able to restructure and workout the existing loan default and
structure and close a $62-million bridge loan from a major institutional financial company, coupled with a $2.5-million carried
preferred equity position from the former lender.
On the sales front, Elliott Management Corp. teamed with
Trinity Real Estate Investments on the $1-billion acquisition of
the Grande Lakes Orlando Resort. The 409-acre luxury com-
plex includes two hotels—a 582-key Ritz-Carlton and a 998-key
JW Marriott—and an18-hole championship-caliber golf course.
Elliott Management was advised on the deal by a Kleinberg
Kaplan legal team that included Ross Yustein, Euchung Ung,
William Pena, James McCann and Deborah Taeid. Gibson Dunn
attorneys Sara Berkeley and Matthew Kidd counseled Trinity
In one of the largest commercial deals in Louisiana last
year, VEREIT’s Tom Roberts, Paul McDowell and Chuck Vogel
closed on the acquisition of a 1.3-million-sf industrial facility
in Monroe, LA for $99 million. Leased to Graphic Packaging
International Inc., a manufacturer of paperboard packaging
products, the build-to-suit property is comprised of a 792,696-
sf warehouse/distribution facility and a 473,378-sf manufac-
turing facility. VEREIT’s team included.
Moving over to Texas, what is estimated to be
the largest industrial building in the state has
sold to Solo Cup/Dart Container for some $20
million. Formerly known as the Home Depot
distribution center, the 1.5-million-sf facility sits
on 139 acres at 2200 South Business 45 in
Corsicana, TX. J. Holmes Davis IV of
Binswanger’s Dallas office represented the
seller, Eliken Property Management, while
Newmark’s Rob Hughes advised the seller.
A Colliers International capital markets
team orchestrated the off-market sale of the
class A-plus, 1.35-million-sf Cityplace Tower, an
iconic office asset near Dallas’ Uptown area.
The deal is believed to be the largest single
office transaction in terms of dollar amount in
the Southwestern US last year.
Colliers acted for both the seller, Highland Capital
Management, and the buyer, a JV of Parmenter and Angelo,
Gordon & Co. The brokerage team that structured the highly
complex and confidential sale included Creighton Stark, Chris
L. Boyd, Jihane Boury and Steve Everbach. The 42-story red
granite tower has earned BOMA 360 Performance Program
Designation, and is ENERGY STAR and LEED-Silver certified.
In Downtown Dallas, Trammell Crow Co. unveiled Park
District, a two-tower mixed-use development with more than
800,000 sf of class A office space, restaurants and luxurious
residences. The development team bringing the project to
fruition included TCC’s Scott Krikorian, Joel Behrens and Jeff
DeBruin, along with Kurt Day with MetLife, TCC’s equity partner.
The 20-story PwC Tower at Park District, features approximately 500,000 sf of class A office space with 7,000 sf of retail.
The Residences at Park District, developed TCC subsidiary
High Street Residential, contains 228 luxury units in 34 stories.
Connected via a plaza, both assets have a host of amenities and
overlook Klyde Warren Park.
Over in Arizona, NorthMarq Capital secured $172.45 million
in financing for Northrop Grumman Innovation Systems’
Campus in Chandler. NorthMarq’s Eric Flyckt, Aaron Beck and
Wyatt Campbell arranged the construction loan and mezzanine
Cityplace Tower, Dallas
Northrop Grumman Innovation System ’s Launch Vehicle HQ