Property Type

Scannell Properties Sells New Distribution Center in Savannah for $50.8M

by John Nelson May 30, 2024

SAVANNAH, GA. — Scannell Properties has sold Rockingham Farms Building 10, a newly built, 413,230-square-foot bulk distribution center located at 101 Feldspar Drive in Savannah. DWS purchased the facility for $50.8 million. Britton Burdette, Dennis Mitchell, Matt Wirth and Jim Freeman of JLL represented Scannell Properties in the transaction. Situated within Rockingham Farms Logistics Park, the building is located approximately eight miles from the Port of Savannah’s Garden City Terminal. The Class A property was fully leased at the time of sale to two tenants and features 36-foot clear heights, two drive-in doors, 73 dock doors, a 185-foot truck court, 100 trailer spaces, 272 car parking spaces and rear-loading capabilities.

May 30, 2024

Development Industrial Leasing Activity Southeast Virginia

MacKenzie Signs US Cabinet Depot to 194,400 SF Industrial Lease in Richmond

by John Nelson May 30, 2024

RICHMOND, VA. — MacKenzie Investment Group has signed Georgia-based U.S. Cabinet Depot, a supplier of kitchen and bathroom cabinetry, to a 194,400-square-foot industrial lease within North Richmond Industrial Park. The two-building park is located on a 75-acre site in Richmond and will ultimately span 550,000 square feet. The tenant will occupy space within Phase II of North Richmond Industrial Park, a 315,900-square-foot building at 12063 Washington Highway that is set to deliver this summer. Jimmy Appich and Muscoe Garnett of JLL represented MacKenzie in the lease negotiations, and Jason Hetherington, Brad Lowry and Doug Tice of CBRE represented U.S. Cabinet Depot.

May 30, 2024

Florida Leasing Activity Office Southeast

JLL Arranges 26,000 SF Lease at Silo Bend Office Park in Tampa

by John Nelson May 30, 2024

TAMPA, FLA. — JLL has arranged a 26,000-square-foot lease at Silo Bend Office Park, a 650,000-square-foot office development located at 150-182 Kelsey Lane in Tampa. Design firm KCI Technologies is the tenant and will be relocating from its existing 17,000-square-foot space at Meridian Crescent Center. Caleb Lewis of JLL represented the tenant in the lease negotiations, and Jeff Lanning of JLL represented the landlord, Workspace Property Trust.

May 30, 2024

Development Multifamily Nevada Western

CEDARst Cos., Bridge Investment Group Break Ground on $112M Flat Arts District Multifamily Development in Las Vegas

by Amy Works May 30, 2024

LAS VEGAS — A joint venture between CEDARst Cos. and Bridge Investment Group has broken ground on Flats Arts District, a $112 million multifamily project on 2.2 acres in Las Vegas. Constructed is slated to take 24 months, with delivery of the first units expected around mid-year 2026. Located at 123 W. Imperial Ave., Flats Arts District will feature 311 studio, one-, two- and three-bedroom units, 5,100 square feet of ground-floor commercial space and 317 parking spaces within a structured garage. Apartments will include in-unit laundry, balconies, state-of-the-art appliances, smart-home systems and keyless entry. Community amenities will include a large fitness center, resort-style spa facilities with water circuitry and saunas, coworking spaces and a sunset deck/lounge.

May 30, 2024

Development Industrial Texas

Crow Holdings Breaks Ground on 511,000 SF Industrial Project in East Dallas

by Taylor Williams May 30, 2024

DALLAS — Crow Holdings Development has broken ground on Core30 Logistics Center, a 511,000-square-foot industrial project in East Dallas. The site at 5323 Lawnview Ave. is located about five miles east of the downtown area, and the development will consist of a 300,347-square-foot cross-dock building and a 210,653-square-foot front-load building. Stream Realty Partners has been tapped as the leasing agent for the project, which is slated for a first-quarter 2025 delivery.

