrope and Drew Kile of IPA represented the seller, Sendera Investment Group LLC of Austin. Hayden Properties, of Oregon, is the buyer. The previous owner completed an exterior renovation and the interiors of 63 percent of the apartments have been upgraded. Castle Hills Townhomes includes one-, two- and three-bedroom floorplans with an average unit size of 1,000 square feet.

January 8, 2015

Loans Multifamily Texas

Berkadia Secures $55M Loan for Construction of New Apartment Complex

by Haisten Willis November 24, 2014

LEWISVILLE, TEXAS — Berkadia Commercial Mortgage LLC has secured a $55 million loan for the construction of Discovery at the Realm, an apartment complex that will be located in Lewisville. Joseph Hevey of Berkadia worked with the borrower, Bright Realty, to secure the three-year, interest-only loan through Mutual of Omaha Bank. The bank provided $43 million in senior debt financing. Great Southern Bank of Springfield, Mo., also participated in the construction loan, and Cornerstone Real Estate Advisers LLC provided $12 million in mezzanine debt financing. Construction will begin on Discovery at the Realm in December. The property will be located at the southeast corner of Windhaven Parkway and Castle Hills Drive, 25 miles north of Dallas. The complex will consist of 423 units located across three buildings on more than 20 acres of land. The total cost for the project will be more than $75 million. BB&M Architecture is providing architectural services, while Andres Construction of Dallas will serve as the general contractor.

November 24, 2014

California Industrial Western

Scuderia Development Buys Riverside Industrial Facility for $43.5M

by Nellie Day November 19, 2014

RIVERSIDE, CALIF. — Scuderia Development has acquired a 600,000-square-foot industrial property in Riverside for $43.5 million. The Class A property is located at 14600 Innovation Drive, within the Meridian Business Park. Scuderia plans to utilize the space as a warehouse and distribution facility for its aluminum products. The property includes 4,160 square feet of office space. Other notable tenants at Meridian Business Park include Sysco Corp., Yucaipa Company (Fresh & Easy), Kia Motors and McLane Foodservice. Newcastle Partners completed the property in late 2013. Phil Lombardo and Chuck Belden of Cushman & Wakefield represented both the buyer and Newcastle in this transaction.

November 19, 2014

Office Texas

Bright Realty Brokers Sale of Former Headquarters in Metro Dallas

by Haisten Willis November 7, 2014

LEWISVILLE, TEXAS — Bright Realty has brokered the sale of the company’s former headquarters located at 4228 N. Central Expressway in Lewisville, a Dallas suburb. The four-story mid-rise, known as the Bright Building, spans 54,000 square feet with three levels of underground parking. Nathan Denton of Lee & Associates represented the buyer, Caddo Holdings, in the transaction. Shawn Hall of Bright Realty worked on behalf of the seller. The building is located on the east side of Central Expressway and served as the corporate headquarters of Bright Realty for more than 12 years. The company relocated to a brand-new office in Castle Hills, a master-planned community in Lewisville developed by Bright Realty in 2013.

November 7, 2014

Civic Midwest Missouri

KWAME to Manage Construction of Electrical Infrastructure at Webster University

by Danielle Everson October 16, 2014

WEBSTER GROVES, MO. — Construction has begun on a new customer electrical substation and on an underground electrical infrastructure at Webster University in Webster Groves. Kwame Building Group Inc. (KWAME) is the construction manager on the project, which will be completed in July 2016. The new substation will provide electrical capacity for future campus expansions and remove the campus from the neighboring electrical load, increasing electrical capacity for future community development. The project requires the complete shutdown of several campus facilities with minimal disruption to classes and other university activities.Phase I of the electrical distribution work is scheduled for completion by the end of October and Phase II of the electrical work is scheduled to begin by the end of 2014. William Tao & Associates is the engineer and Castle Contracting is the general contractor for the first phase of the project.

October 16, 2014

Crestview-Garden-Apartments-Tryko-Partners

Multifamily Northeast Pennsylvania

Tryko Partners Acquires 184-Unit Multifamily Community

by Amy Works October 3, 2014

NEW CASTLE, PA. — Brick, N.J.-based Tryko Partners has acquired Crestview Garden Apartments, located at 1139 Pin Oak Dr. in New Castle, for an undisclosed price. The apartment community features 184 affordable residential units. Tryko plans to immediately invest $1 million in improvements to the property, including common area renovations, a new property-wide security system, and kitchen and bathroom improvements in individual units. CBRE Capital Market’s Philadelphia office arranged financing for the acquisition through TriState Capital Bank. Tryko Partners is a private equity real estate group that specializes in project-based Section 8 Homeowners Assistance Program transaction and property repositionings.

October 3, 2014

Multifamily Texas

ARA ARRANGES SALE OF APARTMENT COMPLEXES IN SAN ANTONIO

by admin September 22, 2014

SAN ANTONIO — ARA has arranged the sale of Park West & Parliament Bend, two apartment complexes totaling 559 units in San Antonio. Pat Jones and Matt Michelson of ARA represented the seller, Regional Investment & Management, in the transaction. Regional Investment & Management is a California-based owner and operator of multifamily communities throughout Texas. The buyer is a private owner/operator. Park West consists of 327 units and was built in 1979. Parliament Bend consists of 232 units and was built in 1981. Both Class B complexes are located in the Castle Hills submarket in north-central San Antonio. The complexes were 95 percent occupied at the time of sale.

September 22, 2014

Industrial Northeast

NFI BREAKS GROUND FOR 1 MILLION SF DISTRIBUTION FACILITY

by admin September 15, 2014

OLDMANS TOWNSHIP, N.J. — Cherry Hill, N.J.-based NFI has broken ground for the development of a build-to-suit distribution center in Oldmans Township. The 1 million-square-foot facility will feature energy-efficient warehouse space, Class A concrete tilt wall construction, cross-dock load configuration and an ESFR sprinkler system. Five Below, a retailer of merchandise for pre-teens and teens, will initially occupy 715,000 square feet of the facility, which will replace the company’s existing facility in New Castle, Del. Construction is slated for completion in early summer 2015. The build-to-suit distribution center will support the continued growth and expansion of Five Below on the East Coast.

September 15, 2014

Multifamily Texas

CANTRELL BROKERS SALE OF TOWNHOMES IN METRO DALLAS

by admin August 20, 2014

GARLAND, TEXAS — Cantrell Co. has brokered the sale of the 77-unit Castleglen Townhomes in Dallas. A California-based investment group bought the homes and assumed a Fannie Mae loan. The property was 97 percent leased at the time of sale and sits on just under nine acres at 1004 Castleglen Drive in Garland, northeast of Dallas. Rents range from $710 per month to $1,030 per month. The seller was Tweden Garland Properties LLC of Austin. The townhomes are a mix of two- and three-bedroom units. The average size of the units is 1,079 square feet and the complex was built between 1973 and 1983. Castleglen sits along the service road of Interstate 30 and is also accessible to I-635. Nearby amenities include Audubon Park, Duck Creek Greenbelt Trail and Town East Mall.

August 20, 2014

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