more_sales_and_leases

HFF Arranges Sale, Acquisition Financing for Le Méridien Hotel in Dallas

by Haisten Willis July 21, 2015

DALLAS — HFF has arranged the sale of and acquisition financing for Le Méridien Dallas by the Galleria, a 258-suite hotel in Dallas. HFF marketed the property on behalf of the seller, a partnership between Arden Group Inc. and HEI Hotels & Resorts. NB Holdings purchased the asset for an undisclosed amount. Additionally, HFF worked on behalf of the new owner to place the 10-year, fixed-rate acquisition loan with Principal Commercial Capital. Le Méridien Dallas by the Galleria is an all-suite, 11-story hotel with a European aesthetic. Originally constructed in 2002, the hotel was renovated in 2009 when it was converted into a Le Méridien. Hotel amenities include the recently renovated fitness center, 5,079 square feet of meeting space, indoor heated swimming pool, 24-hour business center and concierge service. Le Méridien Dallas by the Galleria is situated on 2.9 acres in the North Dallas Galleria market, a retail, office and entertainment district. Located at 13402 Noel Road, the hotel is across the street from the Dallas Galleria, a 1.8 million-square-foot mall that is the second most popular tourist attraction in North Texas with approximately 19 million visitors a year. Additionally, the hotel is surrounded by Class A office space serving as …

July 21, 2015

Retail Texas

Pierson Arranges Sale of Retail Building in Wichita Falls

by Haisten Willis July 21, 2015

WICHITA FALLS, TEXAS — Pierson Retail Advisors (PRA) has arranged the sale of Home Zone, a 37,500-square-foot, single-tenant retail building located in Wichita Falls. PRA represented the seller, BR Acquisitions, in the sale. A Texas buyer purchased the asset for an undisclosed price. Located at 3921 Fairway Blvd., Home Zone is situated along US Highway 82, one of several highways leading into Wichita Falls. Home Zone, with 15 locations throughout Texas, Oklahoma, and Louisiana, is a wholesale furniture manufacturer and outlet store, which provides home furnishings directly to various retailers as well as individual customers. Jennifer Pierson and Beth Pierson of Pierson Retail Advisors in Dallas arranged the sale.

July 21, 2015

Industrial Office Texas

Progressive Laboratories Sells Office/Warehouse Facility in Metro Dallas

by Haisten Willis July 21, 2015

IRVING, TEXAS — Progressive Laboratories Inc. has sold a 35,050-square-foot office/warehouse in the Las Colinas submarket to Chris Weir Commercial Enterprises LLC for an undisclosed price. Las Colinas Distribution Center, located on 1.9 acres at 1909 Hereford Drive in Irving, is the second building in the past year Progressive Laboratories has sold to make way for its expansion, consolidation and relocation. Brock Wilson and Joe Santaularia of Dallas-based Bradford Commercial Real Estate Services represented the seller. The building was developed in 1977 and features 8,601 square feet of office space, 26,449 square feet of distribution space, six loading docks, 20-foot clear heights and a sprinkler system. Progressive Laboratories used 1031 exchange funds to acquire a 200,000-square-foot building less than one mile away. Dallas-based Chris Weir Commercial Enterprises, also executing a 1031 exchange, is planning to occupy the Hereford Drive building in October. Rick Medinis of NAI Robert Lynn represented the buyer.

July 21, 2015

Multifamily Texas

Dallas Investor Completes Repositioning, Sells Multifamily Property in Fort Worth

by Haisten Willis July 21, 2015

FORT WORTH, TEXAS — In an all-cash transaction, Stag Apartments LLC has sold the 85-unit Lancaster Apartments to a local investor. The Dallas-based seller put Lancaster Apartments on the market after completing a repositioning plan within 18 months of buying the property in a foreclosure sale. Sam W. Pettigrew III, partner in Dallas-based Cantrell Co. & Partners, represented the seller. In the past year, $150,000 has been invested into improvements at the 10-building complex, which was developed in 1968 and renovated in 1999. Lancaster Apartments is a mix of efficiencies and one- and two-bedroom floor plans, averaging 830 square feet. The complex includes 137 parking spaces and two laundry facilities.

July 21, 2015

Loans New York Northeast Retail

Madison Realty Capital Provides $9M Loan for Acquisition, Construction of Retail Property

by Amy Works July 21, 2015

NEW YORK CITY — Madison Realty Capital has provided a $9 million loan for the acquisition and construction of a development site at 232 Smith St. in Brooklyn’s Boerum Hill neighborhood. The borrower, a local developer, plans to build a 15,000-square-foot, three-level retail building on the site. Construction on the pre-leased building is slated to start this fall with completion scheduled for summer 2016. A single retail tenant will occupy the entire property.

