WARREN, MICH. — SunTrust Banks Inc. has originated a $16.3 million bridge loan for the acquisition of Hoover Square in Warren, a suburb of Detroit. The 342-unit multifamily property, built in 1965, features one- and two-bedroom units. The asset is 90 percent occupied. Evan Hom of SunTrust originated the two-year, floating-rate loan on behalf of the Michigan-based borrower.
KYLE, TEXAS — Majestic Realty Co. has begun work on Kyle Crossing Business Park, a two-building, 535,113-square-foot industrial project in Kyle, a city located off Interstate 35 in between Austin and San Antonio. The first building will total 307,840 square feet and feature 36-foot clear heights, 89 dock-high doors, 383 auto parking spaces and 136 trailer parking spaces. The second building will span 227,273 square feet and feature 32-foot clear heights, 56 dock-high doors, 269 auto parking spaces and 85 trailer parking spaces. Both buildings are expected to be complete by the third quarter of 2019. JLL is serving as the exclusive leasing partner on this project, with senior vice presidents Ace Schlameus and Zane Cole leading the effort.
DALLAS — New York City-based investment firm JMC Holdings LLC has acquired Lakeside Square, a 410,000-square-foot office tower located along the Lyndon B. Johnson Freeway in north Dallas. The Class A, 18-story property was built in 1985 and offers amenities such as a fitness center, a deli and multiple conference rooms. JMC Holdings will invest more than $20 million in capital improvements to the building. The seller was California-based Younan Properties. The sales price was not disclosed.
CARLSBAD, CALIF. — A joint venture between SteelWave and funds managed by Angelo Gordon has purchased a former Hughes Aircraft Co. facility, located at 2051 Palomar Airport Road in Carlsbad. Palomar Acquisitions Partners sold the single-story, multi-tenant property for an undisclosed price.
Situated on more than 13 acres, the property was originally developed as a build-to-suit campus for Hughes Aircraft Co. in the early 1980s, with a series of renovations over the decades. The buyer plans to convert the 208,904-square-foot asset into a modern creative office/R&D campus. Renovations will include exterior upgrades and improved amenities, as well as a re-branding that will both honor the property’s history and embrace its future use as a creative environment for tech, biotech and creative industry tenants.
Upgrades will include a new full-service fitness center, a bistro with indoor/outdoor seating, contemporary architecture, common areas with gaming and lounge areas, and multiple outdoor patios and workspaces.
Aric Starck and Rick Reeder of Cushman & Wakefield’s San Diego office represented the seller in the deal.
SAN ANTONIO — Koontz Corp., a San Antonio-based developer, has broken ground on Palmetto Pointe, a 328-unit apartment community in San Antonio. The community will be situated on 15.2 acres on the northwest side near the city’s two largest private employers, USAA and South Texas Medical Center. Floor plans call for one- and two-bedroom units. Koontz aims to complete the entire 13-building complex in approximately 24 months. The leasing office and clubhouse are expected to open in July 2019, when the first units become available for occupancy.
HOUSTON — New York City-based Arel Capital has completed the $10 million renovation of Bayou on the Bend, a 242-unit high-rise multifamily property in Houston. The project upgraded 152 units that were damaged by Hurricane Harvey, as well as both the interior and exterior amenity spaces. Arel Capital acquired Bayou on the Bend in May 2017, three months before the storm. The property features one-, two- and three-bedroom units and amenities such as a pool, business center and a game room.