May 30, 2024

Arizona Development Mixed-Use Multifamily Office Retail Student Housing Western

GMH Communities Plans 1 MSF Central Station Mixed-Use Project in Phoenix

by Amy Works May 30, 2024

PHOENIX — GMH Communities has unveiled plans for Central Station, a 1 million-square-foot, mixed-use, transit-oriented community in Phoenix. The project will consist of two residential towers that will offer market-rate, student and workforce housing, two levels of below-grade parking, a transit hub, retail space and office space. Adjacent to Civic Space Park and Arizona State University’s downtown Phoenix campus, the 22-story student housing tower will offer 655 beds, and the 33-story residential building will offer 338 units. The project team includes Medistar, Layton Construction, Multistudio and CBRE Investment Management.

May 30, 2024

Bethesda-Senior-Living-Grand-Junction-CO

Acquisitions Colorado Multifamily Seniors Housing Western

Ziegler Brokers Sale of Bethesda Senior Living Community in Grand Junction, Colorado

by Amy Works May 30, 2024

GRAND JUNCTION, COLO. — Ziegler has acted as exclusive financial advisor to Bethesda Senior Living on the sale of an assisted living community located in Grand Junction, near the Utah border. Bethesda Senior Living is a faith-based, nonprofit operator of over 20 seniors housing communities spanning the Midwest and West regions. Cornerstone Management purchased the community in conjunction with a private real estate fund and took over operations. The price was not disclosed.

May 30, 2024

Hospitality Loans Oklahoma Texas

Largo Capital Arranges $10M in Financing for West Texas, Oklahoma City Hotels

by Taylor Williams May 30, 2024

BROWNWOOD, TEXAS AND OKLAHOMA CITY — Largo Capital, a financial intermediary based in Upstate New York, has arranged $10 million in financing for a pair of hotels in Texas and Oklahoma. The undisclosed borrower used the proceeds to refinance a 71-room La Quinta Inn & Suites in Brownwood, about 150 miles southwest of Fort Worth, and to acquire a 72-room Hampton Inn hotel in Oklahoma City. Katie Vivian of Largo Capital placed the fixed-rate, nonrecourse debt through an undisclosed direct lender.

May 30, 2024

Acquisitions Industrial Texas

NAI Robert Lynn Brokers Sale of 105,763 SF Warehouse in Grand Prairie, Texas

by Taylor Williams May 30, 2024

GRAND PRAIRIE, TEXAS — NAI Robert Lynn has brokered the sale of a 105,763-square-foot warehouse in the central metroplex city of Grand Prairie. According to LoopNet Inc., the property at 1010 E. Avenue J was built on 8.2 acres in 1968, renovated in 2004 and features 16-foot clear heights and six dock-high loading doors. Michael Stanzel of NAI Robert Lynn represented the seller in the transaction. The buyer was a locally based limited liability company.

May 30, 2024

Arizona Industrial Loans Western

CBRE Arranges $44M Refinancing for Queen Creek Commerce Center in Chandler, Arizona

by Amy Works May 30, 2024

CHANDLER, ARIZ. — CBRE has secured $44 million in refinancing for Queen Creek Commerce Center, an industrial complex at 555 E. Queen Creek Road in Chandler. Bruce Francis, Bob Ybarra, Shaun Moothart, Doug Birrell, Nick Santangelo and Jim Korinek of CBRE Capital Markets Debt and Structured Finance arranged the 10-year loan with a 5.47 percent interest rate and a 65 percent loan-to-value ratio on behalf of the borrower, Schnitzer Properties. A life insurance company provided the funding. Built in 2022 on 34.5 acres, Queen Creek Commerce Center consists of two industrial buildings featuring 32-foot clear heights, 18 grade-level doors and 122 dock-high doors. Totaling 560,352 square feet, the asset includes a 163,072-square-foot Building A and a 397,280-square-foot Building B. At the time of financing, the property was fully occupied.

May 30, 2024

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