July 21, 2015

Connecticut Northeast Retail

Cumberland Farms Buys 1.3-Acre Land Parcel in Connecticut

by Amy Works July 21, 2015

ROCKY HILL, CONN. — Cumberland Farms has acquired a 1.3-acre land parcel at the corner of Cromwell Avenue and France Street in Rocky Hill. The property was acquired from Rue de France LLC and 741 Cromwell Ave. LLC, both subsidiaries of Wethersfield, Conn.-based New England Realty Properties, for an undisclosed price. Massachusetts-based Cumberland Farms is a convenience store chain that operates 600 stores in 11 states. The stores offer any-size coffee for 99 cents, competitively priced gasoline, freshly prepared hot sandwiches, a shake machine and no-fee ATMs.

July 21, 2015

California Multifamily Western

Private Investor Acquires The Deveraux Apartments in Los Angeles for $4.7M

by Nellie Day July 21, 2015

LOS ANGELES — A private investor has purchased The Deveraux apartment building in the Los Angeles submarket of Koreatown for $4.7 million. The community is located at 2921 S. Francis Ave. The majority of the units were recently renovated. The Deveraux is now 90 percent leased. The buyer represented itself in this transaction, while Dana Brody of Commercial Asset Group represented the seller, ASBREA LLC.

July 21, 2015

California Retail Western

Former Bank of America Building Changes Hands in Los Gatos

by Nellie Day July 21, 2015

LOS GATOS, CALIF. — A 6,452-square-foot, mixed-use property in Los Gatos that was formerly occupied by Bank of America has sold to an unidentified personal trust for $4.5 million. The space is located at 2 North Santa Cruz Ave. It was built in 1932. J.J. Taughinbaugh and Yuri Sergunin of Marcus & Millichap’s Palo Alto office represented the buyer.

July 21, 2015

Riverwood 200 Atlanta Cumberland Galleria

Georgia Office Southeast

Delta Community Credit Union Leases 79,000 SF in Atlanta’s Cumberland/Galleria Area

by John Nelson July 21, 2015

ATLANTA — Delta Community Credit Union, the largest credit union in Georgia, has leased 79,000 square feet at Highwoods Properties’ Riverwood 200 in Atlanta’s Cumberland/Galleria submarket. The new lease follows Delta Community’s sale of its 78,151-square-foot office building at 1025 Virginia Ave. near Hartsfield-Jackson International Airport. The credit union will retain its retail space at the Virginia Avenue location. Kirk Diamond, April Parrish and Erin Smith of DTZ represented the credit union in the lease transaction. Jim Bacchetta and Mike Wells of Highwoods and Randy Holmes of Seven Oaks Co. represented Highwoods. Delta Community will relocate to Riverwood 200 upon completion of the 12-story, 299,000-square-foot office building, which is expected in mid-2017. With Delta Community’s lease signing, Riverwood 200 is now 66 percent pre-leased. The new Cumberland/Galleria office building is adjacent to the credit union’s existing office space at 3250 Riverwood Parkway. The two office buildings will be connected via a structured parking facility.

July 21, 2015

Florida Office Southeast

Uber, South Florida Business Journal Sign Leases at Brickell City Tower in Downtown Miami

by John Nelson July 21, 2015

MIAMI — Uber Technologies Inc. and the South Florida Business Journal have leased office space at Brickell City Tower, a 33-story office building located at 80 S.W. 8th St. in downtown Miami. The 287,000-square-foot tower is one of the premier office assets in Miami’s Brickell Financial District. Transportation tech firm Uber has leased 9,333 square feet for its Miami headquarters, and South Florida Business Journal will occupy 6,373 square feet office at the tower. Both transactions are the first office leases in Miami for both companies. Additionally, existing tenants Lamex Agrifoods, Inlingua Language School and Verizon have finalized their lease renewals at Brickell City Tower. Danet Linares and Alexander Cahlin of Blanca Commercial Real Estate served as exclusive leasing agents for Brickell City Tower’s ownership for all five lease deals. Shay Pope of CBRE represented Uber; Tere Blanca of Blanca Commercial Real Estate and Chase Monroe of JLL represented the South Florida Business Journal; and Andres del Corral of Blanca Commercial Real Estate represented Inlingua Language School. The Lamex Agrifoods and Verizon leases did not involve co-brokers.

July 21, 2015

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