IRVING, TEXAS — Newmark has arranged a $122 million loan for the refinancing of Alesio Urban Center, a 908-unit apartment community in Irving. Alesio Urban Center offers studio, one-, two- and three-bedroom units that are furnished with stainless steel appliances and quartz countertops, as well as new hardware, lighting and cabinetry. Amenities include five pools, six courtyards, a fitness center, outdoor grilling and dining stations, running trails and a game lounge. Henry Stimler, Bill Weber and Ari Schwartzbard of Newmark arranged the five-year fixed-rate loan through global investment management firm KKR on behalf of the borrower, Harbor Group International.
IRVING, TEXAS — Capital Commercial Investments has acquired a 379,014-square-foot office building located at 5959 Las Colinas Blvd. in Irving. Capital Commercial also purchased the 290-acre campus on which the building is situated, which has the capacity for future expansion/development. Office amenities include a fitness center, cafeteria and multiple conference rooms. Michael Swaldi and Jonathan Carrier of JLL represented the undisclosed seller in the transaction. JLL has also been retained to manage the property and market it for lease.
PATTONVILLE, TEXAS — General contractor Harrison, Walker & Harper has broken ground on a $17 million project for the Prairiland Independent School District in the northeastern Texas community of Pattonville. The project includes the construction of a 46,000-square-foot multi-purpose facility for the high school campus that will house athletics facilities and event space, as well as a 21,000-square-foot career and technical education center. Those pieces of the project are valued at roughly $11.5 million and $5.5 million, respectively. Architecture and engineering firm Parkhill is also a partner on the project. A tentative completion date was not released.
DUNCANVILLE, TEXAS — Northmarq has brokered the sale of Candlelight Park, a 128-unit apartment complex in Duncanville, a southwestern suburb of Dallas. Built in 1980, the property offers one-, two- and three-bedroom units ranging in size from 688 to 1,078 square feet. Amenities include a playground and onsite laundry facilities. Taylor Snoddy, Eric Stockley, Philip Wiegand and Charles Hubbard of Northmarq represented the undisclosed seller in the transaction. Kevin Leamy, also with Northmarq, arranged fixed-rate Freddie Mac acquisition financing on behalf of the buyer, which was also not disclosed.
IRVING, TEXAS — Kelly-Moore Paints has signed a 15,000-square-foot lease to relocate its headquarters office from Northern California to Irving. The paint manufacturer and retailer plans to move about 30 senior executives and other team members into its new space at 500 E. John Carpenter Freeway before the end of the year. Tyler Isbell of SRS Real Estate Partners represented Kelly-Moore Paints, which has a manufacturing plant in nearby Hurst and operates about 160 stores throughout Northern California and the Southwest, in its site selection and lease negotiations.
CONCORD, MASS. — CBRE has arranged the sale of The Prescott at Concord, a 350-unit apartment community located on the northwestern outskirts of Boston. Built in 2012 by Mill Creek Residential, the property consists of 302 apartments and 48 townhomes that feature one-, two- and three-bedroom floor plans. Amenities include a pool, fitness center, dog park, playground, outdoor grilling stations and a resident lounge with an entertainment kitchen. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, an undisclosed institutional investment firm, in the transaction. The team also procured the buyer, BlackRock. The sales price was not disclosed.
LOUISVILLE, KY. — JLL Income Property Trust has purchased Louisville Logistics Center, a 1 million-square-foot, newly constructed industrial property on Louisville’s south side. The undisclosed seller sold the Class A property for approximately $82 million. Built in 2022, Louisville Logistics Center is a cross-dock distribution center featuring 40-foot clear heights. The tenant, a global third-party logistics firm, has invested in equipment and technology specifically customized for its operations at the property. The building is leased through 2032 and features 2 percent rent escalations and two 10-year renewal options. This investment brings Chicago-based JLL Income Property Trust’s aggregate industrial allocation to nearly $2.2 billion, or 32 percent of its portfolio, across 59 properties in 13 markets.
BRADENTON, FLA. — Housing Trust Group (HTG) and AM Affordable Housing have closed on financing and begun construction of Astoria on 9th, a 120-unit affordable seniors housing community in the Tampa suburb of Bradenton. Development costs are estimated at $37.4 million. Located at 2116 9th St W, Astoria on 9th will be a five-story, mid-rise community offering a mix of one- and two-bedroom units reserved for income-qualifying residents over age 62 who earn at or below 22, 30 and 60 percent of area median income (AMI), with rents ranging from $356 to $1,165 per month. The property is scheduled to open in fall 2024 with leasing slated to begin in summer 2024. Funding sources for Astoria on 9th include Fifth Third Bank, Capital One (via Freddie Mac), Bradenton CRA and Raymond James, as well as a State Apartment Incentive Loan (SAIL); a $713,400 National Housing Trust Fund (NHTF) loan; and a $600,000 Extremely Low Income (ELI) loan. Due to market volatility, Florida Housing Finance Corp. released the Construction Housing Inflation Response Program (CHIRP), and the property was allocated an additional $4.3 million of SAIL. The project team for Astoria on 9th includes general contractor Hennessy Construction Services engineering firm Hamilton …
TUCSON, ARIZ. — Fortress Investment Group has sold the 575-room JW Marriott Tucson Starr Pass Resort & Spa in Tucson for $110 million. The hotel is located at 3800 W. Starr Pass Blvd. The buyer was Southwest Value Partners. The JW Marriott Tucson Starr Pass Resort & Spa features three nine-hole golf courses; outdoor multi-level pools with lazy river and waterslide; private cabanas; hot tub; spa; and fitness center. The property also has 83,732 square feet of meeting and event space, including outdoor space, to host up to 3,300 guests. Christian Charre, Jennifer Bergamo, Paul Weimer and Jennifer Jin with CBRE Hotels represented the seller in the transaction.
JACKSONVILLE, ALA. — public-private partnership between RISE: A Real Estate Co. and Jacksonville State University has broken ground on North Village Residence Hall. Located on the university’s campus in Alabama, the 513-bed community will offer suites that include two double-occupancy bedrooms and two bathrooms. The development team for the project includes architect Niles Bolton & Associates and general contractor Choate Construction. Jacksonville State is also currently developing a new dining hall, which will replace the current main cafeteria on campus, and the Loring and Debbie White Football Complex. The Jax State Dining Hall will be operated by Sodexo and will feature a traditional food line with several concept stations and seating. The dining hall’s development team includes general contractor Brasfield & Gorrie, Williams Blackstock Architects and Kemp Management Services. The football complex will replace the existing field house at the university’s stadium and will offer modern art training facilities for student athletes; coaching offices and meeting rooms; a hall of fame honoring the history of the university’s football program; and new suites to enhance the game day experience for fans. The general contractor for that project is also Brasfield & Gorrie, the architect is Goodwyn Mills Cawood and the program manager …